## **HOUSEHOLD OF FAITH MINISTRY** ## **FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 31[ST] MARCH 2024 CHARITY NUMBER: 1172825** ## **HOUSEHOLD OF FAITH MINISTRY Contents of the Financial Statements for the period 01 April 2024 to 31 March 2024** **Content Page** Content 1 Legal and Administrative details 2 Trustee’s Report 3 Independent Examiner’s Report 5 Statement of Financial Activities 6 Balance Sheet 7 Notes on the Financial Statements 8 1 ## **HOUSEHOLD OF FAITH MINISTRY LEGAL AND ADMINISTRATIVE DETAILS YEAR ENDED 31[ST] MARCH 2024** ## **ADDRESS FOR CORRESPONDENCE** 92 Riverdale Road Erith DA8 1PX ## **REGISTERED CHARITY NUMBER** 1172825 ## **GOVERNING DOCUMENT** Declaration of Trust dated 02 May 2017 ## **TRUSTEES** 1. Philomena Ikonagbon 2. Yvonne Anaro-Wood 3. Carolyn Boodram ## **PRINCIPAL BANKERS** Barclays Bank PLC 6 Market Place Bexleyheath DA6 7DY ## **INDEPENDENT EXAMINER** Pathway Accountancy Ltd Accountants 72 McLeod road Abbey wood London SE2 0BS 2 ## **HOUSEHOLD OF FAITH MINISTRY TRUSTEE’S REPORT FOR THE YEAR ENDED 31[ST] MARCH 2024** The trustees are pleased to present their report for the year ended 31[st] March 2024 for the charity, HOUSEHOLD OF FAITH MINISTRY with Charity Number. 1172825 The Trustees of the charity are: 1. Philomena Ikonagbon 2. Yvonne Anaro-Wood 3. Carolyn Boodram The principal address of the charity is: 92 Riverdale Road, Erith DA8 1PX ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** The Charity governing document is a declaration of trust that was adopted on 02 May 2017. A board on which the trustees are represented governs the Charity. It meets regularly to review, plan activities and monitor the financial position. ## **OBJECTIVES AND ACTIVITIES** The Objects of the organisation are to advance the Christian Religion (in accordance with the Statement of Faith) throughout the world as the trustees may see fit from time to time. The trustees confirm that they have had due regard to the guidance issued by the Charity Commission on public benefit before deciding what activities the charity should undertake. ## **ACHIEVEMENTS AND PERFORMANCE** The Organisation held successful services through the year in which individuals were equipped and educated on the principles and doctrines of the Christian faith. The church held several conferences to assist the development of the people in the community. This has resulted in an increase of the membership of the congregation over the financial year. The organisation operates at 92 Riverdale Road, Erith DA8 1PX in the United Kingdom and broadcast to the international community via zoom. 3 ## **HOUSEHOLD OF FAITH MINISTRY TRUSTEE’S REPORT FOR THE YEAR ENDED 31[ST] MARCH 2024** ## **FINANCIAL REVIEW** The income of the charity is £97,727. The costs have been managed over this period. The charity is in good position to develop itself in the community. ## **RESERVE POLICY** It is the policy of the Charity to maintain unrestricted funds, which are the reserves of the charity at about 3 months of unrestricted expenditure. This provides adequate funds to cover any emergency expenditure that may arise from time to time. The charity will seek to maintain this level throughout the year. ## **RISK MANAGEMENT** The charity has assessed all the major risks to which the charity is exposed to, particularly those related to operations and finances of the charity and are satisfied that systems are in place to mitigate exposure to major risks. ## **TRUSTEE RESPONSIBILITIES** Under the Charities Act 1993, the trustees are required to prepare a statement of accounts for each accounting year, which gives a true and fair view of the state of the church. They are required to: 1. Select suitable accounting policies and apply them consistently. 2. Make judgements and estimates that are reasonable and prudent. 3. State whether the applicable accounting standards have been followed. 4. Prepare financial statements on an ongoing basis. They are responsible for keeping proper records, which disclose with reasonable accuracy the finances of the church at any time and to ensure that such accounts comply with the Charities Act 1993. They also have a responsibility to safeguard the assets of the church and to take reasonable steps to detect fraud or other irregularities. Approved by the Trustees on the 28 January 2025 ~~………………………………………………..~~ **Pastor Philomena Ikonagbon (Wed, 29th** Signed on their behalf by: **Jan 2025 20:56:02 GMT)** Philomena Ikonagbon (Trustee) 4 ## **Independent Examiner’s Report to the Trustees of HOUSEHOLD OF FAITH MINISTRY** I report on the accounts of the church for the year ended 31st March 2024 set out on pages 6 to 8, which have been prepared based on the accounting policies shown on page 8. ## **Respective responsibilities of trustees and examiner** The trustees of the church are responsible for the preparation of accounts: they consider that the audit requirement under section 144(2) of the Charities Act 2011 (the 2011 Act), does not apply and that an independent examination is required. It is my responsibility to: Examine the accounts under section 145 of the 2011 Act to follow the procedures laid down in the general directions given by the Charity Commission (under section 145(5)(b) of the 2011 Act); and to state whether particular matters have come to my attention. ## **Basis of Independent examiner’s report** My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and any comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statements below. ## **Independent examiner’s statement** In the course of my examination, no matter has come to my attention; 1. which gives me reasonable cause to believe that, in any material aspect, the requirements to keep accounting records in accordance with Section 130 of the 2011 Act; and to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the 2011 Act have not been met; or 2. To which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. PathwayAccountants 28/01/25 ~~………………………………………….~~ Roy Bello (MBA, ACA, FFA) Roy Bello (Tue, 28th Jan 2025 17:55:23GMT) **Pathway Accountancy Ltd Accountants 72 McLeod road Abbey wood London** 5 ## **HOUSEHOLD OF FAITH MINISTRY** ## **Statement of Financial Activities for the year ended 31st March 2024** |**Note**
**Receipts**
Tithes, General offering and donations
**1**
**Payments**
Church activities
**2**
Governance cost
**3**
**Excess of Receipts over payments**
**Cash Fund last Year end**
**Accumumulated Cash fund this year end**|**Unrestricted funds Total funds Total funds**
**2024**
**2024**
**2023**
**£**
**£**
**£**
97,727
97,727
75,290
**97,727**
**97,727**
**75,290**
43,681
43,681
32,720
924
924
780
**44,605**
**44,605**
**33,500**
**53,122 53,122 41,790**
132,399 132,399 90,609
**185,521 185,521 132,399**| |---|---| 6 ## **HOUSEHOLD OF FAITH MINISTRY** ## **Statement of Assets and Liabilities as at 31st March 2024** |Note
**Cash Funds**
Bank & cash balance
Net Assets
Reconciliation of funds
**Unrestricted funds**
Bfwd
For the year|**2024**
**2024**
**2023**
**Unrestricted funds**
**Total funds Total funds**
**£**
**£**
**£**
185,521
185,521
132,399
**185,521**
**185,521**
**132,399**
132,399
132,399
90,609
53,122
53,122
41,790
**185,521**
**185,521**
**132,399**| |---|---| 7 ## **HOUSEHOLD OF FAITH MINISTRY** ## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2024** ## **1. ACCOUNTING POLICIES** ## Accounting Convention The financial statements are prepared under the historic cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015), the Charities Act 2011 and the requirements of the statement of Recommended Practice, Accounting and Reporting by Charities (issued July 2014) ## Incoming Resources Incoming resources are recognised in the statement of financial activities when entitlement has passed to the charity and the amounts are certain and measurable. Any incoming resources received that relate exclusively to future periods are deferred on the Balance Sheet. ## Resources Expended Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to specific headings, they have been allocated to activities on a basis consistent with the use of resources ## Grants Grants offered subject to conditions which have not been met at the year-end date are noted as commitment but not accrued as expenditure. ## Support Costs Support costs comprise those costs that are necessary to deliver an activity but in themselves do not produce or deliver an activity. Support costs are allocated to activities based on the direct salary costs of the activity compared with total activity salary costs ## Governance costs Governance costs are those costs incurred to meet statutory and constitutional requirements. ## Fund Accounting Restricted funds represent income received that is subject to restrictions on use as determined by the donor which are narrower than the general objects. Designated funds represent funds set aside by the Trustees for specific purposes. General funds are those funds made available for charity’s general objects. ## Taxation The charity is exempt from tax on its charitable activities ## Tangible Fixed Assets Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Fixed assets over £500 are capitalised and depreciated accordingly Equipment -20% on cost Fixtures and fittings -10% on cost Motor Vehicles -20% on cost 8 ## **HOUSEHOLD OF FAITH MINISTRY Notes to the Accounts for the year ended 31st March 2024** |**1. Receipts**
Tithes, offerings, Grant
Gift aid
**2. Payments**
Rent
Ministry expenses - Direct Service Cost
Charitable donations
Cleaning
Honorarium
Printing, Postage and Stationery
Transport and travel
Purchase
Professional fee
Subscription
General Administrative expenses
Insurance
**3. Governance cost**
Accountancy Fees|**Unrestricetd funds Total funds**
**Total funds**
**2024**
**2024**
**2023**
**£**
**£**
**£**
97,727
97,727
75,290
-
-
-
**97,727**
**97,727**
**75,290**
9,183
9,183
7,632
18,743
18,743
17,158
1,390
1,390
610
-
-
26
8,087
8,087
4,160
767
767
525
242
242
280
3,573
3,573
1,773
464
464
204
156
156
99
814
814
-
262
262
253
43,681
43,681
32,720
924
924
780
**924**
**924**
**780**| |---|---| 9 ## **Issuer** **Issuer** Pathway Accountancy Ltd **Document generated** Tue, 28th Jan 2025 17:46:26 GMT **Document fingerprint** f1491f3503f6443ff5c62598833e0718 ## **Parties involved with this document** ## **Document processed** ## **Party + Fingerprint** Tue, 28th Jan 2025 17:55:23 GMT Wed, 29th Jan 2025 20:56:02 GMT Roy Bello - Signer (c08331f028708f88f09ad60e218686c3) Pastor Philomena Ikonagbon - Signer (24f3c1dd7e91b970a5b8490398f217b4) ## **Audit history log** ## **Date** ## **Action** Wed, 29th Jan 2025 20:56:02 GMT Wed, 29th Jan 2025 20:56:02 GMT Wed, 29th Jan 2025 20:56:02 GMT Wed, 29th Jan 2025 20:51:32 GMT Wed, 29th Jan 2025 20:50:52 GMT Wed, 29th Jan 2025 1:07:00 GMT Wed, 29th Jan 2025 1:06:09 GMT Tue, 28th Jan 2025 18:03:31 GMT Tue, 28th Jan 2025 18:02:58 GMT Tue, 28th Jan 2025 17:55:24 GMT Tue, 28th Jan 2025 17:55:24 GMT Tue, 28th Jan 2025 17:55:23 GMT Tue, 28th Jan 2025 17:55:23 GMT Tue, 28th Jan 2025 17:54:19 GMT Tue, 28th Jan 2025 17:53:47 GMT Tue, 28th Jan 2025 17:53:39 GMT Tue, 28th Jan 2025 17:53:38 GMT Pastor Philomena Ikonagbon viewed the envelope (146.75.174.86) This envelope has been signed by all parties (146.75.174.86) Pastor Philomena Ikonagbon signed the envelope (146.75.174.86) Pastor Philomena Ikonagbon viewed the envelope (104.28.40.132) Pastor Philomena Ikonagbon opened the document email. (87.248.116.78) Pastor Philomena Ikonagbon viewed the envelope (104.28.86.52) Pastor Philomena Ikonagbon opened the document email. (87.248.114.143) Roy Bello viewed the envelope (87.238.218.178) Roy Bello viewed the envelope (87.238.218.178) Document emailed to householdoffaithministry@yahoo.com (18.130.233.107) Roy Bello viewed the envelope (87.238.218.178) Sent the envelope to Pastor Philomena Ikonagbon (householdoffaithministry@yahoo.com) for signing (87.238.218.178) Roy Bello signed the envelope (87.238.218.178) Roy Bello viewed the envelope (87.238.218.178) Roy Bello opened the document email. (172.166.104.241) Document emailed to info@pathwayaccountants.co.uk (13.40.63.190) Sent the envelope to Roy Bello (info@pathwayaccountants.co.uk) for signing (87.238.218.178) Tue, 28th Jan 2025 17:51:11 GMT Document generated with fingerprint f1491f3503f6443ff5c62598833e0718 (87.238.218.178) Tue, 28th Jan 2025 17:46:27 GMT Document generated with fingerprint ce4af232614710a60d02a1d1d5885ac3 (87.238.218.178) Tue, 28th Jan 2025 17:46:26 GMT Envelope generated by Roy Bello (87.238.218.178)