2025-03-31-accounts - Household Of Faith Ministry

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HOUSEHOLD OF FAITH MINISTRY

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31[ST] MARCH 2025 CHARITY NUMBER: 1172825

HOUSEHOLD OF FAITH MINISTRY Contents of the Financial Statements for the period 01 April 2024 to 31 March 2025

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

HOUSEHOLD OF FAITH MINISTRY LEGAL AND ADMINISTRATIVE DETAILS YEAR ENDED 31[ST] MARCH 2025

ADDRESS FOR CORRESPONDENCE

92 Riverdale Road Erith DA8 1PX

REGISTERED CHARITY NUMBER

1172825

GOVERNING DOCUMENT

Declaration of Trust dated 02 May 2017

TRUSTEES

Philomena Ikonagbon
Yvonne Anaro-Wood
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

HOUSEHOLD OF FAITH MINISTRY TRUSTEE’S REPORT FOR THE YEAR ENDED 31[ST] MARCH 2025

The trustees are pleased to present their report for the year ended 31[st] March 2025 for the charity, HOUSEHOLD OF FAITH MINISTRY with Charity Number. 1172825

The Trustees of the charity are:

Philomena Ikonagbon
Yvonne Anaro-Wood
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.

ACHIEVMENTS 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, YouTube, Instagram and TikTok.

HOUSEHOLD OF FAITH MINISTRY TRUSTEE’S REPORT FOR THE YEAR ENDED 31°" MARCH 2025

FINANCIAL REVIEW

The income of the charity is £145,374. 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:

Select suitable accounting policies and apply them consistently. 2
Make judgements and estimates that are reasonable and prudent.
State whether the applicable accounting standards have been followed.
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 6 June 2025

SignedPhilomena on theirixonagvon= by:(Trustee)

Independent Examinerfs Report to the Trustees of HOUSEHOLD OF FAITH MINisfRY I report on the accounts of the church for the year ended 31st March 2025 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 examlner 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 14515}Ib) of the 2011 Act}; and to state whether particular matters have come to my attention. Basi5 of Independent examlnerfs rewt 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 astrustees concerning any such matters. The procedures undertaken do not provide all the evidencethat 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 examinerfs statement In the course of my examination, no matter has come to my attention: which gives me asOnable cause to believe that, in any material aspect, the requirements to keep accounting CordS in accordance with Section 130 of the 2011 Art; 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 orderto enable a proper understanding of the accounts to be reached. Roy Bello IMBA, ACA. FFA) Pathway Accountancy Ltd Accountants 72 McLeod road Abbey wood London

HOUSEHOLD OF FAITH MINISTRY

Statement of Financial Activities for the year ended 31st March 2025

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 2025 2025 2024 £ £ £ 145,374 145,374 97,727 145,374 145,374 97,727 53,092 53,092 43,681 924 924 924 54,016 54,016 44,605 91,358 91,358 53,122 185,521 185,521 132,399 276,879 276,879 185,521

HOUSEHOLD OF FAITH MINISTRY

Statement of Assets and Liabilities as at 31st March 2025

Note Cash Funds Bank & cash balance Net Assets Reconciliation of funds Unrestricted funds Bfwd For the year	2025 2025 2024 Unrestricted funds Total funds Total funds £ £ £ 276,879 276,879 185,521 276,879 276,879 185,521 185,521 185,521 132,399 91,358 91,358 53,122 276,879 276,879 185,521

HOUSEHOLD OF FAITH MINISTRY

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2025

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 cos

HOUSEHOLD OF FAITH MINISTRY Notes to the Accounts for the year ended 31st March 2025

1. Receipts Tithes, offerings, Grant Gift aid 2. Payments Rent Ministry expenses - Direct Service Cost Charitable donations Honorarium Printing, Postage and Stationery Transport and travel Purchase Professional fee General Administrative expenses Insurance 3. Governance cost Accountancy Fees Subscription	Unrestricetd funds Total funds Total funds 2025 2025 2024 £ £ £ 145,374 145,374 97,727 - - - 145,374 145,374 97,727 10,156 10,156 9,183 32,603 32,603 18,743 2,098 2,098 1,390 2,300 2,300 8,087 418 418 767 1,214 1,214 242 1,579 1,579 3,573 - 156 2,724 2,724 814 - 262 53,092 53,092 43,681 924 924 924 924 924 924 4 64 - - - -