2022-02-28-accounts - Halleluyah Gate Ministries

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

Halleluyah Gate Ministries

Charity No. 1181772

Company No. 09429824

Trustee's Report and Unaudited Accounts

28 Feburary 2022

Halleluyah Gate Ministries CONTENTS

	Pages
Trustees Annual Report	2
Statement Of Financial Activities	3
Summary Income And Expenditure Account	4
Balance Sheet	5
Notes To The Accounts	6-12
Detailed Statement Of Financial Activities	13-14

Page 1

Halleluyah Gate Ministries TRUSTEES ANNUAL REPORT

The Trustee, who is also a director of the charity for the purposes of the Companies Act 2006, presents their report with the unuadited financial statements of the charity for the year ended 28 Feburary 2022.

REFERENCE AND ADMINISTRATIVE DETAILS

Company No. 09429824 Charity No. 1181772

Registered Office

28 Steven Close Chatham Kent ME4 5NG

Director and Trustee

The Director of the charitable company are its Trustee for the purposes of charity law. The following Director and Trustee served during the year:

ANTHONY IKEMEFUNA

Directors of Corporate Trustees

Donatus Okoro Olusola Obasa Anthony Ikemefuna Edith Ekwulira Eneanya-Bonito

Accountants

Paul Victoria Accountants 2nd Floor 134 South street Romford, Essex RM1 1TE

The Trustee is responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with taking reasonable steps for the the Companies Act 2006. The Trustee is also responsible for safeguarding the assets of the charity and hence prevention and detection of fraud and other irregularities.

The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006 and in accordance with the Charities SORP (FRS 102).

Signed on behalf of the board

ANTHONY IKEMEFUNA Trustee Wednesday, 31 August 2022

Page 2

Halleluyah Gate Ministries STATEMENT OF FINANCIAL ACTIVITIES

for the year ended 28 February 2022

Unrestricte d funds 2022 £ 58,107 7,497 31,864	Restricte d funds 2022 £ 0 0 0	Total Funds 2022 £ 58,107 7,497 31,864	Total Funds 2021 £ 67,716 17,164 0
97,468 8,249 2,831 81,154	0 0 0 0	97,468 8,249 2,831 81,154	84,880 0 387 87,518
92,234 0	0 0	92,234 0	87,905 0
5,233 0	0 0	5,233 0	(3,025) 0
5,233 0	0 0	5,233 0	(3,025) 0
5,233 (23,496)	0 7,275	5,233 (16,221)	(3,025) (13,196)
(18,263)	7,275	(10,988)	(16,221)

Page 3

Halleluyah Gate Ministries SUMMARY INCOME AND EXPENDITURE ACCOUNT

for the year ended 28 February 2022

Income Grants Bank interest Gross income for the year Expenditure Depreciation and charges for impairement of fixed assets Total expenditure for the year Net(expenditure)/income before tax for the year Net(expenditure)/income for the year	2022 £ 58,107 39,361 0 97,468 92,234 5,614 97,848 5,233 5,233	2021 £ 67,716 17,164 0
		84,880
		83,632 4,273
		87,905
		(3,025)
		(3,025)

Page 4

Halleluyah Gate Ministries BALANCE SHEET

as at 28 February 2022

Company No. 09429824 Notes Fixed assets Tangible assets 10 Current Assets Debtors 11 Cash at bank and in hand Net Current Assets Creditors: Amount falling due within one year Total assets less current liabilities Creditors: Amount falling due after more than one year Net assets excluding pension asset or liability Total net assets The funds of the charity Restricted funds 12 Restricted income funds Unrestricted funds 12 General funds Reserves 12 Total funds	2022 £ 20,612 20,612 3,094 15,346 18,440 18,440 (15,447) 23,606 (34,594) (10,988) (10,988) 7,275 7,275 (18,263) (18,263) (10,988)	2021 £ 12,274
		12,274 2,694 49,108
		51,802
		51,802 (17,600)
		46,476 (62,697) (16,221)
		(16,221)
		7,275
		7,275 (23,496)
		(23,496)
		(16,221)

These accounts hae been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

For the year ended 28 February 2022 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

Approved by the board on 31 August 2022

And signed on its behalf by:

ANTHONY IKEMEFUNA Trustee Wednesday, 31 August 2022

Page 5

Halleluyah Gate Ministries NOTES TO THE ACCOUNTS

for the year ended 28 February 2022

1 Accounting policies

Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts inaccordance with the Financial Reporting Standard applicable in the UKandRepublicofIreland(FRS102)(effective1 January2015) -(CharitiesSORP(FRS102)), the FinancialReporting Standard applicable in the UK and Republic of Ireland (FRS102)and theCompanies Act 2006.

Change in basis of accounting or to previous accounts

There has been no change to the accounting policies(valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.

Fund accounting

Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity. Designated funds These are unrestricted funds earmarked by the trustees for particular purposes. Revaluationfunds These are unrestricted funds which include are valuation reservere presenting the restatement of investment assets at their market values. Income Recognitionof incom Income is included in the Statement of Financial Activities (SoFA)when the charity becomes entitled to,and virtually certain to receive,the income and the amount of income can be measured with sufficient reliability. Income with Where income has related expenditure the income and related expenditure is reported related expenditure gross in the SoFA. Donations and Voluntary income received by way of grants,donations and gifts is included in the SOFA Legacies when receivable and only when the Charity has unconditional entitlement to the income. Tax reclaims on Income from tax reclaims is included in the SoFA at the same time as the gift/donation donations and gifts to which it relates.These are only included in income(with an equivalent amount in Donated services expenditure) where the benef it to the Charity is reasonably quantifiable,measurable and facilities and material. Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gains/(losses)on This includes any gain or loss resulting from revaluing investments to market value at revaluation of fixed assets the end of the year.

Page 6

Halleluyah Gate Ministries NOTES TO THE ACCOUNTS

Expenditure

Recognition of Expenditure is recognised on anaccruals basis.Expenditure includes any VAT which expenditure cannot be fully recovered, and is reported as part of the expenditure to whch it relates. Expenditure on These comprise the costs associated with attracting voluntary income,fundraising raising funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of it sactivities and charitable activities services in the furtherance of its objects,including the making of grants and governance costs. Grants payable All grant expenditure is accounted for on an actual paid basis plus an accrualf for grants that have been approved by the trustees at the end of the year but not yet paid. Governance costs These include those costs associated with meeting the constitutionaland statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs. Other expenditure These are support costs not allocated to a particular activity.

Taxation The charity is exempt from corporation tax on its charitable activities.

Freehold investment property

Investment properties are revalued annually and any surplus or deficit is dealt with throug the Statement of Financial Activities.No depreciation is provided in respect of investment properties.

This treatment conflicts with the requirements of the Companies Act 2006 that all properties should be depreciated. The directors consider that, because these peoperties are not held for consumption, but for their investment necessary to adopt the requirements of the FRSSE in order to give a true and fair view.

Stocks

Stock is included at the lower of cost or net realisable value.Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.

Trade and other debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discount due.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand,demand deposits with banks and other short-term highly liquid investments with original maturties of three months or less and bank overdrafts. In the statement of financial position,bank overdrafts are shown within borrowings or current liabilities. In the Statement of CashFlows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demandand form an integral part of the company's cash management.

Page 7

Halleluyah Gate Ministries NOTES TO THE ACCOUNTS

Trade and other creditors

Short term creditors are measured at the transaction price.Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discount due.

Foreign currencies

Monetary assets and liabilities denominated in currencies other than the functional currency of the charityare translated at the rates of exchange prevailing at the end of the reporting period. Transactions in currencies other than the functional currency of charity are recorded at the rate of exchange on the date that the transaction occurred.

Leased assets

Where the charity enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.

Assets held under finance leases are initially recognised as assets of the charity at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation.

Lease payments are apportioned between finance expenses and the reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balancy of liability. Finance expenses are recognised immediately, unless they are directly attributableto qualifying assets, in which case they are capitalised in accordance with the charity's spolicy on borrowing costs.

Assets held under finance leases are depreciated in the same way as owned assets.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, suchi ncentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expenses on a straight-line basis.

Pension costs

The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been the company has no further payments obligations. The contributions are recognised as expenses when they fall due.Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held seperately from the company in independently administered funds.

2. Company status

The company is a private company limited by guarantee and consequently does not have share Capital.

Page 8

Halleluyah Gate Ministries NOTES TO THE ACCOUNTS

3 Statement of Financial Activities-prior year

Unrestricted funds Restricted funds 2021 2021 £ £ Income and endowments from: Donations and Legacies 67,716 0 Grants 17,164 Total 84,880 0 Expenditure on: Raising funds 0 0 Charitable activities 387 0 Other 87,518 0 Total 87,905 0 Net expenditure (3,025) 0 Transfer between funds 0 0 Net Income before other gains/(losses): (3,025) 0 Other gains and losses: 0 0 Net movement in funds: (3,025) 0 Reconciliation of funds: Total funds brought forward (13,196) 0 Total funds carried forward (16,221) 0 4 Income from donations and legacies Unrestricted funds Total 2022 2022 £ £ 58,107 58,107 58,107 58,107 5 Expenditure on raising funds Total 2022 £ Costs of generating voluntary income 8,249 8,249	Unrestricted funds Restricted funds 2021 2021 £ £ Income and endowments from: Donations and Legacies 67,716 0 Grants 17,164 Total 84,880 0 Expenditure on: Raising funds 0 0 Charitable activities 387 0 Other 87,518 0 Total 87,905 0 Net expenditure (3,025) 0 Transfer between funds 0 0 Net Income before other gains/(losses): (3,025) 0 Other gains and losses: 0 0 Net movement in funds: (3,025) 0 Reconciliation of funds: Total funds brought forward (13,196) 0 Total funds carried forward (16,221) 0 4 Income from donations and legacies Unrestricted funds Total 2022 2022 £ £ 58,107 58,107 58,107 58,107 5 Expenditure on raising funds Total 2022 £ Costs of generating voluntary income 8,249 8,249	Total funds 2021 £ 67,716 17,164
	0 0 0 0 0 0 0 0 0 0 0 0 Total 2022 £ 58,107 58,107 Total 2022 £ 8,249 8,249	84,880 0 387 87,518
		87,905

		(3,025) 0
		(3,025) 0
		(3,025) (13,196)
		(16,221)
		Total 2021 £ 67,716
		67,716
		Total 2021 £ 387
		387

Page 9

Halleluyah Gate Ministries NOTES TO THE ACCOUNTS

6 Expenditure on charitable activities

Unrestricted fuds 2022 £ Expenditure on charitable activities 2,831 Raising Funds 8,249 Governance costs 2,113 13,193 7 Other expenditure Unrestricted funds £ Employee costs 28,121 Motor and travel costs 4,351 Premises costs 34,505 Amortisation, depreciation, 0 impairment, profit/loss on 0 disposal of fixed assets 0 General administrative costs 6,451 Legal and professional costs 0 73,428 8 Net (expenditure)/income before transfers 2022 This is stated after charging: £ Depreciation of owned fixed assets 5,614 9 Staff costs Salaries and wages 26,185 Social security costs 1,936 Training 0 28,121	Total 2022 £ 2,831 8,249 2,113 13,193 Total 2022 £ 28,121 4,351 34,505 0 0 0 6,451 0 73,428	Total 2021 £ 387 0 400
		787
		Total 2021 £ 31,828 5,722 34,440 0 0 0 10,255 600
		82,845
		2021 £
		4,273
		18,420 1,578 11,830
		31,828

No employee received emoluments in excess of £60,000.

Page 10

Halleluyah Gate Ministries NOTES TO THE ACCOUNTS

10 Tangible fixed assets

Cost or revaluation Additions at 28 February 2022 Depreciation and impairement At 1 March 2021 Depreciation charge for the year At 28 February 2022 Net book values At 28 February 2022 At 28 February 2021 11 Debtors Trade debtors 12 Movement in funds At 1 March 2021 £ Restricted funds: Restricted income funds: 7,275 Total 7,275 Unrestricted funds: General funds (23,496) Revalation Reserves: (16,221)	TFA 2 £ 5,362 5,362 0 1,341 1,341 4,021 0 Incoming resource s (including other £ 0 0 97,468 97,468	TFA3 £ 21,093 0 21,093 8,819 4,273 13,092 8,001 12,274 2022 £ 3,094 3,094 Resource s Expended £ 0 0 92,234 92,234	Investment £ 0 8,590 8,590 0 0 0 8,590 0 Gross Transfers £ 0 0 0 0	Total £ 21,093 13,952
				35,045
				8,819 5,614
				14,433
				20,612
				12,274
				2021 £ 2,694
				2,694
				At 28 February 2022 £ 7,275
				7,275
				(18,263)
				(10,988)

Page 11

Halleluyah Gate Ministries NOTES TO THE ACCOUNTS

13 Analysis of net assets between funds

13 Analysis of net assets between funds
Unrestricted funds £ Fixed assets 20,612 Net current assets 0 20,612 14 Related party disclosures Controlling party	Total £ 20,612 0
	20,612

Page 12

Halleluyah Gate Ministries DETAILED STATEMENT OF FINANCIAL ACTIVITIES

for the year ended 28 February 2022

	Unrestricted funds	Total funds	Total funds
	2022	2022	2021
	£	£	£
Income and endowments from:
Donations and Legacies	58,107	58,107	67,716
Grants	7,497	7,497	17,164
Gift Aid Reclaim	31,864	31,864	0
	97,468	97,468	84,880
Total income and endownments	97,468	97,468	84,880
Expenditure on:
Costs of generating donations and
legacies	8,249	8,249	387
	8,249	8,249	387
Total of expenditure on raising funds	8,249	8,249	387
Charitable activities
	2,831	2,831	0
	11,080	11,080	387
Total of expenditure on charitable activities	11,080	11,080	387
Other expenditure	0	0	0
	0	0	0
Employee costs
Salaries/wages	24,829	24,829	17,100
Pension	1,356	1,356	1,320
Employer's NIC	1,936	1,936	1,578
Training	0	0	11,830
	28,121	28,121	31,828
Motor and travel costs
Vehicles-General costs	0	0	0
Vehicles-Fuel	3,556	3,556	473
Travel and subsistence	795	795	5,249
	4,351	4,351	5,722
Premises costs
Rent	34,505	34,505	34,440
	34,505	34,505	34,440

Page 13

Halleluyah Gate Ministries DETAILED STATEMENT OF FINANCIAL ACTIVITIES

for the year ended 28 February 2022

General administrative costs, including depreciation and amortisation Repairs Utilities Equiment expensed Software, IT support and related costs Freight Postage Subscription Stationery and printing Telephone, fax and broadband Legal and professional costs Accountancy and bookkeeping Total of expenditure of other costs Total expenditure Net gains on investment Net(expenditure)/income Transfers between funds Net(expenditure)/income before other gains/(losses) Other Gains Net movement in funds	5,614 3,781 1,409 0 0 0 76 536 650 0 12,065 0 2,113 2,113 81,154 92,234 0 5,233 0 5,233 0 5,233	5,614 3,781 1,409 0 0 0 76 536 650 0 12,065 0 2,113 2,113 81,154 92,234 0 5,233 0 5,233 0 5,233	4,273 3,970 873 4,539 0 0 0 415 458 0
			14,528
			600 400
			1,000

			87,518
			87,905 0
			(3,025) 0
			(3,025) 0
			(3,025)

Page 14

Independent examiner's report on the accounts

Section A Independent Examiner’s Report

Report to the trustees/ members of Halleluyah Gate Ministries

On accounts for the y ear 28/02/2022 Charity no: 1181772 ended

Set out on pages 2 to 15

I report to the trustees on my examination of the accounts of the above charity (“the Trust”) for the year ended 28 February 2022.

	As the charity trustees of the Trust, you are responsible for the preparation of the
	accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).
Responsibilities and
basis of report
	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 the
	applicable Directions given by the Charity Commission under section 145(5)(b) of the
	I have completed my examination. I confirm that no material matters have come to
	my attention (other than that disclosed below *) in connection with the examination
Independent examiner's	which gives me cause to believe that in, any material respect:
examiner's statement	· accounting records were not kept in accordance with section 130 of the Act or
	· the accounts do not accord with the accounting records
	I have no concerns and have come across no other matters in connection with the
	examination to which attention should be drawn in order to enable a proper
	understanding of the accounts to be reached.
Signed:	Date: Wednesday, 31 August 2022
Name:	Olushola Olalekan Shokunbi
Relevant professional
qualification(s) or	FCCA
Address:	Paul Victoria Accountants, 2nd Floor 134 South street, Romford, Essex
	RM1 1TE