Halleluyah Gate Ministries
Charity No. 1181772
Company No. 09429824
Trustee's Report and Unaudited Accounts
28 Feburary 2023
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 25 July 2024
Page 2
Halleluyah Gate Ministries STATEMENT OF FINANCIAL ACTIVITIES
for the year ended 28 February 2023
| Notes Income and endownments from: Donations and Legacies 4 Grants Gift Aid Reclaim Total Expenditure on: Raising funds 5 Charitable activities 6 Other 7 Total Net gains on investment Net(expenditure)/income 8 Transfers between funds Net(expenditure)/income before other gains/(losses) Other gains and losses: Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
Unrestricted funds 2023 £ 43,286 0 11,706 |
Restricte d funds 2023 £ 0 0 0 |
Total Funds Total Funds 2023 # 2022 £ £ 43,286 58,107 0 7,497 11,706 31,864 54,992 97,468 0 8,249 4,315 2,831 58,830 81,154 63,145 92,234 0 0 (8,154) 5,234 0 0 (8,154) 5,234 0 0 (8,154) 5,234 (10,898) (16,132) (19,052) (10,898) |
Total Funds Total Funds 2023 # 2022 £ £ 43,286 58,107 0 7,497 11,706 31,864 54,992 97,468 0 8,249 4,315 2,831 58,830 81,154 63,145 92,234 0 0 (8,154) 5,234 0 0 (8,154) 5,234 0 0 (8,154) 5,234 (10,898) (16,132) (19,052) (10,898) |
|---|---|---|---|---|
| 54,992 0 4,315 58,830 |
0 0 0 0 |
54,992 0 4,315 58,830 |
97,468 8,249 2,831 81,154 |
|
| 63,145 0 |
0 0 |
63,145 0 |
92,234 0 |
|
| (8,154) 0 |
0 0 |
(8,154) 0 |
5,234 0 |
|
| (8,154) 0 |
0 0 |
(8,154) 0 |
5,234 0 |
|
| (8,154) (18,173) |
0 7,275 |
(8,154) (10,898) |
5,234 (16,132) |
|
| (26,327) | 7,275 | (19,052) | (10,898) |
Page 3
Halleluyah Gate Ministries SUMMARY INCOME AND EXPENDITURE ACCOUNT
for the year ended 28 February 2023
| Income Gift Aid 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 |
2023 £ 40,291 11,706 0 51,997 63,145 5,614 68,759 (8,154) (8,154) |
2022 £ 58,107 39,361 0 |
|---|---|---|
| 97,468 | ||
| 92,234 5,614 |
||
| 97,848 | ||
| 5,233 | ||
| 5,233 |
Page 4
Halleluyah Gate Ministries BALANCE SHEET
as at 28 February 2023
| 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 |
2023 £ 14,999 14,999 4,094 4,790 8,884 8,884 (8,740) 15,142 (34,194) (19,052) (19,052) 7,275 7,275 (26,327) (26,327) (19,052) |
2022 £ 20,612 |
|---|---|---|
| 20,612 3,094 15,346 |
||
| 18,440 | ||
| 18,440 (15,447) |
||
| 23,605 (34,594) (10,989) |
||
| (10,989) | ||
| 7,275 | ||
| 7,275 (18,173) |
||
| (18,173) | ||
| (10,898) |
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 12 January 2024
And signed on its behalf by:
ANTHONY IKEMEFUNA
Trustee 25 July 2024
Page 5
Halleluyah Gate Ministries NOTES TO THE ACCOUNTS
for the year ended 28 February 2023
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
| 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 incomeIncome 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 assethe 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 2022 2022 £ £ Income and endowments from: Donations and Legacies 58,107 0 Grants 7,497 Total 65,604 0 Expenditure on: Raising funds 0 0 Charitable activities 11,080 0 Other 81,154 0 Total 92,234 0 Net expenditure (26,630) 0 Transfer between funds 0 0 Net Income before other gains/(losses): (26,630) 0 Other gains and losses: 0 0 Net movement in funds: (26,630) 0 Reconciliation of funds: Total funds brought forward (13,196) 0 Total funds carried forward (39,826) 0 4 Income from donations and legacies Unrestricted funds Total 2023 2023 £ £ 43,286 43,286 43,286 43,286 5 Expenditure on raising funds Total 2023 £ Costs of generating voluntary income 0 0 |
Unrestricted funds Restricted funds 2022 2022 £ £ Income and endowments from: Donations and Legacies 58,107 0 Grants 7,497 Total 65,604 0 Expenditure on: Raising funds 0 0 Charitable activities 11,080 0 Other 81,154 0 Total 92,234 0 Net expenditure (26,630) 0 Transfer between funds 0 0 Net Income before other gains/(losses): (26,630) 0 Other gains and losses: 0 0 Net movement in funds: (26,630) 0 Reconciliation of funds: Total funds brought forward (13,196) 0 Total funds carried forward (39,826) 0 4 Income from donations and legacies Unrestricted funds Total 2023 2023 £ £ 43,286 43,286 43,286 43,286 5 Expenditure on raising funds Total 2023 £ Costs of generating voluntary income 0 0 |
Total funds 2022 £ 58,107 7,497 |
|---|---|---|
| 0 0 0 0 0 0 0 0 0 0 0 0 Total 2023 £ 43,286 43,286 Total 2023 £ 0 0 |
65,604 0 11,080 81,154 |
|
| 92,234 | ||
| (26,630) 0 |
||
| (26,630) 0 |
||
| (26,630) (13,196) |
||
| (39,826) | ||
| Total 2022 £ 58,107 |
||
| 58,107 | ||
| Total 2022 £ 8,249 |
||
| 8,249 |
Page 9
Halleluyah Gate Ministries NOTES TO THE ACCOUNTS
6 Expenditure on charitable activities
| Unrestricted fuds 2023 £ Expenditure on charitable activities 4,315 Raising Funds 0 Governance costs 1,113 5,428 7 Other expenditure Unrestricted funds £ Employee costs 17,785 Motor and travel costs 3,017 Premises costs 27,537 Amortisation, depreciation, 0 impairment, profit/loss on 0 disposal of fixed assets 0 General administrative costs 3,766 Legal and professional costs 0 52,104 8 Net (expenditure)/income before transfers 2023 This is stated after charging: £ Depreciation of owned fixed assets 5,614 9 Staff costs Salaries and wages 15,848 Social security costs 1,936 Training 0 17,785 |
Total 2023 £ 4,315 0 1,113 5,428 Total 2023 £ 17,785 3,017 27,537 0 0 0 3,766 0 52,104 |
Total 2022 £ 2,831 8,249 2,112 |
|---|---|---|
| 13,192 | ||
| Total 2022 £ 28,121 4,351 34,505 0 0 0 6,451 0 |
||
| 73,428 | ||
| 2022 £ |
||
| 5,614 | ||
| 26,185 1,936 0 |
||
| 28,121 |
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 2022 Depreciation charge for the year At 28 February 2023 Net book values At 28 February 2023 At 28 February 2022 11 Debtors Trade debtors 12 Movement in funds At 1 March 2022 £ Restricted funds: Restricted income funds: 7,275 Total 7,275 Unrestricted funds: General funds (18,173) Revalation Reserves: (10,898) |
TFA 2 £ 4,021 0 4,021 1,341 1,341 2,682 2,681 4,021 g resources (including other gains/los ses) £ 0 0 54,992 54,992 |
TFA3 £ 8,001 0 8,001 13,092 4,273 17,365 3,728 8,001 2023 £ 4,094 4,094 Resource s Expended £ 0 0 63,145 63,145 |
Investment £ 8,590 0 8,590 0 0 0 8,590 8,590 Gross Transfers £ 0 0 0 0 |
Total £ 20,612 0 |
|---|---|---|---|---|
| 20,612 | ||||
| 14,433 5,614 |
||||
| 20,047 | ||||
| 14,999 | ||||
| 20,612 | ||||
| 2022 £ 3,094 |
||||
| 3,094 | ||||
| At 28 February 2023 £ 7,275 |
||||
| 7,275 | ||||
| (26,327) | ||||
| (19,052) |
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 14,999 Net current assets 0 14,999 |
Total £ 14,999 0 |
| 14,999 |
14 Related party disclosures Controlling party
Page 12
Halleluyah Gate Ministries DETAILED STATEMENT OF FINANCIAL ACTIVITIES
for the year ended 28 February 2023
| Unrestricted funds | Total funds | Total funds | |
|---|---|---|---|
| 2023 | 2023 | 2022 | |
| £ | £ | £ | |
| Income and endowments from: | |||
| Donations and Legacies | 43,286 | 43,286 | 58,107 |
| Grants | 0 | 0 | 7,497 |
| Gift Aid Reclaim | 11,706 | 11,706 | 31,864 |
| 54,992 | 54,992 | 97,468 | |
| Total income and endownments | 54,992 | 54,992 | 97,468 |
| Expenditure on: | |||
| Costs of generating donations and | |||
| legacies | 0 | 0 | 8,249 |
| 0 | 0 | 8,249 | |
| Total of expenditure on raising funds | 0 | 0 | 8,249 |
| Charitable activities | |||
| 4,315 | 4,315 | 2,831 | |
| 4,315 | 4,315 | 11,080 | |
| Total of expenditure on charitable activities | 4,315 | 4,315 | 11,080 |
| Other expenditure | 0 | 0 | 0 |
| 0 | 0 | 0 | |
| Employee costs | |||
| Salaries/wages | 14,072 | 14,072 | 24,829 |
| Pension | 1,776 | 1,776 | 1,356 |
| Employer's NIC | 1,936 | 1,936 | 1,936 |
| Training | 0 | 0 | |
| 17,785 | 17,785 | 28,121 | |
| Motor and travel costs | |||
| Vehicles-General costs | 0 | 0 | 0 |
| Vehicles-Fuel | 3,017 | 3,017 | 3,556 |
| Travel and subsistence | 0 | 0 | 795 |
| 3,017 | 3,017 | 4,351 | |
| Premises costs | |||
| Rent | 27,537 | 27,537 | 34,505 |
| 27,537 | 27,537 | 34,505 |
Page 13
Halleluyah Gate Ministries DETAILED STATEMENT OF FINANCIAL ACTIVITIES
for the year ended 28 February 2023
| 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 |
5,614 450 2,285 0 0 0 0 1,031 0 0 9,379 0 1,113 1,113 58,830 63,145 0 (8,154) 0 (8,154) 0 (8,154) |
5,614 450 2,285 0 0 0 0 1,031 0 0 9,379 0 1,113 1,113 58,830 63,145 0 (8,154) 0 (8,154) 0 (8,154) |
5,614 3,781 1,409 0 0 0 75 536 650 0 |
|---|---|---|---|
| 12,065 | |||
| 0 2,112 |
|||
| 2,112 | |||
| 81,154 | |||
| 92,234 0 |
|||
| 5,234 0 |
|||
| 5,234 0 |
|||
| 5,234 |
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 yea 28 February 2023 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 Act. 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 which Independent examiner's 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: 12 January 2024 Name: Olushola Olalekan Shokunbi qualification(s) or body:* FCCA Address: Paul Victoria Accountants, 2nd Floor 134 South street, Romford, Essex RM1 1TE