2024-02-29-accounts - Halleluyah Gate Ministries

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Halleluyah Gate Ministries

Charity No. 1181772

Company No. 09429824

Trustee's Report and Unaudited Accounts

28 Feburary 2024

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 2024.

REFERENCE AND ADMINISTRATIVE DETAILS

Company No. 09429824 Charity No. 1181772 Registered Office

68 McKenzie Road Chatham Kent ME5 8DJ

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 05 November 2024

Page 2

Halleluyah Gate Ministries STATEMENT OF FINANCIAL ACTIVITIES

for the year ended 28 February 2024

Unrestricted funds 2024 £ 48,910 0 7,711	Restricte d funds 2024 £ 0 0 0	Total Funds Total Funds 2024 # 2023 £ £ 48,910 43,286 0 0 7,711 11,706 56,622 54,992 0 0 5,308 4,315 52,018 58,831 57,327 63,146 0 0 (705) (8,154) 0 0 (705) (8,154) 0 0 (705) (8,154) (19,052) (10,898) (19,757) (19,052)	Total Funds Total Funds 2024 # 2023 £ £ 48,910 43,286 0 0 7,711 11,706 56,622 54,992 0 0 5,308 4,315 52,018 58,831 57,327 63,146 0 0 (705) (8,154) 0 0 (705) (8,154) 0 0 (705) (8,154) (19,052) (10,898) (19,757) (19,052)
56,622 0 5,308 52,018	0 0 0 0	56,622 0 5,308 52,018	54,992 0 4,315 58,831
57,327 0	0 0	57,327 0	63,146 0
(705) 0	0 0	(705) 0	(8,154) 0
(705) 0	0 0	(705) 0	(8,154) 0
(705) (26,327)	0 7,275	(705) (19,052)	(8,154) (10,898)
(27,032)	7,275	(19,757)	(19,052)

Page 3

Halleluyah Gate Ministries SUMMARY INCOME AND EXPENDITURE ACCOUNT

for the year ended 28 February 2024

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	2024 £ 46,075 7,711 0 53,787 57,327 5,069 62,395 (705) (705)	2023 £ 40,291 11,706 0
		51,997
		63,145 5,614
		68,759
		(8,154)
		(8,154)

Page 4

Halleluyah Gate Ministries BALANCE SHEET

as at 28 February 2024

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	2024 £ 9,931 9,931 4,494 2,185 6,679 6,679 (8,740) 7,870 (27,627) (19,757) (19,757) 7,275 7,275 (27,032) (27,032) (19,757)	2023 £ 14,999
		14,999 4,094 4,790
		8,884
		8,884 (8,740)
		15,143 (34,194) (19,051)
		(19,051)
		7,275
		7,275 (26,327)
		(26,327)
		(19,052)

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 2024 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 30 October 2024

And signed on its behalf by:

ANTHONY IKEMEFUNA

Trustee 05 November 2024

Page 5

Halleluyah Gate Ministries NOTES TO THE ACCOUNTS

for the year ended 28 February 2024

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 2023 2023 £ £ Income and endowments from: Donations and Legacies 43,286 0 Grants 0 Total 43,286 0 Expenditure on: Raising funds 0 0 Charitable activities 4,315 0 Other 58,831 0 Total 63,146 0 Net expenditure (19,860) 0 Transfer between funds 0 0 Net Income before other gains/(losses): (19,860) 0 Other gains and losses: 0 0 Net movement in funds: (19,860) 0 Reconciliation of funds: Total funds brought forward (13,196) 0 Total funds carried forward (33,056) 0 4 Income from donations and legacies Unrestricted funds Total 2024 2024 £ £ 48,910 48,910 48,910 48,910 5 Expenditure on raising funds Total 2024 £ Costs of generating voluntary income 0 0	Unrestricted funds Restricted funds 2023 2023 £ £ Income and endowments from: Donations and Legacies 43,286 0 Grants 0 Total 43,286 0 Expenditure on: Raising funds 0 0 Charitable activities 4,315 0 Other 58,831 0 Total 63,146 0 Net expenditure (19,860) 0 Transfer between funds 0 0 Net Income before other gains/(losses): (19,860) 0 Other gains and losses: 0 0 Net movement in funds: (19,860) 0 Reconciliation of funds: Total funds brought forward (13,196) 0 Total funds carried forward (33,056) 0 4 Income from donations and legacies Unrestricted funds Total 2024 2024 £ £ 48,910 48,910 48,910 48,910 5 Expenditure on raising funds Total 2024 £ Costs of generating voluntary income 0 0	Total funds 2023 £ 43,286 0
	0 0 0 0 0 0 0 0 0 0 0 0 Total 2024 £ 48,910 48,910 Total 2024 £ 0 0	43,286 0 4,315 58,831
		63,146

		(19,860) 0
		(19,860) 0
		(19,860) (13,196)
		(33,056)
		Total 2023 £ 43,286
		43,286
		Total 2023 £ 0
		0

Page 9

Halleluyah Gate Ministries NOTES TO THE ACCOUNTS

6 Expenditure on charitable activities

Unrestricted fuds 2024 £ Expenditure on charitable activities 5,308 Raising Funds 0 Governance costs 1,129 6,438 7 Other expenditure Unrestricted funds £ Employee costs 12,733 Motor and travel costs 3,606 Premises costs 25,040 Amortisation, depreciation, 0 impairment, profit/loss on 0 disposal of fixed assets 0 General administrative costs 4,441 Legal and professional costs 0 45,821 8 Net (expenditure)/income before transfers 2024 This is stated after charging: £ Depreciation of owned fixed assets 5,069 9 Staff costs Salaries and wages 10,797 Social security costs 1,936 Training 0 12,733	Total 2024 £ 5,308 0 1,129 6,438 Total 2024 £ 12,733 3,606 25,040 0 0 0 4,441 0 45,821	Total 2023 £ 4,315 0 1,113
		5,428
		Total 2023 £ 17,784 3,017 27,537 0 0 0 3,766 0
		52,104
		2023 £
		5,614
		15,848 1,936 0
		17,784

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 2023 Depreciation and impairement At 1 March 2023 Depreciation charge for the year At 28 February 2024 Net book values At 28 February 2024 At 28 February 2023 11 Debtors Trade debtors 12 Movement in funds At 1 March 2023 £ Restricted funds: Restricted income funds: 7,275 Total 7,275 Unrestricted funds: General funds (26,327) Revalation Reserves: (19,052)	TFA 2 £ 2,681 0 2,681 2,682 1,341 4,023 1,341 2,681 g resources (including other gains/los ses) £ 0 0 56,622 56,622	TFA3 £ 3,728 0 3,728 17,365 3,728 21,093 0 3,728 2024 £ 4,494 4,494 Resource s Expended £ 0 0 57,327 57,327	Investment £ 8,590 0 8,590 0 0 0 8,590 8,590 Gross Transfers £ 0 0 0 0	Total £ 14,999 0
				14,999
				20,047 5,069
				25,116
				9,931
				14,999
				2023 £ 4,094
				4,094
				At 28 February 2024 £ 7,275
				7,275
				(27,032)
				(19,757)

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 9,931 Net current assets 0 9,931	Total £ 9,931 0
	9,931

14 Related party disclosures Controlling party

Page 12

Halleluyah Gate Ministries DETAILED STATEMENT OF FINANCIAL ACTIVITIES

for the year ended 28 February 2024

	Unrestricted funds	Total funds	Total funds
	2024	2024	2023
	£	£	£
Income and endowments from:
Donations and Legacies	48,910	48,910	43,286
Grants	0	0	0
Gift Aid Reclaim	7,711	7,711	11,706
	56,622	56,622	54,992
Total income and endownments	56,622	56,622	54,992
Expenditure on:
Costs of generating donations and
legacies	0	0	0
	0	0	0
Total of expenditure on raising funds	0	0	0
Charitable activities
	5,308	5,308	4,315
	5,308	5,308	4,315
Total of expenditure on charitable activities	5,308	5,308	4,315
Other expenditure	0	0	0
	0	0	0
Employee costs
Salaries/wages	9,716	9,716	14,072
Pension	1,081	1,081	1,776
Employer's NIC	1,936	1,936	1,936
Training	0	0	0
	12,733	12,733	17,784
Motor and travel costs
Vehicles-General costs	0	0	0
Vehicles-Fuel	3,606	3,606	3,017
Travel and subsistence	0	0	0
	3,606	3,606	3,017
Premises costs
Rent	25,040	25,040	27,537
	25,040	25,040	27,537

Page 13

Halleluyah Gate Ministries DETAILED STATEMENT OF FINANCIAL ACTIVITIES

for the year ended 28 February 2024

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	5,069 68 2,302 1,542 0 0 0 0 100 429 9,510 154 975 1,129 52,172 57,327 0 (705) 0 (705) 0 (705)	5,069 68 2,302 1,542 0 0 0 0 100 429 9,510 154 975 1,129 52,172 57,327 0 (705) 0 (705) 0 (705)	5,614 450 2,285 0 0 0 0 1,031 0 0
			9,380
			0 1,113
			1,113

			58,831
			63,146 0
			(8,154) 0
			(8,154) 0
			(8,154)

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 2024 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 2024. 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: 30 October 2024 Name: Olushola Olalekan Shokunbi qualification(s) or body:* FCCA Address: Paul Victoria Accountants, 2nd Floor 134 South street, Romford, Essex RM1 1TE