**Charity registration number 1189173**
**COVENANT AND GLORY MINISTRIES INTERNATIONAL ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024**
## **COVENANT AND GLORY MINISTRIES INTERNATIONAL**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
**Trustees**
Mrs V David
**Charity number** 1189173
**Independent examiner**
Harvine Consultants Ltd
## **COVENANT AND GLORY MINISTRIES INTERNATIONAL**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees report|1|
|Independent examiner's report|2|
|Statement of financial activities|3|
|Balance sheet|4|
|Notes to the financial statements|5 - 8|
## **COVENANT AND GLORY MINISTRIES INTERNATIONAL**
## **TRUSTEES REPORT**
## _**FOR THE YEAR ENDED 30 APRIL 2024**_
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 30 April 2022.
The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's [governing document], the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).
## **Objectives and activities**
## _Public benefit_
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
## **Achievements and performance**
## _Significant activities and achievements against objectives_
## **Financial review**
## _Reserves policy_
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
## **Structure, governance and management**
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
The trustees who served during the year and up to the date of signature of the financial statements were: Mrs V David Mr A Adeyemo Mr O Osho
## VGDavid
VGDavid (Feb 26, 2025 14:53 GMT)
The trustees report was approved by Mrs V David on behalf of the Board of Trustees Trustees.
26 February 2025
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## **COVENANT AND GLORY MINISTRIES INTERNATIONAL**
## **INDEPENDENT EXAMINER'S REPORT**
## **TO THE TRUSTEES OF COVENANT AND GLORY MINISTRIES INTERNATIONAL**
I report to the trustees on my examination of the financial statements of Covenant and Glory Ministries International (the charity) for the year ended 30 April 2024.
## **Responsibilities and basis of report**
As the charity's trusteestrustees of the company charity you are responsible for the preparation of the accounts financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act) the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent examiner's statement**
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
- I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
- 2 the financial statements do not accord with those records; or
- 3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
## Harvine Consultants
## Harvine Consultants (Feb 26, 2025 14:58 GMT)
Harvine Consultants Ltd Chartered Certified Accountants 27 Keble Close Crawley RH10 3TD
Dated: 26 February 2025
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## **COVENANT AND GLORY MINISTRIES INTERNATIONAL**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## _**FOR THE YEAR ENDED 30 APRIL 2024**_
|||**Unrestricted**|**Unrestricted**|
|---|---|---|---|
|||**funds**|**funds**|
|||**2024**|**2023**|
||**Notes**|**£**|**£**|
|**Income from:**||||
|Donations and legacies|**2**|7,758|9,045|
|Charitable activities|**3**|10,849|8,890|
|**Net income/(expenditure) and movement in funds**||(3,091)|155|
|**Reconciliation of funds:**||||
|Fund balances at 1 May 2023||4,418|4,263|
|**Fund balances at 30 April 2024**||1,327|4,418|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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## **COVENANT AND GLORY MINISTRIES INTERNATIONAL**
## **BALANCE SHEET**
## _**AS AT 30 APRIL 2024**_
|**Notes**
**Fixed assets**
Tangible assets
**7**
**Current assets**
Cash at bank and in hand
Net current assets
**Total assets less current liabilities**
**The funds of the charity**
Unrestricted funds|**2024**
**£**
485|**£**
842
485
1,327
1,327
1,327|**2023**
**£**
3,576|**£**
842
3,576|
|---|---|---|---|---|
|||||4,418|
|||||4,418|
|||||4,418|
The financial statements were approved by the trustees on 26 February 2025
## VGDavid
VGDavid (Feb 26, 2025 14:53 GMT)
**Trustee** Mrs V David
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## **COVENANT AND GLORY MINISTRIES INTERNATIONAL**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 30 APRIL 2024**_
## **1 Accounting policies**
## **Charity information**
Covenant and Glory Ministries International is a charitable incorporated organisation (CIO).
## **1.1 Accounting convention**
The financial statements have been prepared in accordance with the charity's [governing document], the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
## **1.2 Going concern**
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
## **1.3 Charitable funds**
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
## **1.4 Income**
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
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## **COVENANT AND GLORY MINISTRIES INTERNATIONAL**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 APRIL 2024**_
## **1 Accounting policies**
**(Continued)**
## **1.5 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
## **1.6 Tangible fixed assets**
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is not recognised in the year of purchase, however, in subsequent years it is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computers 25%
## **1.7 Impairment of fixed assets**
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
## **1.8 Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
## _**Basic financial assets**_
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs.
## _**Basic financial liabilities**_
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.
## **2 Income from donations and legacies**
||**Unrestricted**|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2024**|**2023**|
||**£**|**£**|
|Donations and gifts|7,758|9,045|
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## **COVENANT AND GLORY MINISTRIES INTERNATIONAL**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 30 APRIL 2024**_
## **3 Expenditure on charitable activities**
|**Direct costs**
Insurance
Rent-hall
Admin expenses
Advertising
Media expenses
Sundry expenses
Bank charges
Accountancy fee
**Analysis by fund**
Unrestricted funds|**2024**
**£**
159
7,858
1,011
919
313
108
-
480
10,848
10,848|**2023**
**£**
-
6,060
1,109
335
1,047
180
159
-|
|---|---|---|
|||8,890|
|||8,890|
## **4 Trustees**
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
## **5 Employees**
The average monthly number of employees during the year was:
||**2024**|**2023**|
|---|---|---|
||**Number**|**Number**|
|Total|-|-|
There were no employees whose annual remuneration was more than £60,000.
## **6 Taxation**
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
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## **COVENANT AND GLORY MINISTRIES INTERNATIONAL**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 APRIL 2024**_
## **7 Tangible fixed assets**
|**Tangible fixed assets**||
|---|---|
||**Computers**|
||**£**|
|**Cost**||
|Additions|842|
|At 30 April 2024|842|
|**Carrying amount**||
|At 30 April 2024|842|
|At 30 April 2023|842|
## **8 Unrestricted funds**
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
||**At 1 May 2023**|**Incoming**|**Resources**|**At 30 April**|
|---|---|---|---|---|
|||**resources**|**expended**|**2024**|
||**£**|**£**|**£**|**£**|
|General funds|4,418|7,758|(10,849)|1,327|
|**Previous year:**|**At 1 May 2022**|**Incoming**|**Resources**|**At 30 April**|
|||**resources**|**expended**|**2023**|
||**£**|**£**|**£**|**£**|
|General funds|4,263|9,045|(8,890)|4,418|
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