Registered Charity Number 1191101
STREAMS OF JOY INTERNATIONAL MINISTRIES
TRUSTEES REPORT AND ACCOUNTS
31 OCTOBER 2021
STREAMS OF JOY INTERNATIONAL MINISTRIES
Financial statement Year ended 31 October 2021
| Contents | Page |
|---|---|
| Charity information and professional advisers | 3 |
| Trustees’ report | 4 |
| Independent Examiner’s Report | 6 |
| Income statement | 8 |
| Statement of financial position | 9 |
| Notes to the financial statements | 10 |
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STREAMS OF JOY INTERNATIONAL MINISTRIES Charity Information Year ended 31 October 2021
Registered charity name STREAMS OF JOY INTERNATIONAL MINISTRIES Charity number 1191101 177 Hartley Road Registered office NOTTINGHAM NG7 3DW Trustees Chinedum Iheukwumere (Chair) Mobughichi Eberendu Sunday Osita Nwosu Accountants BC NWAIWU & CO LTD Building 1 Suit 4A Office 6 Wilsons Park Business Centre Manchester M40 8WN Bankers Cashplus Bank
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STREAMS OF JOY INTERNATIONAL MINISTRIES Trustees’ Report Year ended 31 October 2021
The Trustees, present their annual report with the unaudited financial statements of the charity for the year ended 31 October 2021. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities" in preparing the annual report and financial statements of the charity.
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the Charity's governing document, the Charities Act 2022 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 (effective January 2022).
Reference and administrative details
The Charity is a Faith-based charitable incorporated organisation and was formed on September 1, 2020, as Streams of Joy International Ministries.
Objectives
The objects of the charity for the public benefit include;
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The relief of the physical and mental sickness of persons in need by reason of depression and domestic violence, in particular by the provision of counselling and support, including signposting to other services, and by any other means as the trustees in their discretion shall determine.
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To promote social inclusion for the public benefit by preventing people from becoming socially excluded, relieving the needs of those who are socially excluded and assisting them to integrate into society.
For the purpose of this clause ‘socially excluded’ means being excluded from society, or parts of society, as a result of one of more of the following factors: unemployment; financial hardship; youth or old age; ill health (physical or mental); substance abuse or dependency including alcohol and drugs; discrimination on the grounds of sex, race, disability, ethnic origin, religion, belief, creed, sexual orientation or gender re-assignment; poor educational or skills attainment; relationship and family breakdown; poor housing (that is housing that does not meet basic habitable standards; crime (either as a victim of crime or as an offender rehabilitating into society).”.
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STREAMS OF JOY INTERNATIONAL MINISTRIES Trustees’ Report Year ended 31 October 2021
Public Benefit
The board of trustees have given due consideration to Charity Commission’s published guidance on the operation of the public benefit requirement and confirm that these requirements are met by the charity.
Going concern
The trustees have assessed the ability of the charity to continue operating and discharging its role for the foreseeable future, and have made financial projections, taken into consideration the current economic climate because of Coronavirus (COVID-19) crisis and its potential impact on the various sources of income and planned expenditure. We have adequate financial resources and are able to manage our business risks.
Statement of responsibilities of the trustees
The trustees are required to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and the incoming resources and application of resources, including the net income or expenditure, of the charity for the year. In preparing those financial statements the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2022.
Chinedum Iheukwumere Chair of Trustees
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Independent Examiner’s Report To the members of STREAMS OF JOY INTERNATIONAL MINISTRIES
I report on the accounts of Streams of Joy International Ministries, for the year ended 31 October 2021, which are set out on pages 8 to 15.
Respective responsibilities of trustees and examiner
The trustees are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”) as amended by the Charities Act 2022.
The charity’s trustees consider that an audit is not required for this year under section 144(2) of the Act and that an independent examination is needed.
It is my responsibility to:
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examine the accounts under section 145 of the Charities Act;
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to follow the procedures laid down in the general directions given by the Charity Commission under section 145(5)(b) of the Act; and
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to state whether particular matters have come to my attention.
Basis of independent examiner's statement
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 a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking such explanations from you as trustees concerning any matters. The procedures undertaken do not provide all the evidence that 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 statement below.
Independent examiner's statement
In connection with my examination, no matter has come to my attention which gives me reasonable cause to believe that in, any material respect:
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accounting records were not kept in accordance with section 130 of the Charities Act or
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the accounts do not accord with the accounting records; or
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the accounts did 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.
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Independent Examiner’s Report (Cont’d) To the members of STREAMS OF JOY INTERNATIONAL MINISTRIES
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 accounts to be reached.
______ Bernard Nwaiwu, FCA (ICAN) BC NWAIWU & CO LTD Building 1 Suit 4A Office 6 Wilsons Park Business Centre Manchester M40 8WN
Date: 31 August 2022
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STREAMS OF JOY INTERNATIONAL MINISTRIES Income Statement
For the period ended 31 October 2021
| Note Income from: Donations and legacies 2 Charitable activities 3 Total income Expenditure on: charitable activities 4 Total expenditure Net income/(expenditure) for the year 5 Transfer between funds Net movement in funds for the year Reconciliation of funds Total funds brought forward Total funds carried forward |
Unrestricted £ 30,894 - 30,894 22,357 22,357 8,537 - 8,537 - 8,537 |
Restricted £ 70,127 - 70,127 69,310 69,310 817 - 817 - 817 |
2021 £ 101,022 - |
|---|---|---|---|
| 101,022 | |||
| 91,668 | |||
| 91,668 | |||
| 9,354 - |
|||
| 9,354 - |
|||
| 9,354 |
The notes on pages 10 to 15 form part of these financial statements
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STREAMS OF JOY INTERNATIONAL MINISTRIES Statement of Financial Position As at 31 October 2021
| Note Fixed assets Tangible assets 6 Total fixed assets Current assets Cash at bank and in hand 7 Debtors 8 Total current assets Liabilities Creditors -Amount falling due within one year 9 Net current assets Total assets less current liabilities Creditors -Amount falling due after more than one year 10 Net assets The funds of the charity: Unrestricted funds 11 Restricted funds 11 Total charity funds |
£ 9,316 100 9,416 (550) |
2021 £ 488 |
|---|---|---|
| 488 8,866 |
||
| 9,354 - |
||
| 9,354 | ||
| 8,537 817 |
||
| 9,354 |
Chinedum Iheukwumere Chair of Trustees
Approved by the board on 31 August 2022
The notes on pages 10 to 15 form part of these financial statements
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STREAMS OF JOY INTERNATIONAL MINISTRIES Notes to the Financial Statements For the period ended 31 October 2021
1. Accounting Policies
The principal accounting policies adopted, judgments and key sources of estimation uncertainty in the preparation of the financial statements are as follows:
a. Basis of preparation
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities in preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective January 2022) - (Charities SORP (FRS102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102).
Streams of Joy International Ministries meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
b. Judgments and estimates
The trustees have made no key judgments which have a significant effect on the accounts. The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next reporting period.
c. Going concern
The trustees have reviewed the charity's forecasts and projections and with the lifting of the Coronavirus (COVID-19) lockdown and social distancing restrictions, the trustees are confident that the charity can fulfil its commitments to its beneficiaries for the period ending 31 October 2022.
d. Fund accounting
Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are grants and donations which the donor has specified are to be solely used for particular areas of the charity's work or for specific projects being undertaken by the charity.
e. Income
The Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received, and the amount can be measured reliably.
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STREAMS OF JOY INTERNATIONAL MINISTRIES Notes to the Financial Statements
For the period ended 31 October 2021
Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred. Income received in advance of a provision of a specified service is deferred until the criteria for income recognition are met.
f. Expenditure
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:
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Expenditure on charitable activities includes all costs undertaken to further the purposes of the charity and their associated support costs.
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Finance costs includes all interest and other costs the charity incurs in connection with the borrowing of funds.
g. Tangible fixed assets
All expenditure of a capital nature on development work overseas is expensed as incurred, while tangible fixed assets in the UK costing more than £100 are capitalized and included at cost, including any incidental expenses of acquisition. Depreciation is provided on tangible fixed assets at rates calculated to write off the cost by equal annual instalments over their expected useful economic lives as follows:
| Freehold land and buildings | Nil |
|---|---|
| Musical equipment | 4 years |
| Computer equipment | 4 years |
| Furniture, fixtures and equipment | 4 years |
Impairment reviews are conducted when events and changes in circumstances indicate that an impairment may have occurred. If any asset is found to have a carrying value materially higher than its recoverable amount, it is written down accordingly.
h. 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 discounts due.
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STREAMS OF JOY INTERNATIONAL MINISTRIES Notes to the Financial Statements For the period ended 31 October 2021
i. Cash at bank and in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
j. Creditors and provisions
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 discounts due.
| 2. Donations and legacies Donations First fruit offering Regular offering Seed offering NSPPD Tithe Total 3. Charitable activities Grants Charitable trading Charity sales Support services Total income from charitable activities |
Unrestricted £ 5,643 5,492 8,257 3,186 - 8,316 30,894 Unrestricted £ - - - - - - |
Restricted £ - - 3,539 797 65,792 - 70,127 Restricted £ - - - - - - |
2021 £ 5,643 5,492 11,796 3,983 65,792 8,316 |
|---|---|---|---|
| 101,022 | |||
| 2021 £ - |
|||
| - | |||
| - - |
|||
| - | |||
| - |
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STREAMS OF JOY INTERNATIONAL MINISTRIES Notes to the Financial Statements
For the period ended 31 October 2021
| 4. Expenditure on charitable activities Staff cost Church service Covid-19 food support Depreciation Professional fees Governance costs Support costs Restricted expenditure Unrestricted expenditure 5. Net income/(expenditure) for the year This is stated after charging/(crediting): Depreciation 6. Fixed assets: tangible assets Cost At 01 September 2020 Additions At 31 October 2021 Depreciation At 01 September 2020 Charge for the year At 31 October 2021 Net book value At 31 October 2021 At 01 September 2020 |
Land and Buildings £ - - - - - - - - |
2021 £ 8,272 432 3,200 163 340 550 12,763 25,720 69,310 22,357 91,668 2021 £ 163 Musical equipment Total £ £ - - 650 650 650 650 - - 163 163 163 163 488 488 - - |
2021 £ 8,272 432 3,200 163 340 550 12,763 25,720 69,310 22,357 91,668 2021 £ 163 Musical equipment Total £ £ - - 650 650 650 650 - - 163 163 163 163 488 488 - - |
|---|---|---|---|
| 650 | |||
| - 163 |
|||
| 163 | |||
| 488 | |||
| - |
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STREAMS OF JOY INTERNATIONAL MINISTRIES Notes to the Financial Statements
For the period ended 31 October 2021
| 7. Cash at bank and in hand Cash at bank Cash in hand 8. Debtors Trading debtors Grant debtors Prepayments 9. Creditors- Amount falling due within one year Accountancy fee 10. Creditors -Amount falling due after more than one year Trade creditors Other creditors |
2021 £ 9,316 - |
|---|---|
| 9,316 | |
| 2021 £ - - 100 |
|
| 100 | |
| 2021 £ 550 |
|
| 550 | |
| 2021 £ - - |
|
| - |
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STREAMS OF JOY INTERNATIONAL MINISTRIES Notes to the Financial Statements
For the period ended 31 October 2021
| 11. Fund movements Restricted funds Restricted project fund Unrestricted funds General fund The funds of the charity |
At 01 September 2020 £ - - - - - |
Income £ 70,127 70,127 30,894 30,894 101,022 |
Expenditure £ (69,310) (69,310) (22,357) (22,357) (91,668) |
As at 31 October 2021 £ 817 |
|---|---|---|---|---|
| 817 8.537 |
||||
| 8.537 | ||||
| 9,354 |
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