Registered Charity Number 1191101
## **STREAMS OF JOY INTERNATIONAL MINISTRIES**
## **TRUSTEES REPORT AND ACCOUNTS**
**31 OCTOBER 2023**
**STREAMS OF JOY INTERNATIONAL MINISTRIES Financial statement Year ended 31 October 2023**
|**Contents**|**Pag**|
|---|---|
||**e**|
|Charity information and professional advisers|3|
|Trustees’ report|4|
|Independent Examiner’s Report|6|
|Income statement|8|
|Statement of fnancial position|9|
|Notes to the fnancial statements|10|
2
**STREAMS OF JOY INTERNATIONAL MINISTRIES Charity Information Year ended 31 October 2023**
|Registered charity name|STREAMS OF JOY|
|---|---|
||INTERNATIONAL MINISTRIES|
|Charity number|1191101|
|Registered ofce|177 Hartley
Road|
||NOTTINGHAM|
||NG7 3DW|
|Trustees|Chinedum Iheukwumere|
||_(Chair)_|
||Mobughichi Eberendu|
||Sunday Osita Nwosu|
||Cynthia Kalu|
||Onucherechi C Agbai|
||Ulunma Janet Ufele|
|Accountants|Elyon Accountants|
||50 Station Road|
||London|
||N22 7DE|
|Bankers|Cashplus Bank|
3
**STREAMS OF JOY INTERNATIONAL MINISTRIES Trustees’ Report Year ended 31 October 2023**
The Trustees, present their annual report with the unaudited financial statements of the charity for the year ended 31 October 2023. 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;
1. 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.
2. 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).”.
4
**STREAMS OF JOY INTERNATIONAL MINISTRIES Trustees’ Report Year ended 31 October 2023**
## **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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- 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
5
**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 2023, 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:
1. examine the accounts under section 145 of the Charities Act;
2. to follow the procedures laid down in the general directions given by the Charity Commission under section 145(5)(b) of the Act; and
3. 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:
- accounting records were not kept in accordance with section 130 of the Charities Act or
- the accounts do not accord with the accounting records; or
- 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.
6
**Independent Examiner’s Report** _**(Cont’d)**_ **To the members of STREAMS OF JOY INTERNATIONAL**
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.
Beth Jesus Elyon Accountants Ltd 50 Station Road London N22 7DE
Date: 31 August 2024
7
## **STREAMS OF JOY INTERNATIONAL MINISTRIES Income Statement For the period ended 31 October 2023**
|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
£
40,500
-
40,500
56,320
56,320
(15,820)
-
(15,820)
(14,624)
(27,624)|Restricted
£
64,647
-
64,647
38,552
38,552
26,095
-
26,095
27,515
53,610|2023
£
105,147
-
105,147
94,872
94,872
10,275
-
10,275
12,891
23,166|2022
£
142,891
-|
|---|---|---|---|---|
|||||142,891|
|||||130,001|
|||||130,001|
|||||10,275
-|
|||||10,275
12,891|
|||||23,166|
The notes on pages 10 to 15 form part of these financial t t t
8
## **STREAMS OF JOY INTERNATIONAL MINISTRIES Statement of Financial Position As at 31 October**
|Note
**Fixed assets**
Tangible assets
6
Total fxed 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**|£
19,543
-
19,543
(975)|2023
£
15,200
15,200
19,543
34,743
-
34,743
15,200
19,543
34,743|13,872
-
13,872
(550)|2022
£
8,922|
|---|---|---|---|---|
|||||8,922
13,322|
|||||22,244
-|
|||||22,244|
|||||(6,087)
28,332|
|||||22,244|
Chinedum Iheukwumere Chair of Trustees Approved by the board on 31 August 2023
The notes on pages 10 to 15 form part of these financial t t t
9
**STREAMS OF JOY INTERNATIONAL MINISTRIES Notes to the Financial Statements For the period ended 31 October 2023**
## 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 the trustees are confident that the charity can fulfil its commitments to its beneficiaries for the period ending 31 October 2023.
## 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.
10
**STREAMS OF JOY INTERNATIONAL MINISTRIES Notes to the Financial Statements For the period ended 31 October 2023**
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:
- Expenditure on charitable activities includes all costs undertaken to further the purposes of the charity and their associated support costs.
- 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, fxtures 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.
11
**STREAMS OF JOY INTERNATIONAL MINISTRIES Notes to the Financial Statements For the period ended 31 October 2023**
## 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**
Unrestricted
£
Donations
2,530
First fruit ofering
740
Regular ofering
16,546
Seed ofering
898
NSPPD
-
Tithe
18,936
Thanksgiving
850
**Total**
40,500
3.
**Charitable activities**
Unrestricted
£
**Grants**
-
-
-
**Charitable trading**
Charity sales
-
Support services
-
-
**Total income from charitable**
**activities**
-|Restricted
£
11,505
-
22,942
-
30,200
-
-
64,647
Restricted
£
-
-
-
-
-
-
-|2023
£
14,035
740
39,488
898
30200
18,936
850
105,147
2023
£
-
-
-
-
-
-
-|2022
£
14,027
6,000
48,859
757
40,410
32,441
397|
|---|---|---|---|
||||142,891|
||||2022
£
-
-|
||||-|
||||-
-|
||||-|
||||-|
12
**STREAMS OF JOY INTERNATIONAL MINISTRIES Notes to the Financial Statements For the period ended 31 October 2023**
|4.
**Expenditure on charitable activities**
Other Staf cost
Training
Telephone and Broadband and Zoom
Accommodation and rent
Transportation and travel
NSPPD seeds
Depreciation
Professional fees
Governance costs
Other costs
Restricted expenditure
Unrestricted expenditure
5.
**Net income/(expenditure) for the year**
This is stated after charging/(crediting):
Depreciation|2023
£
17,404
1,090
618
19,900
5,901
19,900
2,540
950
2,156
1,250
94,872
38,552
56,320
94,872
2023
£
2,540|2022
£
14,67
3
6,929
310
32,355
7,002
36,502
2,974
375
1,875
27,005
130,001|
|---|---|---|
|||39,47
6
90,525
130,001
2022
£
2,974|
13
## **STREAMS OF JOY INTERNATIONAL MINISTRIES Notes to the Financial Statements For the period ended 31 October 2023**
|6.
**Fixed assets: tangible**
**assets**
**Cost**
At 01 November 2022
Additions
At 31 October 2023
**Depreciation**
At 01 November 2022
Charge for the year
At 31 October 2023
**Net book value**
At 31 October 2023
At 01 November 2022
7.
**Cash at bank and in hand**
Cash at bank
Cash in hand
8.
**Debtors**
Trading
debtors Grant
debtors
Prepayments|Land and
Buildings
£
-
-
-
-
-
-
-
-|Musical
equipment
Computer
equipment
Total
£
£
£
12,059
-
12,05
9
8,655
-
8,655
20,714
-
20,714
2,974
-
2,974
2,540
-
2,540
5,514
-
5,514
8,922
-
8,922
15,200
-
15,200
2023
£
2022
£
21,962
-
13,872
-
21,962
13,872
2023
2022
£
£
-
-
-
-
-
-|Musical
equipment
Computer
equipment
Total
£
£
£
12,059
-
12,05
9
8,655
-
8,655
20,714
-
20,714
2,974
-
2,974
2,540
-
2,540
5,514
-
5,514
8,922
-
8,922
15,200
-
15,200
2023
£
2022
£
21,962
-
13,872
-
21,962
13,872
2023
2022
£
£
-
-
-
-
-
-|Total
£
12,05
9
8,655|
|---|---|---|---|---|
|||||20,714
2,974
2,540|
||||||
|||||5,514|
|||||8,922|
||||||
||||||
||||||
14
**STREAMS OF JOY INTERNATIONAL MINISTRIES Notes to the Financial Statements For the period ended 31 October 2023**
|9.
**Creditors**_- Amount falling due within one_
_year_
Accountancy fee
10.
11. Fund movements
Balance at
01
November
2022
£
**Restricted funds**
Restricted project fund
28,332
28,332
**Unrestricted funds**
General fund
(6087)
(6,087
**The funds of the charity**
22,244
**Creditors**_- Amount falling due after more_
_than one year_
Trade creditors
Other creditors|
2023
£
2022
£
750
550
750
550
Income
Expenditure
As at
31
Octobe
r 2023
£
£
£
64,647
(38,552)
54,427
64,647
(38,552)
54,427
40,500
(56,320)
21,907
40,500
(56,320)
21,907
105,147
(94,872)
32,519
2022
£
2021
£
-
-
-
-
-
-|
2023
£
2022
£
750
550
750
550
Income
Expenditure
As at
31
Octobe
r 2023
£
£
£
64,647
(38,552)
54,427
64,647
(38,552)
54,427
40,500
(56,320)
21,907
40,500
(56,320)
21,907
105,147
(94,872)
32,519
2022
£
2021
£
-
-
-
-
-
-|
|---|---|---|
|||54,427
21,907|
|||21,907|
|||32,519|
15