Charity registration number 1198170
HOPE FOR THE NATIONS MINISTRIES
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2023
HOPE FOR THE NATIONS MINISTRIES
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Ms J A Daniels Ms D Chakonda Ms A Daramola Charity number 1198170 Principal address Grand Park Hall 87 Park Street Luton LU1 3HQ Independent examiner MMBA Accountants Unit 7 Navigation Business Village Navigation Way Preston Lancashire PR2 2YP
HOPE FOR THE NATIONS MINISTRIES
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Statement of financial position | 5 |
| Notes to the financial statements | 7 - 11 |
HOPE FOR THE NATIONS MINISTRIES
TRUSTEES' REPORT FOR THE PERIOD ENDED 31 MARCH 2023
The trustees present their report and financial statements for the period ended 31 March 2023.
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 Hope For The Nations Ministries'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
The charity objects are specifically restricted to the following;
The advancement of the Christian religion for the public benefit mainly, but not exclusively, by:
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a) Spreading the gospel through the printed media, radio, tv, satellite, internet, and similar media;
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b) Providing food and other helpful materials to the needy during our fellowships and activities;
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c) Offering pastoral care and support to those in need of such through prayers and counselling;
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d) Supporting Christians who are engaged full-time in the missionary work of proclaiming the gospel and in bringing others to believe in Jesus Christ and to live in accordance with his teaching.
Achievements and performance
The charity has set out to provide free spiritual advice and counselling to members of the charity and interested nonmembers.These advice and counselling sessions are confidential, non-judgmental and conducted with a strong sense of empathy. Through this, Hope for the Nations Ministries, Luton Headquarters has helped many youths and adults who were drug addicted to become drug free.
The charity is highly involved in the provision of free youth empowerment programmes for the young adults within and outside the charity. Some of these programmes are on entrepreneurship and self-management. Through these series of programmes, many youths have been self-employed and have become financially stable.
The charity has been providing free community feeding every week at the headquarters in Luton. The charity has also supported people with free clothing. It is important to note that the Free Community Feeding Programme is specifically targeted at Homeless Adults and people in hard financial situations. The success rate has been very high as individuals are supported through troubled times and feel more confident to attend job interviews.
The charity has consistently run a food bank whereby members of the congregation and interested members of the community come to get Food-Aid from the charity. This deed has supported several families that have struggled to stay afloat or struggle to afford their weekly grocery shopping.
A number of free training sessions have been provided by the charity such as: training to build on aptitude, thinking capacity, self-motivation and academic excellence in order to build and raise hardworking young people who can contribute their quarter to the noble task of nation-building and support for the less able in society. These training sessions have yielded great and notable results in the lives of the attendees.
Financial review
It is the policy of the Hope For The Nations Ministries 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 considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Hope For The Nations Ministries’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 Period.
Structure, governance and management
The charity was registered on 8 March 2022 as Hope for the Nations Ministries. The charity is run by Trustees and volunteers. There are no specific restrictions imposed on how the charity should operate to achieve its objectives. However, the income and assets of the charity must be applied solely for the purpose of achieving its objectives.
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HOPE FOR THE NATIONS MINISTRIES
TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2023
The members of the trustees who served during the Period and up to the date of signature of the financial statements were:
Ms J A Daniels
Ms D Chakonda
Ms A Daramola
The trustees' report was approved by the Trustees.
Ms J A Daniels
Trustee
15 June 2023
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HOPE FOR THE NATIONS MINISTRIES
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF HOPE FOR THE NATIONS MINISTRIES
I report to the trustees on my examination of the financial statements of Hope for the Nations Ministries (the Hope For The Nations Ministries) for the Period ended 31 March 2023.
Responsibilities and basis of report
As the trustees of the Hope For The Nations Ministries you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the Hope For The Nations Ministries’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:
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1 accounting records were not kept in respect of the Hope For The Nations Ministries as required by section 130 of the 2011 Act; or
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2 the financial statements do not accord with those records; or
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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.
MMBA Accountants
Unit 7 Navigation Business Village Navigation Way Preston Lancashire PR2 2YP
Dated: 15 June 2023
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HOPE FOR THE NATIONS MINISTRIES
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE PERIOD ENDED 31 MARCH 2023
| Unrestricted | ||
|---|---|---|
| funds | ||
| 2023 | ||
| Notes | £ | |
| Income from: | ||
| Donations and legacies | 3 | 105,237 |
| Expenditure on: | ||
| Charitable activities | 4 | 77,507 |
| Net income for the Period/ | ||
| Net movement in funds | 27,730 | |
| Fund balances at 8 March 2022 | - | |
| Fund balances at 31 March 2023 | 27,730 | |
| The statement of financial activities includes all gains and losses recognised in the Period. | ||
| All income and expenditure derive from continuing activities. |
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HOPE FOR THE NATIONS MINISTRIES
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023
| Notes Fixed assets Property, plant and equipment 8 Current assets Cash at bank and in hand Current liabilities 9 Net current assets Total assets less current liabilities Income funds Unrestricted funds |
2023 £ 8,137 (780) |
£ 20,373 7,357 |
|---|---|---|
| 27,730 | ||
| 27,730 | ||
| 27,730 |
The financial statements were approved by the Trustees on 15 June 2023
Ms J A Daniels Trustee
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HOPE FOR THE NATIONS MINISTRIES
STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 MARCH 2023
| 2023 | ||||
|---|---|---|---|---|
| Notes | £ | £ | ||
| Cash flows from operating activities | ||||
| Cash generated from/(absorbed by) operations | 11 | 35,301 | ||
| Investing activities | ||||
| Purchase of property, plant and equipment | (27,164) | |||
| Net cash used in investing activities | (27,164) | |||
| Net cash used in financing activities | - | |||
| Net increase in cash and cash equivalents | 8,137 | |||
| Cash and cash equivalents at beginning of Period | - | |||
| Cash and cash equivalents at end of Period | 8,137 |
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HOPE FOR THE NATIONS MINISTRIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2023
1 Accounting policies
Charity information
The hope for the Nations Ministries is a public benefit charitable entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is Grand Park Hall, 87 Park Street, Luton, LU1 3HQ, England & Wales.
1.1 Accounting convention
The financial statements have been prepared in accordance with the Hope For The Nations Ministries'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 Hope For The Nations Ministries 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 Hope For The Nations Ministries. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. 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 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 Hope For The Nations Ministries.
1.4 Income
Income is recognised when the Hope For The Nations Ministries 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 Hope For The Nations Ministries 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 Hope For The Nations Ministries 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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HOPE FOR THE NATIONS MINISTRIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2023
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 Property, plant and equipment
Plant and equipment 25% reducing balance Motor vehicles 25% reducing balance
1.7 Impairment of non-current assets
At each reporting end date, the Hope For The Nations Ministries 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 trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including trade and other payables and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade payables 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. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Hope For The Nations Ministries’s contractual obligations expire or are discharged or cancelled.
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HOPE FOR THE NATIONS MINISTRIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2023
2 Critical accounting estimates and judgements
In the application of the Hope For The Nations Ministries’s accounting policies, the trustees is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Donations and legacies
| Unrestricted | |
|---|---|
| funds | |
| 2023 | |
| £ | |
| Donations and gifts | 105,237 |
4 Charitable activities
| Charitable | |
|---|---|
| Expenditure | |
| 2023 | |
| £ | |
| Depreciation and impairment | 6,791 |
| Accountants fees | 1,080 |
| Advertising and PR | 3,690 |
| Bank charges | 126 |
| Entertaining | 1,338 |
| Insurance | 1,757 |
| Legal fees | 2,078 |
| Rent | 48,350 |
| Staff training & welfare | 2,995 |
| Sundry | 382 |
| Telephone and fax | 1,429 |
| Travel and subsistence | 7,491 |
| 77,507 | |
| 77,507 |
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HOPE FOR THE NATIONS MINISTRIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2023
5 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the Charity during the period ended 31 March 2023..
6 Employees
2023 Number
Total -
There were no employees whose annual remuneration was more than £60,000.
7 Taxation
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
8 Property, plant and equipment
| Plant and equipment Motor vehicles £ £ Cost Additions 25,464 1,700 At 31 March 2023 25,464 1,700 Depreciation and impairment Depreciation charged in the Period 6,366 425 At 31 March 2023 6,366 425 Carrying amount At 31 March 2023 19,098 1,275 9 Current liabilities Accruals and deferred income |
Total £ 27,164 |
|---|---|
| 27,164 | |
| 6,791 | |
| 6,791 | |
| 20,373 | |
| 2023 £ 780 |
10 Related party transactions
There were no disclosable related party transactions during the Period.
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HOPE FOR THE NATIONS MINISTRIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
| 11 Cash generated from operations Surplus for the Period Adjustments for: Depreciation and impairment of property, plant and equipment Movements in working capital: Increase in trade and other payables Cash generated from/(absorbed by) operations 12 Analysis of changes in net funds/(debt) |
2023 £ 27,730 6,791 780 |
|---|---|
| 35,301 | |
The Hope For The Nations Ministries had no debt during the year.
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