REGISTERED CHARITY NUMBER: 1011787
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 December 2021
for
Cherubim and Seraphim Holy Temple Church
Krypton Consulting Ltd Chartered Certified Accountants & Tax Advisers Town Quay Wharf Barking Essex IG11 7BZ
Cherubim and Seraphim Holy Temple Church
Contents of the Financial Statements for the Year Ended 31 December 2021
| Page | |
|---|---|
| Report of the Trustees | 1 |
| Independent Examiner's Report | 2 |
| Statement of Financial Activities | 3 |
| Balance Sheet | 4 |
| Notes to the Financial Statements | 5 to 10 |
| Detailed Statement of Financial Activities | 11 |
Cherubim and Seraphim Holy Temple Church
Report of the Trustees
for the Year Ended 31 December 2021
The trustees present their report with the financial statements of the charity for the year ended 31 December 2021. 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).
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 1011787
Principal address 59B Corbyn Street London N4 3BY
Trustees N Baiden Ms F Ajagbe Rev S B Alabi V George
Independent Examiner Krypton Consulting Ltd Chartered Certified Accountants & Tax Advisers Town Quay Wharf Barking Essex IG11 7BZ
Approved by order of the board of trustees on 3 July 2022 and signed on its behalf by:
Rev S B Alabi - Trustee
Page 1
Independent Examiner's Report to the Trustees of Cherubim and Seraphim Holy Temple Church
Independent examiner's report to the trustees of Cherubim and Seraphim Holy Temple Church
I report to the charity trustees on my examination of the accounts of Cherubim and Seraphim Holy Temple Church (the Trust) for the year ended 31 December 2021.
Responsibilities and basis of report
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').
I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts 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 accounts to be reached.
Olusola Makinwa Krypton Consulting Ltd Chartered Certified Accountants & Tax Advisers Town Quay Wharf Barking Essex IG11 7BZ
3 July 2022
Page 2
Cherubim and Seraphim Holy Temple Church
| Statement of Financial Activities | |||
|---|---|---|---|
| for the Year Ended 31 December 2021 | |||
| 31.12.21 | 31.12.20 | ||
| Unrestricted | Total | ||
| funds | funds | ||
| Notes | £ | £ | |
| INCOME AND ENDOWMENTS FROM | |||
| Donations and legacies | 39,070 | 44,555 | |
| EXPENDITURE ON | |||
| Charitable activities | |||
| Charitable | 10,955 | 10,445 | |
| NET INCOME | 28,115 | 34,110 | |
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | 297,342 | 263,232 | |
| TOTAL FUNDS CARRIED FORWARD | 325,457 | 297,342 |
The notes form part of these financial statements
Page 3
Cherubim and Seraphim Holy Temple Church
Balance Sheet 31 December 2021
| 31.12.21 | 31.12.20 | ||
|---|---|---|---|
| Unrestricted | Total | ||
| funds | funds | ||
| Notes | £ | £ | |
| FIXED ASSETS | |||
| Tangible assets | 4 | 276,045 | 276,259 |
| CURRENT ASSETS | |||
| Debtors | 5 | 1,550 | 1,550 |
| Cash at bank | 95,390 | 105,827 | |
| 96,940 | 107,377 | ||
| CREDITORS | |||
| Amounts falling due within one year | 6 | 58,440 | 20,784 |
| NET CURRENT ASSETS | 155,380 | 128,161 | |
| TOTAL ASSETS LESS CURRENT LIABILITIES | |||
| 431,425 | 404,420 | ||
| CREDITORS | |||
| Amounts falling due after more than one year | 7 |
(115,735) | (115,735) |
| ACCRUALS AND DEFERRED INCOME | 9 | 9,767 | 8,657 |
| NET ASSETS | 325,457 | 297,342 | |
| FUNDS | 10 | ||
| Unrestricted funds | 325,457 | 297,342 | |
| TOTAL FUNDS | 325,457 | 297,342 |
The financial statements were approved by the Board of Trustees and authorised for issue on 3 July 2022 and were signed on its behalf by:
S B Alabi - Trustee
The notes form part of these financial statements
Page 4
Cherubim and Seraphim Holy Temple Church
Notes to the Financial Statements
for the Year Ended 31 December 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2021 nor for the year ended 31 December 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2021 nor for the year ended 31 December 2020.
Page 5
continued...
Cherubim and Seraphim Holy Temple Church
Notes to the Financial Statements - continued for the Year Ended 31 December 2021
3. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES | |
|---|---|
| Unrestricted | |
| funds | |
| £ | |
| INCOME AND ENDOWMENTS FROM | |
| Donations and legacies | 44,555 |
| EXPENDITURE ON | |
| Charitable activities | |
| Charitable | 10,445 |
| NET INCOME | 34,110 |
| RECONCILIATION OF FUNDS | |
| Total funds brought forward | 263,232 |
| TOTAL FUNDS CARRIED FORWARD | 297,342 |
4. TANGIBLE FIXED ASSETS
| COST At 1 January 2021 and 31 December 2021 DEPRECIATION At 1 January 2021 Charge for year At 31 December 2021 NET BOOK VALUE At 31 December 2021 At 31 December 2020 |
Freehold property £ 274,529 - - - 274,529 274,529 |
Fixtures and fittings £ 7,510 7,509 - 7,509 1 1 |
Motor Computer vehicles equipment £ £ 2,926 2,861 1,463 2,595 61 153 1,524 2,748 1,402 113 1,463 266 |
Totals £ 287,826 11,567 214 11,781 276,045 276,259 |
|---|---|---|---|---|
Page 6
continued...
Cherubim and Seraphim Holy Temple Church
Notes to the Financial Statements - continued for the Year Ended 31 December 2021
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
|---|---|---|---|
| 31.12.21 | 31.12.20 | ||
| £ | £ | ||
| Trade debtors | 1,550 | 1,550 | |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
| 31.12.21 | 31.12.20 | ||
| £ | £ | ||
| Trade creditors | (58,735) | (21,079) | |
| Other creditors | 295 | 295 | |
| (58,440) | (20,784) | ||
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR | ||
| 31.12.21 | 31.12.20 | ||
| £ | £ | ||
| Bank loans (see note 8) | 60,000 | 60,000 | |
| Other creditors | 55,735 | 55,735 | |
| 115,735 | 115,735 | ||
| 8. | LOANS | ||
| An analysis of the maturity of loans is given below: | |||
| 31.12.21 | 31.12.20 | ||
| £ | £ | ||
| Amounts falling due between two and five years: | |||
| Loans more than 1 year | 60,000 | 60,000 | |
| Other Loans | 2,133 | 2,133 | |
| 62,133 | 62,133 | ||
| Amounts falling due in more than five years: | |||
| Repayable by instalments: | |||
| Long Term Loans | 53,602 | 53,602 |
continued...
Page 7
Cherubim and Seraphim Holy Temple Church
Notes to the Financial Statements - continued for the Year Ended 31 December 2021
| 9. | ACCRUALS AND DEFERRED INCOME | |||
|---|---|---|---|---|
| 31.12.21 | 31.12.20 | |||
| £ | £ | |||
| Cash Drawings | (9,767) | (8,657) | ||
| 10. | MOVEMENT IN FUNDS | |||
| Net | ||||
| movement | At | |||
| At 1/1/21 | in funds | 31/12/21 | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 297,342 | 28,115 | 325,457 | |
| TOTAL FUNDS | 297,342 | 28,115 | 325,457 | |
| Net movement in funds, included in the above are as follows: | ||||
| Incoming | Resources | Movement | ||
| resources | expended | in funds | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 39,070 | (10,955) | 28,115 | |
| TOTAL FUNDS | 39,070 | (10,955) | 28,115 | |
| Comparatives for movement in funds | ||||
| Net | ||||
| movement | At | |||
| At 1/1/20 | in funds | 31/12/20 | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 263,232 | 34,110 | 297,342 | |
| TOTAL FUNDS | 263,232 | 34,110 | 297,342 |
continued...
Page 8
Cherubim and Seraphim Holy Temple Church
Notes to the Financial Statements - continued for the Year Ended 31 December 2021
10. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 44,555 | (10,445) | 34,110 |
| TOTAL FUNDS | 44,555 | (10,445) | 34,110 |
A current year 12 months and prior year 12 months combined position is as follows:
| Net | |||
|---|---|---|---|
| movement | At | ||
| At 1/1/20 | in funds | 31/12/21 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 263,232 | 62,225 | 325,457 |
| TOTAL FUNDS | 263,232 | 62,225 | 325,457 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 83,625 | (21,400) | 62,225 |
| TOTAL FUNDS | 83,625 | (21,400) | 62,225 |
continued...
Page 9
Cherubim and Seraphim Holy Temple Church
Notes to the Financial Statements - continued for the Year Ended 31 December 2021
11. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2021.
Page 10
Cherubim and Seraphim Holy Temple Church
| Detailed Statement of Financial Activities | ||
|---|---|---|
| for the Year Ended 31 December 2021 | ||
| 31.12.21 | 31.12.20 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Tithes Offerings | 4,050 | 3,385 |
| Special/General Thanksgiving | - | 1,170 |
| Special Projects | 1,770 | - |
| Rent Received | 33,250 | 40,000 |
| 39,070 | 44,555 | |
| Total incoming resources | 39,070 | 44,555 |
| EXPENDITURE | ||
| Charitable activities | ||
| Utilities (Gas & Electricity) | 4,767 | 3,976 |
| Insurance, Rent & Rates | 4,920 | 1,545 |
| Techno communications | - | 312 |
| Motor vehicles | 61 | 61 |
| Computer equipment | 153 | 153 |
| 9,901 | 6,047 | |
| Support costs | ||
| Governance costs | ||
| Building Insurance | - | 3,587 |
| Accountancy and legal fees | 630 | 630 |
| Bank Charges | 424 | 181 |
| 1,054 | 4,398 | |
| Total resources expended | 10,955 | 10,445 |
| Net income | 28,115 | 34,110 |
This page does not form part of the statutory financial statements
Page 11