CHERUBIM AND SERAPHIM CHURCH OF ZION OLE UK 44 CLARENCE MEWS HACKNEY LONDON E5 8HL REPORT AND FINANCIAL STATEMEwrs FOR THE YEAH ENDED 31 DECEMBER 2023 CHARITY NO 1003302 ZAC ADEFOWORA & CO CHARTERED CERTIFIED AccouNfANTS '9 AUCKLAND HOUSE BLOEMFONTEtN ROAD LONDON W12 7NL TEL: 020 8740 688? CHERUBIM AND SERAPHIM CHURCH OFZtON (IMOLE) UK REPORT AND FINANCIAL STATEMENtS ST FOR THE YEAR ENDED 31 DECEMBER 202). CONTENTS CHARITY INFORMATION REPORT OF THE TRUSTEES REPORT OF THE INDEPENDwf EXAMINER STATEMENT OF FINANCIAL AcrtVlTIES INCOME AND EXPENDITURE ACCOUNTS BALANCE SHEET NOTES TO THE FINANCIAL STATEMENTS 10-1 I CHERUBIM AND SERAPHIM CHURCH OF ZION OMOLE) UK CHARITY INFORMATION FOR THE YEAR ENDED 31- DECEMBER 2023. TRUSTEES SUPERIOR SENIOR APOSTLE J OLU LECBE SUPF.RIOR SENIOR APOSTLE N AYO AKINTIMEHIN SUPERIOR SENIOR APOSTLE PROPHET L B OMOPE MINISTER IN CHARGE SUPERIOR S£IYIOR APOSTLE J OLU LEGBE PLACE OF WORSHIP 44 CLARENCE MEWS HACKNEY LONDON E5 8HL ACCOUNTANTS ZAC ADEFOWORA & CO CHARTERED CERTIFIED ACcOUNTA￿rS LONDON W12 7NL CHERUBIM AND SERAPHIM CHURCH OF ZION (IMOLE) UK REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31- DECEMBER 2023. The Trustees of Chernbim and Serapl]im Church of Zion (Imole) UK present their ST Teport and financial statements for the vear ended 31 December 2023. OBJECTS OF THE CHURC￿ PRtNCIPAL ACTIvrrIES AND ORGANISATION The principal objective of the Church shall be the advancement of the Christian religton. The main activities of the Church are as follows." To congregate and worship God in an approTred Christian manner. To assemble for thc purposes of carrying on ecclesi&8tical activities. To promote the knowledge and doctrin¢s of Christianity as contained in the Holy Scriptures. To support and subscribe to any charitable institutions OT purpose in filltherance of the Church's objectives. To promote or fomi or &8SiSt in the Promotion of ecclesiastic￿ activities. To pay for any pmperty, right, privileges or concessions acquired by the Church. To sol¢mnise the Holy Wedlock of an adult man and a woman in the ecclesiastical matrimonial ceremony as appToved by the Church Council. To accept old and youn& male and female for Christening in consecrated ceremony within the Church. To recommend and be accepted for ordination such members and officials of the Church. To perfoTm fimcral services and ceremonies in an approved ecclesiastic￿ manner for the deceased and in accordance with the laws and regulations of the United Kingdom. To consecrate water and oil for the use of the congregatlollal members and other believers, and to pray for all and bless those in need. FUTURE DEVELOPMEwrs The advancement of Ckn7stianity shall continue to be the core activity of the Church. FINANCIAL REVIEW The Statement of Financial Activities shows the net surplus for the yeaT as £1 1,679, (year to 2022, surplus £15.413). This been transferred to reserves, which now stands at £87,757. CHERUBIM AND SERAPHIM CHURCH OF ZION (IMOLE) UK (31.12. 2023) RESERVES POLICY The Reserve Fund represents the unrestricted funds arising from the operating results. The trustees are satisfied that the on_ooing contributions and donations by rnembers and visitOTS will generate sufficient income to cover all the operating expenditure. BOARD OF TRu￿EEs Members of the board who are trustees for the purposes of chaTity law. who served during the year and up to the date of this report are set oirt on page 3 TRUSTEES, RESPONSIBILITY Under the ChaTities Act 1993, the trustees are required to Prepare a statement of accounts for each financial year which gives a true and fair VRew of the state of affairs of the ch￿lty at the end of the fil￿nCIal ycar and of the incoming resources and application of resources in the year. In preparing thc statement the trustees are required to: Select suitable accounting policies and apply them consistently Make judgements and estimates that are reasonable and prudent State where applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and cxplained in the statement of accounts Prepare the financial statements on an on-going basis unless it is iTJappropriate to assume that the chatity will continue its operations" The trustees are responsible for keeping proper accounting records which 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 regulations under section 42(1) of the ChaTities Act 199i. They are also responsible for safeguarding the charity's assets and hence for taking reasonable steps for the prevention and detection of fraud and irregularities. RISK MANAGEMENT As required under the revised accounting and reporting SORP framework effective from January 200 1 the Tn￿teeS of the Church have reviewcd the nwjor risks to which the organisation is expose(L ill particular those relating to the operdtional are&s of the charity and its finances. The Trustees believe that by monitoring reserve levels. by ensuring controls exist over financial systems and by examining the operational and business risks faced by the charity. they have established effectivc systems to mitigate those risks. INDEPENDENT EXAMINER Zac Adefowora & co who were the charity's Accountants during the year have expressed their willingness to conLinue in that capacity. Approved by the Board of Tn]stees on P July 2024 And signed on their behalf by Superior Senior Apostle J Olu Legbe- Trustee. CHERUBIM AND SERAPHIM CHURCH OF ZION (IMOLE) UK Independent examiner's report to the trnsteos of Cherubim & Seraphim Church of Zion Umole) I report on the accounts of the Charity for the year ended 31 December 202i. which are set out on pages 7 to I l. Respective responsibilities of trustees and examiner The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under section 43{2) of the Charities Act 1993 (the 1993 Act) and that an independent examination is needed. It is my responsibility to= Examin¢ the accounts under section 4) of the 1993 A¢ To follow the Procedures laid down in the general Directions given by the CharÈty Commission under section 43(7)0)) of the 1993 Act and To state whether particujar matters have come to my attentio Basis of independent examiner s report 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 compaTison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts. and seeking explanations from you as trustees concerning any such matters. The procedures undcrtaken 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 rnatters set out in the statement below. Independent examiner's ststement In connection with my examination. no matter has come to my attention: (I ) Ivhich gives me reasonable cause to believe that in any material respect the requirements: To keep accounting records in accordance with section 41 of the 199) Act" and To prepare accounts which accord with the accounting records and comply with the accounting requirements of the 1993 Act have not been met" or (2) To wl]ich, in my opinion. attention should be drawn in order to enable a proper understanding of the accounts to be reached. Zac AdefOWo￿ FCCA Zac Adefowora & ¢0 Chartered Certified Accountants London W12 7NL 7 July 2024. CHERUBIM AND SERAPHIM CHURCH OF ZION (IMOLE) UK STATEMENf OF FtNANCIAL ACTIVITIES FOR THE YEAR ENDED J l DECEMBER 2023 Notes Unrestricted Fund 2023 Restricted Fund Total Fund 2023 Total Fund 2022 In comino Resources Activities to further the Chari 's ob"ectives 94.405 94,405 92,184 Total incomin resources Resources Ex nded: Mana ement & Athnin uisition of Assets 82,726 82,726 76,771 Total Resources Expended Net incomin Resources/(defIcit) for the Funds b/f ear 11,679 76,078 11,679 76,078 15,413 60.665 Funds at 31.12.20?3 The notes on pages l O to I I foTm part of these financial statements CHERUBIM AND SERAPHIM CHURCH OF ZION (IMOLE) UK COME ATrJD EXPENDITURE ACCOUNT ST For the year ended 31 DECEMBER 2023. Notes 2023 2022 Jncome 94,405 92.184 Management & Admin 82.726 76.771 Operating surplus (deficit) 11,679 15,413 Surplus (deficit) on ordinary activities 11.679 15.413 Surplus (deficit) for the financial vear Retained sU￿lUS Brought forward 11,679 76.078 15,413 60,66) RETA￿ED SURPLUS CARRIED FORWARD None of the activities were acquired or discontinued during the above two fmancjal years This statement is derived from the statement of Financial Activities on page 7 There were no recognised gains or losses other than those shown above. CHERUBDd AND SERAPHIM CHURCH OF ZION (IMOLE) UK BALANCE SHEET ST AS AT 31 DECEMBER 2023 2023 2022 Fixed Assets Tangible Assets Notes 105,734 109,211 Current Assets Debtors Cash at Bank and in hand 86.450 75,719 86.450 75,719 Creditors." Amount falling due With one year Creditors and Accruals 5,034 3,100 Net Current Assets 81.416 72,619 Total Assets less current liabilities 187.150 181,830 Creditors". Amounts falling du¢ After more than l year (99.393) (105.752) Funds." Unrestricted funds Gcneral funds 87,757 76,078 The financial statements have been prepaTed in accordance With the Regulations under section 42(1) of the Charities Act 1993 Approvcd by the board of trustecs on 7 July 2024 and signed on ihcir behalf by Superior Senior Apostle N A Akintimehin, Trustee Superior knior Apostle. Prophet B L Omope. Trustee The notcs on pagcs l O to I I fonn part of these financial statements CHERUBIM AND SERAPHIM CHURCH OF ZION (IMOLE) UK Notes foiinin?Ir part of the financial statenients For the year ended 31 December 2023 l Accountino Policies (a) Basis of accounting The accounts have been prepared under the historical cost convention and are in accordance with applicable accounting standaTds and Accounting and Reporting by Charities." Statement of Recommended Practice. (b) Cherubim and Seraphim Church of Zion (Imole) UK has not received any grants or funding during the year under review. (c) All income is derived from collections and donation by members of the congregation at prayer meetings. (d) Expenditure. All expenditure is included on an accrual basis and is recognised when there is a legal or constrnctive obligation to pay for expenditure. All costs are directly attributed to the one activities of the Church. (e) Depreciation. Depreciation is charged to write off the cost less estimated residual value of r￿tureS fittings and equipment. (fj Unrestricted funds are the income received or generated for the objects of the charity without further specific purpose and are available as oeneral funds Management and admtrnistrative costs of the charity relate to the costs of runnints the charity such as the costs of meetÈnos. statutory compliaoce and includes any costs which cannot be Specifically identified to another classification. 2 Incoming resouTces from activities to generate fimds: Unrestricted £94,405. 3 Tangible fixed &ssets Freehold Fixtures/ Equipment Total Cost b/f Addition 91,825 64,838 156,663 At 31.12.2023 91.825 Depreciation At b/forward Charge for the year 156,663 47,452 3,477 47,452 3,477 50,929 Net Book Value 31.12.2023 Net Book value 31.12.2022 50,929 91.825 13,909 105,734 91,825 17,386 109,211 In July 2008 the Charity acquired the freehold property at 44 Clarence Mews by a MOrtga￿e frorn Barclays Bank PLC. The loan is secured on the propety. 10 CHERUBIM AND SERAPHIM CHURCH OF ZION (IMOLE) UK Notes forniing part of the financial statements For the year ended 3 1st December 2023. 2023 2022 4 Debtors 5 Creditors". Amounts falling due within one year Other creditors and accruals 5,034 3,100 5,034 5 b Creditors: Amounts falling due after lyear Bank Loan 99.343 105.752 6 Net incoming resources for the year This is stated after charging Depreciation Examiners, remuneration 3,477 800 750 The notes on pages l O to I I forni part of these fmaneial statements 11 THE CHERUBIM AND SERAPHtM CItURCH OF ZION (IMOLE) UK DETAILED PROFrf AND LOSS AccouNf FOR THE YEAR ENDED sl 31 DECEMBER 2023 ?023 2022 Contributions Collections That￿sgIVIng Anniversary Celebratious HMRC- Gift Aid HMRC- JRS 32,606 22,738 24,904 2,428 11.729 32,435 21,972 25,587 2,215 9,975 94,405 92,184 Less EXPENSES: LighL Heat and water Donation and gifts Accountancy and Book keeping Printing, post & ststionery Repairs & renewals Entertainments TravelIing expenses General expenses Depreciation Insurance Bank Loan Interest Wages 4,388 4,510 3,000 1,997 9,966 4,608 2,142 1.,629 3,477 1.315 5,030 40,666 4,139 2,980 3,000 694 8,425 2,368 1,104 412 4.346 1.264 5,028 43,011 Total expenses 82,726 76.771 Surplus l (Loss) for the year 11.679 15,413 12