THEH U£L TRUST££S REPO FINANCIAL STATEMENTS THE YEA DED 8 1ST DEC£MBE Pagelof6
THE HOLYEMMANUEL CHURCH OF CHRIST CONTENTS Pages Administrative Information Trustees report Independent Examlners, report Statement of flnancial activltles Statement of Flnanclal Position Notes to the Flnancial Statements (Inclusive of detailed income and expenditure) Page2of6
THE HOLY £MMANU£L CHURCH OF CHRIST Administrative Information Chairperson Rev. Francis. O . Olaniran Other Trustees Mr Olatunbosun Olaniran Mr Michael Olaniran Charity Reglstered Number 1015969 Registered Office 25 Mahlet Close Bates Crescent London SW16 SAS Independent Examlner Profad Qua Ilty Accounting Servlces & Mgt. Consulting Unit 3&5, 1 Bethwin Road Camberwell London SE5 OSH Tel." 02076390839 Banker Santander Page3of6
THE HOLYEMMANU£L CHURCH OF CHIIIST Trustees Report for the year ended 31ST DECEMBER 2023. Trustees present thelr financlal statements for the year ended 31st December 2023 The Trustees of the HOLY EMMANUEL CHURCH OF CHRIST presents their report and financial statements for the year ended 31st December 2023. The trustees have adopted the provision of the Statement of Recommended Practice { SORP ) Accounting and Reporting by Charities" issued on October 2000 In preparin8 the annual report and financial statement of the charity. Charity Details A Ilst of names and addresses of the charltles principal officers and bankers is set out on page 3 Objectlves The charities, princlpal activity Is the proclamatlon of the gospel of Jesus Chrlst l To advance the Christian doctrine ( In accordance wlth the statement of our belief ) In such part of the United Kingdom or the world as the trustees from time to time think flt, 2 To relieve sickness and financial hardiship and to promote and preserve good health by the provlsion of funds, good or services of any kind, includlng through the provision of counselling and support in such parts of the United Klngdom or the world as the trustees from time to time may think fit.and 3 To advance education In such ways and In such parts of the Unlted Kingdom or the world as the trustee from tlme to time may think flt. 4 The trustee must use the Income and may use the capltal of the church in promoting the objects. Organisatlon THE HOLY EMMANUEL CHURCH OF CHRIST Is governed by a board of trustees who are elected to serve the church and run its affairs. Annually the Board reviews the range of skills It has available and uses its power of co-option to ensure the gaps are filled. Rlsk and Internal Control The Trustee5 review the rnain operational risks and actions to manage or mltlgate it accordingly. Pa8e4of6
THE HOLY£MMANU£L CHURCH OF CHRisr Revlew of transartions and flnanclal posltlon Income Resources The total income of the organisation for the year has been derived from its principal activities wholly undertaken in the United Kigdom. During the year, donation, income resources and gift received totalled £ 11 741.29,The donations and gifts received have been made avallable without restrlctlon as to Its usage. The balance on the charity's fund are unrestrlcted. These wlll be used to fund the charity's objectlves during the new flnanclal year. The Trustees confirmed that the charity's assets are available and adequate to enable it to fulfil its obligations. Reserve Pollcy Freely available reserves are a pool of unapplied resources avalibale to meet future demands on the charity's resources, This is generally purpose money that can be spent on any of the purp05e5 of the charlty. Free reserrfes of the charlty are represented by its unrestrlcted funds less the net book value of its assets. As at 31st December 2023 , these amounted to £ 19 Itg 8. Statement of Trustees. responslbllltles: Law applicable to charities in England and Wales requires the trustees to prapare financial statements for each financial year which give a true and falr view of the charity's financlal artivities during the year and of its financial position at the end of the year. In preparln8 those flnanclal statements, the trustees are requlre to: a) Selert sultable accountln8 pollcles and apply them conslstently; b) make judgement and estlmates that are responslble and prudent. c) state whether appllcable accountlnt8 standards and statements of recommended practice have been followed , subject to many departures dlsclosed and explalned in the financial statement; d) prepare the financial statement5 on a going concern basis unless it is inappropriate to presume that the charity will contlnue on that basis. The Trustees are responsible for ensuring that proper books are maintained, for safe guiding the assets of the charity, and taking reasonable steps for the prevention and detection of fraud and other irregularities . The board has reviewed the effectiveness of the system of internal control and there are no material weaknesses that would resulted in10sse5, contigencies and uncertainties that require a separate disclosure inthese accounts. Rev. Francls. O. Olanlran Chair Person Pa8e5of6
THE HOLY£MMANUEL CHURCH OF CHRIST Independent Examinerfs Report. We report on the accounts for the year ended 31st December 2023, which are set out on pages 8-12 Respective responslbllltles of trustees and examlner The charity's trustee5 are responsible for the preparatlon of the account . It is our responsibS1ity to," Examine the account (under sertlon 43{3)(a) of the 1993 Act) To follow the procedures lald down in the 8eneral directions 8iven by the commissioners(under section 43(7){b) of the 1993 Act) Basls of the Independent examlnerfs report My examination was carried out in accordance wlth the General Direction5 8lven by the charity. An examinatlon includes a review of the accounting records kept by the charity and a comparison of the accounts presented wlth those records. It also Includes conslderation of any unusual items or disclosures In the accounts, and seekin8 explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required In an audlt, and consequently I do not express an audit oplnion on the view given by the accounts. Independent examlnerfs statement In connection with my examinatlon, no matter has come to my attentlon. l. Which 8ives me reasonable cause to belleve that In any material respect the requlrementsP To keep accountin8 records In accordance with sectlon 41 of the 1993 Act and To prepare accounts which accord with the accounting records and comply with the accountlng requirements of the 1993 Act have not been met or 2. To which, in my opinion, attention should be drawn in order to enable a proper understandin8 of the accounts to be reached. Omotoyosi Onifade Profad Quality Accounting Services & Mgt Consulting Unit 3&5 18ethwin Road Camberwell London SE5 OSH loj.! i/ IojL Page6of6
THE HOLY£MMANUEL CHURCH OF CHR STAT£HEKf OF FINANCIAL AcrIVmES FOR THE Y£AR ENDED TO 31sfDECEM8£R 2028 Unrestricted Funds 2023 Notes 2022 Income Resources Tlthes, Offering and Thanksgiving 29,741.28 49,010.45 Total Income Resources 29.741.28 49,010.45 Resources Expended Costs of actlvities in furtherances of charity's objectives Management & Admlnlstratlon of charity 27,387,57 3,990.52 41,278.86 10,081.82 Total Income Expended 31,378.09 51.360.68 Net Income { out80ing) resources Net Movement in Fund Unrestricted Fund balance 8/F 11,636.81) (2,350.23) 25,428.26 27,778.49 Unrestrlcted Fund balances CIF 23.791.45 25,428.26
TH£ HOLY EMMANUEL CHURCH OF CHRIST srAT£HEwf OF YINANCIAL posrrIoN AS AT 31ST DECEMBER 2023 Notes 2023 2022 FIXED ASSETS Tangible Assets 3,966.56 5,288.75 CURRENT ASSETS Building Fund Debtors Cash/ Bank 19,432.28 2,844.07 22,276.35 21,790.35 2,433.27 24,223.62 CREDITORS Amounts due wSthln one year 750.00 2,550.00 NET CURRENT ASSETS 21,526.35 21.673.62 TOTAL ASSETS LESS CURRENT LIABILITIES 25.492.91 26,962.37 CREDITORS Amount due after one year 1,701.46 1,534.11 TOTAL NET ASSETS 23,791.45 25.428.26 Charity Funds Unrestrlcted General Funds b/f Net Income for the year Total Funds 25,428.26 27,778.49 {1,636.81) {2,350.23} 23,791.45 25,428.26
THE HOLYEMMANUEL CHURCH OF CHRIST srAT£M£Nf OF FINANCIAL AGrivlEs FOR TH£ YEAR ENDED TO 8isr DEC£MB£R 2023 Unrestrlcted Funds 2023 Notes 2022 Income Resource5 Tithes. Offering and Thanksgiving 29,741.28 49,010.45 Total Income Resources 29,741.28 49.010.45 Resources Expended Costs of activities In furtherances of charity'5 objectlves Mana8ement & Admlnlstration of charity 27,387.57 3,990.52 41,278.86 10,081.82 Total Income Expended 31,378.09 51.360.68 Net Income ( outgoing) resources Net Movement in Fund Unrestricted Fund balance B/F (1,636.81} (2,350.23) 25,428.26 27,778.49 Unrestrlcted Fund balances c/F 23,791.45 25.428.26
THE HOLYwANU£L CHURCH OF CHRIST srAT£pa£lf OF FINANCIAL POSITION AS AT 31ST DECEMBER 2023 Note5 2023 2022 FIXED ASSETS Tangible Assets 3,966.56 5,288.75 CURRENT ASSETS Building Fund Debtors Cash/ Bank 19,432.28 2,844.07 22.276.35 21,790.35 2,433.27 24.223.62 CREDITORS Amounts due withln one year 750.00 2,550.00 NET CURRENT ASSETS 21,526.35 21.673.62 TOTAL ASSETS LESS CURRENT LIABILITIES 25.492.91 26.962.37 CREDITORS Amount due after one year 1,701.46 1,534.11 TOTAL NEf ASSETS 23,791.45 25,428.26 Charfty Funds Unrestricted General Funds b/f Net Income for the year Total Funds 25,428.26 27,778.49 11,636.81) (2,350.23) 23,791.45 25,428.26
THE HOLYEMMANUEL CHURCH OF CHIUST NOTES TO THE ACCOUNTS Notes to the Accounts For the year ended 31st December 2023. l) Accountlng Pollcles Basls of preparatlon The accounts have been prepared under the historlcal cost convention and in accordance with the financial Reportlng Standard Entities (effectlve April 20081. Incomlng Resources Incomes are malnly from grants and sundry incomes received and Included In the financial statement when received. Thls Incomlng resources represents money Incomes for the reportlng perlod. Resources Expended All expenditures are accounted for on accrual basis and have been classlfled under headings that a88regate all costs related to the category. The charity expendltures representes the amount expended by the church In the current reporting period ended 31st December 2023. Taxatk)n As a charity, the charitable funds are exempt from corporation tax but not from VAT. Recoverable VAT Is In accordance wlth standard accounting practlce, Included in the cost of those Items to which it relates. Depreclatlon Depreciation has been provlded at the following rates on a reducing balance method. Equipment Church Office5, Flxtures and Fitting Furnitures & computer Motor Vehlcle 25% 25% 25% 25% 2. Operatln8 Proflt 2023 2022 This is stated after charglng: Depreciation of owned fixed assets 1.322.19 1,762.92
THE HOLYEMMANU£L CHURCH OF CHRIST 31 Tan8ible fixed assets rixtures & Fittings Equlpment Furnlture Total Cost/NBV As at Istjanuary 2023 Addltlon during the year Dlspoals/ written off 1,857.15 1,312.50 2,119.10 5,288.75 At 31st December 2023 1,857.15 1,312.50 2,119.10 5,288.75 Depreclatlon A5 at 1st of January 2023 Depreclation charge for year Dlsposal/written off 6,444.41 464.29 437.50 328.13 4,019.54 529.78 10,901.45 1,322.19 At 31st December 2023 6,908.70 765.63 4,549.31 12,223.63 Net book value At 31st December 2023 1,392.86 984.38 1.589.33 3,966.56 2023 2022 Trade debtors 19,432.28 21,790.35 4) Credltors Amount falllng due wlthln one year Other credltors - Accountancy fees 750.00 750.00 750.00 750.00 5) Unrestrlcted Funds Unrestricted Funds brought forward Unrestricted Fund5 for the period As at 31st December 2023 / 31st December 2022 25,297.47 25,297.47 25,297.47 25,297.47 10
TH£ HOLY EMMANUEL CHURCH OF CHRIST 6) Detailed Income and Expendlture Account For the year to 31st Decmber 2023 Unrestrlcted Restrlcted Total Fund 6.1) Income and Resources Incoming from offering, tithes, building and other 33,541.28 33,541.28 Gift Aid Totsi Incomln8 Resources 33,541.28 33.541.28 OUTGOINGS 6.21 Costs of actlvltles In furtherance of the charftles objects: Church Rent Rellglous atlvltles incudlng anoiting oll services Foods/Drlnks Charitable donation and 8ifts Anniversary Muslc and entertalnment Chrlstmas Party Special Programmes 6,077.57 3,500.00 6,250.00 3,310.00 1,650.00 2,750.00 2,500.00 1,350.00 27,387.57 6,077.57 3,500.00 6,250.00 3,310.00 1,650.00 2,750.00 2,500.(10 1,350.00 27,387.57 6.3 Management and Admlnlstratlon of Charlty. Depreclation Stationery Telephone Waste management Postage Llghtin8 and heating Accounting fee Repairs and Renewals Professional and Consultancies fees Transportation 940.52 500.00 400.00 940.52 51J).00 400.00 400.00 400.1)0 750.00 750.00 1,000.00 3.990.52 i.000.00 3,990.52 11
THE HOLYEMMANUEL CHURCH OF CHRIST 7.) Cash& Bank Balances Cash at bank Cash at hand 486.00 2,358.07 2.844.07 8.) Church A55ets Schedule Ch rchE I Equipment me 2023 1,392.86 2022 1,875.15 1,392.86 1,875.15 Flxtures and Flttln Fixtures & Fittin8S 984.38 1,312.50 984.38 1.312.50 Furnitures Furnitures 1,589.33 2,119.10 1.589.33 2.119.10 10