Holy Michael Church of the Lord
Charity Commission Reg No 1023960
Report & Financial Statements
31st March 2024
Coker Isah & Co. Chartered Certified Accountants
Holy Michael Church of the Lord
INDEX
| Page | |
|---|---|
| Charity details | 1 |
| Trustees' Reports | 2 - 4 |
| Independent Examiners Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to Financial Activities | 8- 9 |
| Detail Statement of Financial Activities | 10 |
Page 1 Holy Michael Church of the Lord
Charity Details
Charity Commission Reg No 1023960
MANAGEMENT COMMITTEES
Trustees Prime S O Kegberegbe Apostle A A Adetola Mr O B Faye Prophet O Kogberegbe Dr Abiodun Akinsola Mr Muse Adebare Oyele Secretary Apostle A A Adetola Charity Commission Reg No 1138890
Registered Office Unit b6 & Place of Worship Sylvan Grove Sykvan Industrial Estate Off Old Kent Road London SE15 Independent Examiner James Coker MBA FCCA Coker Isah & Co. Chartered Certified Accountants 74 Church Road Crystal Palace London SE19 2EZ Bankers Nationwide Building Socierty Walworth Roa London SE17
Page 2 Holy Michael Church of the Lord
Trustees' report for the year ended 31 March 2024
The trustees present their report together with the financial statements of the charity for the year ended 31 March 2024 . The financial statements have been prepared in accordance with the accounting policies set out on page 7 and comply with the charity's trust deed and applicable law.
Trustees
The trustees named on page 1 have served throughout the year. Appointment of trustees is governed by the Trust Deed of the charity. The Board of trustees is authorised to appoint new trustees to fill vacancies arising through resignation or death of an existing trustee.
Investments powers
The Trust Deed authorises the trustees to make and hold investments using the general funds of the charity, but no such investments are presently held.
Constitution, objects and policies
The principal activity of the organization was that of providing advancement of Christian faith,including the relief of people in conditions of hardship or distress to benefitthe community at large,specifically through:.The advancement of Chritsian faith
.The relief of persons who are in condition of hardship,distress or who are aged
.The relief of poverty
. Supporting other charity that respondto disasteres all over the world
The objects and policies of the charitable trust ensure the charity carries out activities that are in line with its purposes. The charity continues to seek additional donations to carry on running the organistion. The Trustees are responsible for the day to day running of the charity.
Development, activities and achievements
The trustees consider that the performance of the charity this year has been satisfactory and boosted by by the continued support of members during the year.
Financial review
Funds available are sufficient to permit the Trust to continue in operation in the medium term, given the continued support of the members. If this support is not continued in the longer term, further financial support would need to be sought to ensure the trust can continue to vary out its activities
Risk Management
The trustees actively review the major risk which the charity faces on a regular basis and believe that maintaining reserves at current levels, combined with an annual review of the controls over key financial systems, will ensure the charity has sufficient resources in the event of adverse conditions. The trustees have also examined other operational and business risks faced by the charity and confirm that they have established systems to mitigate the significant risks.
Page 3 Holy Michael Church of the Lord
Trustees' report for the year ended 31 March 2024
Future Developments
The charity's activities has increased during the year under review .
The trustees are seeking to extend the charity's activities and are pursuing a number of activities to enable this to happen
Reserve policy
It is the policy of the charity to maintain unrestricted funds at a level which provides sufficient funds to cover management and administration and support costs. Unrestricted funds are maintained at least at this level throughout the year.
Statement of trustees' responsibilities
Law applicable to charities in England Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the charity's financial activities during the year and of its financial position at the end of the year. In preparing those financial statements, the trustees are required to:
a) Select suitable accounting policies and apply them consistently;
b) make judgments and estimates that are reasonable and prudent;
c) state whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements;
d) prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping 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 charities Act 1993. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approval
This project was approved by the trustees on 20/09/24 and signed on their behalf
Signed Dr Abiodun Akinsola Trustee
Page 4 Holy Michael Church of the Lord
Independent Examiner's Report on the Accounts
Report the trustees and members of Holy Michael Church of the Lord
The accounts for the year ended 31 March 2022 Set out in pages 5-8
Respective responsibilities of the trustees and examiner
As the trustees you are responsible for the preparation of the accounts, you consider that an audit
is not required under section 144 of the Charities Act 2011 and does not apply, and that
independent examination is needed
It is my responsibility to
-
examine the accounts under section 145 of the Charities Act
-
to follow the procedure paid down in the General Directions given by the Charity Commissioners under section 145(5)(b) of the Act and
-
to state whether particular matters have come to my attention
Basis of independent examiner's report
My examination was carried out in accordance with the General Directions given by the Charity Commissioners .
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 explanation from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently I do not express an audit opinion on the view given by the accounts.
Independent examiner's statement
In connection with my examination ,no matter has come to my attention
-
(1) which give me reasonable cause to believe that in any material respect the requirements
-
to keep accounting records in accordance with section 130 of the Act; and
-
to prepare accounts which accord with the accounting records and to comply with the accounting of requirement of the Act
have not been met.
(2) to which, in my opinion ,attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Signed
James Coker mba fcca Dated 20/09/2024 Coker Isah & Co.
Chartered Certified Accountants 74 Church Road London SE19 2EZ
Page 5 Holy Michael Church of the Lord Statement of Financial Activities
For the year ended 31 March 2024
| 8 Incoming resources Voluntary Sources- Donation Total incoming resources Resources Expended 9 Direct Charitable Expenditure: 10 Management Administration Total Resources Expended Net Income resources for the year Fund brought forward 1st April 2020 Fund carried forward 31st March 2020 |
Unrestricted Fund 2024 £ 67645 67645 11001 6193 17194 50451 795836 846287 |
Unrestricted Fund 2023 £ 70437 |
|---|---|---|
| 70437 | ||
| 20811 12260 |
||
| 33071 | ||
| 37366 758470 |
||
| 795836 |
There were no recognised gains or loss for the 2022 & 2022 other than included in the statement of Financial activities
| Page 6 Holy Michael Church of the Lord Balance Sheet 31st March 2024 2024 £ £ FIXED ASSETS 4 615,132 CURRENT ASSETS Bank & cash 231,455 192,436 231,455 192,436 CREDITORS Amounts falling due within one year Accrual & deferred income 5 300 250 300 Net Current Assets 231,155 846,287 ACCUMULATED FUND Retained Surplus Brought Forward 6 795,836 Surplus for the year 50,451 Retained surplus CF 846,287 Approved on 20/09/2024 and signed on behalf of the Trustee By |
192,436 | 2023 £ 603,650 192,186 |
|---|---|---|
| 192,436 | ||
| 250 | ||
| 795,836 | ||
| 758,470 37,366 |
||
| 795,836 | ||
Dr Abiodun Akinsola Trustee Member
Page 7
Holy Michael Church of the Lord
Notes to the Financial Statements For the year ended 31 March 2024
1 Accounting policies
1.1 Accounting convention
The financial statements are prepared under historical cost convention and in accordance with The Financial Reporting Standard for Smaller Entities (FRSSE) (effective Jan 2005) and statement of Recommended Practice (SORP 2005) ,and with the Charity Acts 1993
1.2 Incoming Resources
The Income represent the total donation and Income Tax Clamed excluding Value Added Tax , receivable during the year
1.3 Depreciation
Depreciation is provided on tangible Fixed Assets at rate calculated to write off the cost less residual value of each assets over its expected useful life as follows:-
Fixture fitting and equipment 25% reducing balance method Motor cars 25% reducing balance method
- 1.4 Donation
Donation receivable are credited to the Statement of Financial Activities (SOFA)) in the year for the year which they are received.
1.5 Resources Expended
Resources Expended are included in the Statement of Financial Activities (SOFA) on an accrual basis inclusive of VAT
1.6 Unrestricted Funds
Unrestricted Funds are donations and other incoming resources received or generated for the charitable purposes
1.8 Restricted Funds
Restricted Funds are funds received which can only be used for the specific purpose as laid out by the donor Expenditure which meets this criterion is identified to the fund, together with a fair allocation of overheads costs. During the year there are no restricted fund.
2 Income
The total income of the organization for the year has been derived from its principal activity wholly undertaken in the UK
3 Operating surplus
| Operating surplus Operating surplus is stated after charging Depreciation of tangible assets |
2024 £ 5,397 |
2023 £ 1570 |
|---|---|---|
Page 8 Holy Michael Church of the Lord
Notes to the Financial Statements
For the year ended 31 March 2024
| 4 Fixed Assets Freeholdings Fixture Fittings equipment Cost £ £ 01-Apr-23 598,939 56,161 Additions 16,879 31-Mar-24 598,939 73,040 Depreciation 01-Apr-23 0 51,450 Charge for the year 0 5,397 31-Mar-24 0 56,847 Net Book Values 31-Mar-24 598,939 16,193 31-Mar-23 598,939 4,711 5 Creditors amount falling due with one year 2,024 £ Creditor and accrual 300 300 6 Summary of Assets by Fund 2024 Unrestricted funds 795,836 Surplus bf 50451 Surplus for the year 846,287 |
Total 655,100 16,879 |
|---|---|
| 671,979 | |
| 51,450 5,397 |
|
| 56,847 | |
| 615,132 | |
| 603,650 | |
| 2,023 £ 250 |
|
| 250 | |
| 2023 758,470 37366 |
|
| 795,836 |
7 Trustees Remuneration None trustee was paid under PAYE System
Page 8
Holy Michael Church of the Lord
Notes to the Financial Statements For the year needed 31 March 2024
| 8 Total incoming resources Unrestricted Fund 2024 £ Voluntary Sources- Donation 64845 Interest 2800 Total incoming resources 67645 9 Direct Charitable Expenditure: Anniversary, Celebration & Youth 2955 Insurance 1681 Light heat 4202 Repair & maintenance 106 Printing postage & stationery 119 Telephone 1267 Cleaning 671 Computer consumables 0 Direct Charitable Expenditure: 11001 10 Management & administration Expenditure Legal & professional Accountancy 300 Bank charges 419 General expenses 77 Donation 0 Depreciation F F &E 5397 Management & administration 6193 Total resources expended 17194 Net movement in funds for the year 50451 FUND BALANCES B/F 795836 FUND BALANCES C\F 846287 |
Unrestricted Fund 2023 £ 69361 1076 |
|---|---|
| 70437 | |
| 4630 994 5970 7173 55 1259 730 0 |
|
| 20811 | |
| 0 250 102 8 10330 1570 |
|
| 12260 | |
| 33071 | |
| 37366 758470 |
|
| 795836 |