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2024-03-31-accounts

Charity number: 1031029

GOSPEL OF PEACE MINISTRY

UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

GOSPEL OF PEACE MINISTRY

CONTENTS

Page
Reference and administrative details of the Charity, its Trustees and advisers 1
Trustees' report 2 - 5
Independent examiner's report 6 - 7
Statement of financial activities 8
Balance sheet 9
Notes to the financial statements 10 - 18

GOSPEL OF PEACE MINISTRY

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024

Trustees

Pastor Adedayo Oloyede Mrs Bolade Oloyede

Charity registered number 1031029 Registered office 86 Bell Farm Avenue Dagenham Essex RM10 7BB Accountants Dean Howard & Co Chartered Certified Accountants Unit F55 Expressway Studios 1 Dock Road London E16 1AH

Page 1

GOSPEL OF PEACE MINISTRY

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2024

The Trustees present their annual report together with the financial statements of the Charity for the 1 April 2023 to 31 March 2024.

Objectives and activities

a. Policies and objectives

The objects of the Charity to the advancement of the Christian faith by such means as the charity trustees may consider appropriate and in particular (though not by limitation) by conducting, organising or undertaking evangelistic work in various ways to the local community and other place in the United Kingdom and at the discretion of the charity trustees elsewhere.

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

b. Strategies for achieving objectives

c. Activities undertaken to achieve objectives

d. Main activities undertaken to further the Charity's purposes for the public benefit

Page 2

GOSPEL OF PEACE MINISTRY

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Achievements and performance

a. Review of activities

We meet for prayer meeting daily from Monday to Friday including our Bible Study and Prayer that holds every Friday online.

Other events including Yearly Anniversary celebrations and End of the Month Breakthrough Services were held in the course of the year. The Outreach Department had outings and other celebrations within the year.

Over the years, the church has been active in supporting the Needy in the Church and in the community at large, advancing the welfare of her members, evangelizing to the community in and around Dagenham and Barking and its environs. .

The church’s 8-seater bus assists with evangelism, and as well as meets the travel needs of our members from time to time.

The children’s ministry has grown rapidly in the last few years and this growth is set to increase as we see new attendees and visitors every Sunday. The same is true with our Youth Ministry which continues to grow endlessly. The teachers of these ministries give their best and contribute positively to the nurture and wellbeing of our young children and teenagers.

The outbreak of COVID-19, GOP strengthened its media base by going virtual; streaming live services on major social media platforms (Facebook, YouTube, Twitter and Instagram) and encouraging participation and viewership online.

a. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

b. Reserves policy

The charity aims to retain sufficient reserves to ensure it meets its commitments to providing its services and activities.These reserves are designed to cover a minimum of £500.

Structure, governance and management

a. Constitution

Gospel of Peace Ministry is a registered charity, number 1031029, and is constituted under a Trust deed.

b. Methods of appointment or election of Trustees

The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.

Page 3

GOSPEL OF PEACE MINISTRY

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Plans for future periods

GOP is committed to growth and advancement in the coming years, ensuring that our activities align with our vision and bring glory to God. Our strategic plans for the decade (2021–2030) include the following:

  1. Expanding Our Media Presence – Strengthening our presence on all social media platforms to enhance outreach, engagement, and digital evangelism.

  2. Leadership Development – Providing continuous training for existing and new leaders to equip them with the skills needed to effectively manage departments and church groups.

  3. Children’s and Youth Ministries Growth – Expanding these ministries with impactful programs and activities. As the church grows, we plan to hold their services in a larger facility.

  4. Evangelism and Outreach – Increasing our evangelistic efforts through more outreach programs, community engagement, and missionary activities.

  5. Member Welfare and Support – Prioritizing the well-being of our members by reinforcing welfare policies and ensuring their needs are met.

  6. Workshops and Conferences – Organizing impactful workshops and conferences tailored to young adults, men, and women to promote spiritual and personal development.

  7. Strengthening In-Reach Efforts – Implementing structured in-reach initiatives to ensure no member feels overlooked or disconnected.

  8. Sustainable Church Finances – Establishing a business venture to generate additional income, supporting church activities and future growth.

Members' liability

The Members of the Charity guarantee to contribute an amount not exceeding £1 to the assets of the Charity in the event of winding up.

Page 4

GOSPEL OF PEACE MINISTRY

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Statement of Trustees' responsibilities

The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and 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 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. 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.

Approved by order of the members of the board of Trustees on 13 March 2025 and signed on their behalf by:

Pastor Adedayo Oloyede

Page 5

GOSPEL OF PEACE MINISTRY

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2024

Independent examiner's report to the Trustees of Gospel of Peace Ministry ('the Charity')

I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 March 2024.

Responsibilities and basis of report

As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').

I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed 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 the accounts in accordance with 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) 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 been withdrawn.

I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the 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:

  1. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or

  2. the accounts do not accord with those records; or

  3. 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.

This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.

Page 6

GOSPEL OF PEACE MINISTRY

INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Signed:

Dated: 13 March 2025

Dean Dairo FCCA

Dean Howard & Co

Chartered Certified Accountants Unit F55 Expressway Studios 1 Dock Road London E16 1AH

Page 7

GOSPEL OF PEACE MINISTRY

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024

Note
Income from:
Donations and legacies
3
Investments
4
Total income
Expenditure on:
Charitable activities
5
Total expenditure
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2024
£
40,303
67
40,370
43,884
43,884
(3,514)
11,569
(3,514)
8,055		 Total
funds
2024
£
40,303
67
40,370
43,884
43,884
(3,514)
11,569
(3,514)
8,055		 Total
funds
2023
£
59,862
18
59,880
40,262
40,262
19,618
(8,049)
19,618
11,569

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 10 to 18 form part of these financial statements.

Page 8

GOSPEL OF PEACE MINISTRY

BALANCE SHEET AS AT 31 MARCH 2024

Note
Tangible assets
9
Current assets
Cash at bank and in hand
Creditors: amounts falling due within one
year
10
Net current assets
Total assets less current liabilities
Net assets excluding pension asset
Total net assets
Charity funds
Restricted funds
11
Unrestricted funds
11
Total funds		 4,402
4,402
(1,680)		 2024
£
5,333
5,333
2,722
8,055
8,055
8,055
-
8,055
8,055		 7,163
7,163
(840)		 2023
£
5,246
5,246
6,323
11,569
11,569
11,569
-
11,569
11,569

The financial statements were approved and authorised for issue by the Trustees on 13 March 2025 and signed on their behalf by:

Pastor Adedayo Oloyede

The notes on pages 10 to 18 form part of these financial statements.

Page 9

GOSPEL OF PEACE MINISTRY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1. General information

The charitable organisation is a registered charity in England. The address of the registered office is given in the charity information page of these financial statements.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a 'true and fair' view and 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 Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Gospel of Peace Ministry meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

2.3 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 allocated on the portion of the asset’s use.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

Page 10

GOSPEL OF PEACE MINISTRY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

2. Accounting policies (continued)

2.4 Tangible fixed assets and depreciation

Tangible fixed assets costing £NIL or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Motor vehicles - 25% on a reducing balance
Church equipment - 25% on a reducing balance

2.5 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.6 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.

2.7 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Investment income, gains and losses are allocated to the appropriate fund.

Page 11

GOSPEL OF PEACE MINISTRY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

3. Income from donations and legacies

Donations
Total 2023		 Unrestricted
funds
2024
£
40,303
59,862		 Total
funds
2024
£
40,303
59,862		 Total
funds
2023
£
59,862

4. Investment income

Investment income
Total 2023
Analysis of expenditure on charitable activities
Summary by fund type

Direct costs - Activities
Total 2023		 Unrestricted
funds
2024
£
67
18
Unrestricted
funds
2024
£
43,884
40,262		 Total
funds
2024
£
67
18
Total
2024
£
43,884
40,262		 Total
funds
2023
£
18
Total
2023
£
40,262

5. Analysis of expenditure on charitable activities

Page 12

GOSPEL OF PEACE MINISTRY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

6. Analysis of expenditure by activities

Direct costs - Activities
Total 2023		 Support
costs
2024
£
43,884
40,262		 Total
funds
2024
£
43,884
40,262		 Total
funds
2023
£
40,262

Page 13

GOSPEL OF PEACE MINISTRY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

6. Analysis of expenditure by activities (continued)

Analysis of support costs

Telephone
Rent
Light and heating
Printing, postage and stationery
Travel and subsistence
Sundry expenses
Business rate
Repairs and renewals
Accountancy fees
Bank charges
Service charge
Cleaning
Water rate
Insurance
Musician
Motor expenses
Honorarium
Community help
Training
HP Interest payable
Depreciation - motor vehicle
Computer costs
Depreciation - church equipment
Total 2023		 Activities
2024
£
248
30,040
1,544
-
-
8
290
870
840
5
1,769
150
235
428
870
3,106
120
1,400
-
-
1,332
156
473
43,884
40,262		 Total
funds
2024
£
248
30,040
1,544
-
-
8
290
870
840
5
1,769
150
235
428
870
3,106
120
1,400
-
-
1,332
156
473
43,884
40,262		 Total
funds
2023
£
220
20,967
2,284
1,222
65
423
550
1,343
840
61
1,357
150
39
1,645
1,240
3,192
-
2,280
250
221
1,749
164
-
40,262

7. Independent examiner's remuneration

The independent examiner's remuneration amounts to an independent examiner fee of £840 ( 2023 - £840 ).

Page 14

GOSPEL OF PEACE MINISTRY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

8. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2023 - £NIL) .

During the year ended 31 March 2024, no Trustee expenses have been incurred (2023 - £NIL) .

9. Tangible fixed assets

Cost or valuation
At 1 April 2023
Additions
At 31 March 2024
Depreciation
At 1 April 2023
Charge for the year
At 31 March 2024
Net book value
At 31 March 2024
At 31 March 2023		 Motor
vehicles
£
6,995
-
6,995
1,749
1,312
3,061
3,934
5,246		 Church
equipment
£
-
1,892
1,892
-
493
493
1,399
-		 Total
£
6,995
1,892
8,887
1,749
1,805
3,554
5,333
5,246

The charity’s motor vehicle, with a carrying value of £3,934, is legally held in trust by Mr Adebayo Oloyede on behalf of Gospel of Peace Ministry. The trustee hold the vehicle solely for the purposes of the charity, and it is used to further the charity’s objectives.

The motor vehicle is included in the financial statements under tangible fixed assets and depreciated over its useful life in accordance with the charity’s accounting policies. The charity is responsible for all operational costs, including insurance, maintenance, and road tax.

10. Creditors: Amounts falling due within one year

2024 2023
£ £
Accruals and deferred income 1,680 840

Page 15

GOSPEL OF PEACE MINISTRY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

11. Statement of funds

Statement of funds - current year
Balance at
Balance at 1 31 March
April 2023 Income Expenditure 2024
£ £ £ £
Unrestricted funds
General Funds - all funds 11,569 40,370 (43,884) 8,055

Page 16

GOSPEL OF PEACE MINISTRY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

11. Statement of funds (continued)

Statement of funds - prior year

Balance at
Balance at 31 March
1 April 2022 Income Expenditure 2023
£ £ £ £
Unrestricted funds
General Funds - all funds (8,049) 59,880 (40,262) 11,569

12. Summary of funds

Summary of funds - current year

General funds
Summary of funds - prior year
General funds		 Balance at 1
April 2023
£
11,569
Balance at
1 April 2022
£
(8,049)		 Income
£
40,370
Income
£
59,880		 Expenditure
£
(43,884)
Expenditure
£
(40,262)		 Balance at
31 March
2024
£
8,055
Balance at
31 March
2023
£
11,569

Page 17

GOSPEL OF PEACE MINISTRY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

13. Analysis of net assets between funds

Analysis of net assets between funds - current period

Unrestricted
funds
2024
£
Tangible fixed assets
5,333
Current assets
4,402
Creditors due within one year
(1,680)
Total
8,055		 Total
funds
2024
£
5,333
4,402
(1,680)
8,055

Analysis of net assets between funds - prior period

Tangible fixed assets
Current assets
Creditors due within one year
Total		 Unrestricted
funds
2023
£
5,246
7,163
(840)
11,569		 Total
funds
2023
£
5,246
7,163
(840)
11,569

14. Related party transactions

The Charity has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the Charity at 31 March 2024.

Page 18