THE SWORD OF THE SPIRIT MINISTRIES
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[ST] MARCH 2024 CHARITY NUMBER: 1033769
SWORD OF THE SPIRIT MINISTRIES Contents of the Financial Statements for the period 01 April 2023 to 31 March 2024
Content Page Content 1 Legal and Administrative details 2 Trustee’s Report 3 Independent Examiner’s Report 5 Statement of Financial Activities 6 Balance Sheet 7 Notes on the Financial Statements 8
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THE SWORD OF THE SPIRIT MINISTRIES LEGAL AND ADMINISTRATIVE DETAILS YEAR ENDED 31[ST] MARCH 2024
ADDRESS FOR CORRESPONDENCE
54 Camrose Street Abbey wood London SE2 0JA
REGISTERED CHARITY
1033769
GOVERNING DOCUMENT
Declaration of Trust dated 11[th] February 1994
TRUSTEES
Bishop Francis Wale Oke Safiu Ibikunle Rev Olufemi O’tokunbo Oke
PRINCIPAL BANKERS
Natwest Bank PLC 80 Lewisham High Street London SE13 5JJ
INDEPENDENT EXAMINER
Pathway Accountancy Ltd Accountants 72 McLeod road Abbey wood London SE2 0BS
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SWORD OF THE SPIRIT MINISTRIES TRUSTEE’S REPORT FOR THE YEAR ENDED 31[ST] MARCH 2024
The trustees are pleased to present their report for the year ended 31[st] March 2024 for the charity, SWORD OF THE SPIRIT MINISTRIES with Charity Number 10337769.
The Trustees of the charity are:
Bishop Francis Wale Oke Rev Olufemi O’tokunbo Oke Safiu Ibikunle
The principal address of the charity is:
100-106 Westmore road London SE7 8NQ
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Charity governing document is a declaration of trust that was adopted on 11[th] February 1994. A board on which the trustees are represented governs the Charity. It meets regularly to review, plan activities and monitor the financial position.
OBJECTIVES AND ACTIVITIES
The Objects of the organisation are to advance the Christian Religion (in accordance with the Statement of Faith) throughout the world as the trustees may see fit from time to time. The trustees confirm that they have had due regard to the guidance issued by the Charity Commission on public benefit before deciding what activities the charity should undertake.
ACHIEVEMENTS AND PERFORMANCE
The Organisation held successful services through the year in which individuals were equipped and educated on the principles and doctrines of the Christian faith. The church held several conferences to assist the development of the people in the community. This has resulted in an increase of the membership of the congregation over the financial year. The organisation operates 6 different branches in the United Kingdom.
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SWORD OF THE SPIRIT MINISTRIES TRUSTEE’S REPORT FOR THE YEAR ENDED 31[ST] MARCH 2024
FINANCIAL REVIEW
The income of the charity is above £300,000. The costs have been managed over this period. The charity is in good position to develop itself in the community.
GRANTS POLICY
The church seeks to donate at least 10% of its income to other Christian causes, mainly in West Africa and rest of the world.
RESERVE POLICY
It is the policy of the Charity to maintain unrestricted funds, which are the reserves of the charity at about 3 months of unrestricted expenditure. This provides adequate funds to cover any emergency expenditure that may arise from time to time. The charity will seek to maintain this level throughout the year.
RISK MANAGEMENT
The charity has assessed all the major risks to which the charity is exposed to, particularly those related to operations and finances of the charity and are satisfied that systems are in place to mitigate exposure to major risks.
TRUSTEE RESPONSIBILITIES
Under the Charities Act 1993, the trustees are required to prepare a statement of accounts for each accounting year, which gives a true and fair view of the state of the church. They are required to:
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Select suitable accounting policies and apply them consistently.
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Make judgements and estimates that are reasonable and prudent.
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State whether the applicable accounting standards have been followed.
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Prepare financial statements on an ongoing basis.
They are responsible for keeping proper records, which disclose with reasonable accuracy the finances of the church at any time and to ensure that such accounts comply with the Charities Act 1993. They also have a responsibility to safeguard the assets of the church and to take reasonable steps to detect fraud or other irregularities.
Approved by the Trustees on 29 January 2025
Signed on their behalf by: Safiu Ibikunle
S.K ibikunle
Safiu Ibikunle (Fri, 31st Jan 2025 12:42:31 GMT) Signature………………………………. Trustee Member
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Independent Examiner’s Report to the Trustees of SWORD OF THE SPIRIT MINISTRIES
I report on the accounts of the church for the year ended 31st March 2024 set out on pages 6 to 10, which have been prepared based on the accounting policies shown on page 8.
Respective responsibilities of trustees and examiner
The trustees of the church are responsible for the preparation of accounts: they consider that the audit requirement under section 144(2) of the Charities Act 2011 (the 2011 Act), does not apply and that an independent examination is required.
It is my responsibility to:
Examine the accounts under section 145 of the 2011 Act to follow the procedures laid down in the general directions given by the Charity Commission (under section 145(5)(b) of the 2011 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 Commission. An examination includes a review of the accounting records kept by the charity and any comparison 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 undertaken 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 matters set out in the statements below.
Independent examiner’s statement
In the course of our examination, we were unable to ascertain the balance position of the charities bank account titled “Mission’s account” domiciled in NATWEST bank. With this exception , no other matter has come to my attention;
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which gives me reasonable cause to believe that, in any material aspect, the requirements to keep accounting records in accordance with Section 130 of the 2011 Act; and to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the 2011 Act have not been met; or
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To which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Pathwa Accountants y
~~………………………………………….~~ Roy Bello (Fri, 31st Jan 2025 12:34:25 GMT) Roy Bello (MBA, ACA, FFA)
Pathway Accountancy Ltd Accountants 72 McLeod road Abbey wood London
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SWORD OF THE SPIRIT MINISTRIES Statement of Financial Activities for the year ended 31st March 2024
| Incoming Resources from Generated Funds Note Activities for generating funds 2 Total Incoming Resources Resources Expended Charitable Activities in furtherance of Objectives Cost of activities 4 Governance Costs 5 Total Resources Expended Net movement in funds Reconciliation of Funds Total Funds brought forward For the year Total Funds carried forward |
Funds 2024 2024 2023 £ £ £ 360,712 360,712 229,941 360,712 360,712 229,941 298,209 298,209 266,069 1,518 1,518 1,350 299,727 299,727 267,419 60,986 60,986 37,478 - 82,411 82,411 119,889 60,986 60,986 37,478 - 143,397 143,397 82,411 Total Funds |
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SWORD OF THE SPIRIT MIISTRIES BALANCE SHEET AS AT 31ST MARCH 2024
| SWORD OF THE SPIRIT MIISTRIES BALANCE SHEET AS AT 31ST MARCH 2024 |
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| Fixed Assets Notes Tangible fixed asset 3 Total fixed assets Current Assets Cash at bank and in hand Total Current assets Creditors: amount falling due within one year Creditors & accruals 6 Net Current Assets Net Assets Unrestricted Funds General fund Bfwd For the year Total funds carried forward |
2024 £ 20 143,377 |
£ 20 20 143,377 143,397 82,411 60,986 143,397 |
2023 £ 85,091 |
£ 20 20 82,391 82,411 119,889 37,478 - 82,411 |
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| 143,377 - |
85,091 2,700 |
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SWORD OF THE SPIRIT MINISTRIES
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2024
1. ACCOUNTING POLICIES
Accounting Convention
The financial statements are prepared under the historic cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015), the Charities Act 2011 and the requirements of the statement of Recommended Practice, Accounting and Reporting by Charities (issued July 2014)
Incoming Resources
Incoming resources are recognised in the statement of financial activities when entitlement has passed to the charity and the amounts are certain and measurable. Any incoming resources received that relate exclusively to future periods are deferred on the Balance Sheet.
Resources Expended
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 specific headings, they have been allocated to activities on a basis consistent with the use of resources
Grants
Grants offered subject to conditions which have not been met at the year-end date are noted as commitment but not accrued as expenditure.
Support Costs
Support costs comprise those costs that are necessary to deliver an activity but in themselves do not produce or deliver an activity. Support costs are allocated to activities based on the direct salary costs of the activity compared with total activity salary costs
Governance costs
Governance costs are those costs incurred to meet statutory and constitutional requirements.
Fund Accounting
Restricted funds represent income received that is subject to restrictions on use as determined by the donor which are narrower than the general objects. Designated funds represent funds set aside by the Trustees for specific purposes. General funds are those funds made available for charity’s general objects.
Taxation
The charity is exempt from tax on its charitable activities
Tangible Fixed Assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Fixed assets over £500 are capitalised and depreciated accordingly
Equipment -20% on cost Fixtures and fittings -10% on cost Motor Vehicles -20% on cost
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SWORD OF THE SPIRIT MINISTRIES Notes to the account for the year ended 31st March 2024
| 1. Voluntary Income Gift aid 2. Activities for generating funds Mission Erith (Abbeywood) Charlton Tooting Orpington Northampton Pledges and other income Total TOTAL FUNDS 3. Tangible Fixed Assets Cost At 01/04/2023 Additions At 31/03/2024 Depreciation At 01/04/2023 charge for the year At 31/03/2024 Net Book Value at 31/03/2024 Net Book Value at 01/04/2023 |
Unrestricted funds Total Funds Total Funds 2024 2024 2023 £ £ £ - - - 65,099 65,099 - 95,926 95,926 78,408 161,678 161,678 115,063 - 11,273 14,258 14,258 1,962 23,751 23,751 23,236 - 360,712 360,712 229,941 360,712 360,712 229,941 Instrument Equipment Total 6,212 24,691 30,903 - - - 6,212 24,691 30,903 6,202 24,681 30,883 - 6,202 24,681 30,883 - - - 10 10 20 |
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SWORD OF THE SPIRIT MINISTRIES
Notes to the Account for Year Ended 31st March 2024
| 2024 4. Cost of Activities in furtherance of Charity's Objectives £ Advertisement 5,527 Bank charge 4,306 Charitable Contribution Covention 10,819 Depreciation 5. Governance Costs Accountancy fee 1,518 1,518 Creditors: amounts falling due within one year 6. Creditors Accountancy fee - Evangelism, ministry & publicity 5,455 Honorarium 4,178 Insurance 3,839 Meetings and conferences 32,401 Miscellaneous 8,407 Office equipment expensed 6,173 Office repairs 8,205 Rent of halls, rooms & offices 71,630 Subscription 4,901 Tithe Remission 2,074 Travelling expenses 8,377 Utilities and telephone 5,149 Vehicle expenses 9,615 Visiting speakers & musicians Water & Electricity 10,776 Welfare 12,678 TOTAL 298,209 Printing, postage & stationery 7,276 Music services 5,361 Software 20,040 Salary 40,098 Mission expenses 10,926 |
2023 £ 854 14,585 707 11,928 - 266,069 1,350 1,350 2,700 2,700 5,494 1,050 1,000 10,969 100 3,175 7,096 1,848 1,710 6,941 5,000 1,497 10,926 4,413 17,213 4,533 19,278 21,209 34,352 77,325 2,864 |
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