Registered number 1034010
CHRIST APOSTOLIC CHURCH AGBALA ITURA
Report and Accounts
31 December 2023
CHRIST APOSTOLIC CHURCH AGBALA ITURA Report and accounts
Contents
| Page | |
|---|---|
| Administrative information | 1 |
| Trustee's report | 2 |
| Accountants' report | 3 |
| Statement of Financial Activities | 4 |
| Profit and loss | 5 |
| Balance sheet | 6 |
| Notes to the Financial Statements | 7 |
| (inclusive of detailed Income & Expenditure) |
CHRIST APOSTOLIC CHURCH AGBALA ITURA Company Information
Trustee
REV SAMUEL KAYODE ABIARA REV. KOLADE ADENIYI PASTOR ISRAEL KEHINDE ABIARA ISMAEL OLADITI
Accountants
Lemo Corporate 815 Old Kent road, London, SE15 1NX.
Bankers
Barclays Bank PLC
Registered office
166 RYE LANE PECKHAM LONDON SE15 4NB
Registered number 1034010
1
CHRIST APOSTOLIC CHURCH AGBALA ITURA
Trustee's Report
Trustees Report for year ended 31st December 2023
The trustees present their financial statements for the year ended 31st December 2023
The principal activity of the organization continues to be:
Propagation of the GOSPEL according to the teaching of JESUS CHRIST
Statement of Trustee Responsibilities
The Trustees are required to prepare financial statements that give a true and fair view of the state of affairs of the organization and of the income and expenditure of the project for that period. In preparing these financial statements, the Trustees are required to:
-
Select suitable accounting policies and apply them consistently
-
Make judgements and estimates that are reasonable and prudent
-
State whether applicable standards and statement of recommended practice have
-
been followed, subject to any material departures disclosured and explained in
-
the statements.
-
Prepare the financial statements on the going concern basis unless it is inappropriate
-
to presume that the project will continue in operation.
The Trustees are responsible for keeping proper records that disclose at any time the financial position of the project. They are also responsible for safe guarding the assets of the organization and hence for taking reasonable steps for the prevention and detention of fraud and other irregularities.
koladeadeniyi REV. KOLADE ADENIYI TRUSTEE
Date: 25 October 2024
2
CHRIST APOSTOLIC CHURCH AGBALA ITURA
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF CHRIST APOSTOLIC CHURCH AGBALA ITURA
I report on the charity for the year ended 31 December 2022, which are set set out on pages 4 to 5.
Respective resposibilities 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 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. [The charity's gross income exceeded £25,000 and I am qualified to undertake the examination by been a qualified member of Association of Chartered Certfied Accountants.
It is my responsisbility to:
. examine the accounts under section 145 of the 2011 Act;
. to follow the procedure laid down in the General Direction 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 Commision. 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 the seeking of explanations from you as trustee concerning any such matters. The procedure undertaken do not provide all the evidence that would be required in an audit and, consequetly 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 statement below.
Independent examiner's statement
In connection with my examination, no matter has come to my attention
- which gives me reasonable cause to believe that, in any material respect, 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
- to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
adelaniawe
ADELANI AWE 25 October 2024 LEMO CORPORATE Chartered Certified Accountants 815 Old Kent Road, London, SE15 1NX
3
CHRIST APOSTOLIC CHURCH AGBALA ITURA Profit and Loss Account
for the year ended 31 December 2023
| Notes Income 1 Cost of sales Gross profit Administrative expenses Operating profit Profit on ordinary activities before taxation Tax on profit on ordinary activities Profit for the financial year |
2023 2022 £ £ 113,033 125,886 (10,343) (16,824) 102,690 109,062 (101,775) (106,189) 915 2,873 915 2,873 - 915 2,873 |
|---|---|
4
CHRIST APOSTOLIC CHURCH AGBALA ITURA
Statement of Financial Activities For the year ended 31 December 2022
| Income Resources Tithes, offerings and thanksgiving Total Income Resources Resources Expended Support costs of activities in furtherance of the charity's objects Management & Administration of Charity Total Income Expended Net incoming/(outgoing) resources Net Movements in Funds Fund balances b/fwd Funds balances c/fwd |
Notes 4.1 4.2 4.3 |
Total Fund 2023 £ 113,033 113,033 85,979 26,139 112,118 915 915 284,171 285,086 |
Total Fund 2022 £ 125,886 |
|---|---|---|---|
| 125,886 | |||
| 98,347 24,666 |
|||
| 123,013 | |||
| 2,873 | |||
| 2,873 281,298 |
|||
| 284,171 |
5
CHRIST APOSTOLIC CHURCH AGBALA ITURA
Balance Sheet
as at 31 December 2023
| Notes Fixed assets Tangible assets 3 Current assets Cash at bank and in hand 5,114 5,114 Creditors: amounts falling due within one year 6 - Net current assets Net assets Unrestricted Funds Unrestricted Funds 5 Restricted and Unrestricted Funds c/fwd. |
5,114 | 2023 £ 279,972 5,114 |
2022 £ 277,852 6,319 6319 6,319 284,171 284,171 284,171 |
|---|---|---|---|
| 5,114 - |
|||
| 285,086 | |||
| 285,086 | |||
| 285,086 |
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006 and that the member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
koladeadeniyi
REV. KOLADE ADENIYI
Trustee
Approved by the board on 25 October 2024
6
CHRIST APOSTOLIC CHURCH AGBALA ITURA Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
Incoming Resources
Income is mainly from grants and bank interest received are included in the financial statements when received.
Resources Expended
Taxation
As a charity, the charitable funds are exempt from corporation tax but not from VAT. Irrecoverable VAT is, in accordance with standard accounting practice, included in the cost of those items to which it relates.
Depreciation
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.
| Office equipment Motor vehicles 2 Operating profit This is stated after charging: Depreciation of owned fixed assets 3 Tangible fixed assets Motor vehicle Cost £ At 1 January 2023 10,654 Additions 0 At 31 December 2023 10,654 Depreciation At 1 January 2023 10,428 Charge for the year 226 At 31 December 2023 10,654 Net book value At 31 December 2023 0 At 31 December 2022 226 4 Debtors Other debtors 5 Unrestricted Funds At 1 January 2022 Net Incoming Fund At 31 December 2023 |
25% straight line 25% straight line Land and buildings Furniture & fittings £ £ 357,016 22,181 3,253 0 360,269 22,181 110,381 5,970 - 995 110,381 6,965 249,888 15,216 246,635 16,211 |
£ £ 2,432 2,578 Musical equipment Total £ £ 55,466 445,317 1,299 4,552 56,765 449,869 40,686 167,465 1,211 2,432 41,897 169,897 14,868 279,972 14,780 277,852 £ £ - - £ £ 284,171 281,298 915 2,873 285,086 284,171 |
|---|---|---|
8
CHRIST APOSTOLIC CHURCH AGBALA ITURA
Notes to the accounts (continued)
| 4 | Detailed Income and Expenditure Account | Detailed Income and Expenditure Account | |
|---|---|---|---|
| For the year ended 31 December 2019 | |||
| Total fund | Total fund | ||
| 2023 | 2022 | ||
| £ | £ | ||
| 4.1 | INCOMING RESOURCES | ||
| Thithes, offering and thanksgiving | 113,033 | 125,886 | |
| OUTGOING RESOURCES | |||
| 4.2 | Support costs of activities in furtherance | of | |
| the Charity's objects: | |||
| Pastoral allowances | 70,811 | 74,984 | |
| Other direct cost, Events & Anniversary | 10,343 | 16,824 | |
| Printing, postage & stationery | 416 | 399 | |
| Missonary | 2,907 | 3,226 | |
| Evangelical/outreach materials | 1,502 | 2,914 | |
| 85,979 | 98,347 | ||
| 4.3 | Management and Administration of Charity: | ||
| Rates | 2,090 | 3,297 | |
| Travelling and subsistence | 2,181 | 2,578 | |
| Security | 0 | 0 | |
| Cleaning | 1,275 | 300 | |
| Light & Heat | 7,011 | 5,700 | |
| Mortgage | 0 | 0 | |
| Repairs & Mentainance | 825 | 714 | |
| Bank Chrs | 615 | 703 | |
| Telephone | 4,460 | 4,833 | |
| Events & Anniversary | 1,873 | 2,000 | |
| Insurance | 1,644 | 1,589 | |
| Accountancy fees | 750 | - | |
| Equipment expensed | 983 | 374 | |
| Legal & Professional Expenses | |||
| Sundry expenses | |||
| Depreciation charge | 2,432 | 2,578 | |
| 26,139 | 24,666 |
9
Total Expenses 112,118 123,013 10
CHRIST APOSTOLIC CHURCH AGBALA ITURA Profit and Loss Account
for the year ended 31 December 2023
for the information of the director only
| Income Cost of sales Gross profit Administrative expenses Other operating income Operating profit Profit before tax |
2023 2022 £ £ 113,033 125,886 (10,343) (16,824) 102,690 109,062 (101,775) (106,189) - 915 2,873 915 2,873 |
|---|---|
11
CHRIST APOSTOLIC CHURCH AGBALA ITURA Schedule to the Profit and Loss Account
for the year ended 31 December 2023
for the information of the director only
| Income Tithes, offerings & thanksgiving Cost of sales Other direct costs Administrative expenses Employee costs: Wages and salaries Members' welfare Travel and subsistence Premises costs: Rent Rates Light and heat Cleaning Security General administrative expenses: Telephone and fax & TV Licence Insurance Stationery and printing Evangelisim Donations and welfare Bank charges Events & Anniversary Depreciation Repairs & Mentainance Legal and professional costs: Accountancy fees |
2023 2022 £ £ 113,033 125,886 113,033 125,886 10,343 16,824 10,343 16,824 70,811 74,984 - - 2,181 2,578 72,992 77,562 - - 2,090 3,297 7,011 5,700 1,275 300 - - 10,376 9,297 4,460 4,833 1,644 1,589 416 399 1,502 2,914 - - 615 703 1,873 2,000 2,432 2,578 825 714 17,657 19,330 750 - 750 - 101,775 106,189 |
|---|---|
12