Christ Apostolic Church Mount Zion International ( A not-for-profit unincorporated Organisation)
Charity Number: 1045397
Report of the Trustees
and
Financial Statements
for the Year Ended 31 December 2024
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Christ Apostolic Church Mount Zion International ( A not-for-profit unincorporated Organisation)
Index to the financial Statements for the Year Ended 31 December 2024
| Page | |
|---|---|
| Organisation Information | 3 |
| Report of the Trustees | 4-5 |
| Independent examiners report | 6 |
| Statement of financial activities | 7 |
| Balance sheet | 8 |
| Notes to the Financial Statements | 9-13 |
| Detail financial statements | 14-15 |
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Christ Apostolic Church Mount Zion International ( A not-for-profit unincorporated Organisation)
Organisation Information TRUSTEES:
Pastor Jacob Olalere Pastor Moses Sunday Adeniyi Pastor Philip Bankole Deacon Olubunmi Ayoola Deacon David Popoola-Smith
Minister Chair Secretary Financial Secretary Member
Charity Number: 1045397
PRINCIPAL ADDRESS:
1a Sumner Road Peckham London SE15 6LA
ACCOUNTANTS: Gabriel & Associates
Chartered Certified Accountant & Registered Auditors) 293a High Road Leytonstone London E11 4HH
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Christ Apostolic Church Mount Zion International ( A not-for-profit unincorporated Organisation ) Report of the Trustees for the Year Ended 31 December 2024
The trustees present their report with the financial statements of the organisation for the year ended 31 December 2024. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities (revised 2005)” in preparing the annual report and financial statements of the organisation.
GENERAL INFORMATION
The church is an unincorporated association, governed by a Trust Deed.
TRUSTEES
The trustees during the year under review are as listed on page 3. Members of the Church at Annual General Meeting appoint new trustees. They are re-elected annually. The trustees met regularly during the year.
OBJECTIVES, ORGANISATION AND ACTIVITIES
The objectives of the Church, as set out in the Trust Deed are as follows:
The advancement of the Christian Faith.
The relief of persons who are in conditions of need, hardship or distress or who are
aged or sick.
The advancement of education on the basis of Christian principles.
Any charitable purpose of any society or institution being a society or institution subsidiary or anciliary to Methodist Church.
The Church engages in the following activities in order to further these objectives.
a. Holding weekly meetings which are open to the public b. Running community projects c. Organising activities and groups d. Working closely with other Christian organisations.
RELATED AND CO-OPERATING CHARITIES
The Church does not have any related charities.
The Church has a link with the Christ Apostolic Church Worldwide with headquarter in Ibadan, Nigeria
ACHIEVEMENTS DURING THE YEAR
During the year under review, the church recorded significant achievements in the following areas: 1)The "ZION REACH" programme was made popular in the local community through evangelism and number of users more than doubled. This project was stretched beyond the allocated resources.
2) Expanded on our work with other charities such as PECAN, GHOSH, CHRISTIAN AID etc
3) Health awareness events were held in the various local communities that the church operate
4) Series of seminas about family issues and career counselling for youths were organised during the year
5) As in previous years, provision of boreholes were extended to more communities in Nigeria
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Christ Apostolic Church Mount Zion International ( A not-for-profit unincorporated Organisation )
STATEMENT OF TRUSTEES’ RESPONSIBILITIES YEAR ENDED 31 December 2024
Charity law requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and of its financial activities for that year. In preparing those financial statements the trustees are required to:
select suitable accounting policies and apply them consistently;
make judgments and estimates that are reasonable and prudent;
state whether the policies adopted are in accordance with the Statement of Recommended Practice, “Accounting and Reporting by Charities (revised 2005)” and with applicable accounting standards, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to assume the charity will continue operating.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to 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 or other irregularities.
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Christ Apostolic Church Mount Zion International ( A not-for-profit unincorporated Organisation )
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEE
YEAR ENDED 31 December 2024.
I report on the financial statements of the Church for the year ended 31 December 2024, which are set out on pages 7 to 13.
Respective responsibilities of trustees and examiner
As the Church’s trustees you are responsible for the General Directions given by the Charity Commissioners. An independent examination includes a review of the accounting records kept by the Church and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, 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 I do not express an audit opinion on the view given by the financial statements.
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 41 of the Act, and to prepare financial statements which accord with the accounting records and to comply with the accounting requirements of the Act, have not been met, or
to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.
Gabriel Akintunde Gabriel & Associates 293a High Road Leytonstone London E11 4HH
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Christ Apostolic Church Mount Zion International ( A not-for-profit unincorporated Organisation )
Statement of Financial Activities
for the year ended 31 December 2024.
| Notes Incoming resources Donation/grants 2 Activities in furtherance of the Church objects 3 Investments income 4 Total incoming resources Resources expended Grants payable in furtherance of the Church’s objects 5 Costs of activities in furtherance of the Church’s objects 6 Support costs 7 Management and admin 8 Total resources expended Surplus/(deficit) on ordinary activities before funds transfers Balance B/Fwd Prior Year Adjustments Fund Balance as at 31 December 2024 |
Unrestricted funds Restricted Funds 31 Dec. 2024 Total Fund 31 Dec. 2023 Total Fund £ £ £ 183,042 0 183,042 238,128 0 0 0 0 923 0 923 799 183,965 0 183,965 238,927 25,434 0 25,434 25,144 18,877 0 18,877 14,138 112,798 0 112,798 98,343 35,000 0 35,000 37,406 192,109 0 192,109 175,031 -8,144 0 -8,144 63,896 377,846 0 377,846 313,950 0 369,702 0 369,702 377,846 |
|---|---|
The Church has no recognised gains or losses other than the results for the period as set out above. All of the activities of the Church are classed as continuing.
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Christ Apostolic Church Mount Zion International
( A not-for-profit unincorporated Organisation )
Balance Sheet
as at 31 December 2024
| Notes FIXED ASSETS Tangible assets 12 CURRENT ASSETS : Debtors and prepayments 13 Bank: Current A/C -6,364 Deposit A/C 54,323 High Interest A/C 12,906 Other 36,186 CREDITORS :Amount falling due within one year NET CURRENT ASSETS: CREDITORS :Amount falling due after one year TOTAL ASSETS LESS LIABILITIES REPRESENTED BY: Restricted funds Unrestricted fund TOTAL FUNDS APPROVED ON BEHALF OF THE TRUSTEES Name -----------------------------------------Signature Name-----------------------------------------Signature Date……………………………………………………. |
31 Dec. 2024 £ 355,468 0 97,051 -13,688 83,363 69,129 369,702 369,702 369,702 -----------------------------------Trustee -----------------------------------Trustee |
31 Dec. 2023 359,350 0 56,549 63,344 12,715 19,521 -20,935 131,194 112,698 377,846 377,846 377,846 |
|---|---|---|
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Christ Apostolic Church Mount Zion International
( A not-for-profit unincorporated Organisation )
ACCOUNTING POLICIES
Accounting convention
The financial statements have been prepared:
- under the historical cost convention
in accordance with the Statement of Recommended Practice (SORP Accounting and Reporting by Charities (revised 2005)”, and applicable accounting standards.
Fund accounting
Unrestricted funds are general funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the Church and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Church for particular purposes.
The cost of raising and administering such funds are charged against the specific fund. Investment income and gains are allocated to the appropriate fund.
Incoming resources
All incoming resources are included in the statement of financial activities when the Church is legally entitled to the income and the amount can be quantified with reasonable accuracy.
No amounts are included in the financial statements for services donated by volunteers.
Gift Aid
A total sum of £21,837 was received from the government as gift aid during the year
Resources expended
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.
Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities.
Management and administration costs are those incurred in connection with administration of the Church and compliance with constitutional and statutory requirements.
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Christ Apostolic Church Mount Zion International
( A not-for-profit unincorporated Organisation )
2 DONATIONS AND GRANTS
| Tithes & offerings Insurance claim Rent received Gift aid 3 ACTIVITIES IN FURTHERANCE OF THE CHURCH OBJECTS 4 INVESTMENT INCOME Bank deposit interest |
31 Dec. 2024 £ 138,380 0 2,824 41,838 183,042 31 Dec. 2024 £ 0 31 Dec. 2024 £ 923 923 |
31 Dec. 2023 £ 167,399 0 36,727 34,002 238,128 31 Dec. 2023 £ 0 31 Dec. 2023 £ 799 799 |
|---|---|---|
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Christ Apostolic Church Mount Zion International ( A not-for-profit unincorporated Organisation )
5 GRANTS PAYABLE IN FURTHERANCE OF THE CHURCH’S OBJECTS
| 31 Dec. 2024 £ Donation 25,434 25,434 6 COSTS OF ACTIVITIES IN FURTHERANCE OF THE CHURCH’S OBJECTS 31 Dec. 2024 £ Outreach expenses 9,621 Honorarium 8,931 Other legal and professional 325 18,877 7 SUPPORT COSTS 31 Dec. 2024 £ Accountancy fees 2,400 Advertising and publicity 0 Bank charges 3,382 Cleaning 2,245 Depreciation 3,882 Employers NIC 0 0 Equipment expensed 819 Information & publication 0 Insurance 5,904 Interest on mortgage 6,961 Light & heat 9,894 Postage 0 Pension 1,342 Rent 8,406 Water & other rates 5,864 Repairs & maintenance 13,300 Service Charge 0 Staff training & welfare 36,855 Stationery & printing 2,489 Sundry 2,464 Telephone 2,539 Travel & Subsistence 2,922 Wages & salaries -charitable activities 1,130 112,798 |
31 Dec. 2023 £ 25,144 25,144 31 Dec. 2023 £ 5,984 7,582 571 14,137 31 Dec. 2023 £ 2,400 0 942 1,865 3,882 0 118 2,016 0 4,943 12,452 19,855 0 3,186 8,330 679 3,545 0 23,996 530 1,304 2,166 5,453 680 98,342 |
|---|---|
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Christ Apostolic Church Mount Zion International ( A not-for-profit unincorporated Organisation )
| 31 | Dec. 2024 | 31 Dec. 2023 | |
|---|---|---|---|
| £ | |||
| MANAGEMENT AND ADMINISTRATION | 35,000 | 37,406 |
9 TRUSTEES’ REMUNERATION AND EXPENSES
Pastor Jacob Olalere was paid £37,406.00 in total for his role as Minister in Charge of the Church
10 STAFF COSTS
The average number of employees, calculated on a full-time equivalent basis, analysed by function was;
| 31 Dec. 2024 | 31 Dec. 2023 | |
|---|---|---|
| Charitable activities | 1 | 1 |
| Management activities | 1 | 1 |
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TAXATION
The organisation is not for profit, and does not trade or undertake non-charitable activities.
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TANGIBLE FIXED ASSETS
| COST: As at 01 January 2024 Additions Cost as at 31 December 2024 DEPRECIATION: B/Fwd Charged for year NET BOOK VALUE AT 31 December 2024 |
Vehicles & Equipment £ 162,530 0 162,530 147,004 3,882 150,886 11,644 |
Buildings £ 346,064 0 346,064 2,240 2,240 343,824 |
Total £ 508,594 0 508,594 149,244 3,882 0 153,126 355,468 |
||
|---|---|---|---|---|---|
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| Christ Apostolic Church Mount Zion International ( A not-for-profit unincorporated Organisation ) 31 Dec. 2024 13 CREDITORS : AMOUNT FALLING DUE WITHIN ONE YEAR Accrued expenses - Accountancy fee 2,700 Net pay 0 PAYE/NIC 917 Pension 0 Sundry 0 Bank loan 10,071 13,688 14 CREDITORS : AMOUNT FALLING DUE AFTER YEAR Mortgage/Barclays Loan 69,128 15 ANALYSIS OF NET ASSETS BETWEEN FUNDS Restricted General Fund Fund £ £ Fund Balances at 31 Dec. 2024 Fixed assets 355,468 Current assets 97,051 Current liabilities -13,688 Long term liabilities - mortgages/Barclays Loan -69,129 369,702 16 STATEMENT OF FUNDS At 1 Jan. 2,024 Income Expenditure Unrestricted funds: £ £ £ General reserve 377,846 183,965 192,109 0 0 0 0 377,846 183,965 192,109 Restricted funds: Prior year Adjustments TOTAL FUNDS 377,846 183,965 192,109 |
31 Dec. 2023 2,700 0 0 0 0 18,235 20,935 112,698 31 Dec. 2023 Total £ 359,350 152,129 -20,935 -112,698 377,846 At 31 Dec 2,024 £ 369,702 0 0 369,702 0 369,702 |
|---|---|
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Detail Financial statements for the year ended 31 December 2024
for
Christ Apostolic Church Mount Zion International ( A not-for-profit unincorporated Organisation)
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Christ Apostolic Church Mount Zion International
( A not-for-profit unincorporated Organisation )
Income/Receipts £ £
Tithes and offerings 138,380
Insurance claim 0
Rent received 2,824
Gift aid 41,838
Interest receivable 923 183,965
183,965
Expenditure
Accountancy fees 2,400
Advertising & public relationship 0
Bank charges 3,382
Cleaning 2,245
Depreciation 3,882
Donation 25,434
Employers NI 0
Entertaining 0
equipment expensed 819
Honorarium 8,931
Information & publications 0
Insurance 5,904
Interest on mortgage 6,961
Light & heat 9,894
Postage 0
Pension 1,342
Outreach expenses 9,621
Other legal and professional exp 325
Water & other rates 5,864
Rent 8,406
Repairs & maintenance 13,300
Service charge 0
Staff training & welfare 36,855
Stationery & printing 2,489
Sundry 2,464
Telephone & fax 2,539
Travel & subsistence 2,922
Wages -Management staff 35,000
Instruumentalist 1,130 192,109
Surplus/(Deficit) -8,144
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