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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1
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**|
|---|---|---|
10
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|
11
## **TAXATION**
The organisation is not for profit, and does not trade or undertake non-charitable activities.
12
## **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|
|---|---|---|---|---|---|
12
|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**|
|---|---|
13
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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**----- Start of picture text -----**
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
**----- End of picture text -----**
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