GRACE CHRISTIAN CENTRE
(Registered Charity Number 1048735)
FINANCIAL STATEMENTS OF ACCOUNT AND ANNUAL REPORT
2022/23
11 January 2024
ANNUAL REPORT OF GRACE CHRISTIAN CENTRE 2022/23 ACHIEVEMENT IN RELATION TO ITS OBJECTIVES
The church has achieved all its related objectives for the financial year ended 31 March 2023.
The Advancement of Christianity
Our evangelism outreach consisted of regularly organising events to preach the gospel and show love to our local community. As a result of this people in the community have come to know Jesus Christ as their Lord and Savior. We are financially supporting mission work in East Africa reaching out to orphans, widows and the needy in five rural communities in Uganda.
We counsel members of the church who encounter various emotional, physical and spiritual problems. We organised special programs for church members to provide spiritual upliftment and nurture.
The Relief of Poverty, Sickness and Distress of those in need by virtue of their social and or economic circumstances
We have helped single mothers out of financial difficulties to pay for childcare and nursery fees. Low income and unemployed members are also regularly financially supported in various areas such as subsistence, travel and accommodation.
The Advancement of Education of Young Persons
Our missions program enables us to financially sponsor several children and young people in their primary and vocational education.
1
GRACE CHRISTIAN CENTRE NOTES TO THE FINANCIAL STATEMENT FOR THE YEAR ENDED 31 MARCH 2023
1. ACCOUNTING PRINCIPLES
These financial statements have been prepared under the historical cost convention, on an accrual basis and in accordance with applicable accounting standards and the Charities Statement of Recommended Practice.
2. FIXED ASSETS
Fixed assets are valued at the lower cost or net realizable value and are depreciated at a rate of 10% over its estimated useful life.
| **COST ** | Cost at 1/04/22 | Additions/Disposals | Cost at 31/03/23 |
|---|---|---|---|
| Musical Equipment |
1,500 | - | 1,500 |
| Furniture & Equipment |
4,539 | - | 4,539 |
| TOTAL | 6,039 | - | 6,039 |
| DEPRECIATION | Depreciation at 1/04/22 |
Depreciation during the year |
Deprecation at 31/03/23 |
|---|---|---|---|
| Musical Equipment | 500 | 150 | 650 |
| Furniture & Equipment |
4,617 | 454 | 5,071 |
| TOTAL | 5,117 | 604 | 5,721 |
Net Book Value at 31 March 2023 £318
3. GENERAL PURPOSE FUND
| 2022/23 | 2021/22 | |||
|---|---|---|---|---|
| At 1 April 2022 | £(23,594) | £(23,277) | ||
| Excess of Expenditure over Income |
(702) | (317) | ||
| At 31stMarch 2023 | £ (24,296) | £ (23,594) |
2
GRACE CHRISTIAN CENTRE BALANCE SHEET AS AT 31 MARCH 2023
| Note | 2023 £ |
2022 £ |
||
|---|---|---|---|---|
| Fixed Assets2 | 318 | 922 | ||
| Bank | 669 | 768 | ||
| Total Assets | 987 | 1,690 | ||
| Less Creditors (falling due within one year) |
(25,283) | (25,284) | ||
| Net Liabilities | ||||
| Total Net Liabilities | £ (24,296) | £ (23,594) | ||
| Financed by | ||||
| General Purpose Fund 3 | £ (24,296) | £ (23,594) |
3
GRACE CHRISTIAN CENTRE INCOME AND EXPENDITURE FOR THE YEAR ENDED 31 MARCH 2023
| 2023 £ |
2023 £ |
2022 £ |
2022 £ |
|
|---|---|---|---|---|
| Tithes and Offering | 34,923 | 36,722 | ||
| Donations/Missions | - | 15,720 | ||
| TOTAL INCOME | £34,923 | £52,442 | ||
| EXPENDITURE | ||||
| Event | 161 | - | ||
| Rent | 9,157 | 3,360 | ||
| BankCharges | 98 | 23 | ||
| Missions | 21,067 | 48,295 | ||
| Stationery | 416 | - | ||
| Depreciation | 604 | 604 | ||
| Musicians | 3,895 | 250 | ||
| Insurance | 227 | 227 | ||
| TOTAL EXPENDITURE | 35,625 | 52,759 | ||
| (Excess of Expenditure over Income) |
**£ ** | (702) | £ (317) |
4
GRACE CHRISTIAN CENTRE
(Registered Charity Number 1048735)
FINANCIAL STATEMENTS OF ACCOUNT AND ANNUAL REPORT
2022/23
11 January 2024
ANNUAL REPORT OF GRACE CHRISTIAN CENTRE 2022/23 ACHIEVEMENT IN RELATION TO ITS OBJECTIVES
The church has achieved all its related objectives for the financial year ended 31 March 2023.
The Advancement of Christianity
Our evangelism outreach consisted of regularly organising events to preach the gospel and show love to our local community. As a result of this people in the community have come to know Jesus Christ as their Lord and Savior. We are financially supporting mission work in East Africa reaching out to orphans, widows and the needy in five rural communities in Uganda.
We counsel members of the church who encounter various emotional, physical and spiritual problems. We organised special programs for church members to provide spiritual upliftment and nurture.
The Relief of Poverty, Sickness and Distress of those in need by virtue of their social and or economic circumstances
We have helped single mothers out of financial difficulties to pay for childcare and nursery fees. Low income and unemployed members are also regularly financially supported in various areas such as subsistence, travel and accommodation.
The Advancement of Education of Young Persons
Our missions program enables us to financially sponsor several children and young people in their primary and vocational education.
1
GRACE CHRISTIAN CENTRE NOTES TO THE FINANCIAL STATEMENT FOR THE YEAR ENDED 31 MARCH 2023
1. ACCOUNTING PRINCIPLES
These financial statements have been prepared under the historical cost convention, on an accrual basis and in accordance with applicable accounting standards and the Charities Statement of Recommended Practice.
2. FIXED ASSETS
Fixed assets are valued at the lower cost or net realizable value and are depreciated at a rate of 10% over its estimated useful life.
| **COST ** | Cost at 1/04/22 | Additions/Disposals | Cost at 31/03/23 |
|---|---|---|---|
| Musical Equipment |
1,500 | - | 1,500 |
| Furniture & Equipment |
4,539 | - | 4,539 |
| TOTAL | 6,039 | - | 6,039 |
| DEPRECIATION | Depreciation at 1/04/22 |
Depreciation during the year |
Deprecation at 31/03/23 |
|---|---|---|---|
| Musical Equipment | 500 | 150 | 650 |
| Furniture & Equipment |
4,617 | 454 | 5,071 |
| TOTAL | 5,117 | 604 | 5,721 |
Net Book Value at 31 March 2023 £318
3. GENERAL PURPOSE FUND
| 2022/23 | 2021/22 | |||
|---|---|---|---|---|
| At 1 April 2022 | £(23,594) | £(23,277) | ||
| Excess of Expenditure over Income |
(702) | (317) | ||
| At 31stMarch 2023 | £ (24,296) | £ (23,594) |
2
GRACE CHRISTIAN CENTRE BALANCE SHEET AS AT 31 MARCH 2023
| Note | 2023 £ |
2022 £ |
||
|---|---|---|---|---|
| Fixed Assets2 | 318 | 922 | ||
| Bank | 669 | 768 | ||
| Total Assets | 987 | 1,690 | ||
| Less Creditors (falling due within one year) |
(25,283) | (25,284) | ||
| Net Liabilities | ||||
| Total Net Liabilities | £ (24,296) | £ (23,594) | ||
| Financed by | ||||
| General Purpose Fund 3 | £ (24,296) | £ (23,594) |
3
GRACE CHRISTIAN CENTRE INCOME AND EXPENDITURE FOR THE YEAR ENDED 31 MARCH 2023
| 2023 £ |
2023 £ |
2022 £ |
2022 £ |
|
|---|---|---|---|---|
| Tithes and Offering | 34,923 | 36,722 | ||
| Donations/Missions | - | 15,720 | ||
| TOTAL INCOME | £34,923 | £52,442 | ||
| EXPENDITURE | ||||
| Event | 161 | - | ||
| Rent | 9,157 | 3,360 | ||
| BankCharges | 98 | 23 | ||
| Missions | 21,067 | 48,295 | ||
| Stationery | 416 | - | ||
| Depreciation | 604 | 604 | ||
| Musicians | 3,895 | 250 | ||
| Insurance | 227 | 227 | ||
| TOTAL EXPENDITURE | 35,625 | 52,759 | ||
| (Excess of Expenditure over Income) |
**£ ** | (702) | £ (317) |
4
43 The Brent DartFord DAI IYD 11 January 2024 GRACE CHRISTIAN CENTRE FINANCIAL STATEMENT OF ACCOUNTS 2022123 I have undertakén an ind8pèndent examlnation of the attached flnancial stat8m8nts of the Grac8 Christlan Cenlre for Ihe year ending 31 March 2023 in accordance with approved Auditing Standards. In my oplnion the financial statements and undedying records give a true and fair view of the charity's affairs for the year ending 31 March 2023. Shola Ojo