2023-07-31-accounts - International Central Gospel Church Trust

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INTERNATIONAL CENTRAL GOSPEL CHURCH TRUST

Financial Accounts And Trustees Report 31st July 2023

Charity No. 1054082

INTERNATIONAL CENTRAL GOSPEL CHURCH TRUST FINANCIAL STATEMENTS AND TRUSTEES’ REPORT YEAR ENDED 31 JULY 2023

Contents	Page
Legal and Administrative Information	2
Report of the Trustees	3 - 4
Independent Examiner's Report	5
Statement of Financial Activities	6
Balance Sheet	7
Notes forming part of the financial statements	8 - 10

INTERNATIONAL CENTRAL GOSPEL CHURCH TRUST FINANCIAL STATEMENTS AND TRUSTEES’ REPORT YEAR ENDED 31 JULY 2023

LEGAL AND ADMINISTRATIVE INFORMATION

Status

The organization is a Charity registered on the 27[th] March 1996.

The Charity is governed by a Declaration of Trust made on the 21st of February 1996.

Trustees

The Trustees serving during the year and since the year end were as follows:

Rev Gracious Selassie Awoye - Pastor and Minister-In-Charge Sam Owusu-Mantey Richard Quartey

Registered Office and Operation Address

Unit C118 Trident Business Centre 89 Bickersteth Road, Tooting London SW17 9SH

Bankers

Lloyds TSB HSBC

Accountants

Rev Dr Olu- Segun Olasode FCCA

TL First Accountants Limited 1 Copers Cope Road Beckenham, Kent BR3 1NB

INTERNATIONAL CENTRAL GOSPEL CHURCH TRUST FINANCIAL STATEMENTS AND TRUSTEES’ REPORT YEAR ENDED 31 JULY 2023

TRUSTEES REPORT

Status and Administration

The Charity is constituted and registered with the Charity Commission under charity number 1054082

Objects of the Charity

To advance the Christian faith in accordance with the statement of beliefs in London and in such other parts of the United Kingdom or the world as the Trustees may from time to time think fit. To relieve persons who are in conditions of need or hardship or who are aged or sick and to relieve the distress caused thereby in London and in such other parts of the UK or the world as the trustees may from time-to-time think fit
To advance education in accordance with Christian principles including by means of establishing and operating any educational establishment or establishments in London and in such other parts of the UK or the world as the trustees may from time to time think fit
To promote and fulfill such other charitable purposes beneficial to the community in London and in such other parts of the UK or the world as the Trustees may from time to time think fit

Governance and Internal Control

Trustees serve for a year period and may be re-elected. The trustees meet regularly within the year to review the strategy and performance and to set the operating plans and budgets.

Financial Activities and Results

The net incoming resources for the year amounted to £ 6,508 (2022 is £4,155) leading to a total free funds carried forward of £ 329,746 as at 31[st] July 2023.

Investment Powers, Policy and Performance

The memorandum and articles of association, which states clear guidelines on investments policy, governs the trustees’ investments powers.

Reserves

The trustees have forecast the level of free reserves (that is those funds not tied up in fixed assets and designated as restricted funds) that the charity will require to sustain its operations over the period when it is anticipated that some of the income generating activities will be further funded to garner more income. The level of free reserve as at 31[st] July 2021 was £ 319,083.

INTERNATIONAL CENTRAL GOSPEL CHURCH TRUST FINANCIAL STATEMENTS AND TRUSTEES’ REPORT YEAR ENDED 31 JULY 2023

Volunteers

The Charity is grateful for the unstinting effort of its volunteers who are involved in service provision. Members are given the free will, without any form of coercion, to determine their form and level of support, manually or financially to the charity.

Grant Making Policy

The Charity did not award any grants.

Risk Management

The trustees examine the major risks that the ministry faces in each financial year when preparing and updating the strategic plan. The Charity has developed systems to monitor and control these risks to mitigate any impact that they may have on the organisation in the future. Including:

An annual review of the risk which the charity may face
The establishment of systems and procedures to mitigate those risks identified in the plan
The implementation of procedures designed to minimise any potential impact on the charity should any of those risks materialise.

Accounting and Reporting Responsibilities

The Charities Act 2011 requires the trustees of the charity to prepare financial statements for each financial year which give a true and fair view of the charity’s financial activities during the year and of its financial position at the year end.

In preparing the financial statements, the trustees should follow best practice and select suitable accounting policies and apply them consistently;

Make judgements and estimates that are reasonable and prudent.
Follow applicable accounting standards and the charities SORP, disclosing and explaining any departures in the financial statement; and
Prepare the financial statements on the going concern basis unless it is inappropriate to assume that the charity will continue in operation.

The Trusties are responsible for keeping accounting records, which are such as to disclose, with reasonable accuracy, the financial position of the charity at any time, and to enable them as trustees to ensure that the financial statement comply with charity law. The Trustees are also responsible for safeguarding the charity‘s assets, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Rev Gracious Selassie Awoye

Date:

INTERNATIONAL CENTRAL GOSPEL CHURCH TRUST FINANCIAL STATEMENTS AND TRUSTEES’ REPORT YEAR ENDED 31 JULY 2023

ACCOUNTANTS’ AND INDEPENDENT EXAMINER’S REPORT

I report on the accounts of the charity for the period ended 31 July 2023 as are set out on pages 6 to 10.

Responsibilities and basis of report

As the charity's trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”). I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act

Independent examiner’s statement

I am qualified to undertake the examination by being a qualified member of the Chartered Association of Certified Accountants (ACCA) and Fellow of the Association (FCCA).

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination (other than that disclosed below *) which gives me cause to believe that in, any material respect:

the accounting records were not kept in accordance with section 130 of the Charities Act; or
the accounts did not accord with the accounting records; or

• the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Dr Olu Olasode FCCA Chartered Certified Accountant TL First Accountants Limited TL First Limited

Date:

INTERNATIONAL CENTRAL GOSPEL CHURCH TRUST FINANCIAL STATEMENTS AND TRUSTEES’ REPORT YEAR ENDED 31 JULY 2023

STATEMENT OF FINANCIAL ACTIVITIES NOTE INCOMING RESOURCES Incoming resources from generated funds: TOTAL INCOMING RESOURCES 2 RESOURCES EXPENDED Cost of generating funds Charitable Activities 3 Governance Costs TOTAL RESOURCES EXPENDED NET INCOME/EXPENDITURE FOR THE YEAR BEFORE TRANSFER Gains on revaluation of assets Net Movements in funds Total Funds Brought Forward Total Funds Carried Forward Restricted Unrestricted	2023 2023 2023 2022 RESTRICTED UNRESTRICTED TOTAL TOTAL £ £ £ £ 175,397 175,397 118,492 - 175,397 175,397 118,492 - 168,889 168,889 114,337 - - - -
	- 168,889 168,889 114,337 - 6,508 6,508 4,155 - - - -
	- 6,508 6,508 4,155 185,238 323,238 508,476 504,321
	185,238 329,746 514,984 508,476
	185,238 - 185,238 185,238 - 329,746 329,746 323,238

There were no recognized gains or losses for the period other than those included in the Statement of Financial Activities.

INTERNATIONAL CENTRAL GOSPEL CHURCH TRUST FINANCIAL STATEMENTS AND TRUSTEES’ REPORT YEAR ENDED 31 JULY 2023

BALANCE SHEET Note Fixed Assets Tangible Assets 4 Investments Currents Assets Cash & Bank Creditors: falling due within one year Net Current Assets Total Assets Creditors: falling due after one year 5 NET ASSETS INCOME FUNDS Restricted Unrestricted TOTAL FUNDS	2023 2022 £ £ 158,361 158,816 403,036 403,036
	561,397 561,852 3,169 2,206
	3,169 2,206 - - 3,169 2,206
	564,566 564,058 (49,582) (55,582)
	514,984 508,476
	185,238 185,238 329,746 323,238
	514,984 508,476

All incoming resources and resources expended derive from continuing activities.

The Financial Statements were approved by the board on the ………………………... and signed on its behalf by:

Trustees

INTERNATIONAL CENTRAL GOSPEL CHURCH TRUST FINANCIAL STATEMENTS AND TRUSTEES’ REPORT YEAR ENDED 31 JULY 2023

Notes to the Financial Statements for the year ended 31st July 2023

1 ACCOUNTING POLICIES

( A) Accounting Convention & Compliance

These accounts have been drawn up on the basis of a going concern and the financial statements prepared under the historical cost convention with items recognized at cost or transaction value unless otherwise stated in the relevant note (s) to these accounts.

The accounts have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and with the Charities Act 2011.

(B) Recognition of Income and Expenditure

Voluntary income is received by way of donations and gifts and is included in full in the Statement of Financial Activities in the year in which they are receivable. The value of services provided by volunteers has not been included. Resources expended are recognized in the period in which they are incurred. Resources expended include attributable VAT which cannot be recovered.

General Funds

Revenue grants and other income and expenditure associated with the general operations of the charity and its international projects are dealt with in the General Funds.

Restricted Funds

These comprise donations, legacies or other income, the use of which has been specified by the donor. Funds received this year were for the procurement of a place of worship, funds for Church retreats and Outreach and fellowship. A reconciliation of these funds is shown in Note 15

Endowment Funds There is currently no endowment fund.

(C)

Depreciation

All fixed assets are capitalized. The charge for depreciation is calculated to write off the cost of the fixed assets over their useful lives on the following bases:

Musical Equipment 25% on the reducing balance Motor Vehicles 25% on the reducing balance Furniture & fittings 25% on the reducing balance Office/Computer Equipment 25% on the reducing balance Freehold Office 1% on the Straight-Line Method

Assets are depreciated from the time at which they are brought into use.

Investments

Fixed assets investments in quoted shares, traded bonds and similar investments are valued initially at cost and subsequently at fair value (their market value) at the year end. The same treatment is applied to unlisted investment unless fair value cannot be measured reliably in which case it is measured at cost less impairment. Investments held for resale or pending their sale and cash and cash equivalents with a maturity date of less then 1 year are treated as current asset investment.

INTERNATIONAL CENTRAL GOSPEL CHURCH TRUST FINANCIAL STATEMENTS AND TRUSTEES’ REPORT YEAR ENDED 31 JULY 2023

2.DONATIONS AND SIMILAR INCOMING

RESOURCES Tithes & offering Gift Aid Repayment 3. CHARITABLE ACTIVITIES Rent-Office & Church Media Salaries Mission Honorarium NEST Motor Vehicle Expenses General Administration Cost Equipment Bank Charges Music Ministry Professional Fees HMRC - PAYE Depreciation	RESTRICTED 2023 £ - -	UNRESTRICTED 2023 £ 165,469 9,928	Total 2022 £ £ 165,469 110,526 9,928 7,966
		175,397	175,397 118,492
			2023 2022 £ £ 23,815 6,010 21,323 2,312 36,402 30,802 9,930 - 16,035 8,640 6,140 4,820 4,687 4,938 28,787 42,344 2,152 676 318 239 928 1,507 7,176 2,621 10,739 8,820 457 608
			168,889 114,337

INTERNATIONAL CENTRAL GOSPEL CHURCH TRUST FINANCIAL STATEMENTS AND TRUSTEES’ REPORT YEAR ENDED 31 JULY 2023

4. TANGIBLE FIXED ASSETS

COST At 31 July 2022 Additions At 31 July 2023 DEPRECIATION At 31 July 2022 Charge in period At 31 July 2023 NET BOOK VALUE At 31 July 2023 At 31 July 2022 5. CREDITORS – due after one year Loan – Mortgage	Freehold Property Computer Equipment Musical Equipment £ £ £ 157,000 16,289 83,305 - - -	Motor Vehicle Furniture & Fixture Total £ £ 15,595 2,852 275,041 - - -
	157,000 16,289 83,305 - 15,832 82,191 - 114 279	15,595 2,852 275,041 15,507 2,695 116,225 22 41 457
	- 15,946 82,470	15,529 2,736 116,681
	157,000 343 836	66 116 158,361
	157,000 457 1,114	88 157 158,816 2023 2022 £ £ 49,582 55,582
		49,582 55,582