INTERNATIONAL CENTRAL GOSPEL CHURCH TRUST .INTERNATIONAL CENTRAL" GOSPEL CHURCH Empowerkng KIMJdom atlzeN... In1h1Thj 5ocSeiy Financial Accounts And Trustees Report 31st July 2024 Charity No. 1054082
INTEILNATIONALCENTRAL CYOSPEL CHURCH TRii.ST FIN.4Tr*CIAL ST.41'Tr.MENT% AND TRUSTEEti' REPORT 'EAR ENDED Contents Page Legal and Administrative Infomiation Report ol the Trustees Independenl Examiner's Report Statement of Financial Activities Balance Sheet Notes forming part of the financial statements 8- 11
INTF.RNATIONAL CENTRAL CIOSPEI. CHURCH TRUST FIP4,*INCIAI. STATTr-MF.NTS AND TRUSTEES. IiEPORT I'EIIR E%DF.D I JUI.1' 2024 LEGAL AND ADMINISTRATIVE INFORMATION Status The organization is a Charity registered on the 21h March 1996. The Charity is govemed by a Declaration of Trust made on the 21st ol 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.Maniey Richard Quartey Registered Ollice and Operation Address Unit C118 Trident Business Centre 89 Bickersteth Road, Tooling London SW17 9SH Bankers Lloyds TSB HSBC Accountants Garth Francis FAIA, FIFA, MAAT,BA (Accounting & Finance) Tax Diagnostics & Co Trident Business Center 89 Bickerslelh Road SW17 9SH
INTFRNATIONAL CENTRAL C.()SPEI. CHURCH TRUST FINANCIAI. s'fATEME%TS AND TRUSTEES, REPORI. YTr.AR Tr-NDkD JI JUI.1 2 TRUSTEES REPORT Status and Administration The Charty is constituted and registered with the Charity Commission under charity number 1054082. Objects ol the Charity To advance the Christian larth in accordance with the statement ol beliels in London and in such other parts of the United Kingdom or the world as the Trustees may from lime10 lime think fit. To relieve persons who are in condrtions of need or ardship or who are aged or sick and10 relieve the disliess caused thereby in London and in such other parts of the UK or the world as the trustees may from time-to-time think ht To advance education in accordance wth Christian principles including by means of establishing and operating any educational esiablishmeni or esiablishments in London and in such other parts of the UK or the world as the Irusiees may from time to time think fit To promote and fulfill such Other charitable purposes beneficial lo Ihe communrty in London and in such Other parts of Ihe UK or the world as the Trustees may from time to lime think frt Governance and Internal Control Trustees serve lor a year period and may be re.elected. The Irusiees meet regularfy within the year to review the strategy and perfomiance and to set the operating plans and budgets. Financial Activities and Results The net incoming resources Iof the year amounted lo £9,31812023 is £6,508> leading lo total free funds carried forward of £339,064 as at 31 Sl July 2024. Investment Powers, Policy and Pertormance The memorandum and articles of association, which states clear guidelines on inv8Stments policy, governs the trustees, investments powers. Reserves The Irusiees have forecast the level ol free reserves {Ihai is those funds not lied up in tixed assets and designated as reslricled funds) that the charity will require lo sustain ils operations over the period when il is anticipated thai some of the income generating activities will be further funded lo garner more income. The level ol free reserve as at 31 st July 2023 was £ 329,746.
INTERYATIONAI.CENTRALC.OSPELC.HURCH TRUST Flh'AP¥CIAI. STATF,IF.liT5 AND TRU5TF.ES' REPORT YEAREliDED31 JUI.Y2024 Volunteers The Charity is grateful lor the unsiiniing effort of its volunleefs who are involved in service provision. Members are given free %MII, Ihout any lomi of coercion, to determine their torm and level of suppjrt, manually or financially, to the charity, Grant Making Policy The Charty did not award any grants. Risk Management The trustees examine ltte major risks thai the ministry laces in each financial year when Pfeparing and updating the strategic plan. The Charity has developed systems 10 monitor and control these risks to mrtigate any impact that they may have on the organisation in the future. Including.. An annual review of the risk which the charity may lace The eslablishmeni ol systems and procedures10 mitigate those risks identrfied in the plan The implementation ol procedures designed to minimise any potential impact on the charrty should any ol those risks materialise. Accouniing and Reporting Responsibilities The Chanties Act 2011 requires the Iiusiees of the charity to prepare financial siaiem8nls lor each financial year which give true and lair wew ol the charrty's financial activities dursng the year and ol ils financial posrtion al 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 thai are reasonable and piudenl. 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 concem basis unless it is inappropriate 10 assume thai 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 ai any time, and lo enable them as trustees lo ensure thal the financial statement comply with charity law. The Trustees are also responsible lor safeguarding the chanty's assets, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Rev racious Selassie Awoye Dale.. 1710712025
INTERNATIOI4AL CEN"fRAL GOSPEI,CHURCH TRUST FlTr¥.4NCIAI. STATEMF.YfFi AND TRUSTF.F.S' REPORT .IR ENDED JI JULI. 2024 ACCOUNTANTS, AND INDEPENDENT EXAMINER'S FIEPORT I rewrt on the accounts ol the charity loi the period ended 31 JUSY 2024 as are sei out on pages 610 10. Flesponsibilities and basis of report As the charity's trustees, you are responsible for the preparation ol the accounts in accordance with the requirements ol the Charities Act 2011 {Ihe Act.). I report in respect ol my examination ol the Trust's accounts carried out under section 145 01 the 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charrty Commission under section 145{5llbl of the Act Independent examiner's Slalement l am qualified lo undertake the examination by being a qualified member of The Association ol International Accountants (FAIA}. I have completed my examination, I confirm Ihal no material matters have come to my attention in connection vith the examination lolher than that disclosed below'l which gives me cause to believe that in, any material respect.. the accounting records were not kept in accordance with section 130 01 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 ol accounts sel out in the Chanlies IAccounis and Reports) Regulations 2008 other than any requirement thai the accounts give a 'true and lairf 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 Ihis report in order to enable a proper understanding of the accounts to be reached. Gart rancis FAIA, FIFA Tax Diagnostics & Co Dale., 1710712025
INTERIYATIONALCF'NTRALC.OSPF.L CHURCH TRUST FlliilliCI,*L sTATEIENTs AND TRUSTELS. RF.PORT YF.AR F.1% Dk-D 31 JLI.1' 2024 STATEMENT OF FINANCIAL ACTIVITIES 2024 2024 2024 2023 NOTE RESTRICTED UNRESTRICTED TOTAL TOTAL INCOMING RESOURCES Incoming resources from generated funds; 140,514 140,514 175,397 TOTAL INCOMING RESOURCES 140,514 140,514 175,397 RESOURCES EXPENDED Cost ol generating funds Charitable Activrties 131,196 131,196 168,889 Govemance Costs TOTAL RESOURCES EXPENDED 131,196 131,196 168,889 NET INCOMEIEXPENDITURE FOR THE YEAR BEFORE TRANSFER 9,318 9,318 6,508 Gains on revaluation ol assets Nel Movements in lunds 9,318 9,318 6,508 Total Funds Brought Forward Total Funds Carried Forward 185,238 329,746 329,746 329,746 185,238 339,064 339,064 514,984 Restricted 185,238 185,0&8 185,238 185,238 Unrestricted 339,064 339,746 329,746 There were no recognized gains or losses for the period Other Ihan those included in the Slalement of Financial Actimties.
INTERNATIONAL CENTRAL GOSPF.I, CHURCH TRUST INANCIAI. f¥TATEIEy1TS TRlsSTF.ES' REPORT YEAR EYDED 3 L Tr. 2024 BALANCE SHEET Note 2024 2023 Fixed Assets Tangible Assets Investments 157,000 158,816 403 036 560,036 561,852 Currents Assets Cash & Bank 1,619 6,979 2,206 Debtors Credilois,. falling due within one year (750.}- Net Current Assets 169 Total Assets 564,566 564,058 Credrtors.. falling due after one year NET ASSETS INCOME FUNDS Restrided 185,238 185,238 Unrestricted TOTAL FUNDS All incoming resources and resources expended derive from continuing activities. .. N.rA..... and signed on ils behalf ty.. Trustees
INTERNATIONALCENTRALGOSPEI.CHURCH TRUST blNANCI.4L ST..II'F.11 F.fl'S ,ND TRUSTF.ES' REPORT 'E,*R F'NDTr;D 31 JUI.1' 2024 Notes lo the Financial Statements lor the year ended 31 st July 224 ACCOUNTING POLICIES IA) Accounti n Convention & Com liance These accounts have been drawn up on the basis ol a going concem and the financial statements prepared under the historical cost convention with items recognized ai cosi or transaction value unless olhewse staled in the relevant note (s} to these accounts. The accounts have been prepared in accordance with the Statement ol Recommended Practice.. Accounting and Reporting by Charities prepanng their accounts in accordance with the Financial Reporting Slandaid applicable in the UK and Republic of Ireland IFRS 1021 issued on 16 July 2014 and wth the Charities Act 2011. IBI Reco nilion ol Income and Ex enditure Voluntary income is received by way ol 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 teen included. Resources expended are recognized in the perioo in which they are incurred. Resources expended include attributable VAT which cannot be recovered. General Funds Revenue grants and other income and expendiluie associated with the general operations ol the charity and ils international projects are dealt with in the General Funds. Restricted Funds These comprise donations, legacies or Oiher 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 fell0hlp. A reconciliation ol these funds is shown in Note 15 Endowment Funds There is currently no endowment fund.
INTERf4ATIONALCEf*l'RAL GOSPEL CHURCH TRLIST INANCIAI. STI1TF.lETs AND TRU5TEES' REPORT YEARENDED31 LY2 {ci De reciation All fixed assets are capitalized. The charge lor depreciation is calculated lo write off the cost ol the fixed assets over their uselul lives on the following bases.. MLJsical Equipment Motor Vehicles Furniture & fittings Officelcomputer Equipment Freehold Office 25.10 on the reducing balance 25Q/¢ on the reducing balance 25 % on the reducing balarKe 25PA on the reducing balance 10/0 on the Straighl-Line Method Assets are depreciated from the lime at which they are brought into use. Investments Fixed assets investments in quoted shares, traded bonds and similar inveslmenis are valued initially at cost and subsequently at lair value Ilheir market valuel al the year end. The same tfeaimenl is applied10 unlisted investment unless fair value cannot be measured reliably in which case il is measured at COSI less impairment. Investments held for resale or pending their sale and cash and cash equivalents wlh a maturity dale of less than 1 year are treated as current asset investment.
Ir4TTr:RNATIONAI.CkNTRALGOSPELCHURCH TRUST FIANcAI. STAT:7 Tr:NVi AND TRUSTkES' REPORT YEAR ENDED 024 2. DONATIONS AND SIMILAR INCOMING RESOURCES RESTRICTED UNRESTRICTED 2024 2024 Total 2023 Ttthes & offering Gift Aid Repayment 130,016 130,016 165,469 140,514 140,514 175,397 3. CHARITABLE ACTIVITIES 2024 2024 2023 Rent.Office & Church 20,995 20,995 23,815 Media 3,586 21,323 Salaries 46,732 46,732 36,402 Mission 12,709 12,709 Honorarium 20,522 20,522 16,035 Pension 1,872 1,872 6,140 Motor Vehicle Expenses General Aclminislraiion Cost 5,405 5,405 4,687 14,614 14,614 28,787 Equipment Bank Charges Music Ministry 1,165 1,165 2,152 297 297 239 1,188 1,188 928 Prolesslonal Fees 750 750 7,176 HMRC - PAYE 10,739 Depreciation 1,360 457 131 196 168 889 10
INTLRNATIOWALCENTRALC.OSPELCFIURCHTRUST FINANCIAL STA TElF.lT5 AND TRUS'I'F.F.S' REP()RT 'EAR EiYDED31 JULI'2024 4. TANGIBLE FIXED ASSETS Freehold Property Computer Equipment Musicd Equipment Motor Vehicle Furniture & Fixture Total COST At 31 July 2022 157,000 16,289 83,305 15,595 2,852 275,041 Addilions Al 31 July 2024 157,000 16,289 83,305 15,595 2,852 275,041 DEPRECIATION Al 31 July 23 Charge in period At 31 July 2024 15,946 82,191 1,114 15,507 2,695 157 116,225 1,360 16,289 83,305 15,595 2,852 117,586 NET BOOK VALUE Al 31 July 2Q24 Al 31 July 2023 157,000 0.00 00.00 00.00 158,361 157,000 1,114 88 157 158,816 5, CREDITORS- due after one year 2024 2023 Loan - Mortgage