## **TOWER OF FAITH FOUNDATION** **TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** **JSA & ASSOCIATES QUALIFIED ACCOUNTANTS CHALLENGE HOUSE 616 MITCHAM ROAD CROYDON CR0 3AA** **CHARITY REGISTRATION NUMBER 1064078** ## **TOWER OF FAITH FOUNDATION** |**CONTENTS**|**PAGE**| |---|---| |Legal and administrative information|3| |Trustees report|4-5| |Independent Accountant's report|6| |Statement of Financial Activities|7| |Balance Sheet|8| |Notes forming part of the financial statements|9-10| 2 ## **TOWER OF FAITH FOUNDATION** **TRUSTEES:** Rev. Alfred Ansong Bimpong Mr Andrew Osei Bimpong Mrs Joyce Bimpong **ORGANISATION ADDRESS:** 34 Park Royal Road London NW10 7LN **BANKERS:** HSBC Bank Plc 46 Ealing Broadway London W5 5JZ **ACCOUNTANTS:** JSA & ASSOCIATES ACCOUNTANTS Challenge House 616 Mitcham Road CR0 3AA 3 ## **TOWER OF FAITH FOUNDATION** ## **TRUSTEES' REPORT** The trustees have pleasure in submitting their report and accounts for the period ended 31 December 2024. The financial statements have been prepared in accordance with the accounting policies set out on Page 8, and comply with the Statement of Recommended Practice and applicable law. ## **Constitution, Objectives of the Organisation, Principal Activities and Organisation of our work** The Church is constituted under a trust deed and is registered with the Charity Commission. The objectives of the Church as set out in the Declaration of Trust are: - a) The advancement of the Christian Faith in the United Kingdom and abroad. - b) The relief of persons who are in condition of need, hardship or distress in the United Kingdom or abroad. The principal activities of the church are Christian worship and involvement of various ministries and ministers of religion to propagate Christian tenets, relief of poverty, provision of overseas aid and assistance to victims of famine. The church has been involved in Christian programs, these are designed to increase Christian awareness and the spread of the gospel of our Lord Jesus Christ. ## **Future Developments** The Church will continue to focus its activities to meet the objectives of the Trust. ## **Review of financial position** The net increase in resources for the period amounted to £3,877. 4 ## **TOWER OF FAITH FOUNDATION TRUSTEES' REPORT (continued)** ## **Statement of Trustees' Responsibilities** The Charities Act 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 Organisation and of the surplus or deficit of the organisation for that period. In preparing those financial statements, the trustees are requested to: - Select suitable accounting policies and then apply them consistently; - Make judgements and estimates that are reasonable and prudent; - State whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements; - Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Organisation will continue in operation. The Trustees are responsible for keeping proper accounting records, which disclose with reasonable accuracy at any time the financial position of the Organisation and to enable them to ensure that the financial statements comply with the Charities Act. They are also responsible for safeguarding the assets of the Organisation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. ## **Accountants** The accountants, Messrs. JSA & Associates have expressed their willingness to stay in office. ## **Approval** This report was approved by the board of trustees and signed on its behalf by: ## **Mrs Joyce Bimpong** 5 ## **INDEPENDENT ACCOUNTANTS' REPORT TO THE TRUSTEES OF TOWER OF FAITH FOUNDATION** We examined the financial statement of Tower of Faith Foundation for the year ended 31 December 2024 set out on pages 6 to 10. These financial statements have been prepared under the Historical Cost Convention and the accounting policies set out on page 8. ## **Respective Responsibilities of Trustees and Independent Accountants** The Trustees responsibilities for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards are set out in the Statement of Trustees responsibilities on page 4 and 5. We have been appointed as independent accountants under Section 43 of the Charities Act 1993 and report in accordance with regulations made under Section 44 of that Act. Our responsibility is to examine the financial statements in accordance with relevant regulatory requirements and under United Kingdom Accounting Standards. We read other information contained in the Trustees’ Report and Financial Statements, and considered that it is consistent with the examined financial statements. ## **JSA & ASSOCIATES** Accountants Challenge House 616 Mitcham Road CR0 3AA 6 ## **TOWER OF FAITH FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR YEAR ENDED 31 DECEMBER 2024** ||**Notes**|**Unrestricted**|**Restricted**|**Total**|**Total**| |---|---|---|---|---|---| |||**Funds**|**Funds**|**2024**|**2023**| |||**£**|**£**|**£**|**£**| |**Incoming Resources**|**1.1**||||| |**Activities in furtherance of the**|**Church's**|**objects**|||| |Tithes and Offering||59,453||**59,453**|68,618| |Hall hire, events and radio||-||**-**|16,000| |Gift aid||10,901||**10,901**|8,823| |Bank interest||1,673||**1,673**|1,135| |Other income||-||**-**|-| |**Total Incoming Resources**||**72,027**|**-**|**72,027**|94,576| |**Resources Expended**|||||| |**Cost of generating funds**|||||| |Cost of Activities in furtherance|||||| |of objectives|**2**|53,454|-|**53,454**|58,258| |**Charitable Expenditure**|||||| |Management & Administration|**3**|14,696|-|**14,696**|12,951| |**Total resource expended**||**68,150**|**-**|**68,150**|71,209| |**Net Movement in funds for the**|**year**|3,877|-|3,877|23,367| |**Total funds brought forward**||209,262||209,262|185,895| |**Total funds carried forward**||**213,139**|**-**|**213,139**|**209,262**| There were no recognised gains or losses for the period other than those included in the Statement of Financial Activities The notes on page 7 to 10 form part of these financial statements. 7 ## **TOWER OF FAITH FOUNDATION BALANCE SHEET AS AT 31 DECEMBER 2024** |**Notes**
**Fixed Assets**
Tangible Assets
**Current Assets**
Cash at bank and in hand
**Current Liabilities**
Amounts falling due within one year
**Net Current Assets**
**Total Net Assets**
**Funds**
Unrestricted Funds
Restricted Funds
Reserves|**£**
246,303
2,100|**£**
**2024**
2,217
244,203|**£**
243,611
1,800|**£**
**2023**
2,704
241,811| |---|---|---|---|---| |||||| |||**246,420**||**244,515**| |||246,303
-
117||243,611
-
904| |||**246,420**||**244,515**| 8 ## **TOWER OF FAITH FOUNDATION NOTES TO THE FINANCIAL STATEMENT FOR YEAR ENDED 31 DECEMBER 2024** ## **Accounting Policies** ## **1. Basis of preparation of accounts** The accounts are prepared under the historical cost convention and include the results of the Organisation's operations which are described in the Trustees' Report and all of which are continuing. for Charity Accounts and the Charities Act 2011. The Organisation has taken advantage of the exemption in Financial Reporting Standard No.1 from the requirement to produce a cashflow statement on the grounds that it qualifies as a small Organisation. ## **1.1 Incoming Resources** ## Tithes and Offerings Income from tithes and offering, is included in incoming resources when these are received. ## Other Income Other Income comprises income from welfare donations & other donations and legacy payments. These are all deemed as unrestricted funds. ## **1.2 Tangible Fixed Assets for use by the Organisation and Depreciation.** Individual fixed assets costing £120 or more are capitalised at cost. Tangible fixed assets for use by the Church are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis: Equipment, Fixtures & Fittings 18% per annum Motor Vehicle 18% per annum The Organisation has taken advantage of the exemption in Financial Reporting Standard No. 1 from the requirement to produce a cashflow statement on the grounds that it qualifies as a small entity. ## **1.3 Value Added Tax** Value Added Tax is not recoverable by the Organisation, and as such is included in the relevant costs in the Statement of Financial Activities. 9 ## **1.4 Resources expended** Resources expended are included in the Statement of Financial activities on an accruals basis. Certain costs have been apportioned between Cost of Activities in Furtherance of Objectives and Management and Administration on the bases consistent with the use of those resources. ## **1.5 Funds Accounting** Funds held by the Churh: Unrestricted general fund - comprising funds which can be used in accordance with the charitable objects at the discretion of the trustees. Restricted funds - which were raised for particular restricted purposes and can only be used for those particular restricted purposes within the objects of the Church. ## **2. Cost of Activities in furtherance of objectives** |Rent
Instruments & Equipment
Honoraria
Donantions & Missionary
Training & Conferences
Telephone||**Unrestricted**
**£**
47,000
-
731
-
2,864
2,859|**Restricted**
**2024**
**2023**
**£**
**£**
**£**
47,000
50,961
-
-
731
1,450
-
400
2,864
2,727
2,859
2,720|**2023**| |---|---|---|---|---| |||**53,454**|**53,454**
**58,258**|| ## **3. Management and Administration** |Printing, Postage & Stationery
Bank Charges & interest
Insurance
Light and Heat
Repairs, Cleaning & Maintenance
Salary & Allowances
Depreciation
Website and zoom service
Accountancy & Legal Fees
Sundry Expenses|**Unrestricted**
**£**
135
183
400
6,980
980
3,600
487
313
600
1,018|**Restricted**
**2024**
**2023**
**£**
**£**
**£**
135
-
183
175
400
475
6,980
5,888
980
-
3,600
3,300
487
593
313
184
600
600
1,018
1,736|**2023**| |---|---|---|---| ||**14,696**|**-**
**14,696**
**12,951**|| 10