REGISTERED CHARITY NUMBER: 1068726 onal Charismatic Church ouse of er ort of the Trustees and Unauditsd Flnanel I ents for the Year Ended 31 December 2023
Ins irational Charlsm Chureh House or er Contents of the Financi81 Statements for the ear ended 31 December 2023 PAge Reference 2nd Admini$tratlve Details Report ofthe Trustees Independent Examiner's Report Statement of Flnanelal Activities Bfilance Sheet Notes to the Flnancial Statements 7 to 12 Detslled Statement of Finaneial Activities 13 to 14
irational Charismatie chUb House of er Referenee and Administrative Detslls for Ihe ear ended 31 December 2023 TRUSTEES Revd. Seth Mensah Alex Teinor Nana Marfo Bonsu Kwabena O Bonsu Ms Emelia Otua-Acheampong (appointed 7.1.23) PRINCIPAL ADDRESS 171 Hertford Road Edmonlon London N9 7EP REGISTERED CHARITY NUMBER 1068726 INDEPENDENT EXAMINER Frank Jay & Co Chartered Certified Accountants 89A Kingsland High Street DalMon London E8 2PB Page I
Ins ng1 hmreh ouse of rt of the Trnstees ear ended 31 December 2023 for the The trustees present their reFM)rt with the financial ststements of the charity for the year ended 31 December 2023. The trustees have adopted the provisions of Accounting and RegK)rting by Charities: Statement of Recommended Practice applicable to charities preparing their a¢¢ounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019). OWEcfivES AND A1VITIEs Objectives and alm$ The principal activities of the Charity have been: a) To advance the Christian faith in a¢¢ordan¢e with the Stament of beliefs appearing in the Schedule hereto in London and in such other parts of the United Kingdom or the world as the Trustees may from time to time think fit. b) 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 United Kingdom or the world as the TNstee$ may from tim¢ to time think fit. ¢) To advanrx education in accordance with Christian principles in London and in such other parts of the United Kingdom or the world as the Trustees may from time to time think fit. d) To promote and fulfjl such other charitable puTw)ses beneficial io the community in London and in such other parts of the United Kingdom or the world &8 the Trustees may from tim¢ to time think fit. ACHIEVEMENT AND PERFORMANCE Charltable aetlvltles The global impact of the Covid-19 pandemic conlinues to afftct the attendance and membetship of the church. However, the charity ¢ontinues to achieve a slowly SdY growth in several areas of the church. The charity also embarked on community service and outreach programmes whereby we donated several food items to individuals and people in the local community. FINANCIAL REVIEW Flnanclal posltlon The charity continues to have a healthy financial position. voluntary income increased slightly by 2.76%. Overall, the totsl funds of the charity increased to £1.857.970 as compared io £1.808.060 in the previous year. Reserves pollcy The Charity aims to retain sufficient reserve equivalent to a minimum of three months ovethead commitments of £36,000, these reserves are held in liquid funds and this level of reserves has been maintained during most of the period in question. Golng eoneern Based on the forecast and projections and rf0MIan¢e of the Charity. the Board of Trustees is of the opinion that ICC (House of Prayer) has adequate resour¢¢s to continu¢ in opetional existence for the foreseeable future. srRUCTURE, COVERNANCE AND MANAGEMENT Covernln8 document The governing instruclrnent of the charity is its adopted constitution (Tn deed) dated 12 January 1998. Trnstee are appointed ty agreement of a quorum of the currenl trustees. The trustees meet at least 4 limes in th¢ year. The day-lo-day operation of the charity is ntrOlled and managed by the tnlee5. Risk management The truslees have assessed the major risks to whi¢h the charity is expose¢ in particular those relating to the operations and finance of the charity and are satisfied that systems and controls are in place to mitigate their exposure to the major risks. Page 2
irational Charismatic Church Hou5¢ of er rt of the Trustees for the ear ended 31 December 2023 kb.. o.9Th6£1..2alL¥.... and signed on its behalf by: Approved by order of the boanl of trustees on . . Nana Marfo Bonsu - Trustee Page 3
Inde endent Exdminer'5 Re ort to thc Trustees of Ins irational Charismalic Church House of rai'er Independent examiner's report lo the trustees of Inspirational Charismatic Chur¢h (House of prayer) I report lo the charity trustees on my examinalion of the accounts of ICC (House of prayer) (the Trusi) for the year ended J l December ?0?" Responsibilities and basis of report As the charity trustees of ihe Trust you are responsible for thc preparntion of Ihe accounts in accordance iviih (he requiremLnis of the Charities Act ?0 I i ('Ihe Act.). I report in respect of my examinaiion of ihe TSt'S accounts carried our under Section 145 of the Aci and in carrying oul my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act. Independent examiner's statemenl Since your charity's gross income exceeded £?iO.000 Jour examiner musi be a member of a listed bod),. I can confimi that l am qualified to undertake the examination because l am a member of the Association of Chartered Certified Accountants, %vhich is one of the lisied bodies. I have completed my examination. I confirni ihat no material matters have come lo my attention in connection wilh the examination giiving me cause io believe thai in any malerial respect- accounting records were not kepi in respeci of the Trust as required by" Section 130 of ihe Act- or the accounts do nol accord wilh those records: or the accounts do not complv Ivith Ihe applicable requirenienls concernin(I the fonn and contenl of acc()unts set oui in the Charities (Accounts and R¢ports) Re?ulaiions ?008 other than any requiremeni Ihai the accounts give a true and fair view which is not a matter considered as part of an independent examinaiion. I have no concerns and have come across no oiher mallers in connection with the eiaminaiion to which attention should be drdivn in Ihis report in order to enable a proper understsnding of the accounts io be reached. Margaret Banwell(FCCA, MBA) Frank JaN' & Co Cliartered Certified Accounlanls 89A Kingsland Hi£h Sireel Dalslon London E8 ?PB 13 10-?* Page 4
Ins iratlonal Charismgtle Chureh er Statement of Financlal Activities ear ended 31 December 2023 31.12.23 Unrestrieted funds 31.12.22 Total funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 432,582 370.468 Investment income 1.742 Total 435 427 372.210 EXPENDITURE ON Charitsble activities Cost of church actlvities and ministries Support costs Governance costs 322,709 2,829 246,956 2,875 Total 385 517 306.067 NET INCOME 49,910 66,143 RECONCILIATION OF FUNDS Total funds brought forward 1,808.060 ,741,917 TOTAL FUNDS CARRIED FORWARD 1,857 970 1,808 060 The notes form part of these financial statements Page 5
Ins irational Charismalic Church House or er Balance Sheet 31 Deeember 2023 31.12.23 Unrestricted funds 31.12.22 Totsl runds Notes FIXED ASSETS Tangible assets 1,379216 .388,155 CURRENT ASSETS Deblors Cash at bank and in hand io 18,312 461937 15,624 412.106 480249 427.730 CREDITORS Amounts falling due within one year (1,495) (7,825) NET CURRENT ASSETS 478 754 419.905 TOTAL ASSETS LESS CURRENT LIABILITIES 1,857,970 1,808,060 NET ASSETS 1857.970 1808,060 FUNDS Unrestricted funds: General fund 12 1857 970 1.808.060 TOTAL FUNDS 1857 970 1808,060 The financial statements were approved by the Board of Truslees and authorised for issue on 1.g.l..Qr3DAdL.2o2Jb..... and were signed on its behalf by: Nana Marfo Bonsu - Trustee George Kwame Defor- Treasurer The notes fonn part of these financial statements Page 6
las iratlonal Ch House or er Notes to the FSnaneial Statements for the ear ended 31 December 2023 ACCOUNTING POLICIES Basis of preparing the finanelal statements The financial statements of the charity. which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'A¢counting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance wtth the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019),, Financial Reporting SLdard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, and th¢ Charities Act 2011. The financial statanents have been prepared under the historical cost tonvention. Incoming resourc All income is recognised in the Ststement of Financial Activities once the charity has entitlement to the funds. it is probable that the income will b¢ re¢eived and the amount can be measured reliably. Voluntary income is received by way of donation& offering and tithe and is accounted for in the statement of financial activities on receivable basis. Donations under Gift Aid plus aSslated tax re¢overy are recognised as income when the donation is rec¢iv¢d. Resource expanded Liabilities are recognised as expenditure as soon a5 the is a legal or constructive obligation committing the charity to that expenditure. it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliabty. Expenditure is a¢¢ounted for on an a¢cruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to parti¢ular headings they have been allocated to activities on a basis consistent with the use of resources. Governance costs represents direct expenditure on the governance of the church. including the prLNluction and independent s¢rutiny of th¢s¢ financial statements. Support costs are those costs incurred indirectty in support of expenditure on the objectives of the Charity. Tangible fixed assets Depreciation is provided the following annual rates in order to wri* off each asset over its estimated useful life. Freehold property Plant and machinery Motor vehicles in accordan¢e with the property 150/0 on cost 25Y• on cost Taxation The charity is exempt from tsx on its charitable activities. Fund accounting Unrestricted funds can be used in accordance with the charttable obi¢ctives * the discretion of the trustees Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when fd5 are raised for particular restricied purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statemen The Charity had no restricted funds in the curttnt or previous year. Hire purchase and kasing Commitments Rentals paid under operating leases are charged to the Ststement of Financial Activities on a straight line basis over the peri(xi of th¢ lease. Page 7 continued...
In$ irational Charnmatic Chureb House of Notes to the Financial Statements- continued ror the ear ended 31 Deeember 2023 ACCOUNTING POLICIES- contlnoed Pension costs and other post-retirement benefits The charity operdtes a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Ststement of Financial Aclivities in the period to whi¢h they relate. DONATIONS AND LECACIFS 31.12.23 31.12.22 Offerings Donations and tithes Gift aid Harlow branch income Northampton branch income Luton branch income 47,325 135,420 57.652 42.645 30,280 12,695 110,155 55.183 31,585 20,261 140 589 432 582 INVESTMENT INCOME 31.12.23 31.1122 Rents received Deposit a¢count interest 1.500 1,500 242 CHARITABLE AcfiviTIES COSTS Support eosts (see note 5) Dlre¢l Costs Totsls Cost of church a¢tivities and rninistries Support costs Governance costs 322,709 322,709 2,829 2.829 385 517 SUPPORT COSTS Covernanee Flnanee Totats Support costs Governance costs 2,829 2.829 59,979 Page 8 continued...
Ins irational Charismat. House of er Notes to the Finanelal Ststements- contlnued for the esr ended 31 Deeember 2023 TRUSTEES, REMUNERATION AND BENEFITS There were no tru5tees' remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022. Trn$t¢es' expenses There were no trustees, expenses paid for the year ended 31 De¢ember2023 nor for the year ended 31 December 2022. STAFFCOSTS 31.1123 31.12.22 Wages and salaries Other pslon Costs 58.347 1232 54.713 59,579 55.836 The average monthly number of employees during the year was as follows: 31.1123 31.12.22 Pastoral No employees received emoluments in excess of £60.0(M). COMPARATIVES FOR THE STATEMENT OF FINANCIAL A1VITIEs Unrestricted funds INCOME AND ENDOWMENTS FROM Donations and lewi¢s 370,468 Investment Incle 1.742 Total EXPENDITURE ON Charitsble gctivities Cost of church a¢tivities and ministri¢s Support costs Governance costs 246.956 2,875 Totsl 306.067 NET INCOME 66,143 RECONCILIATION OF FUNDS Total funds brought forward ,741,917 TOTAL FUNDS CARRIED FORWARD 1.808.060 Page 9 conlinued...
irational Charismatic Church House of ra er Notes to the Financial Statements- contlnued for the ear ended 31 Deeember 2023 TANGIBLE FIXED ASSETS Freehold property Plant And machinery Motor vehlcles Tortal$ COST At l January 2023 Additions .471.791 201,864 21,050 1,694,705 9.791 At 31 December 2023 471791 211655 1704 496 DEPRECIATION At l January 2023 Charg¢ for year 109.412 8,343 176,088 21,050 306550 At 31 December 2023 186 475 325 280 NET BOOK VALUE At 31 Dettmber 2023 1,354 036 379216 At 31 December 2022 1362 379 388 155 io. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.23 31.12.22 Members soft loans Accrued incom¢ Prepayments 4.200 1,500 1,800 1,500 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.23 31.12.22 Trade creditors Taxation and social UrIty Other creditors 457 238 800 6.555 470 800 12. MOVEMENT IN FUNDS Net movement in funds At 31.12.23 At 1.1.23 Unrestricted funds General fund 1,808,060 49,910 1,857,970 TOTAL FUNDS 1808.060 1,857,970 Page 10 continued...
Ins Irational Chartsmatle Chmreh House or er Notes to the Financial Statements - contlnued for the ear ended 31 December 2023 12. MOVEMENT IN FUNDS - Continued Net movement in fund5, in¢luded in the above are as follows: In¢omlng resources Resources expended Movement in funds Unrestrleted funds General fimd 435,427 (385.517) 49,910 TOTAL FUNDS 435 427 385 517) Comparatlves for movement In ndS Net movement In funds At 31.12.22 At 1.122 Unrestrlcled funds General fund .741,917 66,143 1.808,060 TOTAL FUNDS 1741917 1808 060 Comparative net movement in funds, included in the above are as follows: Ineomlng resources Resourees expended Movement In funds Unrestrlcted funds General fund 372,210 (306,067) 66,143 TOTAL FUNDS 372 210 306 067) A current year 12 months and prior year 12 months combined position is as follows: Net movement In funds At 31.1123 At 1.1.22 UDrestrlcted funds General fund 1.741.917 116,053 1.857,970 TOTAL FUNDS 1741917 116053 1857 970 Pagell continued...
IDS irgtional Charismatic Church House of er Notes to the Fin*nttal Statements- eontinued ror Ihe ear ended 31 December 2023 MOVEMENT IN FUNDS- eODtlnued A CunI year 12 months and prior year 12 months combined net movement in fimds, included in the above are as follows: Incoming resourees Resources expended Movement in funds Unrestrieled funds General fund 807,637 (691.584) 116.053 TOTAL FUNDS 807 637 691584) 116,053 13. RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 31 December 2023. Pag¢ 12
irati01121 Charismatie Cburch House of er Detailed Statement of Finaneial Activities for the ear ended 31 December 2023 31.1123 31.12.22 IIYCOME AND ENDOWMENrs Donations and legacies Offerings Donations and tithes Gift aid Harlow branch income Northampton branch income Luton branch income 47,325 135,420 57,652 42,645 30.280 119.260 12,695 110.155 55,183 31,585 20,261 140.589 432.582 370.468 Investrnent Income Rents received Deposit account interesl 1,500 1.345 1,500 242 Totsl incomlng resollr¢es 435,427 372210 EXPENDITURE Charltable actlvities Security ¢osts Repairs and maintenance Rates and water Insurance Light and heat Telephone Postage and stationery Donation and welfare Cleaning and decoration Chxldren's and Youth ministy Ghana branch costs Harlow branch costs Luton branch costs Ministy and outreach Northampton bran¢h costs Wornen's ministy costs Equipment expensed Depre¢sation of tangible fixed assets 480 6,960 2,659 1,966 3,852 3,166 1.659 28.131 1.342 9239 51.458 45.208 83,719 36,374 22.369 4,000 1,397 18.730 480 6,773 2.436 1.781 3,323 2.354 .835 21,400 ,003 2,632 21,399 30,930 77.118 28,491 20,100 ,950 5.690 17.261 322,709 246,956 Support costs Finance Bank charges 2,829 2.875 Governanee eosts Wages Carried forward 58.347 58,347 54,713 54.713 This page does noi form part of the statutory financial statements Page 13
Iratlon matie Church House of er Detailed Slatemetht of finaneial Actfvities for the ear ended 31 December 2023 31.1123 31.12.22 Governan¢¢ costs Brought forward Pensions Examin&s fee 58.347 1,232 400 54,713 1,123 400 56 Total resources expended 385 517 306,067 Net Income 49.910 This page not forni part of the ststutory finan¢ial statements Page 14