REGISTERED CHARITY NUMBER: 1079424
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
FOR
PAROLE DE FOI
Appiatse & Associates Chartered Certified Accountants 191 Waltham Way Chingford London E4 8AG
PAROLE DE FOI
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | ||
| Independent Examiner's Report | 2 | ||
| Statement of Financial Activities | 3 | ||
| Balance Sheet | 4 | ||
| Notes to the Financial Statements | 5 | to | 9 |
| Detailed Statement of Financial Activities | 10 |
PAROLE DE FOI
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023
The trustees present their report with the financial statements of the charity for the year ended 31 March 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1079424
Principal address
Flat 12 Broomfield House Massinger Street London SE17 1SY
Trustees
Pastor M K Doue P K Zoucouba S R Akichi
Independent Examiner
Appiatse & Associates Chartered Certified Accountants 191 Waltham Way Chingford London E4 8AG
Approved by order of the board of trustees on 8 May 2023 and signed on its behalf by:
Pastor M K Doue - Trustee
Page 1
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF PAROLE DE FOI
Independent examiner's report to the trustees of Parole de Foi
I report to the charity trustees on my examination of the accounts of Parole de Foi (the Trust) for the year ended 31 March 2023.
Responsibilities and basis of report
As the charity trustees of the Trust 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 Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do 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.
Ekow Appiatse
Appiatse & Associates Chartered Certified Accountants 191 Waltham Way Chingford London E4 8AG
9 May 2023
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PAROLE DE FOI
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023
| 31.3.23 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 93,047 EXPENDITURE ON Raising funds 56,139 Charitable activities Charitable services 300 Other 28,839 Total 85,278 NET INCOME/(EXPENDITURE) 7,769 RECONCILIATION OF FUNDS Total funds brought forward 86,313 TOTAL FUNDS CARRIED FORWARD 94,082 |
31.3.22 Total funds £ 101,665 73,315 950 30,897 105,162 (3,497) 89,810 86,313 |
|---|---|
The notes form part of these financial statements
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PAROLE DE FOI
BALANCE SHEET 31 MARCH 2023
| 31.3.23 Unrestricted fund Notes £ FIXED ASSETS Tangible assets 5 356 CURRENT ASSETS Debtors 6 51,610 Prepayments and accrued income 23,930 Cash at bank and in hand 38,806 114,346 CREDITORS Amounts falling due within one year 7 (20,620) NET CURRENT ASSETS 93,726 TOTAL ASSETS LESS CURRENT LIABILITIES 94,082 NET ASSETS 94,082 FUNDS 9 Unrestricted funds 94,082 TOTAL FUNDS 94,082 |
31.3.22 Total funds £ 733 51,610 23,930 33,883 109,423 (23,843) 85,580 86,313 86,313 86,313 86,313 |
|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 8 May 2023 and were signed on its behalf by:
M K Doue - Trustee
The notes form part of these financial statements
Page 4
PAROLE DE FOI
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial 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) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there 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 reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on cost Fixtures and fittings - 20% on cost Motor vehicles - 20% on cost
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at 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 funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.
Pension costs and other post-retirement benefits
The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
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continued...
PAROLE DE FOI
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
2. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2023 nor for the year ended 31 March 2022.
3. STAFF COSTS
The average monthly number of employees during the year was as follows:
| Pastors No employees received emoluments in excess of £60,000. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES INCOME AND ENDOWMENTS FROM Donations and legacies EXPENDITURE ON Raising funds Charitable activities Charitable services Other Total NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
31.3.23 31.3.22 3 3 Unrestricted fund £ 101,665 73,315 950 30,897 105,162 (3,497) 89,810 86,313 |
|---|---|
4. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
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continued...
PAROLE DE FOI
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
5. TANGIBLE FIXED ASSETS
| 5. | TANGIBLE FIXED ASSETS | |||||
|---|---|---|---|---|---|---|
| Fixtures | ||||||
| Plant and | and | Motor | ||||
| machinery | fittings | vehicles | Totals | |||
| £ | £ | £ | £ | |||
| COST | ||||||
| At 1 April 2022 and 31 March 2023 | 10,987 | 20,568 | 9,000 | 40,555 | ||
| DEPRECIATION | ||||||
| At 1 April 2022 | 10,256 | 20,566 | 9,000 | 39,822 | ||
| Charge for year | 377 | - | - | 377 | ||
| At 31 March 2023 | 10,633 | 20,566 | 9,000 | 40,199 | ||
| NET BOOK VALUE | ||||||
| At 31 March 2023 | 354 | 2 | - | 356 | ||
| At 31 March 2022 | 731 | 2 | - | 733 | ||
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | |||||
| 31.3.23 | 31.3.22 | |||||
| £ | £ | |||||
| Loans to Members | 27,200 | 27,200 | ||||
| Deposit for House | 24,410 | 24,410 | ||||
| 51,610 | 51,610 | |||||
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN | ONE YEAR | ||||
| 31.3.23 | 31.3.22 | |||||
| £ | £ | |||||
| Bank loans and overdrafts (see note 8) | 18,820 | 22,043 | ||||
| Other creditors | 1,800 | 1,800 | ||||
| 20,620 | 23,843 | |||||
| 8. | LOANS | |||||
| An analysis of the maturity of loans is given below: | ||||||
| 31.3.23 | 31.3.22 | |||||
| £ | £ | |||||
| Amounts falling due within one year on demand: | ||||||
| Bank loans | 18,820 | 22,043 |
continued...
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PAROLE DE FOI
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
9. MOVEMENT IN FUNDS
| At 1.4.22 £ Unrestricted funds General fund 86,313 TOTAL FUNDS 86,313 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 93,047 TOTAL FUNDS 93,047 Comparatives for movement in funds At 1.4.21 £ Unrestricted funds General fund 89,810 TOTAL FUNDS 89,810 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 101,665 TOTAL FUNDS 101,665 |
Net movement At in funds 31.3.23 £ £ 7,769 94,082 7,769 94,082 Resources Movement expended in funds £ £ (85,278) 7,769 (85,278) 7,769 Net movement At in funds 31.3.22 £ £ (3,497) 86,313 (3,497) 86,313 Resources Movement expended in funds £ £ (105,162) (3,497) (105,162) (3,497) |
|---|---|
continued...
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PAROLE DE FOI
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
9. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Net | |||
|---|---|---|---|
| movement | At | ||
| At 1.4.21 | in funds | 31.3.23 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 89,810 | 4,272 | 94,082 |
| TOTAL FUNDS | 89,810 | 4,272 | 94,082 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 194,712 | (190,440) | 4,272 |
| TOTAL FUNDS | 194,712 | (190,440) | 4,272 |
10. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2023.
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PAROLE DE FOI
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023
| 31.3.23 | 31.3.22 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Offerings & Donations | 66,829 | 68,028 |
| Gift aid | 26,218 | 31,167 |
| Grants | - | 2,470 |
| 93,047 | 101,665 | |
| Total incoming resources | 93,047 | 101,665 |
| EXPENDITURE | ||
| Raising donations and legacies | ||
| Ministers' salaries | 30,486 | 31,934 |
| Pensions | 1,212 | 1,212 |
| Outreach ministry | 24,441 | 40,169 |
| 56,139 | 73,315 | |
| Charitable activities | ||
| Bereavement / Welfare care | 300 | 950 |
| Other | ||
| Rent | 26,040 | 21,728 |
| Telephone | 239 | 243 |
| Postage and stationery | 119 | - |
| Repairs | 250 | - |
| Sundry expenses | - | 42 |
| Transportation | - | 2,120 |
| Bank charges | 14 | - |
| Consultancy fees | - | 4,165 |
| Plant and machinery | 377 | 377 |
| Fixtures and fittings | - | 222 |
| 27,039 | 28,897 | |
| Support costs | ||
| Governance costs | ||
| Accountancy and legal fees | 1,800 | 2,000 |
| Total resources expended | 85,278 | 105,162 |
| Net income/(expenditure) | 7,769 | (3,497) |
This page does not form part of the statutory financial statements
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