12 Lilafield Court T: 0121 360 6491 638 Kingstanding Road e: enquiries@randjaccountants.co.uk Birmingham B44 9SL w: randjaccountants.co.uk
Your ref: Our ref: W001 Date: 23 May 2024
PRIVATE & CONFIDENTIAL Mr Bruce Ferrossa Wolverhampton Asian Christian Fellowship 116 Church Road Bradmore Wolverhampton WV3 7EW
Dear Bruce,
Accounts for Period ended 31/03/2024
Please find attached final accounts for Wolverhampton Asian Christian Fellowship for the period ended 31/03/2024.
I propose to make no further comment on the accounts in this letter, but will be pleased to let you have any further information you may require.
Please review the attached carefully and if you are happy that the accounts can be approved please print out a set of each of the attached documents, obtain appropriate signatures where indicated on Trustees' Report and the Balance Sheet and return the signed documents to this office.
Should you have any queries or need to discuss anything related to the accounts, please do not hesitate to contact me.
Yours sincerely,
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Raj Patel R & J Accountants email: raj@randjaccountants.co.uk
Incorporated Financial Accountants, Business and Taxation Advisers Director: R D Patel FFA/FIPA FFTA ATT R & J Accountants is a trading name of R & J Accountants Ltd: Company registration: 07560274 VAT Number: 188 1878 50
ACCOUNTANCY TAXATION BUSINESS STARTUPS SUPPORT SERVICES COMPLIANCE SERVICES
Wolverhampton Asian Christian Fellowship
Charity No. 1086135
Trustees' Report and Unaudited Accounts
31 March 2024
Wolverhampton Asian Christian Fellowship CONTENTS
| Pages | |
|---|---|
| Trustees' Annual Report | 2 to 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Statement of Cash flows | 7 |
| Notes to the Accounts | 8 to 14 |
| Detailed Statement of Financial Activities | 15 |
Page 1
Wolverhampton Asian Christian Fellowship TRUSTEES ANNUAL REPORT
The Trustees present their report with the unaudited financial statements of the charity for the year ended 31 March 2024.
REFERENCE AND ADMINISTRATIVE DETAILS
Charity No. 1086135
Trustees
The following Trustees served during the year:
R. Dial
H. Kaul
R. Malhan
G. Tour
Accountants
R & J Accountants 12 Lilafield Court 638 Kingstanding Road Birmingham B44 9SL
OBJECTIVES AND ACTIVITIES
Objectives and aims
The advancement of the Christian Faith in accordance with the doctrines set out in the schedule and the worship of god in Wolverhampton and elsewhere by any means whatsoever including (but not by limitation) the preaching and proclamation of the Christian Gospel and the teaching of Christian doctrine and principles and the pastoral care of Christian people and the printing and distribution of the bible and christian literature.
Wolverhampton Asian Christian Fellowship continues to operate financially as an independent trust. The organisation activities include Sunday morning Meetings, a variety of mid-week home group meeting prayer meeting, outreach events - children's Sunday school and partnership youth event and activities.
ACHIEVEMENTS AND PERFORMANCE
Chartiable activities
Wolverhampton Asian Christian Fellowship continues to work in community in order to empower the local people of Wolverhampton and the wider community to take hold of their future and reach their full potential as individuals, socially, economically and morally.
FINANCIAL REVIEW
Principal funding sources
Principal funding came through our members. The support of our members continues to be a source of great strength and has truly been sacrificial and it's through their donations and love for what they provide that keeps us going as an organisation.
Reserves policy
Page 2
Wolverhampton Asian Christian Fellowship TRUSTEES ANNUAL REPORT
We aim to build up reserves in order to keep a contingency fund in the bank to cover the ongoing costs of the and charity for the security of the organisation. we would also like to hold some funds so that we can act on a timely basis to a higher level of excellence and reach any given need effectively. We believe our responsibility is to promote the principles of the Church faith in our community whilst addressing social needs of humanity and lovingly support and serve our local community so we can live in a safe and cohort community
PLANS FOR FUTURE PERIODS
Our aim is to continue to work to strengthening our relationship with the community and addressing the social and economical needs of our local community.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
Statement of trustees' responsibilities in relation to the financial statements
The charity trustees are responsible for preparing a trustees' annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.
Signed on behalf of the charity's trustees
G. Tour Trustee 24 May 2024
Page 3
Wolverhampton Asian Christian Fellowship INDEPENDENT EXAMINERS REPORT
Independent Examiner's Report to the trustees of Wolverhampton Asian Christian Fellowship
I report on the accounts of Wolverhampton Asian Christian Fellowship for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes.
Respective responsibilities of trustees and examiner
The charity's trustees are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under the Charities Act 2011, s.144(2) (the 2011 Act) and that an independent examination is needed.
Having satisfied myself that the charity is not subject to audit under charity law and is eligible for independent examination, it is my responsibility to:
-
examine the accounts under s.145 of the 2011 Act;
-
to follow procedures laid down in the general Directions given by the Charity Commission under s.145(5)(b) of the 2011 Act; and
to state whether particular matters have come to my attention.
Basis of independent examiner's report
My examination was carried out in accordance with the general directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a "true and fair" view and the report is limited to those matters set out in the statement below.
Independent examiner's statement
In connection with my examination, no matter has come to my attention:
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(1) which gives me reasonable cause to believe that in any material respect the requirements: to keep accounting records in accordance with s.130 of the 2011; and
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to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act,
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have not been met: or
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(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
J~~
Mr R D Patel
Institute of Financial Accountants
-
R & J Accountants
-
12 Lilafield Court
638 Kingstanding Road
Birmingham
B44 9SL
- 24 May 2024
Page 4
Wolverhampton Asian Christian Fellowship STATEMENT OF FINANCIAL ACTIVITIES
for the year ended 31 March 2024
| Notes Income and endowments from: Donations and legacies 3 Total Expenditure on: Charitable activities 4 Other 5 Total Net gains on investments Net income 6 Net income before other gains/(losses) Other gains and losses: Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
Unrestricted funds 2024 £ 74,996 |
Total funds 2024 £ 74,996 |
Total funds 2023 £ 62,608 |
|---|---|---|---|
| 74,996 36,570 16,769 |
74,996 36,570 16,769 |
62,608 37,768 17,496 |
|
| 53,339 - |
53,339 - |
55,264 - |
|
| 21,657 | 21,657 | 7,344 | |
| 21,657 | 21,657 | 7,344 | |
| 21,657 382,528 |
21,657 382,528 |
7,344 375,184 |
|
| 404,185 | 404,185 | 382,528 |
Page 5
Wolverhampton Asian Christian Fellowship BALANCE SHEET
at 31 March 2024
| Charity No. 1086135 Fixed assets Tangible assets 8 Current assets Cash at bank and in hand Creditors:Amount falling due within one year 9 Net current assets Total assets less current liabilities Net assets excluding pension asset or liability Total net assets The funds of the charity Restricted funds 10 Unrestricted funds 10 General funds Reserves 10 Total funds Approved by the trustees on 24 May 2024 |
2024 £ 333,135 333,135 74,176 74,176 (3,126) 71,050 404,185 404,185 404,185 404,185 404,185 404,185 |
2023 £ 333,480 |
|---|---|---|
| 333,480 49,328 |
||
| 49,328 (280) |
||
| 49,048 382,528 |
||
| 382,528 | ||
| 382,528 | ||
| 382,528 | ||
| 382,528 | ||
| 382,528 | ||
And signed on their behalf by:
G. Tour Trustee 24 May 2024
Page 6
Wolverhampton Asian Christian Fellowship STATEMENT OF CASH FLOWS for the year ended 31 March 2024
| Cash flows from operating activities Net income per Statement of Financial Activities Adjustments for: Depreciation of property, plant and equipment Decrease in trade and other receivables Increase/(Decrease) in trade and other payables Net cash provided by operating activities Net cash used in investing activities Net cash from financing activities Net increase in cash and cash equivalents Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year Components of cash and cash equivalents Cash and bank balances |
2024 £ 21,657 345 - 2,846 24,848 - - 24,848 49,328 74,176 74,176 74,176 |
2023 £ 7,344 459 1,651 (3,931) |
|---|---|---|
| 5,523 | ||
| (4,565) | ||
| - | ||
| 958 | ||
| 48,370 | ||
| 49,328 | ||
| 49,328 | ||
| 49,328 |
Page 7
Wolverhampton Asian Christian Fellowship NOTES TO THE ACCOUNTS
for the year ended 31 March 2024
- 1 Accounting policies
Basis of preparation
The financial statements have been prepared in accordance with 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 if Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
Change in basis of accounting or to previous accounts
There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.
Fund accounting
-
Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity.
-
Designated funds These are unrestricted funds earmarked by the trustees for particular purposes. Revaluation funds These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values.
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Restricted funds These are available for use subject to restrictions imposed by the donor or through terms of an appeal.
Income
-
Recognition of Income is included in the Statement of Financial Activities (SoFA) when the charity income becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability.
-
Income with related Where income has related expenditure the income and related expenditure is expenditure reported gross in the SoFA. Donations and Voluntary income received by way of grants, donations and gifts is included in the legacies the SoFA when receivable and only when the Charity has unconditional entitlement to the income.
-
Tax reclaims on Income from tax reclaims is included in the SoFA at the same time as the donations and gifts gift/donation to which it relates. Donated services These are only included in income (with an equivalent amount in expenditure) and facilities where the benefit to the Charity is reasonably quantifiable, measurable and material.
Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gains/(losses) on This includes any gain or loss resulting from revaluing investments to market value revaluation of fixed at the end of the year. assets Gains/(losses) on This includes any gain or loss on the sale of investments. investment assets
Page 8
Wolverhampton Asian Christian Fellowship NOTES TO THE ACCOUNTS
Expenditure
-
Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any VAT which expenditure cannot be fully recovered, and is reported as part of the expenditure to which it relates.
-
Expenditure on These comprise the costs associated with attracting voluntary income, fundraising raising funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and charitable activities services in the furtherance of its objects, including the making of grants and governance costs.
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Grants payable All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid.
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Governance costs These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs.
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Other expenditure These are support costs not allocated to a particular activity.
Taxation
The charity is exempt from tax on its charitable activities.
Tangible fixed assets and depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:
Plant and machinery 25% Reducing balance
Freehold investment property
Investment properties are revalued annually and any surplus or deficit is dealt with through the Statement of Financial Activities. No depreciation is provided in respect of investment properties.
Intangible fixed assets and amortisation
Intangible fixed assets (including purchased goodwill, patents and trademarks) are carried at cost less accumulated amortisation and impairment losses.
Stocks
Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.
Trade and other debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Page 9
Wolverhampton Asian Christian Fellowship NOTES TO THE ACCOUNTS
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.
Trade and other creditors
Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
Research and development
Expenditure on research and development is written off in the year in which it is incurred.
Foreign currencies
Monetary assets and liabilities denominated in currencies other than the functional currency of the charity are translated at the rates of exchange prevailing at the end of the reporting period. Transactions in currencies other than the functional currency of the charity are recorded at the rate of exchange on the date that the transaction occurred.
All exchange differences are are taken into account in arriving at net income/expenditure.
Leased assets
Where the charity enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.
Leases which do not transfer substantially all the risks and rewards of ownership to charity are classified as operating leases.
Assets held under finance leases are initially recognised as assets of the charity at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the charity's policy on borrowing costs.
Assets held under finance leases are depreciated in the same way as owned assets.
Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.
Page 10
Wolverhampton Asian Christian Fellowship NOTES TO THE ACCOUNTS
Pension costs
The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the charity pays fixed contributions into a separate entity. Once the contributions have been paid the charity has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the charity in independently administered funds.
2 Statement of Financial Activities - prior year
| Income and endowments from: Donations and legacies Total Expenditure on: Charitable activities Other Total Net income Net income before other gains/(losses) Other gains and losses: Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward 3 Income from donations and legacies Offerings & gifts Gift Aids |
Unrestricted £ 51,485 23,511 74,996 |
Unrestricted funds 2023 £ 62,608 62,608 37,768 17,496 55,264 7,344 7,344 7,344 375,184 382,528 Total 2024 £ 51,485 23,511 74,996 |
Total funds 2023 £ 62,608 |
|---|---|---|---|
| 62,608 37,768 17,496 |
|||
| 55,264 | |||
| 7,344 | |||
| 7,344 | |||
| 7,344 375,184 |
|||
| 382,528 | |||
| Total 2023 £ 62,608 - |
|||
| 62,608 |
Page 11
Wolverhampton Asian Christian Fellowship NOTES TO THE ACCOUNTS
4 Expenditure on charitable activities
| Expenditure on charitable activities Events & Activities Missionary Support Governance costs Trustees' Salary 5 Other expenditure Employee costs Motor and travel costs Premises costs Amortisation, depreciation, impairment, profit/loss on disposal of fixed assets General administrative costs Legal and professional costs 6 Net income before transfers This is stated after charging: Depreciation of owned fixed assets 7 Staff costs Social security costs Pension costs |
Unrestricted £ 3,509 12,586 20,475 36,570 Unrestricted £ 2,184 230 10,236 345 2,496 1,278 16,769 2024 £ 345 1,570 614 2,184 |
Total 2024 £ 3,509 12,586 20,475 36,570 Total 2024 £ 2,184 230 10,236 345 2,496 1,278 16,769 |
Total 2023 £ 3,324 13,969 20,475 |
|---|---|---|---|
| 37,768 | |||
| Total 2023 £ 614 500 12,761 459 2,565 597 |
|||
| 17,496 | |||
| 2023 £ 459 - 614 |
|||
| 614 |
No employee received emoluments in excess of £60,000.
Page 12
Wolverhampton Asian Christian Fellowship NOTES TO THE ACCOUNTS
8 Tangible fixed assets
| Cost or revaluation At 1 April 2023 At 31 March 2024 Depreciation and impairment At 1 April 2023 Depreciation charge for the year At 31 March 2024 Net book values At 31 March 2024 At 31 March 2023 9 Creditors: amounts falling due within one year Trade creditors Other taxes and social security Other creditors Accruals and deferred income 10 Movement in funds Restricted funds: Unrestricted funds: General funds Revaluation Reserves: Total funds |
At 1 April 2023 382,528 382,528 |
Land and buildings £ 332,102 332,102 - - - 332,102 332,102 2024 £ 895 4 1,394 833 3,126 Incoming resources (including other gains/losses ) £ 74,996 74,996 |
Plant and machinery £ 14,667 14,667 13,289 345 13,634 1,033 1,378 Resources expended £ (53,339) (53,339) |
Total £ 346,769 |
|---|---|---|---|---|
| 346,769 | ||||
| 13,289 345 |
||||
| 13,634 | ||||
| 333,135 | ||||
| 333,480 | ||||
| 2023 £ 129 (633) - 784 |
||||
| 280 | ||||
| At 31 March 2024 £ 404,185 |
||||
| 404,185 |
Page 13
Wolverhampton Asian Christian Fellowship NOTES TO THE ACCOUNTS
11 Analysis of net assets between funds
| 11 Analysis of net assets between funds | ||
|---|---|---|
| Fixed assets Net current assets 12 Commitments Operating lease commitments Annual commitments under non-cancellable operating leases are as follows: 2024 2024 Land and buildings Other £ £ Operating leases with expiry date: Pension commitments 2024 £ The pension cost charge to the charity amounted to: 614 |
Unrestricted funds £ 333,135 71,050 404,185 2023 Land and buildings £ |
Total £ 333,135 71,050 |
| 404,185 | ||
| 2023 Other £ 2023 £ 614 |
Page 14
Wolverhampton Asian Christian Fellowship DETAILED STATEMENT OF FINANCIAL ACTIVITIES
for the year ended 31 March 2024
| Income and endowments from: Donations and legacies Offerings & gifts Gift Aids Total income and endowments Expenditure on: Charitable activities Events & Activities Missionary Support Governance costs Trustees' Salary Total of expenditure on charitable activities Employee costs Employer's NIC Pension costs Motor and travel costs Fares Premises costs Rates Light, heat and power Premises cleaning Premises insurances Premises repairs and maintenance General administrative costs, including depreciation and amortisation Depreciation of Plant and machinery Information and publications Software, IT support and related costs Stationery and printing |
Unrestricted funds 2024 £ 51,485 23,511 74,996 74,996 3,509 12,586 16,095 20,475 20,475 36,570 1,570 614 2,184 230 230 513 5,421 228 2,012 2,062 10,236 345 157 569 468 |
Total funds 2024 £ 51,485 23,511 74,996 74,996 3,509 12,586 16,095 20,475 20,475 36,570 1,570 614 2,184 230 230 513 5,421 228 2,012 2,062 10,236 345 157 569 468 |
Total funds 2023 £ 62,608 - |
|---|---|---|---|
| 62,608 | |||
| 62,608 3,324 13,969 |
|||
| 17,293 | |||
| 20,475 | |||
| 20,475 | |||
| 37,768 - 614 |
|||
| 614 | |||
| 500 | |||
| 500 | |||
| - 8,899 - 1,651 2,211 |
|||
| 12,761 | |||
| 459 105 359 119 |
Page 15
Wolverhampton Asian Christian Fellowship DETAILED STATEMENT OF FINANCIAL ACTIVITIES
| Wolverhampton Asian Christian Fellowship DETAILED STATEMENT OF FINANCIAL ACTIVITIES |
|||
|---|---|---|---|
| Subscriptions Sundry expenses Telephone, fax and broadband Legal and professional costs Accountancy and bookkeeping Solicitor's fees Other legal and professional costs Total of expenditure of other costs Total expenditure Net gains on investments Net income Net income before other gains/(losses) Other Gains Net movement in funds |
225 692 385 2,841 550 120 608 1,278 16,769 53,339 - 21,657 21,657 - 21,657 |
225 692 385 2,841 550 120 608 1,278 16,769 53,339 - 21,657 21,657 - 21,657 |
80 1,559 343 |
| 3,024 | |||
| 525 72 - |
|||
| 597 | |||
| 17,496 | |||
| 55,264 - |
|||
| 7,344 | |||
| 7,344 - |
|||
| 7,344 |
Page 16