MOUNTAIN OF GLORY CHURCH FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
MOUNTAIN OF GLORY CHURCH
## CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
|Church Legal and Administrative Information
Report of the trustees
Statement of financial activities
Balance Sheet
Notes to the Accounts
Independent examiner’s statement
Schedule of income and expenditure|Page|
|---|---|
||1
2-4
5
6
7-10
11
12|
## MOUNTAIN OF GLORY CHURCH
## CHURCH LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 MARCH 2023
|CHARITY NO NUMBER:|**1086971(England and Wales)**|**1086971(England and Wales)**|
|---|---|---|
|TRUSTEES:|**Pastor Charles Tamakloe**||
||**Mrs Abigail Tamakloe**||
||**Mr Rapheal Tamakloe**||
||**Joy Dhillon**||
||**Joseph Otto**||
||**Ritnatu Kwatiah**||
|REGISTERED OFFICE:|**East**|**Wing, Castle house,**|
||**Dawson Road,**||
||**Mount Farm,**||
||**Milton Keynes**||
||**MK11QY**||
|BUSINESS ADDRESS:|**East**|**Wing, Castle house,**|
||**Dawson Road,**||
||**Mount Farm,**||
||**Milton Keynes**||
||**MK11QY**||
|BANKER:|**Natwest Bank**||
||**15 Bridge Road**||
||**Wembley**||
||**Middlesex**||
||**HA9**|**9AE**|
|INDEPENDENT EXAMINERS:|**Light Accountants Ltd**||
||**33 Postmill Road**||
||**Sandwich**||
||**Kent**||
||**CT13 0FU**||
||**Email:info@lightaccountants.co.uk**||
||**lightcnglobalservices@gmail.com**||
||**_Tel:01304729369 Mobile:07429137985_**||
1
MOUNTAIN OF GLORY CHURCH REPORTS OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023
The Trustees present their report and accounts for the year ended 31 March 2023. The Trustees confirm that the Annual report and financial statements of the Charity comply with the current statutory requirements, the requirements of the Charity's governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (as amended for accounting periods commencing from 1 January 2016)
## STRUCTURE, GOVERNANCE AND MANAGEMENT
The management of the church is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
## **Governing Document**
The Church is an unincorporated charity, and her governing document consists of a charitable trust deed registered with the Charity Commission.
## **Appointment of Trustees**
Trustees are nominated by the chair. In appointing trustees, consideration is given to individuals who have adequate experience in running organized youth groups, training and education and community outreach.
## **Policies Adopted for the Induction and Training of Trustees**
The induction process for any newly appointed member of the Trustees comprises an initial meeting with the Chair and other Trustees, followed by a series of short meetings with the Minister in Charge on the powers and responsibilities of the Trustees.
## **Organisational Structure and Decision Making**
The church is organised so that the trustees meet quarterly to manage its affairs. The Minister in charge manages the day-to-day administration of the church with the assistance of other members of staff. At quarterly Trustee meetings, agreement is made by the Trustees on the strategy and activities of the charity which includes charitable donations, investments, reserves and risk management policies and performance.
## **Risk Management**
The charity has assessed all the major risks to which the charity is exposed to, especially in areas of operations and finances of the charity and are satisfied that systems are in place to mitigate exposure to major risks.
**2**
MOUNTAIN OF GLORY CHURCH
## REPORTS OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 MARCH 2023
## **Objectives and Activities**
The principal activities of the charity continue to focus on providing religious activities, church services, counselling, seminars, support to the needy in the local community, and organizing social events for youths, among other community-based services.
To further these objectives, we have undertaken the following activities:
1. Organizing youth conferences and camp meetings during school holidays.
2. Conducting various missionary activities.
3. Implementing a business empowerment program for our members and the wider community.
4. Making donations and gifts to the less privileged, both within and outside the UK.
5. Operating a food bank for those in need.
6. Providing welfare support to our members.
7. Promoting the gospel of Jesus Christ through community outreach events, conferences, and church services.
Achievements and Performance for Public Benefit: The charity has continued with its public benefit efforts as
follows:
1. Offered a range of services throughout the year that are spiritually fulfilling and beneficial to our members and the community. This includes mid-week prayer meetings and our traditional Saturday praise service featuring modern music and in-depth Bible teachings.
2. Hosted youth programs, inviting youths from the community to participate. These activities, traditionally organized during school breaks and holidays, have received outstanding feedback.
3. Contributed to food banks, orphanages in Africa, and assisted the needy within our church community.
4. Organized business empowerment programs to support members in starting or expanding their businesses.
5. Celebrated Mother’s Day by honoring mothers in our church and community. Other social events throughout the year included Children’s Day, Valentine’s Day and Father’s Day celebrations.
## **Volunteers**
The church is grateful for the generous efforts of our volunteers who are involved in service provision It is estimated that more than 1500 volunteer hours were provided during the year. If this is conservatively valued at current minimum wage per hour, the volunteer efforts will amount to over £20,000.00.
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MOUNTAIN OF GLORY CHURCH
REPORTS OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 MARCH 2023
## **Financial Review**
The aftermath of the pandemic has had a significant impact on our church's income, resulting in decreased attendance at in-person events. For the year ending 31 March 2023, the church's total incoming resources amounted to £161,228, compared to £166,420 in the previous year.
The charity's main sources of funding are voluntary contributions, including tithes, donations, and offerings from church members. Additionally, we receive income through Gift Aid from HMRC and rental income. As of the current date, the charity's total net worth stands at £303,812. We maintain a balance in the accumulated surplus of unrestricted funds, which is reserved for future anticipated demands on the charity's resources. The Trustees regularly review the church's reserve position to ensure it remains sufficient for our commitments and future needs.
## **Plans for future periods**
The church plan is to continue to sustain the church membership and increase the activities in helping the needy around the world and to continue organizing social activities for the youths in the local community and Africa. The church also intends to continue to host its regular yearly conferences and vacation bible school in UK and other social events for the benefit of the society.
## **STATEMENT OF TRUSTEES’ RESPONSIBILITIES**
The trustees are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of charity and of the incoming resources and application of resources of the charity for that year. In preparing these financial statements the trustees are required to:
- select suitable accounting policies and then apply them consistently.
- observe the methods and principles in the Charities SORP.
- make judgements and estimates that are reasonable and prudent.
- state whether applicable UK Accounting Standards have been followed, subject to any material departures
- disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the
- charity 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 charity and enable them to ensure that the financial statements comply with the Charities Act 2011 and the Charity (Accounts and Reports) Regulations 2008. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## **SIGNED ON BEHALF OF BOARD BY:**
**Pastor Charles Tamakloe Trustee Date**
4
## MOUNTAIN OF GLORY CHURCH
## STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023
||**Notes**
2a
2b
3
4|**Notes**
2a
2b
3
4|**Unrestricted**
**Funds**
77,708
64,787
18,733
**161,228**
112,190
31,816
**144,007**
17,221
-
-
**17,221**
286,591
**303,812**||
|---|---|---|---|---|
|All figures are in £|||||
|Incoming resources from generating funds:
Donations
Rental Income
Other Income( Football, Grant, seminars,marriages)
**Total incoming resources**
Resources Expended
Charitable activities
Governance costs
**Total resources expended**
**Net incoming resources/(net outgoing resources)**
before transfers between funds
Transfer between funds
Other recognise gains and losses
**Net movement in funds**
Total funds brought forward
**Total funds carried forward for the year ended 31/12/2023**|||||
||||||
||||||
||||||
||||||
||||||
5
## MOUNTAIN OF GLORY CHURCH BALANCE SHEET AS AT 31 MARCH 2023
|All figures are in £
FIXED ASSETS
Notes
Mar-23
Tangible assets
6
551,602
Intangible assets
-
Total fixed assets
551,602
CURRENT ASSETS
Debtors
7
54,332
Cash at Bank and Hand
50,319
Total current assets
104,651
LIABILITIES
Creditors:amount falling due within one year
8
(1,786)
Net Current assets and Liabilities
102,865
Total Assets less Current Liabilities
654,467
Creditors:amount falling due after more than one year
9
Provisions for liabilities and charges.
(350,654.84)
Net asset or liabilities excluding pension asset or liability
-
Total net assets or liabilities
303,812
THE FUNDS OF THE CHURCH
Church Fund and Reserve
303,812
TOTAL CHURCH FUNDS
303,812||Mar-22
558,674
-
558,674
57,550
24,386
81,936
(5,414)
76,522
635,196
(348,605)
-
286,590
286,590
286,590|Mar-22
558,674
-
558,674
57,550
24,386
81,936
(5,414)
76,522
635,196
(348,605)
-
286,590
286,590
286,590|
|---|---|---|---|
|||57,550
24,386||
|||||
|||||
||||635,196
(348,605)
-|
||||286,590|
||||286,590|
|||||
||||286,590|
APPROVED BY:
Pastor Charles Tamakloe
Trustee
................................................... Date
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MOUNTAIN OF GLORY CHURCH
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
## **1. Accounting policies**
The accounting policies have been applied consistently throughout the year and the preceding year.
## **a. Basis of accounting**
The financial statements have been prepared in accordance with the 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 of Ireland (FRS 102) (as amended for accounting periods commencing from 1 January 2016) and Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and Charities Act 2011.
## **b. Incoming resources**
Income resources have been clearly broken down to show the various sources of funds for the charity. The unrestricted income consists of funds the charity has discretionary control as regards its disbursement. Please note that all incoming resources are only accounted for in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy.
Voluntary income is received by way of grants, donations and gifts and is included in full in the statement of financial activities when it is receivable while donated services and facilities are included at the value to the charity where this can be quantified. The value of services provided by volunteers has not been included.
Gifts donated for resale are included as incoming resources within activities for generating funds when they are sold.
## **c. Resources expended**
Resources expended shows the governance cost and money spent on charitable activities. Expenditure is recognised on accrual basis as a liability is incurred. Expenditure could be VAT inclusive if it cannot be fully recovered, and it is reported as part of the expenditure to which it relates.
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
## **d. Tangible fixed assets and depreciation**
The Mortgage is classified as freehold assets and has been recognised at cost and all the cost associated with bringing the building to its present condition have been capitalised.
Fixtures, fittings, and equipment are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or value of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Fixtures, Fittings, and Equipment - 5%
7
## MOUNTAIN OF GLORY CHURCH
## NOTES TO THE FINANCIAL STATEMENTS (Continues) FOR THE YEAR ENDED 31 MARCH 2023 **2. a Voluntary income**
|**3. **
**4. **|**b**
**c**
**Cost of Charitable Activities**
**Governance Costs**
All figures are in £
Church Offering
Gift Aid
All figures are in £
Rental Income
All figures are in £
Other Income
Football
All figures are in £
Mountain of Glory Church||||**Unrestricted**
**Funds**
77,708
16,197
**93,905**
**Unrestricted**
**Funds**
64,787|**Unrestricted**
**Funds**
77,708
16,197
**93,905**
**Unrestricted**
**Funds**
64,787|||
|---|---|---|---|---|---|---|---|---|
||||||**64,787**||||
||||||**Unrestricted**
**Funds**
1,781
755||||
||||||||||
|||||||**2,536**|||
|||||**Activities**
**Undertaken**
**directly**
112,190|||||
|||||112,190|||||
|||||**Unrestricted**
**Funds**
890
5,400
4,740
20,786|||||
|All|figures are in £||||||||
|Accounatncy Fee
Consultancy Fees
Legal and Professional fees
Bank Charges|||||||||
|||||**31,816**|||||
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MOUNTAIN OF GLORY CHURCH
## NOTES TO THE FINANCIAL STATEMENTS (Continues) FOR THE YEAR ENDED 31 MARCH 2023
|**5. Employees**
All figures are in £
Wages & Salaries
PAYE & NIC
Pension||**Mar-23**
59,062
-
1,455
**60,517**|**Mar-22**|
|---|---|---|---|
||||62,244
-
6,510|
||||**68,754**|
**No employee received emoluments of more than £60,000.00 during the period under review. Number of employees = 1. (This is calculated based on full-time equivalents)**
## **6. Tangible Fixed assets Movements.**
|All figures are in £|**Fixtures**
**Fittings and**
**Equipments**
141,433|**Fixtures**
**Fittings and**
**Equipments**
141,433|**Land**
**and**
**Building**
526,360
-
526,360
0%
£
-
-
-
526,360
526,360|**Total**
**667,793**
**7,072**
**551,602**
**558,674**|
|---|---|---|---|---|
|DEPRECIATIONS CHARGE
**Cost**
Opening Balance
Addition
Disposal
Revaluations
Transfer
As 31/03/2022
Depreciation rates
**Depreciation**
Balance b/f
Charge for the year
NET BOOK VALUE
31/03/2023
31/03/2022|||||
|||141,433|||
|||5%
£
109,119
7,072|||
||||||
||||||
|||116,191|||
||||||
|||25,242|||
||||||
|||32,314|||
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MOUNTAIN OF GLORY CHURCH
## NOTES TO THE FINANCIAL STATEMENTS (Continues) FOR THE YEAR ENDED 31 MARCH 2023
|**Receivables:**
All figures are in £
7 Debtors
Rental Income
8**Creditors: amounts falling due within one year**
All figures are in £
Trade creditors
PAYE and NIC
Other Creditors
9**Creditors: amounts falling due within more than one year**
All figures are in £
Mortgage
Bank Loan
10 Unrestricted funds
All figures are in £|Mar-23
54331.75
-
**54,332**
Mar-23
20,786
-
890
**21,676**
Mar-23
314,657
35,999
At
2022
**286,591**|Incoming
resources
**161,228**|At
Outgoing
resources
2023
**144,007**
**303,812**|
|---|---|---|---|
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MOUNTAIN OF GLORY CHURCH
## INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES OF MOUNTAIN OF GLORY CHURCH
## FOR THE YEAR ENDED 31 MARCH 2023
**Respective** The charity's trustees are responsible for the preparation of the accounts. **responsibilities of** The charity’s trustees consider that an audit is not required for this year **trustees and examiner** under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed.
It is my responsibility to:
- examine the accounts under section 145 of the Charities Act,
- to follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act, and
- to state whether particular matters have come to my attention.
## **Independent examiner's statement**
My examination was carried out in accordance with 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 the trustees concerning any such matters. The procedures undertaken 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.
In connection with my examination, no matter has come to my attention
1. which gives me reasonable cause to believe that in, any material respect, the requirements:
- to keep accounting records in accordance with section 130 of the Charities Act; and
- to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act
- have not been met; or
2. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Independent examiner
**Light Accountants Ltd 33 Postmill Road Sandwich CT13 0FU**
11
## MOUNTAIN OF GLORY CHURCH
## SCHEDULE OF INCOME AND EXPENDITURE FOR THE YEAR ENDED 31 MARCH 2023
|All figures are in £||9,071
9,071
103,119|77,708
64,787
755
1,781
16,197|
|---|---|---|---|
|**RECEIPTS:**
Incoming Resources:
Offering
Rentals
Football
Refund
Gift Aid
**Total receipts**
**CHARITABLE ACTIVITIES:**
**Grants**
Charitable donations
**Church management and administration**
Service Charges
Insurance
Equipment Expense
Motor and Travelling Expenses
Wages & Salaries
Pension
Building Refurbishment and Maintainance
Telephone Fax and Internet Services
Church Office Expenses
Depreciation
Sundry
Computer Software
**Total Expenditure**
**TOTAL CHARITABLE ACTIVITIES EXPENDITURE**
**Governance Cost**
Bank Charges/interest on Loan
Accountancy Fees
Consultancy Fees
Legal and Professional fees
**TOTAL GOVERNANCE COSTS**
**TOTAL PAYMENTS**
**Excess of receipts over payments**||||
||||**161,228**|
||||144,007|
||21,336
4,426
3,850
2,772
59,062
1,455
572
573
838
7,072
309
855|||
|||**112,190**||
|||||
|||**31,816**||
|||||
||||**17,221**|
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