2024-03-31-accounts - Mount Zion-The Prayer Mountain

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MOUNTAIN OF GLORY CHURCH FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

MOUNTAIN OF GLORY CHURCH

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

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 2024

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
	33 Postmill Road
	Sandwich
	Kent
	CT13 0FU
	Email:info@lightaccountants.co.uk
	lightcnglobalservices@gmail.com
	*Tel:01304729369 Mobile:07429137985*

MOUNTAIN OF GLORY CHURCH REPORTS OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

The Trustees present their report and accounts for the year ended 31 March 2024. 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.

MOUNTAIN OF GLORY CHURCH

REPORTS OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 MARCH 2024

Objectives and Activities

Our main focus remains the same – bringing people together through religious activities, church services, counseling, and seminars. We also strive to support those in need within the local community and create safe, fun spaces for young people through various social events.

Here’s what we’ve been up to this year to make these goals a reality:

We held youth conferences and camp meetings during school holidays, giving young people a chance to connect and grow in faith.
We carried out missionary activities to spread the message of hope and love.
We launched a business empowerment program to help our members and the wider community start or grow their ventures.
We made donations and sent gifts to people in need, both here in the UK and abroad.
We ran a food bank to ensure no one in our community went hungry.
We provided welfare support to members of our church.
We shared the gospel of Jesus Christ through outreach events, conferences, and church services.

Achievements and Public Benefit

We’re proud to share some highlights from the past year:

We offered spiritually uplifting services throughout the year, including mid-week prayer meetings and our Saturday praise services. These services brought together modern music and deep Bible teachings, which our members found enriching.
We organized youth programs during school holidays, inviting young people from our local community to join in. The feedback has been incredible, with many looking forward to more events.
We supported food banks and orphanages in Africa and extended a helping hand to the less privileged in our church community.
Through our business empowerment programs, we’ve helped members kickstart or expand their businesses.
We celebrated key events like Mother’s Day, Children’s Day, Valentine’s Day, and Father’s Day, bringing joy to our members and their families.

Volunteers

We’re incredibly grateful to our volunteers for their time and dedication. Over 1,500 volunteer hours were contributed this year, and if we were to put a value on that time based on the current minimum wage, it would be worth over £20,000. That’s a huge blessing, and we couldn’t do what we do without them!

MOUNTAIN OF GLORY CHURCH

REPORTS OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 MARCH 2024

Financial Review

The impact of the pandemic continues to be felt, especially in our church’s finances, as reduced attendance at in-person events has affected our income. For the year ending 31 March 2024, our total income came to £137,983, which is very significant lower than the £161,228 we received the previous year.

Our primary sources of funding include voluntary contributions such as tithes, donations, and offerings from our members. While these contributions were lower this year, an increase in rental income provided essential support in covering the charity's expenses. Additionally, we received income through Gift Aid from HMRC. Looking ahead, we plan to explore grant opportunities to help fund our upcoming community outreach initiatives before the end of the year. As of now, the church’s total net worth stands at £295,730.

We’ve kept a balance in our accumulated surplus of unrestricted funds to ensure we’re prepared for future needs. The Trustees consistently review our reserves to make sure they’re sufficient to meet current commitments and any upcoming demands on the church’s resources.

Plans for the Future

Looking ahead, we’re committed to sustaining and growing our membership while increasing our efforts to help those in need around the world. Here’s what we’re planning:

Expanding our outreach to support the less fortunate, both locally and globally.
Organizing more social activities for young people, not only in our local community but also in Africa.
Continuing to host our regular annual events, including conferences and Vacation Bible School, as well as other social gatherings aimed at benefiting society.

With God’s grace and the support of our members, we look forward to making an even greater impact in the coming years.

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 2024

	Notes 2a 2b 3 4 - -	Notes 2a 2b 3 4 - -	Unrestricted Funds 43,867 85,238 8,878 137,983 122,552 23,513 146,065 8,082 - - 8,082 303,812 295,730
All figures are in £
Incoming resources from generating funds: Donations Rental Income Other Income( Football,Gift Aid, 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 31/03/2024

		-
		-

MOUNTAIN OF GLORY CHURCH BALANCE SHEET AS AT 31 MARCH 2024

All figures are in £ FIXED ASSETS Notes Mar-24 Tangible assets 6 663,298 Intangible assets - Total fixed assets 663,298 CURRENT ASSETS Debtors 7 140,788 Cash at Bank and Hand 54,833 Total current assets 195,622 LIABILITIES Creditors:amount falling due within one year 8 (1,080) Net Current assets and Liabilities 194,542 Total Assets less Current Liabilities 857,840 Creditors:amount falling due after more than one year 9 Loans (562,110) Net asset or liabilities excluding pension asset or liability - Total net assets or liabilities 295,730 THE FUNDS OF THE CHURCH Church Fund and Reserve 295,730 TOTAL CHURCH FUNDS 295,730 APPROVED BY: Pastor Charles Tamakloe Trustee
		54,332 50,319

			654,467 (350,655) -
			303,812
			303,812

			303,812

MOUNTAIN OF GLORY CHURCH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

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.

MOUNTAIN OF GLORY CHURCH

NOTES TO THE FINANCIAL STATEMENTS (Continues) FOR THE YEAR ENDED 31 MARCH 2024 2. a Voluntary income

2. a Voluntary income
b c 3. Cost of Charitable Activities 4. 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 All figures are in £ Accounatncy Fee Consultancy Fees Legal and Professional fees Bank Charges	Unrestricted Funds 43,867 8,773 52,641 Unrestricted Funds 85,238 85,238 Unrestricted Funds 105

		105


	Unrestricted Funds 1,080 2,235 1,141 19,057
	23,513

MOUNTAIN OF GLORY CHURCH

NOTES TO THE FINANCIAL STATEMENTS (Continues) FOR THE YEAR ENDED 31 MARCH 2024

5. Employees

All figures are in £		Mar-24 59,156 - 1,099 60,255	Mar-23
			62,244 - 6,510
Wages & Salaries PAYE & NIC Pension
			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 526,360 111,696 - 638,056 0% £ - - - 638,056 526,360	Total 779,489 - 663,298 551,602
DEPRECIATIONS CHARGE Cost Opening Balance Addition Disposal Revaluations Transfer As 31/03/2023 Depreciation rates Depreciation Balance b/f Charge for the year NET BOOK VALUE 31/03/2024 31/03/2023
		141,433
		0% £ 116,191


		116,191

		25,242

		25,242

MOUNTAIN OF GLORY CHURCH

NOTES TO THE FINANCIAL STATEMENTS (Continues) FOR THE YEAR ENDED 31 MARCH 2024

Receivables: Mar-24 All figures are in £ 7 Debtors 140788 Rental Income - 140,788 8 Creditors: amounts falling due within one year Mar-24 All figures are in £ Other Creditors 1,080 1,080 9 Creditors: amounts falling due within more than one year All figures are in £ Mar-24 Mortgage 477,013 Bank Loan 30,097 Other creditors 55,000 562,110

10 Unrestricted funds All figures are in £	At 2023 303,812	Incoming resources 137,983	At Outgoing resources 2024 146,065 295,730

MOUNTAIN OF GLORY CHURCH

INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES OF MOUNTAIN OF GLORY CHURCH

FOR THE YEAR ENDED 31 MARCH 2024

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

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
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 33 Postmill Road Sandwich CT13 0FU

MOUNTAIN OF GLORY CHURCH

SCHEDULE OF INCOME AND EXPENDITURE FOR THE YEAR ENDED 31 MARCH 2024 MOUNTAIN OF GLORY CHURCH

SCHEDULE OF INCOME AND EXPENDITURE FOR THE YEAR ENDED 31 MARCH 2024		17,467 17,467 105,085	43,867 85,238 105 8,773
All figures are in £
RECEIPTS: Incoming Resources: Offering Rentals Football 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 Repairs and Maintainance Telephone Fax and Internet Services Church Office Expenses 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
			137,983
			146,065
	3,353 5,257 1,400 6,094 59,156 1,099 21,640 461 3,612 2,456 557
	19,057 1,080 2,235 1,141
		122,552
		23,513

		23,513

			8,082 -