2024-03-31-accounts

REGISTERED CHARITY NUMBER: 1087928

Report of the Trustees and

Unaudited Financial Statements for the Year Ended 31

March 2024 for

CLIWOM SANCTUARY OF PRAISE

FKAY SOLUTIONS Suite F6, Wood Street Business Centre 195 Wood Street London E17 3NU

CLIWOM SANCTUARY OF PRAISE

Contents of the Financial Statements for the Year Ended 31 March 2024

	Page	Page	Page
		1
Report of the Trustees
		2
Independent Examiner's Report
		3
Statement of Financial Activities
		4
Balance Sheet
	5	to	9
Notes to the Financial Statements
		10
Detailed Statement of Financial Activities

CLIWOM SANCTUARY OF PRAISE

Report of the Trustees for the Year Ended 31 March 2024

The trustees present their report with the financial statements of the charity for the year ended 31 March 2024. 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).

OBJECTIVES AND ACTIVITIES

Objectives and aims.

The objectives of the Church as set out in Declaration of Trust are:-

(a) The advancement of Christian Faith in the United Kingdom or abroad

(b) The relief of persons who are in conditions of need, hardship, or distress or who are aged sick, in the United Kingdom or abroad.

The principal activities of the Church are Christian worship and involvement of various ministries and ministers of religion in propagating Christian tenets to members (and non-members) of the ministry at various meetings.

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

1087928

Principal address

709 Old Kent Road Old British Gas Depot London SE15 1JZ

Trustees

Miss Stella Balogun Mr John O Shadare Pastor William Oladeji Fayeun

Independent Examiner

FKAY SOLUTIONS Suite F6, Wood Street Business Centre 195 Wood Street London E17 3NU

Approved by order of the board of trustees on 06 January 2025 and signed on its behalf

by:

Stella Balogun

Trustee

Page 1

Independent Examiner's Report to the Trustees of CLIWOM SANCTUARY OF PRAISE

Independent examiner's report to the trustees of CLIWOM SANCTUARY OF PRAISE

I report to the charity trustees on my examination of the accounts of CLIWOM SANCTUARY OF PRAISE (the Trust) for the year ended 31 March 2024.

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:

1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or 2. the accounts do not accord with those records; or

2. 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.

FKAY SOLUTIONS Suite F6, Wood Street Business Centre 195 Wood Street London E17 3NU

Date: 06 January 2025

Page 2

CLIWOM SANCTUARY OF PRAISE

Statement of Financial Activities for the Year Ended 31 March 2024

----- Start of picture text -----
31.3.24 31.3.23
Unrestricted Total
fund funds
Notes £ £
INCOME AND ENDOWMENTS FROM
Donations and legacies 215,131 196,829
EXPENDITURE ON
Charitable activities 2 85,452 84,252
Other direct costs 86,920 76,229
Total 172,372 160,481
NET INCOME 42,759 36,348
RECONCILIATION OF FUNDS Total
funds brought forward 239,962 203,614
TOTAL FUNDS CARRIED FORWARD 282,721 239,962
----- End of picture text -----

The notes form part of these financial statements

Page 3

CLIWOM SANCTUARY OF PRAISE

Balance Sheet 31 March 2024

----- Start of picture text -----
31.3.24 31.3.23
Unrestricted Total
fund funds
Notes £ £
FIXED ASSETS
Tangible assets 5 265,103 266,814
CURRENT ASSETS
Debtors 6 47,860 -
Cash in hand 12,429 24,561
60,289 24,561
CREDITORS
Amounts falling due within one year 7 (22,842) (20,935)
NET CURRENT ASSETS 37,447 3,626
TOTAL ASSETS LESS CURRENT
LIABILITIES 302,550 270,440
CREDITORS
Amounts falling due after more than one
year 8 (19,829) (30,478)
NET ASSETS 282,721 239,962
FUNDS 10
Unrestricted funds 282,721 239,962
TOTAL FUNDS 282,721 239,962
----- End of picture text -----

The financial statements were approved by the Board of Trustees and authorised for issue on 06 January 2025 and were signed on its behalf by:

Stella Balogun

Trustee

The notes form part of these financial statements

Page 4

CLIWOM SANCTUARY OF PRAISE

Notes to the Financial Statements for the Year Ended 31 March 2024

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.

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.

continued...

Page 5

CLIWOM SANCTUARY OF PRAISE

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

2. EXPENDITURE

Premises costs

----- Start of picture text -----
|||| |---|---|---| |31.3.24|31.3.23| |£|£| |Rent, rates and other premises costs|85,452|84,252|

----- End of picture text -----

3. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023.

4. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

----- Start of picture text -----
||| |---|---| |Unrestricted| |fund| |£| |INCOME AND ENDOWMENTS FROM| |Donations and legacies|196,829| |EXPENDITURE ON| |Raising funds|84,252| |Other|76,229| |Total|160,481| |NET INCOME|36,348| |RECONCILIATION OF FUNDS| |Total funds brought forward|203,614| |TOTAL FUNDS CARRIED FORWARD|239,962|

----- End of picture text -----

continued...

Page 6

CLIWOM SANCTUARY OF PRAISE

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

5. TANGIBLE FIXED ASSETS

Fixtures Long and Motor Computer leasehold fittings vehicles equipment £ £ £ £ COST At 1 April 2023 and 31 March 2024 355,095 42,443 30,455 167,230 DEPRECIATION At 1 April 2023 91,073 41,429 30,181 165,726 Charge for year 807 254 274 376 At 31 March 2024 91,880 41,683 30,455 166,102 NET BOOK VALUE At 31 March 2024 263,215 760 - 1,128 At 31 March 2023 264,022 1,014 274 1,504 6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.24 £ Other debtors 47,860 7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.24 £ Other creditors 22,842 8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 31.3.24 £ Bank loans (see note 9) 19,829 9. LOANS An analysis of the maturity of loans is given below: 31.3.24 £ Amounts falling due in more than five years: Repayable by instalments: Bank loans more 5 yr by instal 19,829

Totals £ 595,223 328,409 1,711 330,120 265,103 266,814 31.3.23 £ - 31.3.23 £ 20,935 31.3.23 £ 30,478 31.3.23 £ 30,478

continued...

Page 7

CLIWOM SANCTUARY OF PRAISE

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

10. MOVEMENT IN FUNDS

At 1.4.23 £ Unrestricted funds General fund 239,962	Net movement in funds £ 42,759	At 31.3.24 £ 282,721
TOTAL FUNDS 239,962	42,759	282,721
Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 215,131	Resources expended £ (172,372)	Movement in funds £ 42,759
TOTAL FUNDS 215,131	(172,372)	42,759
Comparatives for movement in funds At 1.4.22 £ Unrestricted funds General fund 203,614	Net movement in funds £ 36,348	At 31.3.23 £ 239,962
TOTAL FUNDS 203,614	36,348	239,962
Comparative net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 196,829 (160,481)		Movement in funds £ 36,348
TOTAL FUNDS 196,829	(160,481)	36,348

continued...

Page 8

CLIWOM SANCTUARY OF PRAISE

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

10. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds General fund	Net movement At At 1.4.22 in funds 31.3.24 £ £ £ 203,614 79,107 282,721
TOTAL FUNDS	203,614 79,107 282,721
A current year 12 months and prior year 12 months combined net movement in funds, included i the above are as follows: Incoming Resources Movement resources expended in funds £ £ £ Unrestricted funds General fund 411,960 (332,853) 79,107
TOTAL FUNDS	411,960 (332,853) 79,107

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

11. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 March 2024.

Page 9

CLIWOM SANCTUARY OF PRAISE

Detailed Statement of Financial Activities for the Year Ended 31 March 2024

----- Start of picture text -----
31.3.24 31.3.23
£ £
INCOME AND ENDOWMENTS
Donations and legacies
Donations 132,302 117,234
Premises & equipments donations 82,829 79,595
215,131 196,829
Total incoming resources 215,131 196,829
EXPENDITURE
Premises costs
Rent and rates 85,452 84,252
Support costs and Management
Insurance 1,433 1,252
Finance
Bank charges 802 699
Human resources
Evangelism and welfare costs 83,685 73,278
Governance costs
Remuneration for non audit work 1,000 1,000
Total resources expended 172,372 160,481
Net income 42,759 36,348
----- End of picture text -----

This page does not form part of the statutory financial statements

Page 10