FULLWORD CHURH (FOR THE NATIONS)
FINANCIAL STATEMENTS 31[ST] DECEMBER 2022
Charity Number-1093603
FULLWORD CHURCH (FOR THE NATIONS)
Trustees
Mr Martin Sholagbade Mr Philip Osho Mr Fredrick Ayeyemi
- Chair - Secretary - Member
Minister in Charge
Pastor Olalekan and Pastor (Mrs) JoyceAkinleye
Charity number 1093603
Registered address
269a Barking Road Plaistow London E13 6AQ
Accountants
Abica Phil & Co Financial Accountants 1 Cotleigh Road West Hampstead London NW6 2NL
Bankers
Barclays Bank Plc
FULLWORD CHURCH (FOR THE NATIONS)
FINANCIAL STATEMENTS YEAR ENDED 31[st] December 2022
| CONTENTS | PAGE |
|---|---|
| Trustees’ annual report | 4 |
| Independent Examiner | 6 |
| Statement of the financial activities | 7 |
| Balance sheet | 8 |
| Notes to the financial statements | 9 |
FULLWORD CHURCH (FOR THE NATIONS)
TRUSTEES ANNUAL REPORT YEAR ENDED 31[st] December 2022
The trustees present their report and accounts for the period ended 31[st] December 2022as below:
Principal activities
The Fullword Church (For the Nations) is an independent and interdenominational Bible Church with Pastor OlalekanAkinleye as the presiding Pastor.
The charity's principal activities during the year continued to be faith activities, education, training, and help for children, young people, marriages and the elderlies.
Review of the current year
The year 2022 was a good and quite stable year for the Church though many of our members are still struggling to return to Church. All our functional departments are active and quite supportive of the ministry’s work. Our volunteers performed beyond expectation.
New Members joined the Church during the year and about 2 families left the Church as a result of moving house. Bro Martin Sholagbade was appointed the Chair of the Board of Trustees during the year from the Board after many years of excellent service to the Church. We are grateful to God for all the resources He gave us as a Church, well treasured are our faithful volunteers and committed members. Our pastoral team remain strong to the glory of God.
The Coming Year:
The Church's strategic focus for 2023 is to grow the Church spiritually and numerically. We will continue to review and refine our ministry’s activities so as to remain a sound Bible Church that we are known for.
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FULLWORD CHURCH (FOR THE NATIONS)
TRUSTEES ANNUAL REPORT (continued) YEAR ENDED 31[st] December 2022
RESPONSIBLITIES OF THE TRUSTEES
The trustees are responsible f or preparing the Trustees Annual Report a n d the financial statements in accordance with a p plicable law and regulations.
The law requires the trustees t o prepare financial statements in accordance with the United Kingdom, General Accepted A c counting Practice (United Kingdom Account i ng Standard and applicable law). The financial s t atements are required by law to give a true an d fair view of the state of affairs of the charity and of the surplus or deficit for that period.
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In preparing these financial state m ents, the trustees are required to:
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select suitable accountin g policies and then apply them consistently;
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make judgements and es t imates that are reasonable and prudent;
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prepare the financial sta t ements on the going concern basis unless it is inappropriate to presume that the charity w ill continue in operation.
The trustees are responsible f or keeping proper accounting records whi c h disclose with reasonable accuracy at any tim e the financial position of the charity and whic h enable them to ensure that the financial statem e nts comply with the Charities Act 1993, The C harity (Accounts and Reports) Regulations 2008 a nd the provision of the trust deed. The trustees are also responsibl e for safeguarding the assets of the charity and hence for taking reasonable steps for the preventi o n and detection of fraud and other irregularitie s .
The trustees who served during the year were as follows:
Mr Martin Sholagbade C h air Mr Philip Osho Se c retary Mr Fredrick Ayeyemi M e mber
This report was approved by the bo a rd on11[th] May2023.
Martin Sholagbade (Mr) Chairman
Philip Osho (Mr) Secretary
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FULLWORD CHURCH (FOR THE NATIONS)
INDEPENDENT EXAMINER’S REPORT YEAR ENDED 31[st] December 2022
RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER
The charity’s trustees consider that an audit is not required for this year (under section 43(2) of the Charities Act 1993 (the Act) and that an independent examination is needed.
It is my responsibility to:
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examine the accounts (under section 43 of the Act);
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to follow the procedures laid down in the General Directions given by the Charity Commission (under section 43(7) (b) of the Act); and
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to state whether particular matters have come to my attention.
BASIS OF THE INDEPENDENT EXAMINER’S REPORT
My examination was carried out in accordance with the General Directions given by the Charity Commissioners. 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 undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts.
INDEPENDENT EXAMINER’S STATEMENT
In the course of my examination, no matter has come to my attention:
(1) which gives me reasonable cause to believe that in, any material respect, the trustees have not met the requirements to ensure that:
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proper accounting records are kept (in accordance with section 41 of the 1993 Act); and
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accounts are prepared which agree with the accounting records and comply with the accounting requirements of the Act; or
(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
P. K. Mensan FFA, FCCA, MBA, 11[th] May2023 Fellow of the Institute ofFinancial Accountants
ABICA PHIL & CO 1 Cotleigh Road West Hampstead London NW6 2NL
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FULLWORD CHURCH (FOR THE NATIONS)
STATEMENT OF FINANCIAL ACTIVITIES
YEAR ENDED 31[st] December 2022
| Total Funds | Total Funds | ||
|---|---|---|---|
| 2022 | 2021 | ||
| Note | |||
| Unrestricted RestrictedTOTAL | TOTAL | ||
| INCOMING RESOURCES | |||
| Incoming resources from generated funds | |||
| Voluntary income: donations | 2 | 126,869 0 126,869 |
89,295 |
| Investment Income | 3 | 0 0 0 | 0 |
| Other Income | 4 | 26,100 0 26,100 |
35,044 |
| Total Incoming Resources | 152,969 0 152,969 | 124,339 | |
| RESOURCES EXPENDED | |||
| Cost of generating funds: | |||
| Charitable expenditure | 5 | 91,990 0 91,990 | 7,045 |
| Governance Costs | 6 | 27,970 0 27,970 | 31,556 |
| TOTAL RESOURCES EXPENDED | 119,960 0 119,960 | 138,601 | |
| Net Incoming (Outgoing) Resources | 33,009 0 33,009 | -14,262 | |
| Net Movement In Funds | 7 | 33,009 0 33,009 | -14,262 |
| Balance at 1stJanuary | 605,864 0 605,864 | 620,126 | |
| Balances at 31stDecember | 638,873 0 638,873 | 605,864 |
All movements are in Unrestricted Funds
The notes on page 8 to 13 form part of these financial statements.
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FULLWORD CHURCH (FOR THE NATIONS)
| YE FIXED ASSETS Tangible assets CURRENT ASSETS Cash at bank in hand CREDITORS:Amounts falling d within one year 11 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT L CREDITORS: Amounts falling after one year NET ASSETS TOTAL FUNDS BALANCE SHEET AR ENDED 31st December 2022 2022 £ £ Note 9 1,059,710 10 2,752 2,752 ue (28,920) (26,168 ) IABILITIES1,033,542 due 12 394,669 638,873 638,873 |
1 3,077 2021 £ ,052,706 3,077 (28,920) |
|---|---|
1 ,026,863 420,999 605,864 605,864 |
These financial statements were approved by the board of Trustees on 11[th ] May 2 023.
Martin Sholagbade (Mr) Philip Osho (Mr) Chairman Secretary
The notes on page 8 to 13 form part of these financial statements. -8 –
FULLWORD CHURCH (FOR THE NATIONS)
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31[st] December 2022
1. ACCOUNTING POLICIES
Basis of accounting
The financial statements have been prepared under historical cost convention and in accordance with the Statement of Recommended Practice "Accounting and Reporting by Charities" (SORP 2005) issued in December 2005 and applicable accounting policies adopted in the preparation of the financial statements as follows:
Incoming Resources
Income from tithes and offerings is included in incoming resources when these are received. Investment income consists of net interest received during the year and accounted for as unrestricted.
Resources expended
Resources expended are included in the Statement of Financial Activities on accrual basis, inclusive of VAT which cannot be recovered. Certain expenditure is attributable to specific activities and has been in those cost categories.
Depreciation
Depreciation is calculated so as to write off the cost of an asset on a straight line basis over the useful economic life of the asset concerned. The principal rates used for this purpose which are consistent with those of past years as follows:
| Freehold property | 2% | straight line |
|---|---|---|
| Leasehold Improvements | 20% | straight line |
| Fixtures and Fittings | 33.3% | straight line |
| Church Equipment | 25% | straight line |
| Motor Vehicle | 50% | straight line |
2. VOLUNTARY INCOME: DONATIONS Total Funds
| Tithes &Offerings Gift aid Donation |
2022 2021 £ £ 82,84378,921 42,326 0 1,700 10,374 126,869 89,295 |
|---|---|
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FULLWORD CHURCH (FOR THE NATIONS)
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31[st] December 2022
| 2022 | 2022 | 2021 | |
|---|---|---|---|
| £ | £ | ||
| 3. INVESTMENT INCOME | |||
| Bank interest received | 0 | 0 | |
| 0 | 0 | ||
| 2022 | 2021 | ||
| £ | £ | ||
| 4. OTHER INCOME | |||
| Rent | 26,100 | 10,480 | |
| HMRC Grants | 0 | 24,564 | |
| 26,100 | 35,044 |
||
| 5. COSTS IN FURTHERANCE OF CHARITABLE OBJECTS | |||
| Total Funds | |||
| 2022 | 2021 | ||
| £ | £ | ||
| Provision of charitable services: | |||
| Welfare | 7,549 | 0 | |
| Salaries | 49,220 | 0 | |
| Pension | 4,240 | 0 | |
| Donation | 1,100 | 765 | |
| Transportation Costs | 7,195 | 6,280 | |
| Premises Costs | 22,686 | 0 | |
| Honorarium | 0 | 0 | |
| 91,990 | 7,045 | ||
| 6. GOVERNANCE COSTS: | |||
| 2022 | 2021 | ||
| £ | £ | ||
| Wages | 0 | 59,403 | |
| Pension | 0 | 4,400 | |
| Accountancy | 500 | 500 | |
| Rents and Rates | 1,170 | 730 | |
| Light and Heat | 2,138 |
2,342 | |
| Telephone | 102 | 0 |
No Salaries or benefits have been paid to trustees, including the members of the various departments during the year.
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FULLWORD CHURCH (FOR THE NATIONS)
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31[st] December 2022
| Printing, Postage & Stationeries Insurance Repairs and Renewals Bank Charges & Interest General Expenses Software costs Licences, Fines and Fees Mortgage Interest Depreciation |
2,485 3,555 0 1,077 533 163 6,815 0 9,432 |
934 3,512 5,454 437 4,504 101 6,214 11,803 31,220 |
|---|---|---|
27,970 |
131,556 |
7. NET MOVEMENT IN FUNDS
The net movement in funds for the year is stated after charging depreciation on tangible fixed assets:
| Depreciation |
2022 2021 ££ 9,432 31,220 |
|---|---|
| 8. FUNDS |
2022 | 2022 | 2021 | |
|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | |
| £ | £ | £ | £ | |
| At 1st January | 605,864 | 0 | 605,864 | 620,126 |
| Surplus / (Deficit) for | the year 33,009 | 0 | 33,009 | (14,262) |
| At 31st December | 638,873 | 0 | 638,873 | 605,864 |
Unrestricted funds comprise those funds which the trustees are free to use in accordance with the charitable objects. Restricted funds are funds which have been given for particular purposes and projects.
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FULLWORD CHURCH (FOR THE NATIONS)
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31[st] December 2022
9. TANGIBLE FIXED ASSETS
| Freehold Leasehold Fixtures Church Property Improve. & Fittings Equip. £ £ £ £ COST: At 1stJanuary 22 1,445,877 0 78,547 73,895 Additions 0 0 0 4,356 Disposals 0 0 0 0 At 31st December 221,445,877 0 78,547 78,251 DEPRECIATION At 1stJanuary 22 398,356 0 75,085 72,171 Charge for the year 0 0 1,728 1,664 Disposals 0 0 0 0 At 31st December 22398,356 0 76,813 73,835 NET BOOK VALUE At 31st December 22 1,047,521 0 1,734 4,416 At 31stDecember 21 1,047,521 0 3,462 1,724 10. BANK & CASH Deposit/Savings Account Cash at Bank |
Freehold Leasehold Fixtures Church Property Improve. & Fittings Equip. £ £ £ £ 1,445,877 0 78,547 73,895 0 0 0 4,356 0 0 0 0 |
Freehold Leasehold Fixtures Church Property Improve. & Fittings Equip. £ £ £ £ 1,445,877 0 78,547 73,895 0 0 0 4,356 0 0 0 0 |
MotorTotal Vehicle £ £ 40,278 1,638,597 12,08116,437 40,278 40,278 12,081 1,614,756 40,278 585,891 6,040 9,432 (40,278) (40,278) 6,040 555,045 6,040 1,059,710 0 1,052,706 20222021 ££ 00 2,7523,077 2,7523,077 |
|---|---|---|---|
1,445,877 0 78,547 78,251 |
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398,356 0 75,085 72,171 0 0 1,728 1,664 0 0 0 0 |
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398,356 0 76,813 73,835 |
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FULLWORD CHURCH (FOR THE NATIONS)
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31[st] December 2022
11. CREDITORS: Amounts falling due within one year
| 11. CREDITORS: Amounts falling due within one year |
g due within one year | |
|---|---|---|
| 2022 £ Overdraft 0 Accruals 500 Chattam Developer 28,420 28,920 12. CREDITORS: Amounts falling due after one year 2022 £ Mortgage Loans 378,536 Bounce Back Loan 16,133 394,669 |
2022 £ 0 500 28,420 28,920 |
2021 £ 0 500 28,420 28,920 2021 £ 400,645 20,345 |
420,999 |
13. TAXATION
As a charity, there is exemption from taxation on income and gains falling within section 505 of the Taxes Act 1988 or s256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
14. RELATED PARTY TRANSACTIONS
No payments were made to trustees or any other persons connected with them during this financial period in their capacity as trustees. No material transaction took place between the Charity and a trustee or any person connected with them.
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