FULLWORD CHURH (FOR THE NATIONS)
FINANCIAL STATEMENTS 31[ST] DECEMBER 2023
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 2023
| 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 2023
The trustees present their report and accounts for the period ended 31[st] December 2023 as 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, help for children, young people, marriages, and the senior citizens.
Review of the current year
We have many reasons to thank the Lord for the year 2023. The Church grew in word, faith and in many other ways. Attendance at the Church’s main worship service on Sundays were well attended and on the growth path. Mid-week service attendance still struggled as most of our members were affected by the nature of their jobs. About 15% of members attended the mid-week service. Our income fell marginally from £153k in 2022 to £151k this year. Total expenditure grew from £120k to £130k. Overall the Church remains a healthy going concern Charity with aspiration for growth and expansion. All our functional departments were 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 teams remain strong to the glory of God.
The Coming Year:
The year 2024 is promising with present waves of revival the Church is enjoying. We hope to review and resourced our operational units with our eyes firm on keeping the Church vibrant and growing. We hope to recruit a Music Director this to strengthen our Worship Team thus positioning them as a first class team.We hope to witness a successful 2024 in ministry and see our members flourish like the Palm Tree.
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TRUSTEES ANNUAL REPORT (continued) YEAR ENDED 31[st] December 2023
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 o 24[th] May2024.
Martin Sholagbade (Mr) Chairman
Philip Osho (Mr) Secretary
-5FULLWORD CHURCH (FOR THE NATIONS)
INDEPENDENT EXAMINER’S REPORT YEAR ENDED 31[st] December 2023
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, 24[th] May2024 Fellow of the Institute ofFinancial Accountants
ABICA PHIL & CO 1 Cotleigh Road West Hampstead London NW6 2NL
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STATEMENT OF FINANCIAL ACTIVITIES
YEAR ENDED 31[st] December 2023
| Total | Funds | |||
|---|---|---|---|---|
| 2023 | 2022 | |||
| Note | ||||
| Unrestricted RestrictedTOTAL | TOTAL | |||
| INCOMING RESOURCES | ||||
| Incoming resources from generated funds | ||||
| Voluntary income: donations | 2 | 122,400 | 0 122,400 | 126,869 |
| Investment Income | 3 | 0 | 0 0 | 0 |
| Other Income | 4 | 28,311 | 0 28,311 | 26,100 |
| Total Incoming Resources | 150,710 | 0 150,710 | 152,969 | |
| RESOURCES EXPENDED | ||||
| Cost of generating funds: | ||||
| Charitable expenditure | 5 | 94,420 | 0 94,420 | 91,990 |
| Governance Costs | 6 | 35,105 | 0 35,105 | 27,970 |
| TOTAL RESOURCES EXPENDED | 129,525 | 0 129,525 | 119,960 | |
| Net Incoming(Outgoing) Resources | 21,186 | 0 21,186 | 33,009 | |
| Net Movement In Funds | 7 | 21,186 | 0 21,186 | 33,009 |
| Balance at 1stJanuary | 638,873 | 0 638,873 | 605,864 | |
| Balances at 31stDecember | 660,059 | 0 660,059 | 638,873 |
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)
| BALANCE SHEET | BALANCE SHEET | |||
|---|---|---|---|---|
| YE AR ENDED 31st December 2023 |
||||
| 2023 | 2022 | |||
| £ | £ | £ | ||
| Note | ||||
| FIXED ASSETS | ||||
| Tangible assets | 9 | 1,059,366 | 1,059,366 | 1,059,710 |
| CURRENT ASSETS | ||||
| Cash at bank in hand | 10 |
1,157 | 2,752 | |
| 1,157 | 2,752 | |||
| CREDITORS:Amounts falling d ue |
||||
| within one year | 11 | 11(28,920) | ||
| NET CURRENT ASSETS | (27,763) | (26,168) | ||
| TOTAL ASSETS LESS CURRENT L | TOTAL ASSETS LESS CURRENT L IABILITIES |
IABILITIES | IABILITIES1,031,602 | 1,031,6021 ,033,542 |
| CREDITORS: Amounts falling due 12 |
||||
| after one year | 371,543 | 394,699 |
||
| NET ASSETS | 660,059 | 660,059 | 638,873 | |
| TOTAL FUNDS | 660,059 | 660,059 638,873 |
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| These financial statements were | These financial statements were approved by the board of Trustees on 24 |
approved by the board of Trustees on 24thMay2 023. |
| Martin Sholagbade (Mr) | Philip Osho (Mr) |
|---|---|
| Chairman | Secretary |
The notes on page 8 to 13 form part of these financial statements.
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FULLWORD CHURCH (FOR THE NATIONS)
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31[st] December 2023
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 |
2023 2022 £ £ 99,82582,843 17,671 42,326 4,904 1,700 122,400 126,869 |
|---|---|
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NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31[st] December 2023
| 3. INVESTMENT INCOME Bank interest received 4. OTHER INCOME Rent HMRC Grants 5. COSTS IN FURTHERANCE OF CHARITABLE Provision of charitable services: Welfare Salaries Pension Donation Transportation Costs Premises Costs Honorarium 6. GOVERNANCE COSTS: Accountancy Rents and Rates Light and Heat Telephone |
20232022 £ £ 0 0 00 20232022 £ £ 28,31126,100 00 28,311 26,100 OBJECTS Total Funds 20232022 ££ 2,6307,549 52,58549,220 3,4004,240 1001,100 5,9887,195 29,71722,686 00 94,42091,990 20232022 ££ 5,914500 5521,170 10,3392,138 0102 |
|---|---|
No Salaries or benefits have been paid to trustees, including the members of the various departments during the year.
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NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31[st] December 2023
| Printing, Postage & Stationeries Insurance Bank Charges & Interest General Expenses Software costs Licences, Fines and Fees Depreciation |
1,981 3,725 924 1,041 377 0 10,252 |
2,485 3,555 1,077 533 163 6,815 9,432 |
|---|---|---|
35,105 |
27,970 |
7. NET MOVEMENT IN FUNDS
The net movement in funds for the year is stated after charging depreciation on tangible fixed assets:
| 2023 2022 |
2023 2022 |
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|---|---|---|---|---|
| ££ | ||||
| Depreciation | 10,2529,432 | |||
| 8. FUNDS |
2023 | 2023 |
2022 |
|
| Unrestricted | Restricted | Total | Total | |
| £ | £ | £ | £ | |
| At 1st January | 638,873 | 0 | 638,873 | 605,864 |
| Surplus / (Deficit) for | the year 21,186 | 0 21,186 33,009 _______ |
||
| At 31st December | 660,059 | 0 | 660,059 | 638,873 |
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 2023
9. TANGIBLE FIXED ASSETS
| Freehold Leasehold Fixtures Property Improve. & Fittings £ £ £ COST: At 1stJanuary 23 1,445,877 0 78,547 Additions 0 0 0 Disposals 0 0 0 At 31st Dec231,445,877 0 78,547 DEPRECIATION At 1stJanuary 23 398,356 0 76,813 Charge for the year 0 0 1,734 Disposals 0 0 0 At 31st Dec 23398,356 0 78,547 NET BOOK VALUE At 31st December 23 1,047,521 0 0 At 31stDecember 22 1,047,521 0 1,734 10. BANK & CASH Deposit/Savings Account Cash at Bank |
Freehold Leasehold Fixtures Property Improve. & Fittings £ £ £ 1,445,877 0 78,547 0 0 0 0 0 0 |
Freehold Leasehold Fixtures Property Improve. & Fittings £ £ £ 1,445,877 0 78,547 0 0 0 0 0 0 |
Church MotorTotal Equip. Vehicle £ £ £ 78,251 12,081 1,614,756 9,906 09,906 0 0 0 88,157 12,081 1,624,662 73,835 6,040 555,045 2,477 6,04110,252 0 0 0 76,157 12,081 565,297 11,846 0 1,059,366 4,416 6,040 1,059,710 2023 2022 £ £ 00 1,1572,752 1,1572,752 |
|---|---|---|---|
| 1,445,877 0 78,547 | |||
398,356 0 76,813 0 0 1,734 0 0 0 |
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| 398,356 0 78,547 |
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FULLWORD CHURCH (FOR THE NATIONS)
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31[st] December 2023
11. CREDITORS: Amounts falling due within one year
| Overdraft Accruals Chattam Developer |
2023 2022 £ £ 0 0 500 500 28,42028,420 _____ 28,920 28,920 |
|---|---|
12. CREDITORS: Amounts falling due after one year
| Mortgage Loans Bounce Back Loan |
2023 £ 359,810 11,733 371,543 |
2022 £ 378,536 16,133 394,669 |
|---|---|---|
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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