**FULLWORD CHURH (FOR THE NATIONS)**
## **FINANCIAL STATEMENTS 31[ST] DECEMBER 2024**
**Charity Number-1093603**
## **FULLWORD CHURCH (FOR THE NATIONS)**
## **Trustees**
Mr Martin Sholagbade - Chair Mr Philip Osho - Secretary Mr Fredrick Ayeyemi - Member
## **Minister in Charge**
Pastor Olalekan and Pastor (Mrs) Joyce Akinleye
**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 2024**
|**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 2024**
The trustees present their report and accounts for the period ended 31[st] December 2024 as below:
## **Principal activities**
The Fullword Church (For the Nations) is an independent and interdenominational Bible Church with Pastor Olalekan Akinleye as the presiding Pastor.
The charity's principal activities during the year continued to be faith based activities which include education, training, help for children, young people, marriage counseling, and support for the senior citizens.
## **Review of the Current Year**
2024 was a stable year for the Church. The Church recorded a net increase in membership (More people joined the Church than those who left). Our leadership, pastoral and managerial remains intact. The members’ attendance at the regular Sunday Worship Service and the Wednesday Midweek Service was quite encouraging. Our income increased from £152k in 2023 to £162k this year. This was largely due to increase in revenue from rent of the Church’s Auditorium. Total expenditure grew from £130k to £142k. 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.
## **The Coming Year:**
We are confident that the New Year, 2025, will be a positive turning point for the Church as we hope to increase our membership and consequently the income of the Church. We planned to re-visit the development of the Church building this year.
**-4 –**
## **FULLWORD CHURCH (FOR THE NATIONS)**
## **TRUSTEES ANNUAL REPORT** _**(continued)**_ **YEAR ENDED 31[st] December 2023**
## **RESPONSIBLITIES OF THE TRUSTEES**
The trustees are responsibl **e** for preparing the Trustees Annual Re **p** ort and the financial statements in accordance wit **h** applicable law and regulations.
The law requires the trustees to prepare financial statements in accor **d** ance with the United Kingdom, General Accepted Accounting Practice (United Kingdom Ac **c** ounting Standard and applicable law). The financia **l** statements are required by law to give a tr **u** e and fair view of the state of affairs of the charity **a** nd of the surplus or deficit for that period.
- In preparing these financial st **a** tements, the trustees are required to:
- select suitable accoun **t** ing policies and then apply them consistentl **y** ;
- make judgements and estimates that are reasonable and prudent;
- prepare the financial **s** tatements on the going concern basis unless it is inappropriate to presume that the chari **t** y will continue in operation.
The trustees are responsibl **e** for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial state **m** ents comply with the Charities Act 1993, **T** he Charity (Accounts and Reports) Regulations 2008 and the provision of the trust deed. The trustees are also respon **s** ible for safeguarding the assets of the charit **y** and hence for taking reasonable steps for the preve **n** tion and detection of fraud and other irregu **l** arities.
The trustees who served during **t** he year were as follows:
Mr Martin Sholagbade Chair Mr Philip Osho Secretary Mr Fredrick Ayeyemi Member
This report was approved by the board o 24[th] May 2024.
Martin Sholagbade (Mr) **Chairman**
Philip Osho (Mr **) Secretary**
**-5-**
## **FULLWORD CHURCH (FOR THE NATIONS)**
## **INDEPENDENT EXAMINER’S REPORT YEAR ENDED 31[st] December 2024**
## **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:
- examine the accounts (under section 43 of the Act);
- to follow the procedures laid down in the General Directions given by the Charity Commission (under section 43(7) (b) of the Act); and
- 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:
- proper accounting records are kept (in accordance with section 41 of the 1993 Act); and
- 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
**- 6 -**
## **FULLWORD CHURCH (FOR THE NATIONS)**
## **STATEMENT OF FINANCIAL ACTIVITIES**
## **YEAR ENDED 31[st] December 2024**
|||**Total**|**Funds**||
|---|---|---|---|---|
||||**2024**|2023|
||**Note**||||
||**Unrestricted Restricted TOTAL**|||**TOTAL**|
|**INCOMING RESOURCES**|||||
|Incoming resources from generated funds|||||
|Voluntary income: donations|**2**|119,762|0 119,762|122,400|
|Investment Income|**3**|0|0 0|
0|
|Other Income|**4**|42,067|0 42,067|28,311|
|**Total Incoming Resources**||**161,829**|**0 161,829**|150,710|
|**RESOURCES EXPENDED**|||||
|**Cost of generating funds:**|||||
|**Charitable expenditure**|**5**|99,257|0 99,257|94,420|
|Governance Costs|**6**|32,680|0 32,680|35,105|
|**TOTAL RESOURCES EXPENDED**||**131,937**|**0 131,937**|129,525|
|**Net Incoming(Outgoing) Resources**||**21,186**|**0 21,186**|21,186|
|Net Movement In Funds|7|29,892|0 29,892|21,186|
|Balance at 1stJanuary||660,059|0 660,059|638,873|
|Balances at 31stDecember||**689,951**|**0 689,951**|660,059|
All movements are in Unrestricted Funds
**The notes on page 8 to 13 form part of these financial statements.**
**- 7–**
## **FULLWORD CHURCH (FOR THE NATIONS)**
||**BALANCE SHEET**|**BALANCE SHEET**||||
|---|---|---|---|---|---|
||**Y**
**EAR ENDED 31st December 2024**|||||
||||**2024**|**2023**|**2023**|
|||**£**|**£**||£|
||**Note**|||||
|**FIXED ASSETS**||||||
|Tangible assets|**9**|1,066,334|1,066,334|1,059,366||
|**CURRENT ASSETS**||||||
|Cash at bank in hand|**10**
|81||1,157||
|||81||1,157|1,157|
|**CREDITORS:Amounts falling**
**due**||||||
|**within one year**|**11**(28,920)|||||
|**NET CURRENT ASSETS**|||(28,839)|**(**|**(**27,763)|
|**TOTAL ASSETS LESS CURREN**
**T LIABILITIES**||**T LIABILITIES**|**T LIABILITIES1,037,495**|**1,037,495**
1,031,602||
|**CREDITORS: Amounts fall**
**ing due 12**||||||
|**after one year**
|||**347,544**|371,543|371,543|
|**NET ASSETS**||**689,950**|**689,950**||660,059|
|**TOTAL FUNDS**|||**689,950**|**689,950**
|660,059|
These financial statements w **e** re approved by the board of Trustees on 24[th] **A** pril 2025.
|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 2024**
## **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|**2024**
**£**
**92,111**
**20,189**
7,462
**119,762**
|2023
£
89,825
17,671
4,904
**122,400**|
|---|---|---|
||**119,762**||
**-9–**
## **FULLWORD CHURCH (FOR THE NATIONS)**
## **NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31[st] December 2024**
||**2024**|2023|||
|---|---|---|---|---|
||**£**|**£**|||
|**3. INVESTMENT INCOME**|||||
|Bank interest received|**0**|0|||
||**0**|0|||
||**2024**|2023|||
||**£**|£|||
|**4. OTHER INCOME**|||||
|Rent|**42,067**|28,311|||
|HMRC Grants|**0**|0|||
||**42,067**|28,311|||
||||||
|**5. COSTS IN FURTHERANCE OF CHARITABLE OBJECTS**|||||
||**Total Funds**||||
||**2024**|2023|||
||**£**||£||
|**Provision of charitable services:**|||||
|Welfare|**3,435**|2,630|||
|Salaries|52,800|52,585|||
|Pension|4,760|**3,400**|||
|Donation|3,166|100|||
|Transportation Costs|4,130|**5,988**|||
|Premises Costs|**30,965**|29,717|||
||**99,257**|94,420|||
|**6. GOVERNANCE COSTS:**|||||
||**2024**|2023|||
||**£**||£||
|Accountancy|**5,126**|5,914|||
|Rents and Rates|2,146|552|||
|Light and Heat|**4,777**|10,339|||
|Telephone|**389**||**0**||
No Salaries or benefits have been paid to trustees, including the members of the various departments during the year.
**- 10 -**
## **FULLWORD CHURCH (FOR THE NATIONS)**
## **NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31[st] December 2024**
|Printing, Postage & Stationeries
Insurance
Bank Charges & Interest
General Expenses
Software costs
Licences, Fines and Fees
Depreciation
|**1,992**
3,884
**339**
1,270
**410**
329
**10,348**
|1,981
3,725
924
1,041
**377**
**0**
10,252
35,105|
|---|---|---|
||
**32,680**
||
## **7. NET MOVEMENT IN FUNDS**
The net movement in funds for the year is stated after charging depreciation on tangible fixed assets:
||||**2024**
2023|**2024**
2023|
|---|---|---|---|---|
|||||**£**£|
|Depreciation|||**10,348 10,252**||
|**8.**
**FUNDS**|**2024**|
**2024**||
2023|
||Unrestricted|Restricted|**Total**|Total|
||**£**|**£**|**£**|£|
|**At 1st January**|**660,059**|**0**|**660,059**|638,873|
|Surplus / (Deficit) for|the year 29,892|0 29,892 21,186
_______________________________|||
|**At 31st December**|**689,951**|**0**|**689,951**|660,059|
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.
**- 11 -**
## **FULLWORD CHURCH**
## **(FOR THE NATIONS)**
## **NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31[st] December 2024**
## **9. TANGIBLE FIXED ASSETS**
|Freehold Leasehold Fixtures
Property Improve. & Fittings
**£**
**£**
**£**
**COST:**
At 1stJanuary 24
1,445,877
0 78,547
Additions
0
0
**3,520**
Disposals
0
0
0
**At 31st Dec24 1,445,877 0 82,067**
**DEPRECIATION**
At 1stJanuary 24
398,356
0
78,547
Charge for the year
0
0 1,172
Disposals
0
0
0
**At 31st Dec 24 398,356 0**
**79,719**
**NET BOOK VALUE**
**At 31st December 24 1,047,521**
**0**
**2,348**
At 31stDecember 23**1,047,521**
**0**
**0**
**10. BANK & CASH**
Deposit/Savings Account
Cash at Bank|Freehold Leasehold Fixtures
Property Improve. & Fittings
**£**
**£**
**£**
1,445,877
0 78,547
0
0
**3,520**
0
0
0|Freehold Leasehold Fixtures
Property Improve. & Fittings
**£**
**£**
**£**
1,445,877
0 78,547
0
0
**3,520**
0
0
0|Church Motor**Total**
Equip. Vehicle
**£**
**£ £**
88,157 12,081 1,624,662
**797 13,000**17,317
0 0 0
**88,954 25,081 1,641,979**
76,157 12,081 565,297
2,676 6,500**10,348**
0 0 0
**78,833 18,581 575,645**
**10,121 6,500 1,066,334**
**12,000 0 1,059,365**
**2024**
2023
**£**
£
**0**0
**81**1,157
**81**1,157|
|---|---|---|---|
||**1,445,877 0 82,067**|||
||
|
398,356
0
78,547
0
0 1,172
0
0
0||
|||**398,356 0**
**79,719**||
-12-
## **FULLWORD CHURCH (FOR THE NATIONS)**
## **NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31[st] December 2024**
## **11. CREDITORS: Amounts falling due within one year**
|**2024**
**£**
Overdraft
**0**
Accruals
**500**
Chattam Developer
**28,420**
_________________
**28,920**
**CREDITORS: Amounts falling due after one year**
**2024**
**£**
Mortgage Loans
**340,211**
Bounce Back Loan
**7,333**
**347,544**
|**2024**
**£**
**0**
**500**
**28,420**
_________________
**28,920**
|2023
£
0
500
28,420
______
28,920|
|---|---|---|
|||2023
£
359,810
11,733
371,543|
## **12. CREDITORS: Amounts falling due after one year**
## **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.
**-13 -**