FULLWORD CHURH (FOR THE NATIONS)
FINANCIAL STATEMENTS 31[ST] DECEMBER 2025
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 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 2025
| 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 2025
The trustees present their report and accounts for the period ended 31[st] December 2025as 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 based activities which include education, training, help for children, young people, marriage counseling, and support for the senior citizens.
Review of the Current Year
The Church continued in 2025 to enjoy such peace and stability that God bestowed and our Nation allowed, this made room for a year worship and fellowship in truth and in the spirit. We had a marginal decrease in our membership during the year as some of our female members got married and joined their husbands’ churches and some other members relocated outside London. It is also pertinent to note that the economic pressure (costs of living) is affecting many of our members and this affects their regular attendance in Church fellowship. The Church encourages them to prioritise their work but no to neglect Church.
Our income increased from £162k in 2024 to £166k this year. This was largely due to increase in members’ regular tithe and offering. Total expenditure grew from £142k to £150k. 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, 2026, will be a positive turning point for the Church as we hope to increase our membership and consequently the income of the Church. We will continue to explore the possibility of redeveloping the Church building this year.
-4 – FULLWORD CHURCH (FOR THE NATIONS)
TRUSTEES ANNUAL REPORT (continued) YEAR ENDED 31[st] December 2025
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 15[th] August2026.
Martin Sholagbade (Mr) Philip Osho (Mr ) Chairman Secretary
-5-
FULLWORD CHURCH (FOR THE NATIONS)
INDEPENDENT EXAMINER’S REPORT YEAR ENDED 31[st] December 2025
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 2025
| Total Funds | ||||
|---|---|---|---|---|
| 2025 |
2024 | |||
| Note | ||||
| Unrestricted Restricted | TOTAL | TOTAL | ||
| INCOMING RESOURCES | ||||
| Incoming resources from generated funds | ||||
| Voluntary income: donations |
2 | 129,099 0 | 129,099 | 119,762 |
| Investment Income | 3 | 0 0 | 0 | 0 |
| Other Income | 4 | 37,391 0 | 37,391 | 42,067 |
| Total Incoming Resources | 166,490 0 | 166,490 | 161,829 | |
| RESOURCES EXPENDED | ||||
| Cost of generating funds: | ||||
| Charitable expenditure | 5 | 107,142 0 | 107,142 | 99,257 |
| Governance Costs | 6 | 43,043 0 | 43,043 | 32,680 |
| TOTAL RESOURCES EXPENDED | 150,185 0 | 150,185 | 131,937 | |
| Net Incoming(Outgoing) Resources | 16,3050 | 16,305 | 29,892 | |
| Net Movement In Funds | 7 | 16,305 0 | 16,305 | 29,892 |
| Balance at 1stJanuary | 689,951 0 | 689,951 | 660,059 | |
| Balances at 31stDecember | 706,256 0 | 706,256 | 689,951 |
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 | BALANCE SHEET | |||
|---|---|---|---|---|---|
| Y EAR |
ENDED 31st December 2025 | ||||
| 2025 | 2024 | ||||
| £ £ |
£ | ||||
| Note | |||||
| FIXED ASSETS | |||||
| Tangible assets | 9 | 1,083,146 | 1,066,334 | ||
| CURRENT ASSETS | |||||
| Cash at bank in hand | 10 | 4,765 | 81 | ||
| 4,765 | 81 | ||||
| CREDITORS:Amount falling |
due | ||||
| within one year |
11 | (28,920) | |||
| NET CURRENT ASSETS | (24,155) | (28,839) | |||
| TOTAL ASSETS LESS CURREN T LIABILITIES |
1,058,991 | 1,037,495 | |||
| CREDITORS: Amount falli ng due |
12 | ||||
| after one year | 352,735 | 347,544 | |||
| NET ASSETS | 706,256 | 689,951 | |||
| TOTAL FUNDS | 706,256 | 689,951 |
These financial statements w e re approved by the board of Trustees on 15[th] A ugust 2026.
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 2025
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 |
2025 £ 107,189 19,660 2,250 129,099 |
2024 £ 92,111 20,189 7,462 119,762 |
|---|---|---|
| 129,099 |
-9–
FULLWORD CHURCH (FOR THE NATIONS)
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31[st] December 2025
| 2025 | 2024 | 2024 | 2024 | |
|---|---|---|---|---|
| £ | £ | |||
| 3. INVESTMENT INCOME | ||||
| Bank interest received | 0 | 0 | ||
| 0 | 0 | |||
| 2025 | 2024 | |||
| £ | £ | |||
| 4. OTHER INCOME | ||||
| Rent | 37,391 | 42,067 | ||
| HMRC Grants | 0 | 0 | ||
| 37,391 | 42,067 | |||
| 5. COSTS IN FURTHERANCE OF CHARITABLE OBJECTS | ||||
| Total | Funds | |||
| 2025 | 2024 | |||
| £ | £ | |||
| Provision of charitable services: | ||||
| Welfare | 4,064 | 3,435 | ||
| Salaries | 43,510 | 52,800 | ||
| Pension | 8,916 | 4,760 | ||
| Donation | 100 | 3,166 | ||
| Transportation Costs | 5,955 | 4,130 | ||
| Premises Costs | 44,597 | 30,965 | ||
| 107,142 | 99,257 | |||
| 6. GOVERNANCE COSTS: | ||||
| 2025 | 2024 | |||
| £ | £ | |||
| Accountancy | 15,623 | 5,126 | ||
| Rents and Rates | 1,854 | 2,146 | ||
| Light and Heat | 7,233 | 4,777 | ||
| Telephone | 9 | 389 |
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 2025
| Printing, Postage & Stationeries Insurance Bank Charges & Interest General Expenses Software Costs Training Licences, Fines and Fees Depreciation |
1,216 3,849 230 2,560 152 882 0 9,436 43,044 |
1,992 3,884 339 1,270 410 1,670 329 10,348 |
|---|---|---|
32,680 |
7. NET MOVEMENT IN FUNDS
The net movement in funds for the year is stated after charging depreciation on tangible fixed assets:
| 2025 | 2024 | |||
|---|---|---|---|---|
| £ | £ | |||
| Depreciation | 9,436 | 10,348 | ||
| 8. FUNDS |
2025 | 2025 | 2024 | |
| Unrestricted | Restricted | Total | Total | |
| £ | £ | £ | £ | |
| At 1st January | 689,951 | 0 | 689,951 | 660,059 |
| Surplus / (Deficit) for the year 16,305 |
0 16,305 29,892 _______ |
|||
| At 31st December | **706,256 ** | 0 | 706,256 | 689,951 |
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 2025
9. TANGIBLE FIXED ASSETS
| FreeholdLeaseholdFixtures Church MotorTotal |
FreeholdLeaseholdFixtures Church MotorTotal |
FreeholdLeaseholdFixtures Church MotorTotal |
||
|---|---|---|---|---|
| Property | Improve. | & Fittings Equip. Vehicle |
||
| £ | £ | £ £ £ £ |
||
| COST: | ||||
| At 1stJanuary 25 | 1,445,877 | 0 | 82,067 88,954 25,081 | 1,641,979 |
| Additions |
0 | 0 | 3,000 12,748 10,500 | 26,248 |
| Disposals | 0 | 0 |
0 0 0 | 0 |
| At 31st Dec25 | 1,445,877 | 0 | 85,067 101,702 35,581 | 1,668,227 |
| DEPRECIATION | ||||
| At 1stJanuary 25 | 398,356 | 0 | 79,719 78,833 18,737 | 575.645 |
| Charge for the year | 0 | 0 | 999 3,187 5,250 | 9,436 |
| Disposals | 0 | 0 | 0 0 0 | 0 |
| At 31st Dec 25 | 398,356 | 0 | 80,718 82,020 24,831 | 585,081 |
| NET BOOK VALUE | ||||
| At 31st December25 1,047,521 | 0 | 4,349 19,682 11,750 | 1,083,146 | |
| At 31stDecember 241,047,521 | 0 | 2,348 10,121 6,500 | 1,066,334 | |
| 10. BANK & CASH | 2025 | 2024 | ||
| £ | £ | |||
| Deposit/Savings Account | 0 | 0 | ||
| Cash at Bank | 4,765 | 81 | ||
| 4,765 | 81 |
-12-
FULLWORD CHURCH (FOR THE NATIONS)
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31[st] December 2025
11. CREDITORS: Amounts falling due within one year
| 2025 £ Overdraft 0 Accruals 500 Chattam Developer 28,420 ________ 28,920 CREDITORS: Amounts falling due after one year 2025 £ Mortgage Loans 349,832 Bounce Back Loan 2,903 352,735 |
2024 £ 0 500 28,420 _ 28,920 |
|---|---|
| 2024 £ 340,211 7,333 347,544 |
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 -