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The Salvation of God Ministry (Cherubim & Seraphim Church)

Charity No. 1093623

Trustees' Report and Unaudited Accounts For the year ended 30 June 2022

B M Cooper & Co. Limited

Chartered Certified Accountants

88 Wood Lane

Dagenham Essex RM9 5SL

The Salvation of God Ministry (Cherubim & Seraphim Church) Contents

	Pages
Trustees' Annual Report	2 to 3
Independent Examiner's Report	4
Statement of Financial Activities	5
Balance Sheet	6
Notes to the Accounts	7 to 13
Detailed Statement of Financial Activities	14 to 15

Page 1

The Salvation of God Ministry (Cherubim & Seraphim Church) Trustees Annual Report

The Trustees present their report with the unaudited financial statements of the charity for the year ended 30 June 2022.

REFERENCE AND ADMINISTRATIVE DETAILS

Charity No. 1093623

Principal Office

114 - 132 Heathway Dagenham Essex RM10 9NX

Trustees

The following Trustees served during the year: Akins Akinsanmi Caroline Oloyede Grace Immanuel Kayode Odukoya Sunday Adewale

Accountants

B M Cooper & Co. Limited 88 Wood Lane Dagenham Essex RM9 5SL

OBJECTIVES AND ACTIVITIES

The objects of the charity are:

To advance the Christian religion, and
To relieve poverty.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

FINANCIAL REVIEW

The total incoming resources for the year amounted to £37,372 (2021 - £26,772) and the total resources expended amounted to £24,273 (2021 - £36,439), leaving net surplus for the year of £13,100 (2021 - £9,667 deficit) all of which was attributable to general funds. The balance of funds as at 30th June 2022 was £450,053 (2021 - £436,952).

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained level to six month’s expenditure. The Trustees considers that will of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

Page 2

The Salvation of God Ministry (Cherubim & Seraphim Church) Trustees Annual Report

STRUCTURE, GOVERNANCE AND MANAGEMENT

The charity was established by a charitable trust deed dated 30th June 2002. The organisation is registered with the Charity Commission with registration number 1093623

Trustees are selected from long standing members of the congregation and people from outside of the church who are familiar with and have an empathy with the Church's objectives.

New trustees are invited and encouraged to attend training courses led by the chair and also read the guidelines and publications issued by the Charity Commission eg 'the Essential Trustee, copies of which are given to new trustees. Trustees are familiar with the working of the church having been drawn from long-standing church members that have the skill-set to offer an empathy with the charity's core values.

The Trustees have assessed the major risks to which the church is exposed, in particular to those related to the operations and finances of the church and are satisfied that systems are in place to mitigate exposure to major risks.

Statement of trustees' responsibilities in relation to the financial statements

The charity trustees are responsible for preparing a trustees' annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

Signed on behalf of the charity's trustees

..................................................... Akins Akinsanmi Trustee 11 September 2022

Page 3

The Salvation of God Ministry (Cherubim & Seraphim Church) Independent Examiners Report

Independent Examiner's Report to the trustees of The Salvation of God Ministry (Cherubim & Seraphim Church)

I report to the trustees on my examination of the accounts of The Salvation of God Ministry (Cherubim & Seraphim Church) for the year ended 30 June 2022 which comprise the Statement of Financial Activities, the Balance Sheet and the related notes.

Responsibilities and basis of report

As the charity's trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011('the Act'). The trustees consider that an audit is not required for this year under the Charities Act 2011, s.144(2) (the 2011 Act) and that an independent examination is needed.

I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the 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 can 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:

the accounting records were not kept in respect of the charity as required by section 130 of the Act; or
the accounts do not accord with those records; or
the accounts did 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.

........................................

Mr. B. M. Kalejaiye FCCA ACCA B M Cooper & Co. Limited 88 Wood Lane Dagenham Essex RM9 5SL

11 September 2022

Page 4

The Salvation of God Ministry (Cherubim & Seraphim Church) Statement of Financial Activities For the year ended 30 June 2022

Unrestricted funds 2022 £ 37,343 30 -	Total funds 2022 £ 37,343 30 -	Total funds 2021 £ 26,060 68 644
37,373 12,250 12,022	37,373 12,250 12,022	26,772 4,835 31,604
24,272 -	24,272 -	36,439 -
13,101 -	13,101 -	(9,667) -
13,101	13,101	(9,667)
13,101 436,952	13,101 436,952	(9,667) 446,619
450,053	450,053	436,952

Page 5

The Salvation of God Ministry (Cherubim & Seraphim Church) Balance Sheet At 30 June 2022

Charity No. 1093623 Fixed assets Tangible assets 10 Current assets Cash at bank and in hand Creditors:Amount falling due within one year 11 Net current assets Total assets less current liabilities Net assets excluding pension asset or liability Total net assets The funds of the charity Restricted funds 12 Unrestricted funds 12 General funds Reserves 12 Total funds Approved by the trustees on 11 September 2022	2022 £ 210,000 210,000 240,953 240,953 (900) 240,053 450,053 450,053 450,053 450,053 450,053 450,053	2021 £ 211,742
		211,742 226,110
		226,110 (900)
		225,210 436,952
		436,952
		436,952
		436,952
		436,952
		436,952

And signed on their behalf by:

................................................... Kayode Odukoya Trustee 11 September 2022

Page 6

The Salvation of God Ministry (Cherubim & Seraphim Church) Notes to the Accounts For the year ended 30 June 2022

1 Accounting policies

Basis of preparation

The financial statements have been prepared in accordance with Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic if Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

Change in basis of accounting or to previous accounts

There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.

Fund accounting

Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity.
Designated funds These are unrestricted funds earmarked by the trustees for particular purposes. Revaluation funds These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values.
Restricted funds These are available for use subject to restrictions imposed by the donor or through terms of an appeal.

Income

Income
Recognition of	Income is included in the Statement of Financial Activities (SoFA) when the charity
income	becomes entitled to, and virtually certain to receive, the income and the amount
	of the income can be measured with sufficient reliability.
Income with related	Where income has related expenditure the income and related expenditure is
expenditure	reported gross in the SoFA.
Donations and	Voluntary income received by way of grants, donations and gifts is included in the
legacies	the SoFA when receivable and only when the Charity has unconditional
	entitlement to the income.
Tax reclaims on	Income from tax reclaims is included in the SoFA at the same time as the
donations and gifts	gift/donation to which it relates.
Donated services	These are only included in income (with an equivalent amount in expenditure)
and facilities	where the benefit to the Charity is reasonably quantifiable, measurable and
	material.
Volunteer help	The value of any volunteer help received is not included in the accounts.
Investment income	This is included in the accounts when receivable.
Gains/(losses) on	This includes any gain or loss resulting from revaluing investments to market value
revaluation of fixed	at the end of the year.
assets
Gains/(losses) on	This includes any gain or loss on the sale of investments.
investment assets

Page 7

The Salvation of God Ministry (Cherubim & Seraphim Church)

Notes to the Accounts Expenditure

Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any VAT expenditure which cannot be fully recovered, and is reported as part of the expenditure to which it relates.
Expenditure on These comprise the costs associated with attracting voluntary income, fundraising raising funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and charitable activities services in the furtherance of its objects, including the making of grants and governance costs.
Grants payable All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid.
Governance costs These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs.
Other expenditure These are support costs not allocated to a particular activity.

Taxation

The charity is exempt from tax on its charitable activities.

Tangible fixed assets and depreciation

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

useful life:
Music Equipment	10% on cost
Motor Vehicles	20% on cost
Fixtures and Fittings	10% on cost

Freehold investment property

Investment properties are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gains or losses are taken to the Statement of Financial Activities as they arise.

Stocks

Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.

Trade and other debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.

Page 8

The Salvation of God Ministry (Cherubim & Seraphim Church) Notes to the Accounts

Trade and other creditors

Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Monetary assets and liabilities denominated in currencies other than the functional currency of the charity are translated at the rates of exchange prevailing at the end of the reporting period. Transactions in currencies other than the functional currency of the charity are recorded at the rate of exchange on the date that the transaction occurred.

All exchange differences are are taken into account in arriving at net income/expenditure.

Leased assets

Where the charity enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.

Leases which do not transfer substantially all the risks and rewards of ownership to charity are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the charity at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the charity's policy on borrowing costs. Assets held under finance leases are depreciated in the same way as owned assets.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.

Pension costs

The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the charity pays fixed contributions into a separate entity. Once the contributions have been paid the charity has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the charity in independently administered funds.

Receipt of donated goods, facilities and services

All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity.

Page 9

The Salvation of God Ministry (Cherubim & Seraphim Church) Notes to the Accounts 2 Statement of Financial Activities - prior year

Income and endowments from: Donations and legacies Investments Other Total Expenditure on: Charitable activities Other Total Net income Net income before other gains/(losses) Other gains and losses: Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward 3 Income from donations and legacies Tithes and offerings Thanksgiving Anniversary Building fund Other Income Benevolent fund 4 Income from investments Bank interest receivable	Unrestricted £ 19,937 9,066 4,378 409 638 2,915 37,343 Unrestricted £ 30 30	Unrestricted funds 2021 £ 26,060 68 644 26,772 4,835 31,604 36,439 (9,667) (9,667) (9,667) 446,619 436,952 Total 2022 £ 19,937 9,066 4,378 409 638 2,915 37,343 Total 2022 £ 30 30	Total funds 2021 £ 26,060 68 644
			26,772 4,835 31,604
			36,439
			(9,667)
			(9,667)
			(9,667) 446,619
			436,952
			Total 2021 £ 19,818 3,810 365 - 1,425 642
			26,060
			Total 2021 £ 68
			68

Page 10

The Salvation of God Ministry (Cherubim & Seraphim Church) Notes to the Accounts 5 Other income

Gift aid 6 Expenditure on charitable activities Expenditure on charitable activities Missionary Benevolence and love offerings Evangelism Honorarium Governance costs Accountancy fees Legal and professional fees 7 Other expenditure Premises costs Amortisation, depreciation, impairment, profit/loss on disposal of fixed assets General administrative costs 8 Net income/(expenditure) before transfers This is stated after charging: Depreciation of owned fixed assets 9 Staff costs	Unrestricted £ 4,700 317 6,054 150 900 129 12,250 Unrestricted £ 6,169 1,742 4,111 12,022 2022 £ 1,742	Total 2022 £ - -	Total 2021 £ 644
			644

		Total 2022 £ 4,700 317 6,054 150 900 129 12,250 Total 2022 £ 6,169 1,742 4,111 12,022	Total 2021 £ 700 1,240 1,995 - 900 -
			4,835
			Total 2021 £ 23,883 2,759 4,962
			31,604
			2021 £ 2,759

No employee received emoluments in excess of £60,000.

Page 11