# **The Salvation of God Ministry (Cherubim & Seraphim Church)**
## **Charity No. 1093623**
## **Trustees' Report and Unaudited Accounts For the year ended 30 June 2024**
_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 2024.
## **REFERENCE AND ADMINISTRATIVE DETAILS**
## **Charity No. 1093623**
## **Principal Office**
116 - 130 Heathway Dagenham Essex RM10 9NX
## **Trustees**
The following Trustees served during the year: Akins Akinsanmi Davies Sonuga Kayode Odukoya Richard Fasunloye Sunday Adewale
## **Accountants**
B M Cooper & Co. Limited 88 Wood Lane Dagenham Essex RM9 5SL
## **OBJECTIVES AND ACTIVITIES**
The objects of the charity are:
1. To advance the Christian religion, and
2. 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 £48,399 (2023 - £51,197) and the total resources expended amounted to £46,335 (2023 - £25,656), leaving net surplus for the year of £2,064 (2023 - £25,541) all of which was attributable to general funds. The balance of funds as at 30th June 2024 was £477,658 (2023 - £475,594).
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 27 October 2024
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 2024 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
27 October 2024
Page 4
**The Salvation of God Ministry (Cherubim & Seraphim Church) Statement of Financial Activities For the year ended 30 June 2024**
|**Notes**
**Income and endowments**
**from:**
Donations and legacies
3
Investments
4
Other
5
**Total**
**Expenditure on:**
Charitable activities
6
Other
7
**Total**
Net gains on investments
**Net income**
Transfers between funds
**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**|**Unrestricted**
**funds**
**2024**
**£**
40,733
3,306
4,360|**Total funds**
**2024**
**£**
40,733
3,306
4,360|**Total funds**
**2023**
**£**
39,866
959
10,372|
|---|---|---|---|
||48,399
23,800
22,535|48,399
23,800
22,535|51,197
13,201
12,455|
||46,335
-|46,335
-|25,656
-|
||2,064
-|2,064
-|25,541
-|
||2,064|2,064|25,541|
||2,064
475,594|2,064
475,594|25,541
450,053|
||477,658|477,658|475,594|
Page 5
**The Salvation of God Ministry (Cherubim & Seraphim Church) Balance Sheet At 30 June 2024**
|**Charity No. 1093623**
**Fixed assets**
Tangible assets
9
**Current assets**
Cash at bank and in hand
**Creditors:**Amount falling due within one year
10
**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**
11
**Unrestricted funds**
11
General funds
**Reserves**
11
**Total funds**
Approved by the trustees on 27 October 2024|**2024**
**£**
210,000
210,000
268,708
268,708
(1,050)
267,658
477,658
477,658
477,658
477,658
477,658
477,658|**2023**
**£**
210,000|
|---|---|---|
|||210,000
266,644|
|||266,644
(1,050)|
|||265,594
475,594|
|||475,594|
|||475,594|
|||475,594|
|||475,594|
|||475,594|
||||
And signed on their behalf by:
...................................................
Davies Sonuga Trustee 27 October 2024
Page 6
**The Salvation of God Ministry (Cherubim & Seraphim Church) Notes to the Accounts For the year ended 30 June 2024**
## 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 which expenditure 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**
|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
Benevolent fund
4
**Income from investments**
Bank interest receivable|**Unrestricted**
**£**
25,491
7,735
3,000
36,226
**Unrestricted**
**£**
3,306
3,306|**Unrestricted**
**funds**
**2023**
**£**
39,866
959
10,372
51,197
13,201
12,455
25,656
25,541
25,541
25,541
450,053
475,594
**Total**
**2024**
**£**
25,491
7,735
3,000
36,226
**Total**
**2024**
**£**
3,306
3,306|**Total funds**
**2023**
**£**
39,866
959
10,372|
||||51,197
13,201
12,455|
||||25,656|
||||25,541|
||||25,541|
||||25,541
450,053|
||||475,594|
||||**Total**
**2023**
**£**
23,441
8,455
3,015|
||||34,911|
||||**Total**
**2023**
**£**
959|
||||959|
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
Honorarium
_Governance costs_
Accountancy fees
Legal and professional fees
7
**Other expenditure**
Premises costs
General administrative costs|**Unrestricted**
**£**
4,360
4,360|**Total**
**2024**
**£**
4,360
4,360|**Total**
**2023**
**£**
10,372|
|---|---|---|---|
||||10,372|
|||||
||**Unrestricted**
**£**
7,955
12,720
305
1,050
1,770
23,800
**Unrestricted**
**£**
18,512
4,023
22,535|**Total**
**2024**
**£**
7,955
12,720
305
1,050
1,770
23,800
**Total**
**2024**
**£**
18,512
4,023
22,535|**Total**
**2023**
**£**
10,938
763
450
1,050
-|
||||13,201|
||||**Total**
**2023**
**£**
5,434
7,021|
||||12,455|
## 8 **Staff costs**
No employee received emoluments in excess of £60,000.
Page 11
## **The Salvation of God Ministry (Cherubim & Seraphim Church) Notes to the Accounts**
## 9 **Tangible fixed assets**
|9
**Tangible fixed assets**|||||
|---|---|---|---|---|
|**Land and**
**buildings**
**£**
**Cost or revaluation**
At 1 July 2023
210,000
At 30 June 2024
210,000
**Depreciation and**
**impairment**
At 1 July 2023
-
At 30 June 2024
-
**Net book values**
At 30 June 2024
210,000
At 30 June 2023
210,000
10 **Creditors:**
amounts falling due within one year
Accruals and deferred income|**Music**
**Equipment**|**Motor**
**Vehicles**|**Fixtures and**
**Fittings**
**£**
20,941
20,941
20,941
20,941
-
-|**Total**
**£**
246,045|
||**£**
8,104
8,104
8,104
8,104
-
-|**£**
7,000
7,000
7,000
7,000
-
-
**2024**
**£**
1,050
1,050|||
|||||246,045|
|||||36,045|
|||||36,045|
|||||210,000|
|||||210,000|
|||||**2023**
**£**
1,050|
|||||1,050|
||||||
|11 **Movement in funds**
**Restricted funds:**
**Unrestricted funds:**
**General funds**
**Revaluation Reserves:**
**Total funds**
12 **Analysis of net assets between funds**
Fixed assets
Net current assets|**At 1 July**
**2023**
475,594
475,594|**Incoming**
**resources**
**(including**
**other**
**gains/losses**
**)**
**£**
48,399
48,399|**Resources**
**expended**
**£**
(46,335)
(46,335)
**Unrestricted**
**funds**
**£**
210,000
267,658
477,658|**At 30 June**
**2024**
**£**
477,658|
|||||477,658|
|||||**Total**
**£**
210,000
267,658|
|||||477,658|
Page 12
**The Salvation of God Ministry (Cherubim & Seraphim Church) Notes to the Accounts** 13 **Reconciliation of net debt**
|Cash and cash equivalents
Net debt|**At 1 July**
**2023**
**£**|**Cash flows**
**£**|**At 30 June**
**2024**
**£**|
|---|---|---|---|
||266,644|2,064|268,708|
||266,644
266,644|2,064
2,064|268,708|
||||268,708|
Page 13
**The Salvation of God Ministry (Cherubim & Seraphim Church) Detailed Statement of Financial Activities For the year ended 30 June 2024**
|**Income and endowments from:**
Donations and legacies
Tithes and offerings
Thanksgiving
Benevolent fund
Anniversary
Donations
Other income
Investments
Bank interest receivable
Other
Gift aid
**Total income and endowments**
**Expenditure on:**
Charitable activities
Missionary
Benevolence and love offerings
Honorarium
Governance costs
Accountancy fees
Legal and professional fees
**Total of expenditure on charitable**
**activities**
Premises costs
Rates
Light, heat and power
Premises repairs and
maintenance|**Unrestricted**
**funds**
**2024**
**£**
25,491
7,735
3,000
1,152
3,010
345
40,733
3,306
3,306
4,360
4,360
48,399
7,955
12,720
305
-
20,980
1,050
1,770
2,820
23,800
1,650
2,462
14,400
18,512|**Total funds**
**2024**
**£**
25,491
7,735
3,000
1,152
3,010
345
40,733
3,306
3,306
4,360
4,360
48,399
7,955
12,720
305
-
20,980
1,050
1,770
2,820
23,800
1,650
2,462
14,400
18,512|**Total funds**
**2023**
**£**
23,441
8,455
3,015
3,266
-
1,689|
|---|---|---|---|
||||39,866|
||||959|
||||959|
||||10,372|
||||10,372|
||||51,197
10,938
763
450
-|
||||12,151|
||||1,050
-|
||||1,050|
||||13,201
2,035
1,619
1,780|
||||5,434|
Page 14
## **The Salvation of God Ministry (Cherubim & Seraphim Church) Detailed Statement of Financial Activities**
General administrative costs,
|including depreciation and
amortisation
Depreciation of Music
Equipment
Depreciation of Motor Vehicles
Depreciation of Fixtures and
Fittings
Bank charges
General insurances
Software, IT support and related
costs
Stationery and printing
Sundry expenses
Telephone, fax and broadband
**Total of expenditure of other**
**costs**
**Total expenditure**
Net gains on investments
**Net income**
**Net income before other**
**gains/(losses)**
Other Gains
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
**Total funds carried forward**|-
-
-
626
1,868
200
45
616
668
4,023
22,535
46,335
-
2,064
2,064
-
2,064
475,594
477,658|-
-
-
626
1,868
200
45
616
668
4,023
22,535
46,335
-
2,064
2,064
-
2,064
475,594
477,658|-
-
-
307
1,760
-
930
2,608
1,416|
|---|---|---|---|
||||7,021|
||||12,455|
||||25,656
-|
||||25,541|
||||25,541
-|
||||25,541|
||||450,053|
||||475,594|
Page 15