CELESTIAL CHURCH OF CHRIST SALVATION OF JESUS PARISH FINANCIAL STATEMENT FOR THE YEAR ENDED 31ST JULY 2024
EMMANUEL STEPHENS & CO. CHARTERED ACCOUNTANTS, BUSINESS ADVISERS & CONSULTANTS 62 BEECHWOOD ROAD, LONDON E8 3DY
CELESTIAL CHURCH OF CHRIST SALVATION OF JESUS PARISH Report and Accounts for the year ended 31 JULY 2024
CHARITY REGISTRATION NUMBER IN ENGLAND AND WALES 1097030
CELESTIAL CHURCH OF CHRIST SALVATION OF JESUS PARISH Reports and Accounts
CONTENTS
| Charity Information | 1 |
|---|---|
| Trustees annual report | 2 |
| Accountant's Report | 3 |
| Statement of Financial Activities | 4 |
| Balance Sheet | 5 |
| Notes to Accounts | 6-8 |
CELESTIAL CHURCH OF CHRIST SALVATION OF JESUS PARISH Charity Information
Minister in Charge
Rev. Amos Olabode Fatusin
Trustees
Rev Amos Olabode Fatusin Ms C. A Olukoya Mrs Christiana Orbrifor
Charity Registration No:
1097030
Principal Location
16 Graham Court 7 Myers Lane London SE14 5RX
Bankers
Natwest Bank Plc 65 Peckham High Street London Depot Code 190 SE15 5RZ
Accountants
Emmanuel Stephens & Co 62 Beechwood Road London E8 3DY
Page 1
CELESTIAL CHURCH OF CHRIST SALVATION OF JESUS PARISH
TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 JULY 2024
The trustees have the pleasure of submitting their report and the financial statements for the year ended 31 July 2024
Review of Financial Position
Please refer to the annexed accounts for the details of the financial statements for the year ended 31 July 2023. The charity suffered from lack of suitable premises during the financial year, hence the high level of unrestricted reserves at the end of the financial year.
Reserves Policy
The trustees would like to work towards a situation whereby the charity could maintain unrestricted funds at a level which equates to approximately three months of unrestricted expenditure.
Trustees' Responsibilities in Relation to the Financial Statements
The Charities Act requires the Trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and of the surplus or deficit of the charity for that period. In preparing these financial statements, the trustees are required to:
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a) Select suitable accounting policies and apply them consistently;
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b) Make judgements and estimates that are reasonable and prudent;
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c) State whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements.
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d) Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping proper accounting records, which 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. They are also responsible for safeguarding the assets of the charity and hence for taking any reasonable steps for the prevention and detection of fraud and other irregularities.
Approval
This report was approved by the Board of Trustees and signed on their behalf by:
Signature:
Name:
Date:
page 2
CELESTIAL CHURCH OF CHRIST SALVATION OF JESUS PARISH
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF CELESTIAL CHURCH OF CHRIST SALVATION OF JESUS PARISH
I report on the projected accounts of the Trust for the period ended 31 July 2024, which are set out on pages 4 to 8.
RESPECTIVE RESPONSIBILITIES OF THE TRUSTEES AND EXAMINER
As the Charity's Trustees, you are responsible for the preparation of the Account: you consider that the audit requirement of section 43(2) of the Charities Act 1993 ("the Act") does not apply. It is my responsibility to state, on the basis of procedures specified in the General Directions given by the Charity Commissioners under section 43(7) of the Act, whether particular matters have come to my attention.
BASIS OF 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 connection with my examination, no matter has come to my attention:
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Which gives me reasonable cause to believe that any material respect the requirements:
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to keep accounting records in accordance with section 41 of the Act, and
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to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the Act.
Have not been met: or
- To which, in my opinion, attention be drawn to enable a proper understanding of the accounts to be reached.
Emmanuel Stephens & Co.
Chartered Accountants, Business Advisers & Consultants 62 Beechwood Road London E8 3DY
Page 3
CELESTIAL CHURCH OF CHRIST SALVATION OF JESUS PARISH Statement of Financial Activities for the year ended 31 July 2024
| Notes Incoming Resources Incoming resources from generated funds: Voluntary income:donations 1a Activities in furtherance of the charity 1b objects Other Income Gift Aid Total Incoming Resources Resources Expended Charitable activities: Direct Charitable Expenditure 2 Governance costs: Management & Administration 3 Total Resources expended Net Incoming/(Outgoing) Resources for the year Net Movement in Funds 4 Accumulated Fund at 1st August |
2024 2023 Unrestricted Restricted Total Total £ £ £ £ 26,498 - 26,498 28,827 - - - - - 6,228 6,228 5,652 |
|---|---|
| 32,726 - 32,726 34,479 |
|
| 6,174 - 6,174 1,931 24,992 - 24,992 30,576 |
|
| 31,166 0 31,166 32,507 |
|
| 1,560 0 1,560 1,972 |
|
| 1,560 0 1,560 1,973 5,166 - 5,166 4,370 |
|
| 6,726 - 6,726 6,343 |
All disclosures relate to the continuing operations. There are no recognised gains or losses other than those disclosed above.
Page 4
CELESTIAL CHURCH OF CHRIST SALVATION OF JESUS PARISH Balance sheet as at 31 July 2024
| Balance sheet as at 31 July 2024 | ||
|---|---|---|
| Notes FIXED ASSETS Tangible Fixed Assets 7 CURRENT ASSETS Debtors 8 Cash in Hand/ Bank CURRENT LIABILITIES 9 NET CURRENT ASSETS LONG TERM LIABILITIES Amount falling due more than a year NET ASSETS TOTAL FUNDS 6 Amount falling due within a year |
2024 2023 £ £ 0 0 0 0 0 0 24,236 22,676 24,236 22,676 17,510 17,510 6,726 5,166 6,726 5,166 0 0 0 6,726 5,166 6,726 5,166 - |
2024 2023 £ 0 0 |
| 6,726 5,166 |
||
| 6,726 5,166 |
||
| - |
Approved by the Trustees and Signed on their behalf:
Signature:
Name: Date:
Page 5
CELESTIAL CHURCH OF CHRIST SALVATION OFJESUS PARISH Notes to the Financial statements for the year ended 31 July 2024
ACCOUNTING POLICIES
The accounts have been prepared under the 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 in the preparation of the financial statements are as follows.
1. INCOMING RESOURCES
These are recognised in full in the Statement of Financial Activities in the period in which they are received. Included are income from tithes, offerings and interest received during the year from investments and accounted for as unrestricted-funds.
| 1a. Voluntary Income: Donations Tithes & Offerings Building Funds Other Charitable Income Gift Aid |
2024 2023 £ £ 26,498 24,846 - - 6,228 6,201 |
|---|---|
| 32,726 31,047 |
2. DIRECT CHARITABLE EXPENDITURE
This comprises all expenditure directly related to the objects of the of the charity. It also includes the expenditure in support of that activity where material.
| Donations Spiritual Materials Pastoral Returns Storage Church expenditure Pastor's Remuneration Honorarium |
2024 2023 £ £ - - - - 1,828 2,243 4,346 1,600 - - - - |
|---|---|
| 6,174 3,843 |
Page 6
3. MANAGEMENT AND ADMINISTRATION
| Volunteer expenses Rent & Rates Refusal Disposal Telephone & fax & internet Light & Heat Printing, postage & stationery Security Repairs & renewals Legal & professional fees Accountancy fees Bank charges & interest General expenses Depreciation Harvest |
2024 2023 £ £ - 23,350 26,000 - - - - - - - - - - - - - 1,250 2,180 192 201 - - - - 200 |
|---|---|
| 24,992 28,381 |
4. NET MOVEMENT IN FUNDS FOR THE YEAR
| The net movement in funds for the year is stated after charging Depreciation of tangible fixed assets |
2024 2023 £ £ - - |
|---|---|
5.DEPRECIATION
Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant & Machinery
10% straight line
| 6. FUNDS At 1 August 2023 Surplus/(Deficit) for the year At 31 July 2023 |
Unrestricted Restricted Total Funds Funds Funds £ £ £ 5,166 5,166 (1,177) 0 (1,177) |
|---|---|
| 6,343 - 6,343 |
6.1 UNRESTRICTED FUNDS
These are grants and donations received or receivable for the objects of the charity without restrictions as to purpose but are available as general funds.
6.2 RESTRICTED FUNDS
Restricted funds are used for the purpose as specified by the donor. Expenditure that meets these criteria is identified to the fund.
Page 7
7. FIXED ASSETS
| Plant & Machinery etc Totals £ £ Cost At 1 August 2023 24,980 24,980 Additions - - At 31 July 2023 24,980 24,980 Depreciation At 1 August 2023 24,980 24,980 Charge for the year - - At 31 July 2024 24,980 24,980 Net Book Value At 31 July 2024 - - At 31 July 2023 - - 8.DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 £ £ Security Deposit Recoverable - - - - - 9.CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 £ £ Accountancy's Fee 1,000 1,000 Sundry Creditors 16,510 16,510 17,510 17,510 |
Plant & Machinery etc Totals £ £ 24,980 24,980 - - |
Plant & Machinery etc Totals £ £ 24,980 24,980 - - |
|---|---|---|
| 24,980 | 24,980 | |
| 24,980 - |
24,980 - |
|
| 24,980 | 24,980 | |
| - | - | |
| - | - | |
| 2024 2023 £ £ - - - |
||
| - - |
||
| 2024 2023 £ £ 1,000 1,000 16,510 16,510 |
||
| 17,510 17,510 |
Page 8