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|Directors|g Trustees:|||Mr Adedapo
Abimbola|Mr Adedapo
Abimbola|Mr Adedapo
Abimbola|Oke|
|---|---|---|---|---|---|---|---|
|||||Mr John Adewale|Olulana|||
|||||Mr Fredah
Nkandu||Babanawo||
|||||Ms Carolyn
Mary|Prass|||
|Charity Registration||No:||1105101||||
|Company|Registration||No:|3702274||||
|Principal|Office:|||Concord House||||
|||||23-27 Kemp Road||||
|||||Dagenham||||
|||||Essex||||
|||||RMB 1ST||||
|Accountants:||||Rev Dr Olu Olasode||DBE PhD APSA FCCA||
|||||TL First Accountants||5|Consultants|
|||||1Copers Cope Road||||
|||||Beckenham,
Kent||||
|||||BR3 1NB||||
|Bankers:||||Natwest
Bank Plc||||
|||||Barclays Bank Pic||||
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|CONSOLIDATED|||||||
|---|---|---|---|---|---|---|
|STATEMENT OF FINANCIAL|ACTIVITIES||2023|2023|2023|2022|
||||Restricted|Unrestricted|Total|Total|
|INCOMING
RESOURCES|||||||
|Grants and Donations
(including||Gift Aids)||753,100|753,100|254,684|
|Investment
income||||30,824|30,824|25,518|
|Other Incoming
Resources||||33,754|33,754||
|Total Incoming Resources||||817,678|817,678|550,202|
|RESOURCES EXPENDED|||||||
|Costs ofActivities
in Furtherance||ofthe|||||
|Company's
Objects|||||||
|Charitable
Activities||||646,500|646,500|413,070|
|Governance
Costs||||166|166|7,167|
|Total Resources Expended||||646,666|646,666|420,237|
|Net Incoming / (Outgoing)|Resources|||171,012|171,012|129,965|
|Total Funds Brought Forward||||835,760|835,760|705,675|
|Reserves Adjustments||||||120|
|Total Funds Carried Forward||||1,006,772|1,006,772|835,760|
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|CONSOLIDATED|||||
|---|---|---|---|---|
|BALANCE SHEET|2023|2023|2022|2022|
|FIXED ASSETS (Note 5)||1,625,427||1,664,793|
|Investment||16,564|||
|CURRENT ASSETS|||||
|Debtors|24,673||14,077||
|Cash and Bank|440,632||284,828||
|CURRENT LIABILITIES|||||
|Creditors - within one year (Note 7)|(21,712)||(10,369)||
|NET CURRENT ASSETS||443,593||288,536|
|Creditors —More than one year (note 8)||(1,078,812)||(1,117,569)|
|NET ASSETS||1,006,772||835,760|
|CAPITAL AND RESERVES|||||
|Restricted
Funds|||||
|Unrestricted
Funds||1,006,772||835,760|
|Reserves|||||
|NET ASSETS||1,006,772||835,760|
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||There has been no offsetting ofassets and liabilities, or income and expenses,|
|---|---|
|Offsetting|unless required
or permitted
by the FRS 102SORP or FRS102.|
|Grants. and.|Grants. and donations
are only. included, in.the SoFA when the general|
|donations|income recognition
criteria are met (5.10to 5.12FRS102SORP).|
||In the case of performance
related grants, income must only be|
||recognised to the extent that the charity has provided
the specified goods|
||or services as entitlement
to the grant only occurs when the performance|
||related conditions
are met (5.16FRS102SORP).|
|Legacies||
|Income from|Income from||||
|---|---|---|---|---|
|interest,||This is included
in the accounts when receipt is probable,|and the amount||
|royalties and||receivable can be measured
reliably.|||
|dividends|||||
|Income from|||||
|membership
subscriptions||Membership
subscriptions
received
in the nature of a gift are recognised
in Donations
and Legacies.|||
|||Membership
subscriptions
which give a member the right to buy services|||
|||orother benefits are recognised as income earned from the provision||of|
|||goods and services as income from charitable
activities.|||
|Settlement|of|Insurance
claims are only included
in the SoFA when the|general income||
|insurance|claims|recognition
criteria are met (5.10to 5.12 FRS102SORP) and are included|||
|||as an item ofother income in the SoFA.|||
|Investment||This includes
any realised or unrealised
gains or losses on the sale of|||
|gains and|losses|investments
and any gain or loss resulting
from revaluing|investments|to|
|||market value at the end ofthe year.|||
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|Liability||Liabilities are recognised
where
it is more likely than not that|there is a|
|---|---|---|---|
|recognition||legal or constructive
obligation
committing
the charity to pay|out|
|||resources and the amount ofthe obligation
can be measured|with|
|||reasonable
certainty.||
|||Support costs have been allocated between
governance
costs|and other|
|Governance|and|support.
Governance
costs comprise
all costs involving
public||
|support costs||accountability
ofthe charity and its compliance
with regulation|and good|
|||practice.||
|||Support costs include central functions
and have been allocated to activity||
|||cost categories on a basis consistent
with the use of resources,|eg|
|||allocating property
costs by floor areas, or per capita, staff costs by the||
|||time spent and other costs by their usage.||
|Grants with||Where the charity gives a grant with conditions for its payment|being a|
|performance
conditions||specific level ofservice or output to be provided,
such grants are only
recognised
in the SoFA once the recipient ofthe grant has provided
the||
|||specified service or output.||
|Grants payable
without||Where there are no conditions
attaching tothe grant that enables the||
|performance
conditions||donor charity to realistically
avoid the commitment,
a liability
funding
obligation
must be recognised.|for the full|
|Redundancy|cost|The charity made no redundancy
payments
during the reporting
period.||
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|3.GRANTS|&DONATIONS|||||
|---|---|---|---|---|---|
|||2023|2023|2023|2022|
|||Restricted|Unrestricted|Total|Total|
|||f|f|f|f|
|Donation,|Tithe and Offering||510,563|510,563|380,898|
|Gift Aid|||114,071|114,071|95,132|
|Grants|||128,466|128,466|24,653|
|Otherlncome|||33,754|33,754|24,001|
|Investment|Income||30,824|30,824|25,518|
||||817,678|817,678|550,202|
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|Analysis of Resources Expended|Cost|ofCharitable|Governance|Total 2023|Total 2022|
|---|---|---|---|---|---|
|||Activities|Cost|||
|Direct Costs:||||||
|Services & Events||84,527||84,527|52,911|
|Depa rtmenta
I/Project Support||||||
|Evangelism
& Missions||125,415||125,415|61,688|
|Staff Costs||130,897||130,897|116,977|
|||340,839||340,839|231,576|
|Indirect Costs:||||||
|Office and Admin Costs||116,137||116,137|59,547|
|Rent||11,982||11,982|5,243|
|Professional
and Consultancy||42,565||42,565|16,770|
|Maintenance||25,887||25,887|19,551|
|Bank charges and Interest||48,288||48,288|22,032|
|Depreciation||60,802||60,802|58,351|
|Governance
Cost|||166|166|7,167|
|||305,661|166|305,827|188,661|
|Total Resources Expended||646,500|166|646,666|420,237|
|5.FIXEDASSETS||||||
||Land &|Plant&|Fixtures&|Motor|Computer|
||Building|Machinery|Fittings|Vehicle
Equipment
Total||
||f|f|f|||
|COST||||||
|At 1April 2022|2,335,928|137,823|149,188|48,879|21,592
2,693,410|
|Additions|||1,000||20,436
21,436|
|Disposals||||||
|At 31March2023|2,335,928|137,823|150,188|48,879|42,028
2,714,846|
|DEPRECIATION||||||
|Accumulated
Depreciation|706,030|130,761|126,348|48,879|16,599
1,028,617|
|Charge for the year|46,719|1,766|5,960||6,357
60,802|
|At 31March 2023|752,749|132,527|132,308|48,879|22,956
1,089,419|
|NET BOOK VALUE||||||
|At 31March 2023|1,583,179|5,296|17,880|0|19,072
1,625,427|
|At 31March 2022|1,629,898|7,062|22,840|0|4,993
1,664,793|
|6.DEBTORS||||2023|2022|
|---|---|---|---|---|---|
|||||f|f|
|Other Debtors||||24,673|10,253|
|Taxation &Social|||||3,824|
|security Cost||||||
|||||24,673|14,078|
|7.CREDITORS - Due|within||one|||
|year||||2023|2022|
|||||f||
|Trade Creditors||||4,000||
|Taxation &Social||||7,105||
|security Cost||||||
|Groups &Association||||10,608|10,369|
|||||21,713|10,369|
|8.CREDITORS —Due after||one||||
|year||||||
|Bank Loans by Instalment||1||615,134|653,891|
|Bank Loans by Instalment||2||463,678|463,678|
|||||1,078,812|1,117,569|
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||2023|2022|
|---|---|---|
||E|f|
|Fixed Assets|||
|Investment|16,563||
|Current Assets|||
|Debtors|||
|Cash 5 Bank|||
|Tota I Current Assets|||
|Creditors within one year|||
|NET Current Assets|||
|Creditors within more than one year|16,563||
|NET ASSETS|||
|FINANCED BY|||
|Ordinary
Share Capital|||
|Reserves|||
|NET ASSETS|||
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||2023|2022|
|---|---|---|
|||f|
|Fixed Assets|||
|Office Equipment|15,327||
||15,327||
|Current Assets|||
|Debtors|||
|Cash 5 Bank|20,887|21259|
|Total Current Assets|20,887|21,259|
|Creditors within one year|(3,012)||
|NET Current Assets|17,875|21,259|
|Creditors within more than one year|||
|NET ASSETS|33,202|21,259|
|FINANCED BY|||
|Ordinary
Share Capital|||
|Reserves|33,202|21,259|
||33,202|21,259|
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|Year ended 31March 2023|Year ended 31March 2023||2023|2023|2023|2022|
|---|---|---|---|---|---|---|
||||Restricted|Unrestricted|Total|Total|
|Incoming Resources|||||||
|Grants and Donations
(including||Gift|||||
|Aids)||||578,319|578,319|524,684|
|Investment
Income||||30,824|30,824|25,518|
|Other incoming
resources||||33,754|33,754||
|Total Incoming Resources|||0|642,898|642,898|550,202|
|Resources Expended|||||||
|Cost ofActivities
in Furtherance||ofthe|||||
|Company's
Objects|||||||
|Charitable
activities|||0|483,663|483,663|413,070|
|Governance
costs|||0|166|166|7,167|
|Total Resources Expended||||483,829|483,829|420,237|
|Net Incoming/(Outgoing)|Resources|||159,069|159,069|129,965|
|Net Movements
forthe Year||||159,069|159,069|129,965|
|Total Funds Brought Forward||||814,501|814,501|684,416|
|Reserves Adjustments||||||120|
|Total Funds Carried Forward||||973,570|973,570|814,501|
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|BAlANCE SHEET|||||
|---|---|---|---|---|
||2023|2023|2022|2022|
||E|E|E|E|
|Fixed Assets|||||
|Tangible
Fixed Assets (Note 2)|1,610,100||1,664,793||
|CURRENT ASSETS|||||
|Other Debtors (Note 5)|24,673||14,077||
|Cash and Bank|419,745||284,828||
||444,419||298,905||
|CREDITORS - Within one year (Note 3)|(18,701)||(10,369)||
|NET CURRENT ASSETS||425,718||288,536|
|CREDITORS - Due after one year (Note 4)||(1,062,248)||(1,117,569)|
|NET ASSETS||973,570||835,760|
|FINANCED BY|||||
|Restricted
Funds||||(26,982)|
|Unrestricted
Funds||973,570||862,742|
|||973,570||835,760|