2023-12-31-accounts - Christ Apostolic Church Amazing Grace International

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator. This document is also available as Markdown.

Christ Apostolic Church Amazing Grace Intl.

Charity No. 1111559

Trustees' Report and Unaudited Accounts

31 December 2023

Christ Apostolic Church Amazing Grace Intl. Contents

	Pages
Trustees' Annual Report	3
Independent Examiner's Report	4
Statement of Financial Activities	5
Balance Sheet	6
Statement of Cash flows	7
Notes to the Accounts	8
Detailed Statement of Financial Activities	9

Page 1

Christ Apostolic Church Amazing Grace Intl. Trustees Annual Report

The trustees present their report with the unaudited financial statements of the charity for the year ended 31 December 2023.

REFERENCE AND ADMINISTRATIVE DETAILS

Charity No. 1111559

Principal Office

Flat 10 Collins Court Forest Road London E8 3BS

Trustees

The following trustees served during the year:

E. Abe S. Abe S. Abe K.A. Kotun K.S. Lampejo Raji

==> picture [298 x 86] intentionally omitted <==

Accountants

Julius and Julius and Associates LLP 70 Clapton Square London E5 8HW

Bankers

HSBC UK Bank Plc 312 Seven Sisters Road Finsbury Park London N4 2AW

OBJECTIVES AND ACTIVITIES

A larger charity must provide an explanation of its aims, including details of the issues it seeks to tackle and the changes or differences it seeks to make through its activities...

A larger charity must provide an explanation how the achievement of its aims will further its legal purposes...

A larger charity must provide an explanation of its strategies for achieving its stated aims and objectives...

A larger charity must provide an explanation of its criteria or measures it uses to assess success in the reporting period...

Page 2

Christ Apostolic Church Amazing Grace Intl. Trustees Annual Report

A larger charity should provide a more detailed explanation of its short-term and long-term aims and objectives...

ACHIEVEMENTS AND PERFORMANCE

A larger charity must review its charitable activities undertaken, explaining performance achieved against objectives set ...

A larger charity must include an explanation when material fundraising activities are undertaken, details of the performance achieved against fundraising objectives set ...

A larger charity must provide an explanation when material investments are held, details of investment performance achieved against objectives set ...

A larger charity must provide an explanation of any material expenditure occurred to raise income in the future...

A larger charity must provide commentary on those significant positive and negative factors within and outside the charity's control which are relevant to the achievement of its objectives ...

PLANS FOR FUTURE PERIODS

A larger charity must provide a summary of the charity's plans for the future including its aims and objectives and details of any plans to achieve them ...

A larger charity's report should explain the trustees perspective of the future direction of the charity...

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

S. Abe Trustee 31 December 2023

Page 3

Christ Apostolic Church Amazing Grace Intl. Independent Examiners Report

Independent Examiner's Report to the trustees of Christ Apostolic Church Amazing Grace Intl.

I report to the trustees on my examination of the financial statements of Christ Apostolic Church Amazing Grace Intl. for the year ended 31 December 2023.

Responsibilities and basis of report

As the charity's trustees you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 ('the Act').

I report in respect of my examination of the charity's financial statements 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 financial statements do not accord with those records; or
the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements 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 financial statements to be reached.

Olufemi Fajebe ICAEW Julius and Julius and Associates LLP 70 Clapton Square London

E5 8HW 31 December 2023

Page 4

Christ Apostolic Church Amazing Grace Intl. Statement of Financial Activities

for the year ended 31 December 2023

Unrestricted funds	Total funds	Total funds
2023	2023	2022
£	£	£

45,004	45,004	39,841
9,994	9,994	7,764
54,998	54,998	47,605

52,008	52,008	37,023
52,008	52,008	37,023
-	-	-
2,990	2,990	10,582
-	-	-
2,990	2,990	10,582

2,990	2,990	10,582

11,747	11,747	1,165
14,737	14,737	11,747

Page 5

Christ Apostolic Church Amazing Grace Intl. Balance Sheet

at 31 December 2023

Charity No. 1111559 Fixed assets Tangible assets 8 Current assets Cash at bank and in hand Creditors:Amount falling due within one year 9 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 10 Unrestricted funds 10 General funds Reserves 10 Total funds	2023 £ 14,044 14,044 4,442 4,442 (3,749) 693 14,737 14,737 14,737 14,737 14,737 14,737	2022 £ 196
		196 14,556
		14,556 (3,005)
		11,551 11,747
		11,747
		11,747
		11,747
		11,747
		11,747

Approved by the trustees on 31 December 2023

And signed on their behalf by:

S. Abe Trustee 31 December 2023

Page 6

Christ Apostolic Church Amazing Grace Intl. Notes to the Accounts

for the year ended 31 December 2023

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

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

Christ Apostolic Church Amazing Grace Intl. 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.

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.

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.

Page 8

Christ Apostolic Church Amazing Grace Intl. Notes to the Accounts

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

Christ Apostolic Church Amazing Grace Intl. Notes to the Accounts

2 Statement of Financial Activities - prior year

Income and endowments from: Donations and legacies Charitable activities Total Expenditure on: 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 Offering 4 Income from charitable activities Gift Aid	Unrestricted £ 45,004 45,004 Unrestricted £ 9,994 9,994	Unrestricted funds 2022 £ 39,841 7,764 47,605 37,023 37,023 10,582 10,582 10,582 1,165 11,747 Total 2023 £ 45,004 45,004 Total 2023 £ 9,994 9,994	Total funds 2022 £ 39,841 7,764
			47,605 37,023
			37,023
			10,582
			10,582
			10,582 1,165
			11,747
			Total 2022 £ 39,841
			39,841
			Total 2022 £ 7,764
			7,764

Page 10

Christ Apostolic Church Amazing Grace Intl. Notes to the Accounts

5 Other expenditure

Motor and travel costs Premises costs Amortisation, depreciation, impairment, profit/loss on disposal of fixed assets General administrative costs Legal and professional costs 6 Net income before transfers This is stated after charging: Depreciation of owned fixed assets 7 Staff costs No employee received emoluments in excess 8 Tangible fixed assets Cost or revaluation At 1 January 2023 Additions At 31 December 2023 Depreciation and impairment At 1 January 2023 Depreciation charge for the year At 31 December 2023 Net book values At 31 December 2023 At 31 December 2022 9 Creditors: amounts falling due within one year Accruals	of £60,000. £ 8,122 10,500 18,622 8,102 2,645 10,747 7,875 20	Unrestricted £ 800 29,450 4,282 13,727 3,749 52,008 2023 £ 4,282 £ 880 - 880 855 15 870 10 25 2023 £	Total 2023 £ 800 29,450 4,282 13,727 3,749 52,008 £ 2,220 7,630 9,850 2,069 1,622 3,691 6,159 151	Total 2022 £ 1,180 24,023 1,573 7,242 3,005
				37,023
				2022 £ 1,573 £ 11,222 18,130
				29,352
				11,026 4,282
				15,308
				14,044
				196
				2022 £
		3,749		3,005
		3,749		3,005

Page 11

Christ Apostolic Church Amazing Grace Intl. Notes to the Accounts

10 Movement in funds

Incoming resources (including other gains/losses ) £ 54,998 54,998 Unrestricted funds £ - (3,749) (3,749) At 1 January 2023 £	Resources expended £ (52,008) (52,008) Restricted funds £ 14,044 4,442 18,486 Cash flows £	At 31 December 2023 £ 14,737
		14,737
		Total £ 14,044 693
		14,737
		At 31 December 2023 £
14,556	(10,114)	4,442
14,556 14,556	(10,114) (10,114)	4,442
		4,442

Page 12

Christ Apostolic Church Amazing Grace Intl. Statement of Cash flows for the year ended 31 December 2023

Cash flows from operating activities Net income per Statement of Financial Activities Adjustments for: Depreciation of property, plant and equipment Increase in trade and other payables Net cash provided by operating activities Cash flows from investing activities Payments for property, plant and equipment Net cash used in investing activities Net cash from financing activities Net (decrease)/increase in cash and cash equivalents Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year	2023 £ 2,990 4,282 744 8,016 (18,130) (18,130) - (10,114) 14,556 4,442	2022 £ 10,582 1,573 225
		12,380 -
		-

		-

		12,380
		2,176
		14,556

Components of cash and cash equivalents
Cash and bank balances	4,442	14,556

	4,442	14,556

Page 13

Christ Apostolic Church Amazing Grace Intl. Detailed Statement of Financial Activities

for the year ended 31 December 2023

Income and endowments from: Tithes and Offering Charitable activities Gift Aid Total income and endowments Expenditure on: Motor and travel costs Travel and subsistence Premises costs Rent Light, heat and power Premises cleaning General administrative costs, including depreciation and amortisation Equipment Van Furniture Donation Bank charges Equipment leasing and hire charges Repairs and maintenance Anniversary Expense General insurances Stationery and printing Professional costs Accountancy and bookkeeping Total of expenditure of other costs Total expenditure Net gains on investments Net income	Unrestricted funds 2023 £ 45,004 45,004 9,994 9,994 54,998 800 800 25,500 1,450 2,500 29,450 2,645 15 1,622 1,790 133 3,200 2,780 4,647 300 877 18,009 3,749 3,749 52,008 52,008 - 2,990	Total funds 2023 £ 45,004
		45,004
		9,994
		9,994
		54,998 800
		800
		25,500 1,450 2,500
		29,450
		2,645 15 1,622 1,790 133 3,200 2,780 4,647 300 877
		18,009
		3,749
		3,749

		52,008
		52,008 -
		2,990

Page 14

Christ Apostolic Church Amazing Grace Intl. Detailed Statement of Financial Activities

Net income before other gains/(losses) Other Gains Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward	2,990 - 2,990 11,747 14,737	2,990 -
		2,990
		11,747
		14,737

Page 15

Christ Apostolic Church Amazing Grace Intl. Detailed Statement of Financial Activities

Total funds 2022 £ 39,841 39,841 7,764 7,764 47,605 1,180 1,180 22,500 1,523 - 24,023

1,462 15 96 1,100 212 2,300 1,700 1,180 300 450 8,815 3,005 3,005 37,023 37,023 - 10,582

Page 16

Christ Apostolic Church Amazing Grace Intl. Detailed Statement of Financial Activities

10,582 - 10,582 1,165 11,747

Page 17