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2024-07-31-accounts

CITIFAITH CHURCH

A COMPANY LIMITED BY GURANTEE

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 JULY 2024

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CITIFAITH INTERNATIONAL CHURCH

COMPANY Number: 05185527

CHARITY REGISTRATION Number: 1112463

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CITIFAITH CHURCH

A COMPANY LIMITED BY GURANTEE

THE CHURCH’S LEGAL AND ADMINISTRATIVE INFORMATION

Directors / Trustees:

Directors / Trustees: Lesley Everson Lucy Edwards Amon Bandera Wisdom Deffor Oludolapo Mohammed Ayodeji Sotannde Operational Leadership Team: Lesley Everson – Senior Pastor Lucy Edwards – Associate Pastor Wisdom Deffor – Secretary Amon Bandera – Treasury & Finance Charity Number: 1106273 Company Number: 05124435 Principal office: 38 - 40 Regent Street Swindon Wiltshire SN1 1JL Bankers: National Westminster Bank PLC 24-30 The Parade Swindon Wiltshire SN1 1BA

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CITIFAITH CHURCH A COMPANY LIMITED BY GURANTEE

ANNUAL REPORT AND FINANCIAL STATEMENT FOR THE YEAR ENDED 31 JULY 2024

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CONTENTS
PAGE
Content Page 3
Trustees Annual Report 4 - 8
Income Statement 9
Balance Sheet 10
Notes to the Financial Statements 11 - 16
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CITIFAITH CHURCH

A COMPANY LIMITED BY GURANTEE

CITIFAITH CHURCH TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 JULY 2024

The directors of the charitable company (the charity) are its trustees for the purpose of the charity law and throughout this report are collectively referred to as its trustees.

The Citifaith Church trustees present their report along with the financial statements of the charity for the year ended 31 July 2024 . The financial statements have been prepared in accordance with the Statement of Recommended Practice “Accounting and Reporting by Charities” (SORP 2015) and comply with the charities Memorandum and Articles of Association and the Charities Act 2011.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

Citifaith Church is a charitable company limited by guarantee, which was incorporated on 21st July 2004 and registered as a charity on the 8 December 2005. The company was established under a Memorandum of Association which established the objectives and the powers of the charitable company, and it’s governed by its Articles of Association, which was amended by a special resolution dated the 29th of May 2013. In the event of the company being wound up, the members are required to contribute an amount not exceeding £10.00 towards the winding down cost.

The directors of the company are also the charity’s trustees for the purpose of charity law and under the company’s Articles they are also known as members of the Management Committee. Under the requirements of the Memorandum and Articles of Association the senior Pastor and other directors/trustees may remain in office until they resign or are deemed unfit to hold office by a majority of the members.

The directors are responsible for making decisions on all key operational and compliance matters of general concern and importance to the church including deciding and approving on how the funds of the church are sourced and applied.

Appointment, Training and Meetings of Trustees

The names of the trustees who have served the charity during the year and those appointed since the year end are set out on the legal and administrative information page. Trustees are appointed by the board and each year one third retires by rotation and either new trustees are identified, or previous serving trustees are reappointed.

Existing and newly appointed trustees are offered either internal or external training, depending on their experience and qualification. This is offered to support and help them to undertake and fulfil their roles and responsibilities effectively.

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CITIFAITH CHURCH

A COMPANY LIMITED BY GURANTEE

CITIFAITH CHURCH TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 JULY 2024

The board of trustees meet at least four times a year (quarterly). The trustees ensure that the charity’s operations and activities comply with relevant regulations and legislations, remain solvent, managed effectively and continue to deliver charitable outcomes for the benefit of the public.

The Operational Leadership Team is responsible for the day-to-day running of the charity, with an escalation to the trustees where necessary and required.

Risk Management

The trustees have continued to conduct a review of the major risks to which the church’s activities and operations are exposed to during the year. A risk register established since 2004 has been kept up to date and reviewed at least annually. Where appropriate, systems or procedures have been established to mitigate the risks considered as outside the charity risk appetite.

The trustees have working relationship with an external Health and Safety company, which assist with the management of the Health and Safety risks in using the building.

OBJECTIVES AND ACTIVITIES

Objectives

The charity's purposes as set out in the objectives contained in the company's memorandum of association are as follows:

PUBLIC BENEFIT

When planning the church’s activities for the year, the trustees and the Operational Leadership Team takes into account the Charity Commission’s guidance on public benefit and, in particular, the specific guidance on charities for the advancement of religion. In this regard the church ensures that its annual activities’ outcomes deliver public benefit.

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CITIFAITH CHURCH

A COMPANY LIMITED BY GURANTEE

CITIFAITH CHURCH TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 JULY 2024

USE OF VOLUNTEERS

The trustees are grateful to the many volunteers who continually donate their time, money and talents to serve in the various areas of the church’s activities. These areas include the worship team, the gallery, media team, ushers, and pastoral care, and Bible training, children and youth departments. Although the value of the efforts of our volunteers is not quantified in the accounts, the church would be unable to fulfil our objectives without the members’ participation and voluntary contributions.

REVIEW OF DEVELOPMENTS, ACTIVITIES AND ACHIEVEMENTS

Regular weekdays and weekend meetings have continued in full swing during the year to meet the public and the members’ needs. Members’ donations to the charity have now started to increase, however due to inflation expenses have gone up. The charity’s meetings are now all back to face to face including the main Sunday church services which continue to be recorded and posted to Facebook and YouTube.

Charity Objective (a)

These objectives are progressed through the various activities and departments in the life of the church, continuing to work increasingly within the community in which it is based. The church continues to run outreach events and programs throughout the year. Employing both church staff and volunteers to provide practical help to charity organisations opening and capitalising on opportunities to evangelise.

During this financial year the church members’ attendance has continued to increase especially for the main Sunday services and other midweek groups’ meetings. The advancement of the Christian faith in accordance with the doctrines set out therein. Various initiatives have continued during the last financial year to advance the Christian faith. Ongoing leadership development training has been provided during the last financial year, including day training sessions and by providing relevant resources to leaders.

Prayer meetings have continued during the year with weekly meetings, pre-service meetings and monthly meetings. The worship team has continued to see an increase in both singers and musicians and are focusing on developing the media side of their department. The worship leader is part of Swindon Worship Churches Together, which seeks to increase unity between different churches in the area. They had successful worship events during the year and have plans to increase these worship events that bring people from all over Swindon together.

The work with children and young people continues to develop and evolve with groups for different ages: Little Fishes (1-3yrs) Citikids (4-11yrs), CitiYth (11-18yrs) and Young Adults (18-30yrs). CitiYth have their own weekly meetings and services, many of the youth serve in church’s Sundays main services.

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CITIFAITH CHURCH

A COMPANY LIMITED BY GURANTEE

CITIFAITH CHURCH TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 JULY 2024

Charity Objective (b)

The Love Swindon (Citifaith’s Community Programme) has continued to develop partnerships with other local charities and organisations to provide free services to the community. This includes regular garden and house renovation projects in partnership with Safe Families. This provides support for families in Swindon who are referred by local government.

Charity Objective (c)

Citifaith Church continues to build good relationships with local authorities developing greater partnership working in the community. The building continues to be used by other community, businesses and voluntary groups and is proving to be a useful resource for the wider community.

RESERVES POLICY

It is our policy to maintain a balance on unrestricted funds (if possible), which equates to at least three months unrestricted payments, equivalent to £45,000, to cover emergency situations that may arise from time to time. The need for the charity to hold less in reserves is because it only employs two full time and one part time employee, the building is leased, and the running costs are considered as reasonable.

The most likely reason to call on the reserves would be if attendance and giving were to diminish significantly due to loss of members. It is the charity's policy to monitor growth statistics carefully and should growth and members’ donations fall significantly then measures would be taken to minimise the funding and liquidity risk.

FINANCIAL REVIEW

Income

Total income including both restricted and unrestricted received during 2023-24 was £236,503 (202223 was £225,223) this was an increase in donations of 5% over last year. This increase is attributed to an increase in tithes and offerings.

The charity's main income stream is from tithes and offerings donated by the church members and regular attendees. In 2023-24 unrestricted tithes and offerings received was £191,041 (2022-23 was £165,028) and this was an increase of 16% compared to last year.

Restricted offerings and donations for 2023-24 were £8,935 (2022-23 was £16,580) and this is a decrease of 46% and it was driven by a reduction in the members’ donations to the Building Fund.

The income figure above includes £29,551 Gift Aid payments from the HMRC, and this constitute 12% of total donations received (236,503).

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CITIFAITH CHURCH

A COMPANY LIMITED BY GURANTEE STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED

31 JULY 2024

Expenditure

The total expenditure for the year 2023-24 was £226,726 (2022-23 was £223,236) and this was a small reduction in expenditure of 1.6%.

Expenditure for the furtherance of the charity’s objectives for 2023-24 was £109,492 (2022-23 was £113,425) a small increase of 3.5%, while the management and administration costs totalled £117,234 compared to £109,811 in 2022-23 which was an increase of 6.8%.

During the financial year 2023-24 staff costs accounted for 40% of total expenditure, while in 2022-23 it was 45%, and the decrease in staff cost bill was due to reduction in full time employees. During this financial year the charity employed two full time employees on ministry-based positions and the employee in the administration role left during the year.

This Trustees’ Annual Report and the Financial Statements was approved by the Citifaith Church’s trustees on 18 April 2025 and filed on their behalf by:

Amon Bandera

Trustee & Treasurer

On Behalf of Citifaith Church Trustees

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CITIFAITH CHURCH

A COMPANY LIMITED BY GURANTEE

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED

31 JULY 2024

THE INCOME AND EXPENDITURE STATEMENT

Note Unrestricted
Restricted
Funds
Funds
2023 - 24
2023 - 24
£
£		 Total
Total
Funds
Funds
2023 - 24
2022 - 23
£
£
INCOME FROM:
Voluntary sources
Income from charitable trading
activities:
Other incoming resources
Charitable trading sales
TOTAL INCOMING RESOURCES
RESOURCES EXPENDED
Charitable activities
Management and administration
TOTAL RESOURCES EXPENDED
SURPLUS/(DEFICIT) FOR THE YEAR
Balances brought forward -1 Aug 2023
Balances carried forward -31 July 2024		 2
3
4
5
6		 £224,428
£8,935
£0
£0
£3,140
£0
£0
£0		 £233,363
£222,641
£0
£0
£3,140
£2,582
£0
£0
£236,503
£225,223
£109,492
£113,425
£117,234
£109,811
£226,726
£223,236
£9,777
£1,987
£140,570
£113,911
£150,347
£115,898
£227,568
£8,935
£106,531
£2,961
£117,234
£0
£223,765
£2,961
£3,803
£5,974
£79,758
£60,812
£83,561
£66,786

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CITIFAITH CHURCH

A COMPANY LIMITED BY GURANTEE STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED

31 JULY 2024

THE BALANCE SHEET AS AT 31 JULY 2024

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Year Year
2023 - 24 2022 - 23
Notes £ £
FIXED ASSETS
Tangible assets 7 £99,891 £96,720
CURRENT ASSETS
Cash at bank 8 £57,821 £67,940
Debtors 9 £645 £3,789
£58,466 £71,729
CREDITORS : Amounts falling due within one year 10 £332 £8,385
NET CURRENT ASSETS £58,134 £63,344
TOTAL ASSETS LESS CURRENT LIABILITIES £158,026 £160,064
CREDITORS : Amounts falling due after more than one year 11 £7,680 £22,880
NET ASSETS £150,346 £137,184
FUNDS
Unrestricted 12 £150,347 £145,570
Restricted £0 £0
TOTAL FUNDS £150,347 £145,570
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For the year ended 31 July 2023, the company was entitled to exemption under Section 249 a (1) of the Companies Act 1985. No members of the church have required the company to obtain an audit of its accounts for the year in question in accordance with Section 249 b (2). The directors acknowledge their responsibility for:

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CITIFAITH CHURCH

A COMPANY LIMITED BY GURANTEE STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2024

1. ACCOUNTING POLICIES

The principal accounting policies adopted, judgements and key sources of estimation, uncertainty in the preparation of the financial statements are as follows:

a) Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard 102, Section 1A Small Entities – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.

b) Preparation of the accounts on a going concern basis

The trustees are of the view that whilst the level of weekly collections at church services remain uncertain, average collections remain fairly stable as is church attendance and with increased effort on hiring of the church hall, total income for the next 12 – 18 months should be sufficient to cover operating costs for the same period. On this basis, the assessment of the trustees is that the charity is a going concern.

c) Income recognition policies

Items of income are recognised and included in the accounts when all of the following criteria are met:

d) Fund accounting

Unrestricted funds are available to spend on activities that further any of the purposes of the church as per its governing objectives. Restricted funds are donations which the donor has specified that they are to be solely used for a particular purpose/objective of the church’s s work or for specific projects being undertaken by the church.

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CITIFAITH CHURCH

A COMPANY LIMITED BY GURANTEE STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED

31 JULY 2024

e) Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a thirdparty supply for provision either services or goods. It is probable that settlement will be required, and the amount of the obligation can be measured reliably.

2. VOLUNTARY SOURCES

Unrestricted
Funds		 Restricted
Funds		 Total
Funds		 Total
Funds
2023 - 24 2023 - 24 2023 - 24 2022 - 23
£ £ £ £
Donations tithes and Offerings
Love Offerings
Missions Local
Events and Conferences
Tax Recovered
Building Funds		 £191,041
£3,836
£29,551		 £1,655
£1,580
£5,700		 £191,041 £165,028
£1,655 £4,107
£1,580 £7,388
£3,836 £6,253
£29,551 £34,781
£5,700 £5,085
£224,428 £8,935 £233,363 £222,641

3. OTHER INCOMING RESOURCES

Unrestricted
Funds		 Restricted
Funds		 Total
Funds		 Total
Funds
2022 - 23
2023 - 24 2023 - 24 2023 -
24
£ £ £ £
Interest earned
Others - Sales
Summary of income:
Voluntary resources
Other income resources		 £340
£2,800		 £0
£0		 £340 £272
£2,800 £2,310
£3,140 £0 £3,140 £2,582
£224,428
£3,140		 £8,935
£0
£233,363 £222,641
£3,140 £2,582
£227,568 £8,935 £236,503 £225,223

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CITIFAITH CHURCH

A COMPANY LIMITED BY GURANTEE

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED

31 JULY 2024

4. COSTS IN FURTHERANCE OF CHARITABLE OBJECTS

Unrestricted
Funds		 Restricted
Funds		 Total
Funds		 Total
Funds
2023 - 24 2023 - 24 2023 - 24 2022 - 23
£ £ £ £
Provision of charitable services:
Other - Charitable
Events and Conferences
Guest speakers
Lease payments
Local Missions & Social needs
Outreach & Missions
Tax and N.I. Arrears - Charitable
Services		 £49,119
£9,711
£38,400
£3,292
£4,167
£1,843		 £2,961
£49,119 £50,522
£9,711 £11,199
£2,961 £9,574
£38,400 £31,900
£3,292 £4,302
£4,167 £3,914
£1,843 £2,014
£106,531 £2,961 £109,492 £113,425
Analysis of provision of charitable services:
Staff Costs Other Costs Total Total
2023 - 24 2023 - 24 2023 - 24 2022 - 23
£ £ £ £
Other - Charitable
Events and Conferences -
Expenses
Guest speaker
Lease payments
Local Missions & Social needs
Outreach & Missions
Tax and N.I. Arrears - Charitable
Services		 £49,119 £9,711
£2,961
£38,400
£3,292
£4,167
£1,843		 £49,119 £50,522
£9,711 £11,199
£2,961 £9,574
£38,400 £31,900
£3,292 £4,302
£4,167 £3,914
£1,843 £2,014
£49,119 £60,373 £109,492 £113,425

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CITIFAITH CHURCH

A COMPANY LIMITED BY GURANTEE

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED

31 JULY 2024

5. MANAGEMENT AND ADMINISTRATION COSTS

Unrestricted
Funds
Restricted
Funds		 Total
Funds		 Total
Funds
2023 - 24 2023 - 24 2023 - 24 2022 - 23
£ £ £ £
Salaries £45,811 £0 £45,811 £48,939
Office costs £33,142 £0 £33,142 £29,196
Accountancy fees £0 £0 £0 £0
Legal and professional £3,354 £0 £3,354 £1,685
Depreciation £5,331 £0 £5,331 £5,315
Maintenance and repairs £6,786 £0 £6,786 £5,201
Gas & electricity £18,229 £0 £18,229 £15,640
Tax and N.I. Arrears - Others £4,580 £0 £4,580 £3,836
£117,234 £0 £117,234 £109,811

6. TOTAL RESOURCES EXPENDED

Staff costs Other
costs		 Total
Funds		 Total
Funds
2023 - 24 2023 - 24 2023 - 24 2022 - 23
£ £ £ £
Direct charitable expenditure £49,119 £60,373 £109,492 £113,425
Management and administration £45,811 £71,423 £117,234 £109,811
£94,930 £131,796 £226,726 £223,236

7. PARTICULARS OF EMPLOYEES

The average number of full time and part time staff employed by the church during the financial year 2023 - 2024 decreased to three (In 2022-23 it was 4). Only one senior member of staff received a remuneration more than £40,000 per annum.

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CITIFAITH CHURCH

A COMPANY LIMITED BY GURANTEE

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED

31 JULY 2024

8. TANGIBLE FIXED ASSETS

Equipment
Fixtures
& Fittings
Leasehold
Property
Improvements		 This Year
Total
2023 - 24
£ £ £ £
Cost
Cost 1 August 2023 £72,346 £185,561 £35,000 £292,907
New additions £8,503 £0 £0 £8,503
Total Cost 31 July 2024 £80,849 £185,561 £35,000 £301,410
Depreciation
Accumulated depreciation 1 Aug’23 £38,052 £124,952 £33,183 £196,187
Depreciation charge for 2023-24 £2,119 £2,758 £454 £5,331
Accum Depreciation 31 Jul’24 £40,171 £127,710 £33,637 £201,519
NET BOOK VALUE
Net Book Value 31 July 2024 £40,678 £57,851 £1,363 £99,891
Net Book Value 31 July 2023 £34,294 £60,609 £1,817 £96,720

9. BANK BALANCES: Bank Deposits and Current Account

This Year
Last Year
2023 - 24
2022 - 23
Bank Balances £
£
Savings Account £54,619
£52,111
Current Account £3,202
£15,829
£57,821
£67,940

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CITIFAITH CHURCH

A COMPANY LIMITED BY GURANTEE

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED

31 JULY 2024

10.DEBTORS: Amount falling due within one year

This Year Last Year
2023 - 24 2022 - 23
£ £
Suppliers Prepayments
Other Sundry Debtors		 £0 £3,789
£645 £0
£645 £3,789

11. CREDITORS: Amount falling due after more than one year

This Year Last Year
2023 - 24 2022 - 23
Sundry loans £ £
Bank Loans £7,680 £14,495
Other Sundry Creditors £332 £8,385
£8,012 £22,880

12. ANALYSIS OF NET ASSETS BETWEEN FUNDS

This Year Last Year
Total Total
Funds Funds
2023 - 24 2022 - 23
£ £
Tangible fixed assets £99,891 £96,720
Plus:Current Assets (Bank Balances +
Debtors)		 £71,729
£58,466
Less:Creditors £8,012 £22,880
Total Funds £150,347 £145,570

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