FREEDOM OF CHRIST CHURCH
Charity No. 1114034
Trustees' Report and Unaudited Accounts
31 December 2022
FREEDOM OF CHRIST CHURCH
Contents
| Pages | |
|---|---|
| Trustees'AnnualReport | 1 |
| Statement of FinancialActivities | 2 to 3 |
| BalanceSheet | 4 |
| Statement ofCashflows | 5 to 6 |
| Notesto the Accounts | 7 to 15 |
| DetailedStatement of FinancialActivities | 16 to |
Page 1
FREEDOM OF CHRIST CHURCH
Trustees Annual Report
The trustees present their report with the unaudited financial statements of the charity for the year ended 31 December 2022.
REFERENCE AND ADMINISTRATIVE DETAILS
Charity No. 1114034
Principal Office
Freedom House 9 Factory Road London E16 2EL
Trustees
The following trustees served during the year:
B. Anthony A. Oladeji S. Oladipupo
Key Management Personnel
Chair Secretary
Trustee
Rev Segun Oladipupo Rev Blessing Anthony Abraham Oladeji
Accountants
Charles Luf & Co 11 Pearson Street London E2 8JD
OBJECTIVES AND ACTIVITIES
TO ADVANCE THE CHRISTIAN RELIGION BY PROPAGATING THE DOCTRINE OF JESUS CHRIST BY BIBLICAL STUDIES, THEOLOGY, EDUCATION SEMINARS AND CONVENTION.
Biblical Studies: Offering classes, workshops, or study groups focused on the teachings of the Bible, including both Old and New Testament studies. This could involve exploring themes, characters, historical context, and practical applications of biblical principles..
Biblical Studies: Offering classes, workshops, or study groups focused on the teachings of the Bible, including both Old and New Testament studies. This could involve exploring themes, characters, historical context, and practical applications of biblical principles.
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).
Page 2
FREEDOM OF CHRIST CHURCH
Trustees Annual Report
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
Trustee 31 December 2022
Page 3
FREEDOM OF CHRIST CHURCH
Statement of Financial Activities
for the year ended 31 December 2022
| Notes Income and endowments from: Donationsandlegacies 2 Total Expenditure on: Other 3 Total Netgainsoninvestments Net expenditure Transfersbetweenfunds Net expenditure before other gains/(losses) Othergainsandlosses Net movementinfunds Reconciliation of funds: Totalfundsbroughtforward Totalfundscarriedforward |
Unrestricted funds |
Totalfunds 2022 £ 11,291 11,291 20,989 20,989 - (9,698) - (9,698) (9,698) (11,756) (21,454) |
|
|---|---|---|---|
| 2022 | |||
| £ | |||
| 11,291 | |||
| 11,291 | |||
| 20,989 | |||
| 20,989 | |||
| - | |||
| (9,698) | |||
| - | |||
| (9,698) | |||
| (9,698) | |||
| (11,756) | |||
| (21,454) | |||
Page 4
FREEDOM OF CHRIST CHURCH
Balance Sheet
at 31 December 2022
| at 31 December 2022 | ||
|---|---|---|
| Charity No.1114034 Current assets Cashat bankandin hand Creditors: Amountfallingdue within one year 5 Netcurrentliabilities Totalassets lesscurrentliabilities Netliabilitiesexcludingpension asset orliability Totalnetliabilities Thefundsofthecharity Restrictedfunds 6 Unrestrictedfunds 6 Generalfunds Reserves 6 Totalfunds |
2022 £ 3,616 3,616 (25,070) (21,454) (21,454) (21,454) (21,454) (21,454) (21,454) (21,454) |
£ - |
| - - |
||
| - - |
||
| - | ||
| - | ||
| (11,756) | ||
| (11,756) | ||
| (11,756) |
Approved by the trustees on 31 December 2022
And signed on their behalf by:
Trustee 31 December 2022
Page 5
FREEDOM OF CHRIST CHURCH Notes to the Accounts
-
for the year ended 31 December 2022
-
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 6
FREEDOM OF CHRIST 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.
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 7
FREEDOM OF CHRIST CHURCH
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.
2 Income from donations and legacies
| Incomefrom donationsandlegacies | ||
|---|---|---|
| Offerings | Unrestricted £ 11,291 11,291 |
Total 2022 £ 11,291 |
| 11,291 |
Page 8
FREEDOM OF CHRIST CHURCH Notes to the Accounts
- 3 Other expenditure
| 3 Other expenditure |
||||
|---|---|---|---|---|
| Motorand travelcosts Premises costs Generaladministrativecosts Legaland professionalcosts 4 Staffcosts No employee received emolumentsin excess 5 Creditors: amountsfallingdue within one year Tradecreditors Othercreditors 6 Movementinfunds Restrictedfunds: Unrestrictedfunds: Generalfunds Totalfunds 7 Analysisofnet assetsbetweenfunds Netcurrentassets |
of£60,000. At 1January 2022 (11,756) (11,756) |
Unrestricted £ 1,909 10,727 1,836 6,517 20,989 2022 £ 24,570 500 25,070 Incoming resources (including other gains/losses ) £ 11,291 11,291 Unrestricted funds £ (25,070) (25,070) |
Total 2022 £ 1,909 10,727 1,836 6,517 20,989 Resources expended £ (20,989) (20,989) Restricted funds £ 3,616 3,616 |
At 31 December 2022 £ (21,454) |
| (21,454) | ||||
| Total £ (21,454) |
||||
| (21,454) |
Page 9
FREEDOM OF CHRIST CHURCH Notes to the Accounts
8 Reconciliation of net debt
| Reconciliation ofnet debt | ||
|---|---|---|
| Cashandcash equivalents Net debt |
Cashflows £ |
At 31 December 2022 £ |
| 3,616 | 3,616 | |
| 3,616 3,616 |
3,616 | |
| 3,616 |
Page 10
FREEDOM OF CHRIST CHURCH
Detailed Statement of Financial Activities
for the year ended 31 December 2022
| for the year ended 31 December 2022 | ||
|---|---|---|
| Income and endowmentsfrom: Donationsandlegacies Offerings Total income and endowments Expenditure on: Motorand travelcosts Vehicles-Generalcosts Premises costs Rent Rates Light,heatand power Premisesrepairsand maintenance Generaladministrativecosts, includingdepreciationand amortisation General insurances Postageandcouriers Stationeryand printing Subscriptions Sundry expenses Telephone,fax and broadband Legaland professionalcosts Audit/Independent examination fees Consultancyfees Totalofexpenditure ofothercosts Totalexpenditure Netgainsoninvestments Net expenditure Net expenditure before other gains/(losses) Other Gains |
Unrestricted funds 2022 £ 11,291 11,291 11,291 1,909 1,909 6,520 3,136 854 217 10,727 747 204 30 184 108 563 1,836 500 6,017 6,517 20,989 20,989 - (9,698) (9,698) - |
Totalfunds 2022 £ 11,291 |
| 11,291 | ||
| 11,291 1,909 |
||
| 1,909 | ||
| 6,520 3,136 854 217 |
||
| 10,727 | ||
| 747 204 30 184 108 563 |
||
| 1,836 | ||
| 500 6,017 |
||
| 6,517 | ||
| 20,989 | ||
| 20,989 - |
||
| (9,698) | ||
| (9,698) - |
Page 11
FREEDOM OF CHRIST CHURCH
Detailed Statement of Financial Activities
| Net movementinfunds Reconciliation of funds: Totalfundsbroughtforward Totalfundscarriedforward |
(9,698) (11,756) (21,454) |
(9,698) |
|---|---|---|
| (11,756) | ||
| (21,454) |
Page 12