THE STILL WATERS CHURCH
WAKEFIELD
THE STILL WATERS CHURCH WAKEFIELD
TRUSTEE’S ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER 2022
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THE STILL WATERS CHURCH
WAKEFIELD
| Page | |
|---|---|
| Corporate Information | 3 |
| Board of Trustee’s Report | 4 |
| Independent Examiner’s Report | 8 |
| Statement of Financial Activities | 9 |
| Statement of Financial Position | 10 |
| Accounting Policies | 11 |
| Notes | 12 |
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Corporate Information
| Registered Charity Number: | 1118184 |
|---|---|
| Principal Office: | 13 Cheapside, |
| Wakefield, West Yorkshire | |
| WF1 2SD | |
| Parish Pastor: | Pastor Julius Olutokun |
| Board of Trustees: | Mr Friday Dosa |
| Mr Arinze Nwagwu | |
| Mrs Comfort Olutokun | |
| Bankers: | HSBC Bank Plc |
| Westgate, Wakefield |
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Board of Trustee’s Report
1.0 Introduction
The Board of Trustees present their report and accounts for the year ended 31st December 2022. The Trustees confirm that the annual report and financial statements of the charity comply with the current statutory requirements of the charity’s governing document and the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” issued in March 2005.
1.1 Public Benefit Statement
The Trustees confirm that they have complied with the duty in section 4 of the Charites Act 2011 to have due regard to the Charity Commission’s guidance on public benefit "Charites and Public Benefit".
1.2 Structure, Governance and Management
1.2.1 Governing Document
The charity is constituted as a “Trust” and Governed by ‘Trust Deed’ dated 6th February 2007.
1.2.2 Trustee Appointments
Trustees are appointed under the terms of the trust deed.
1.2.3 Induction and Training Policies
The induction process for a newly appointed trustee comprises an initial meeting with the Chair and other Trustees, followed by short meetings with the Parish pastor on the powers and responsibilities of the Trustees.
1.2.4 Organisational Structure and Decision Making
The charity is organised so that the Trustees meet regularly to manage its affairs. The Parish pastor manages the day to day administration of the church.
1.2.5 Risk Management
The Trustees have assessed the major risks to which the charity is exposed, in particular those related to operations and finances of the charity and are satisfied the systems are in place to mitigate our exposures to the major risks.
2.0 Objectives and Global Outreach
2.1 Objectives and Activities
The principal object is the advancement of Christian faith worldwide and the relief of poverty. To promote any charitable activity for the benefit of the local people. To achieve its objectives, the church adopted the following strategies:
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Running seminars in the church with proven ministers of the faith to guide members in the various aspect of Christian faith,
-
Support for other charities and Christian events,
-
Providing famine relief, and
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Board of Trustee’s Report
- Involving in economic and community development
The activities for achieving its objectives include:
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Community outreach events
-
Conferences and events
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Welfare support to members and general public, and
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Various missionary activities
2.2 Public Benefits
Apart from its Church activities, the charity was involved in the following public benefit efforts:
-
The Charity’s welfare group visited the homeless and basic needs were supplied to them.
-
The Charity runs regular visits to the Urban House Refugee and Asylum Centre and support was also given to the group to help the group achieve its charitable objectives.
-
The Charity also contributes regularly to Teen Support a charity working to develop young people in our community.
Our efforts are geared towards supporting the programmes of our local council, promoting cohesion in our community, and positively impacting the lives of the young people and the elderly.
2.3 Grant Making Policies
The church supports visiting ministers of the gospel. The church supports other charities and missionary that shares its objects in advancement of Christian faith and relief of poverty. The church gives occasional grants to congregational members who are in need.
2.4 Contributions Made by Volunteers
The church is grateful for the unstinting efforts of its volunteers who are involved in providing services for the charity. It is estimated that over 3000 hours are provided by volunteers during the year. If this is conservatively valued at £8.91 per hour, the volunteer’s effort will amount to over £27,200.
2.5 Achievement and Performance
The church continues to enjoy tremendous growth in its physical and spiritual life during the year, and in the advancement of Christian faith in accordance with the doctrines set out in the Statement of Faith as contained in our Trust deed.
3.0 Financial Reviews
During the period, the charity received £55,463 in total income. Total resources expended was £8,991 thus resulting in a surplus of £46,471. Cash at the end of the period was £69,582.
3.1 Principal Funding Sources
Funding has been provided mainly through tithes and offerings by church members. Pledges are also taken
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Board of Trustee’s Report
for specific projects.
3.2 Reserves Policy
The Trustees’ policy is to have unrestricted and uncommitted funds (free reserves) to cover 3 to 6 months of resources expended. They feel that this would enable the current activities to continue if there is a significant drop in funding. It would obviously be necessary to then consider how the funding would be replaced or activities changed. The present free reserve is below the policy range, but the Trustees are continuing to seek additional unrestricted funds.
3.3 Investment Policy
The Trustees have decided that at present, funds should be retained in the Bank.
4.0 Future Development
In order to help carry out its various activities and achieve its objectives, the is planning to acquire a property that will serve dual purposes as a licenced place of worship and a community centre. As a place of worship, it will offer Christian worship in a more convenient environments and as a community centre will allow The Still Waters Church to run its programmes and will also be opened to community.
Our charity continues to explore various ways of spreading the gospel of Christ in an effective manner. The charity is also looking to grow in membership and continue to develop its members to make life-changing impact in society.
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Board of Trustee’s Report
Trustees’ Responsibilities
The trustees are responsible for preparing the annual report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice.
Company law 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 net income or expenditure of the charity for the year. In preparing these financial statements the trustees are required to:
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Select suitable accounting policies and then apply them consistently;
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Make judgments and estimates that are reasonable and prudent;
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State whether applicable accounting standards have been followed, subject to any material
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departures disclosed and explained in the financial statements; and
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Prepare the financial statements on the going-concern basis unless it is inappropriate to
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presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The appended financial statements have been prepared on the accruals basis and have been examined by an independent examiner, whose report is also appended.
This report was approved by the Board of Trustees on 20th February 2023 and signed on their behalf by:
Full Name: Mr Friday Dosa
Signature:
Position: Chairman
Date: 20th February 2023
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Independent Examiner’s Report
Report to the trustees/members of: The Still Waters Church On accounts for the year ended: 31st December 2022 Charity No: 1118184
Respective responsibilities of trustees and examiner
The charity’s trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed.
It is my responsibility to:
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examine the accounts under section 145 of the Charities Act,
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to follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act), and
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to state whether particular matters have come to my attention.
Basis of independent examiner’s statement
My examination was carried out in accordance with general Directions given by the Charity Commission. 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 the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.
Independent examiner’s statement
In connection with my examination, no matter has come to my attention:
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(1) which give me reasonable cause to believe that in, any material respect, the requirements:
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to keep accounting records in accordance with section 130 of the Charities Act;
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to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act have not been met; or
(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Signed: Date: 20th February 2023
Name: Tobi Labeodan, for and on behalf of The Accounting Club
Relevant professional qualification(s) or body (if any): ACCA
Address: Ground Floor, Synium House, r/o 94-96 High Street, Henley in Arden B95 5FY
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Statement of Financial Activities: Year Ended 31st December 2022
| Notes Income: Donations and legacies 1 Other income (Grants) 1 Total Income Total Income Expenditures on: Charitable Activities 2 Other Charitable Activities 2 Other Costs 2 Total Expenditures Net income/(expenditure) Transfers between funds Other recognised gains/(losses): Gains/(losses) on revaluation of fixed assets Gains/(losses) on investment assets Net movement in funds Reconciliation of funds: Total funds brought forward at 1 January Total funds carried forward at 31 December |
2022 2022 2022 Unrestricted Funds Restricted Funds Total Funds £ £ £ 55,463 - 55,463 - - - 55,463 - 55,463 55,463 - 55,463 6,201 - 6,201 2,000 - 2,000 790 - 790 8,991 - 8,991 46,471 - 46,471 - - 46,471 - 46,471 113,013 - 113,013 159,484 - 159,484 |
2021 2021 2021 |
|---|---|---|
| Unrestricted Funds Restricted Funds Total Funds |
||
| £ £ £ |
||
| 36,988 - 36,988 |
||
| - - - |
||
| 36,988 - 36,988 |
||
| 36,988 - 36,988 |
||
| 14,165 - 14,165 |
||
| 4,000 - 4,000 |
||
| 790 - 790 |
||
| 18,955 - 18,955 |
||
| 18,033 - 18,033 |
||
| - | ||
| - | ||
| 18,033 - 18,033 |
||
| 94,980 - 94,980 |
||
| 113,013 - 113,013 |
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Statement of Financial Position: Year Ended 31st December 2022
| Notes Fixed Asset Tangible assets 3 Total Fixed Asset Current Assets Loans & Advances Accrued Income Cash at bank and in hand Other Debtors Total Current Assets Creditors: amounts falling due within one year Other Creditors Other Current Liabilities Total Creditors: amounts falling due within one year Net current assets (liabilities) Total assets less current liabilities Creditors: amounts falling due after more than one year Other Non-Current Liabilities Total Creditors: amounts falling due after more than one year Total net assets (liabilities) The funds of the charity: Retained Reserve Restricted reserves Surplus/(Deficit) for the year Total charity funds |
2022 £ 75,952 75,952 69,582 15,530 85,112 - 1,580 1,580 83,532 159,484 - - 159,484 113,013 - 46,471 159,484 |
2021 |
|---|---|---|
| £ | ||
| 73,466 | ||
| 73,466 | ||
| - | ||
| 24,807 | ||
| 15,530 | ||
| 40,337 | ||
| - | ||
| 790 | ||
| 790 | ||
| 39,547 | ||
| 113,013 | ||
| - | ||
| - | ||
| 113,013 | ||
| 94,980 | ||
| - | ||
| 18,033 | ||
| 113,013 |
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Accounting Policies
Scope and Basis of the Financial Statements
The accounts have been prepared under the historical cost convention and in accordance with applicable accounting standards and the Statement of Recommended Practice Accounting and Reporting by Charities published in March 2005.
Income
Revenue is recognised in the period in which the charity is entitled to receipt once the amount can be measured with reasonable certainty.
Expenses
Expenditure is included in the Statement of Financial Activities (SoFA) on an accruals basis and is recognised at the point when a legal or constructive obligation arises. The majority of costs are directly attributable to specific activities. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Fixed assets
Fixed assets with an individual purchase of £500 or more are capitalised and stated at cost less depreciation which is provided at rates calculated to write off the cost of each asset over its expected useful life as follows:
| Property | 1% |
|---|---|
| Fixtures & Fittings | 10% |
| Equipment | 20% |
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Notes to the Financial Statements: Year Ended 31st December 2022
1. Income
| Income Donations and legacies Restricted Income Total donations & legacies Other income Gift Aid Receipts Other income Total other income Total Income 2. Expenditures Charitable Activities Premises Utilities Travel Motoring & Transportation Insurance Administration Advertising Operations Training Professional fees and services Finance Charges Depreciation Honorarium Total Charitable Activities Other Charitable Activities Outreach Central Office Welfare & Benevolence Charitable Donations Total Other Charitable Activities Other Costs Other costs Legal fees Accountancy fees Total Other Costs |
2022 £ 55,463 - 55,463 - - - |
2021 |
|---|---|---|
| £ | ||
| 36,988 | ||
| - | ||
| 36,988 | ||
| - | ||
| - | ||
| - | ||
| 55,463 2022 £ - 1,381 - - - - - - - - 106 2,714 2,000 6,201 - - 2,000 - |
||
| 36,988 | ||
| 2021 | ||
| £ | ||
| 2,500 | ||
| 2,796 | ||
| - | ||
| - | ||
| - | ||
| 689 | ||
| - | ||
| - | ||
| - | ||
| - | ||
| 5 | ||
| 3,675 | ||
| 4,500 | ||
| 14,165 | ||
| 2,000 | ||
| - | ||
| 2,000 | ||
| - | ||
| 2,000 - - 790 790 |
4,000 | |
| - | ||
| - | ||
| 790 | ||
| 790 |
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Notes to the Financial Statements: Year Ended 31st December 2022
3. Tangible assets
| Property | Equipment | Motor Vehicle |
Fixtures & Fittings |
Total | |
|---|---|---|---|---|---|
| Cost | £ | £ | £ | £ | |
| At 1 January 2022 | 77,188 | 27,743 | 20,138 | 125,069 | |
| Additions | - | 5,200 | - | 5,200 | |
| Disposals | - | - | |||
| Revaluations | - | - | |||
| At 31 December 2022 | 77,188 | 27,743 | 5,200 | 20,138 | 130,269 |
| Depreciation | |||||
| At 1 January 2022 | 5,404 | 27,743 | 18,456 | 51,603 | |
| Charge for the year | 772 | 260 | 1,682 | 2,714 | |
| Adjustments | - | - | |||
| At 31 December 2022 | 6,176 | 27,743 | 260 | 20,138 | 54,316 |
| Net Book Value | |||||
| At 1 January 2022 | 71,784 | - | 1,682 | 73,466 | |
| At 31 December 2022 | 71,012 | - | 4,940 | - | 75,953 |
4. Trustee Remuneration & Expenses
During the year, there were no payments or reimbursement of expenses to trustee members.
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