Charity number: 1118745
ST MARY'S ALADURA CHERUBIM & SERAPHIM CHURCH
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2022
ST MARY'S ALADURA CHERUBIM & SERAPHIM CHURCH
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7 - 15 |
ST MARY'S ALADURA CHERUBIM & SERAPHIM CHURCH
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 APRIL 2022
| Trustees | Mrs Basirat Oluwafunmilayo Hassan |
|---|---|
| Mrs Damilola Oluwaseyi | |
| Mr Johnson Makinde Adekotujo | |
| Ms Christina Oluwakemi Enitan-Omoetan | |
| Rev Oluyemisi Adekotujo |
Charity registered number 1118745 Principal office 115 Prince Regent Lane London E13 8RY
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ST MARY'S ALADURA CHERUBIM & SERAPHIM CHURCH
TRUSTEES' REPORT FOR THE YEAR ENDED 30 APRIL 2022
The Trustees present their annual report together with the financial statements of the charity for the 1 May 2021 to 30 April 2022.
Objectives and activities
a. Policies and objectives
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
Achievements and performance
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
Structure, governance and management
a. Constitution
St Mary's Aladura Cherubim & Seraphim Church is a registered charity, number 1118745, and is constituted under a Trust deed.
b. Methods of appointment or election of Trustees
The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
Members' liability
The Members of the charity guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up.
Statement of Trustees' responsibilities
The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
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ST MARY'S ALADURA CHERUBIM & SERAPHIM CHURCH
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2022
Statement of Trustees' responsibilities (CONTINUED)
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources, including its income and expenditure, for that period. 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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observe the methods and principles of the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and 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, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. 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.
Approved by order of the members of the board of Trustees on 2 August 2022 and signed on their behalf by:
................................................ Rev Oluyemisi Adekotujo (Trustee)
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ST MARY'S ALADURA CHERUBIM & SERAPHIM CHURCH
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 30 APRIL 2022
Independent examiner's report to the Trustees of St Mary's Aladura Cherubim & Seraphim Church ('the charity')
I report to the charity Trustees on my examination of the accounts of the charity for the year ended 30 April 2022.
Responsibilities and basis of report
As the Trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared the accounts 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 applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts 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 accounts to be reached.
This report is made solely to the charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the charity's Trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's Trustees as a body, for my work or for this report.
Signed: Dated: 2 August 2022
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ST MARY'S ALADURA CHERUBIM & SERAPHIM CHURCH
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 APRIL 2022
| Note Income from: Donations and legacies 2 Total income Expenditure on: Charitable activities 3 Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2022 £ 67,031 67,031 54,932 54,932 12,099 (18,177) 12,099 (6,078) |
Total funds 2022 £ 67,031 67,031 54,932 54,932 12,099 (18,177) 12,099 (6,078) |
Total funds 2021 £ 37,994 37,994 56,676 56,676 (18,682) 505 (18,682) (18,177) |
|---|---|---|---|
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 7 to 15 form part of these financial statements.
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ST MARY'S ALADURA CHERUBIM & SERAPHIM CHURCH
BALANCE SHEET AS AT 30 APRIL 2022
| Note Fixed assets Tangible assets 6 Current assets Debtors 7 Cash at bank and in hand Creditors: amounts falling due within one year 8 Net current liabilities Total assets less current liabilities Creditors: amounts falling due after more than one year 9 Net liabilities excluding pension asset Total net assets Charity funds Restricted funds Unrestricted funds Total funds |
2,820 2,197 5,017 (7,613) |
2022 £ 9,226 9,226 (2,596) 6,630 (12,708) (6,078) (6,078) - (6,078) (6,078) |
- 2,028 2,028 (5,205) |
2021 £ - - (3,177) (3,177) (15,000) (18,177) (18,177) - (18,177) (18,177) |
|---|---|---|---|---|
The financial statements were approved and authorised for issue by the Trustees on 02 August 2022 and signed on their behalf by:
Rev Oluyemisi Adekotujo
The notes on pages 7 to 15 form part of these financial statements.
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ST MARY'S ALADURA CHERUBIM & SERAPHIM CHURCH
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2022
1. Accounting policies
1.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
St Mary's Aladura Cherubim & Seraphim Church meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
1.2 Income
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Grants are included in the statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.
1.3 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
1.4 Government grants
Government grants relating to tangible fixed assets are treated as deferred income and released to the statement of financial activities over the expected useful lives of the assets concerned. Other grants are credited to the statement of financial activities as the related expenditure is incurred.
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ST MARY'S ALADURA CHERUBIM & SERAPHIM CHURCH
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2022
1. Accounting policies (continued)
1.5 Tangible fixed assets and depreciation
Tangible fixed assets costing £NIL or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, .
Depreciation is provided on the following bases:
| Fixtures and fittings | - 25% straight line |
|---|---|
| Office equipment | - 25% straight line |
| Computer equipment | - 25% straight line |
1.6 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
1.7 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
1.8 Liabilities and provisions
Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the statement of financial activities as a finance cost.
1.9 Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
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ST MARY'S ALADURA CHERUBIM & SERAPHIM CHURCH
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2022
1. Accounting policies (continued)
1.10 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
2. Income from donations and legacies
| Unrestricted funds 2022 £ Donations 54,754 Government grants 12,277 Total 2022 67,031 Unrestricted funds 2021 £ Donations 28,975 Government grants 9,019 Total 2021 37,994 |
Total funds 2022 £ 54,754 12,277 |
|---|---|
| 67,031 | |
| Total funds 2021 £ 28,975 9,019 |
|
| 37,994 |
3. Analysis of expenditure on charitable activities
Summary by fund type
| Unrestricted | Total | |
|---|---|---|
| funds | funds | |
| 2022 | 2022 | |
| £ | £ | |
| Charitable Activities | 54,932 | 54,932 |
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ST MARY'S ALADURA CHERUBIM & SERAPHIM CHURCH
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2022
3. Analysis of expenditure on charitable activities (continued)
Summary by fund type (continued)
| Unrestricted | Total | |
|---|---|---|
| funds | funds | |
| 2021 | 2021 | |
| £ | £ | |
| Charitable Activities | 56,676 | 56,676 |
4. Analysis of expenditure by activities
| Charitable Activities Charitable Activities |
Activities undertaken directly 2022 £ 51,858 |
Support costs 2022 £ 3,074 Activities undertaken directly 2021 £ 56,676 |
Total funds 2022 £ 54,932 |
|---|---|---|---|
| Total funds 2021 £ 56,676 |
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ST MARY'S ALADURA CHERUBIM & SERAPHIM CHURCH
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2022
4. Analysis of expenditure by activities (continued)
Analysis of direct costs
| Donations Musical concerts and recording Conferences & conventions Publicity Rent & rates Light & heat Cleaning expenses Repairs & maintenance Computer costs Accountancy Legal & professional fees Honorarium Robes & regalia Sundry expenses Exp type 30 |
Activities 2022 £ 3,599 1,656 2,093 1,451 20,485 3,512 2,284 2,792 2,420 700 1,890 3,105 2,178 2,920 773 51,858 |
Total funds 2022 £ 3,599 1,656 2,093 1,451 20,485 3,512 2,284 2,792 2,420 700 1,890 3,105 2,178 2,920 773 |
|---|---|---|
| 51,858 |
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ST MARY'S ALADURA CHERUBIM & SERAPHIM CHURCH
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2022
4. Analysis of expenditure by activities (continued)
Analysis of direct costs (continued)
| Donations Musical concerts & recording Conferences & conventions Publicity Rent & rates Light & heat Cleaning expenses Repairs & maintenance Computer costs Accountancy Legal & professional fees Honorarium Robes & regalia Sundry expenses |
Activities 2021 £ 7,155 1,193 4,750 3,102 18,700 2,601 1,895 3,611 1,990 700 1,520 4,128 2,300 3,031 56,676 |
Total funds 2021 £ 7,155 1,193 4,750 3,102 18,700 2,601 1,895 3,611 1,990 700 1,520 4,128 2,300 3,031 |
|---|---|---|
| 56,676 |
5. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2021 - £NIL) .
During the year ended 30 April 2022, no Trustee expenses have been incurred (2021 - £NIL) .
6. Tangible fixed assets
| Cost or valuation Additions At 30 April 2022 |
Fixtures and fittings £ 12,300 |
|---|---|
| 12,300 |
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ST MARY'S ALADURA CHERUBIM & SERAPHIM CHURCH
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2022
6. Tangible fixed assets (continued)
| Depreciation Charge for the year At 30 April 2022 Net book value At 30 April 2022 At 30 April 2021 |
Fixtures and fittings £ 3,074 |
|---|---|
| 3,074 | |
| 9,226 | |
| - |
7. Debtors
| Due within one year Prepayments and accrued income 8. Creditors: Amounts falling due within one year Accruals and deferred income |
2022 £ 2,820 2,820 2022 £ 7,613 |
2021 £ - |
|---|---|---|
| - | ||
| 2021 £ 5,205 |
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ST MARY'S ALADURA CHERUBIM & SERAPHIM CHURCH
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2022
9. Creditors: Amounts falling due after more than one year
| Bank loans 10. Financial instruments Financial assets Financial assets measured at fair value through income and expenditure |
2022 £ 12,708 2022 £ 2,197 |
2021 £ 15,000 |
|---|---|---|
| 2021 £ 2,028 |
Financial assets measured at fair value through income and expenditure comprise cash and cash equivalents.
11. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Unrestricted funds 2022 £ Tangible fixed assets 9,226 Current assets 5,017 Creditors due within one year (7,613) Creditors due in more than one year (12,708) Total (6,078) |
Total funds 2022 £ 9,226 5,017 (7,613) (12,708) |
|---|---|
| (6,078) |
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ST MARY'S ALADURA CHERUBIM & SERAPHIM CHURCH
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2022
11. Analysis of net assets between funds (continued)
Analysis of net assets between funds - prior year
| Current assets Creditors due within one year Creditors due in more than one year Total |
Unrestricted funds 2021 £ 2,028 (5,205) (15,000) (18,177) |
Total funds 2021 £ 2,028 (5,205) (15,000) (18,177) |
|---|---|---|
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