Christ Apostolic Church Kingdom Builders Charity No. 1126777
Company No. 06689761
Trustees' Report and Unaudited Accounts For the year ended 30 September 2022
B M Cooper & Co. Limited Chartered Certified Accountants
88 Wood Lane
Dagenham Essex RM9 5SL
Christ Apostolic Church Kingdom Builders Contents
| Pages | |
|---|---|
| Trustees' Annual Report | 2 to 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Accounts | 7 to 14 |
| Detailed Statement of Financial Activities | 15 to 16 |
Page 1
Christ Apostolic Church Kingdom Builders Trustees Annual Report
The Trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the unaudited financial statements of the charity for the year ended 30 September 2022.
REFERENCE AND ADMINISTRATIVE DETAILS
Company No. 06689761
Charity No. 1126777
Principal Office
10 Stratford Close Dagenham Essex RM10 9TT
Registered Office
10, Stratford Close, Dagenham Essex. RM10 9TT
Directors and Trustees
The Directors of the charitable company are its Trustees for the purposes of charity law. The following Directors and Trustees served during the year:
Abayomi Dada Oluwadahunsi Olufowobi Rotimi Fajimi Stella Lawal Tawakalitu Fajimi
Accountants
B M Cooper & Co. Limited 88 Wood Lane Dagenham Essex RM9 5SL
Bankers
Lloyds Bank
OBJECTIVES AND ACTIVITIES
The charity's objects are:
-To advance the Christian faith in such ways and parts of the United Kingdom or the world as the trustees from time may think fit.
-To relieve sickness and financial hardship and to promote and preserve good health by the provision of funds, goods or services of any kinds, including through the provision of counseling and support in such parts of the United Kingdom or the world as the trustees from to time may fit.
Page 2
Christ Apostolic Church Kingdom Builders Trustees Annual Report
ACHIEVEMENTS AND PERFORMANCE
The Church organised many meetings during the period, the meetings were well attended and many people from the local community and surroundings joined us at the events.
FINANCIAL REVIEW
The Statement Of Financial Activities shows an income from the period of £42,468 (2021 - £36,663) and total expenditure of £46,209 (2021 - £37,533) leaving a net deficit for the year of £3,741 (2021 - £870). The net assets of the charity as at 30 September 2022 was £10,532 (2021 - £14,273).
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
PLANS FOR FUTURE PERIODS
The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
STRUCTURE, GOVERNANCE AND MANAGEMENT
The organisation is charitable company limited by guarantee, incorporated on 4th September 2008 and registered as a charity on 18th November 2008. The company was established under a Memorandum of Association dated 4th September 2008 which established the objects and powers of the charitable company and is governed under its Articles of Association as amended by a special resolution dated 2nd November 2008.
In the event of the company being wound up, the members are required to contribute an amount not exceeding £10.
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 Companies Act 2006. 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.
The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006 and in accordance with the Charities SORP (FRS 102).
Signed on behalf of the board
..................................................................... Stella Lawal Trustee
20 October 2022
Page 3
Christ Apostolic Church Kingdom Builders Independent Examiners Report Independent Examiner's Report to the trustees of Christ Apostolic Church Kingdom Builders
I report to the charity trustees on my examination of the accounts of Christ Apostolic Church Kingdom Builders for the year ended 30 September 2022 which comprise the Statement of Financial Activities, the Summary Income and Expenditure Account, the Balance Sheet and the related notes.
Responsibilities and basis of report
As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act.
Having satisfied myself that the accounts of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 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:
-
accounting records were not kept in accordance with section 386 of the 2006 Act ; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements under section 396 of the 2006 Act 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; or
-
the accounts have not been prepared in accordance with the Charities SORP (FRS 102).
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.
................................................
Mr Bolaji Kalejaiye FCCA ACCA B M Cooper & Co. Limited 88 Wood Lane Dagenham Essex RM9 5SL
20 October 2022
Page 4
Christ Apostolic Church Kingdom Builders Statement of Financial Activities For the year ended 30 September 2022
| Notes Income and endowments from: Donations and legacies 4 Investments 5 Other 6 Total Expenditure on: Charitable activities 7 Other 8 Total Net gains on investments Net expenditure 9 Transfers between funds Net expenditure before other gains/(losses) Other gains and losses Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
Unrestricted funds 2022 £ 35,788 2 6,678 |
Total funds 2022 £ 35,788 2 6,678 |
Total funds 2021 £ 30,522 2 6,139 |
|---|---|---|---|
| 42,468 16,398 29,811 |
42,468 16,398 29,811 |
36,663 11,348 26,185 |
|
| 46,209 - |
46,209 - |
37,533 - |
|
| (3,741) - |
(3,741) - |
(870) - |
|
| (3,741) | (3,741) | (870) | |
| (3,741) 14,273 |
(3,741) 14,273 |
(870) 15,143 |
|
| 10,532 | 10,532 | 14,273 |
Page 5
Christ Apostolic Church Kingdom Builders Balance Sheet At 30 September 2022 Company No. 06689761
| Notes 2022 £ Fixed assets Tangible assets 12 484 484 Current assets Cash at bank and in hand 12,430 12,430 Creditors:Amount falling due within one year 13 (2,382) Net current assets 10,048 Total assets less current liabilities 10,532 Net assets excluding pension asset or liability 10,532 Total net assets 10,532 The funds of the charity Restricted funds 14 Unrestricted funds 14 General funds 10,532 10,532 Reserves 14 Total funds 10,532 |
2021 £ 645 |
|---|---|
| 645 14,644 |
|
| 14,644 (1,016) |
|
| 13,628 14,273 |
|
| 14,273 | |
| 14,273 | |
| 14,273 | |
| 14,273 | |
| 14,273 |
These accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
For the year ended 30 September 2022 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
Approved by the board on 20 October 2022
And signed on its behalf by:
...........................................................
Rotimi Fajimi Trustee
20 October 2022
Page 6
Christ Apostolic Church Kingdom Builders Notes to the Accounts For the year ended 30 September 2022
- 1 Accounting policies
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 applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
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 Kingdom Builders 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 corporation tax on its charitable activities.
Tangible fixed assets and depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:
Fixtures, fitting & equipment 25% on written down value
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.
Page 8
Christ Apostolic Church Kingdom Builders
Notes to the Accounts 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.
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 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 company pays fixed contributions into a separate entity. Once the contributions have been paid the company 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 company 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 Kingdom Builders Notes to the Accounts 2 Company status
The company is a private company limited by guarantee and consequently does not have share capital.
3 Statement of Financial Activities - prior year
| 3 Statement of Financial Activities - prior year |
||
|---|---|---|
| Income and endowments from: Donations and legacies Investments Other Total Expenditure on: Charitable activities 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 |
Unrestricted funds 2021 £ 30,522 2 6,139 36,663 11,348 26,185 37,533 (870) (870) (870) 15,143 14,273 |
Total funds 2021 £ 30,522 2 6,139 |
| 36,663 11,348 26,185 |
||
| 37,533 | ||
| (870) | ||
| (870) | ||
| (870) 15,143 |
||
| 14,273 |
4 Income from donations and legacies
| Tithes and offering 5 Income from investments Bank interest received |
Unrestricted £ 35,788 35,788 Unrestricted £ 2 2 |
Total 2022 £ 35,788 35,788 Total 2022 £ 2 2 |
Total 2021 £ 30,522 |
|---|---|---|---|
| 30,522 | |||
| Total 2021 £ 2 |
|||
| 2 |
Page 10
Christ Apostolic Church Kingdom Builders Notes to the Accounts 6 Other income
| Gift aid reclaim 7 Expenditure on charitable activities Expenditure on charitable activities Honoraria and gift to mission Love offerings Evangelism Governance costs Accountancy fees Legal and professional fees 8 Other expenditure Employee costs Motor and travel costs Premises costs Amortisation, depreciation, impairment, profit/loss on disposal of fixed assets General administrative costs 9 Net expenditure before transfers This is stated after charging: Depreciation of owned fixed assets |
Unrestricted £ 6,678 6,678 |
Total 2022 £ 6,678 6,678 |
Total 2021 £ 6,139 |
|---|---|---|---|
| 6,139 | |||
| Unrestricted £ 7,225 1,681 5,655 600 1,237 16,398 Unrestricted £ 21,928 1,404 4,061 161 2,257 29,811 2022 £ 161 |
Total 2022 £ 7,225 1,681 5,655 600 1,237 16,398 Total 2022 £ 21,928 1,404 4,061 161 2,257 29,811 |
Total 2021 £ 4,550 - 5,020 600 1,178 |
|
| 11,348 | |||
| Total 2021 £ 21,953 478 2,124 215 1,415 |
|||
| 26,185 | |||
| 2021 £ 215 |
Page 11
Christ Apostolic Church Kingdom Builders Notes to the Accounts
10 Trustee remuneration and expenses
One or more of the trustees has been paid remuneration in the current or prior periods.
| Trustee Remuneration Rotimi Fajimi 21,515 11 Staff costs Salaries and wages Pension costs No employee received emoluments in excess of £60,000. 12 Tangible fixed assets Cost or revaluation At 1 October 2021 At 30 September 2022 Depreciation and impairment At 1 October 2021 Depreciation charge for the year At 30 September 2022 Net book values At 30 September 2022 At 30 September 2021 13 Creditors: amounts falling due within one year Other taxes and social security Other creditors Accruals and deferred income |
Pension 413 21,515 413 21,928 2022 £ 193 1,577 612 2,382 |
Other benefits - Fixtures, fitting & equipment £ 8,104 8,104 7,459 161 7,620 484 645 |
21,540 413 |
|---|---|---|---|
| 21,953 | |||
| Total £ 8,104 |
|||
| 8,104 | |||
| 7,459 161 |
|||
| 7,620 | |||
| 484 | |||
| 645 | |||
| 2021 £ 336 80 600 |
|||
| 1,016 |
Page 12
Christ Apostolic Church Kingdom Builders Notes to the Accounts 14 Movement in funds
| Restricted funds: Unrestricted funds: General funds Revaluation Reserves: Total funds 15 Analysis of net assets between funds Fixed assets Net current assets 16 Reconciliation of net debt Cash and cash equivalents Net debt |
At 1 October 2021 14,273 14,273 |
Incoming resources (including other gains/losses) £ 42,468 42,468 At 1 October 2021 £ |
Resources expended £ (46,209) (46,209) Unrestricted funds £ 484 10,048 10,532 Cash flows £ |
At 30 September 2022 £ 10,532 |
|---|---|---|---|---|
| 10,532 | ||||
| Total £ 484 10,048 |
||||
| 10,532 | ||||
| At 30 September 2022 £ |
||||
| 14,644 | (2,214) | 12,430 | ||
| 14,644 14,644 |
(2,214) (2,214) |
12,430 | ||
| 12,430 | ||||
| 17 Commitments Operating lease commitments Annual commitments under non-cancellable Operating leases with expiry date: Pension commitments The pension cost charge to the company amounted to: |
operating leases are as follows: 2022 2022 Land and buildings Other £ £ 2022 £ 413 |
2021 Land and buildings £ |
2021 Other £ 2021 £ 413 |
Page 13
Christ Apostolic Church Kingdom Builders Notes to the Accounts
18 Related party disclosures
Controlling party
The company is limited by guarantee and has no share capital; thus no single party controls the company.
Page 14
Christ Apostolic Church Kingdom Builders Detailed Statement of Financial Activities For the year ended 30 September 2022
| Income and endowments from: Donations and legacies Tithes and offering Investments Bank interest received Other Gift aid reclaim Total income and endowments Expenditure on: Charitable activities Honoraria and gift to mission Love offerings Evangelism Governance costs Accountancy fees Legal and professional fees Total of expenditure on charitable activities Employee costs Directors' remuneration Pension costs Motor and travel costs Vehicles - General costs Premises costs Rent Premises repairs and maintenance General administrative costs, including depreciation and amortisation |
Unrestricted funds 2022 £ 35,788 35,788 2 2 6,678 6,678 42,468 7,225 1,681 5,655 14,561 600 1,237 1,837 16,398 21,515 413 21,928 1,404 1,404 3,611 450 4,061 |
Total funds 2022 £ 35,788 35,788 2 2 6,678 6,678 42,468 7,225 1,681 5,655 14,561 600 1,237 1,837 16,398 21,515 413 21,928 1,404 1,404 3,611 450 4,061 |
Total funds 2021 £ 30,522 |
|---|---|---|---|
| 30,522 | |||
| 2 | |||
| 2 | |||
| 6,139 | |||
| 6,139 | |||
| 36,663 4,550 - 5,020 |
|||
| 9,570 | |||
| 600 1,178 |
|||
| 1,778 | |||
| 11,348 21,540 413 |
|||
| 21,953 | |||
| 478 | |||
| 478 | |||
| 2,124 - |
|||
| 2,124 | |||
Page 15
| Depreciation of Fixtures, fitting & equipment Bank charges General insurances Stationery and printing Sundry expenses Total of expenditure of other costs Total expenditure Net gains on investments Net expenditure Net expenditure before other gains/(losses) Other Gains Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward Christ Apostolic Church Kingdom Builders Detailed Statement of Financial Activities |
161 - 324 437 1,496 2,418 29,811 46,209 - (3,741) (3,741) - (3,741) 14,273 10,532 |
161 - 324 437 1,496 2,418 29,811 46,209 - (3,741) (3,741) - (3,741) 14,273 10,532 |
215 4 343 189 879 |
|---|---|---|---|
| 1,630 | |||
| 26,185 | |||
| 37,533 - |
|||
| (870) | |||
| (870) - |
|||
| (870) | |||
| 15,143 | |||
| 14,273 |
Page 16