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2023-11-30-accounts

CITY CHAPEL

Charity No. 1128050

Company No. 06779509

Trustees' Report and Unaudited Accounts

30 November 2023

CITY CHAPEL CONTENTS

Pages Trustees' Annual Report 2 - 5 Independent Examiner's Report 6 Statement of Financial Activities 7 Summary Income and Expenditure Account 8 Balance Sheet 9 Notes to the Accounts 10 -14 Detailed Statement of Financial Activities 15 - 16

Page 1

CITY CHAPEL 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 November 2023.

REFERENCE AND ADMINISTRATIVE DETAILS

Company No. 06779509

Charity No. 1128050

Registered Office

161 Cumberland Road London E13 8LS

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:

D.A.A. ADENIYI

O. SANUSI

F.M. OMOTOSHO M.A. OPANIRAN (appointed May 2023)

O.O. OLONISAKIN (appointed June 2023)

Accountants

Vicom Accountancy Services Ltd Kemp House 128 City Road EC1V 2NX

Page 2

CITY CHAPEL TRUSTEES ANNUAL REPORT

ACHIEVEMENTS AND PERFORMANCE

The Year began with City Chapel for the first time in her history starting the Year in her own building and home.

The Pastors set up a group called the CORE TEAM which came alongside the Leaders to facilitate the weekly running of the Church affairs .

City Chapel as a community started the Year with our annual Corporate Fasting for the beginning of the year. The culture of coming into the building every Sunday had been hampered by Covid and we had to resort to several ideas to bring people back to Church!

The Church therefore adopted a hybrid model of In-person meetings on Sunday combined with Online Worship. The congregation gradually began to shift from 30%/70% in numbers to a 50/50 percentage.

We started the services in the smaller hall for the first part of the year and conducted a number of family friendly meetings to draw people back to Sunday Church services The Trustee’s Board was expanded to five members to address the matter of Trustee support for the Pastors and enable Operation involvement on a weekly basis.

By the second quarter of the year the Church attendance had stabilized and the combination of the daily online prayers and weekly Bible study helped to increase the number of members and donations.

The Core Team were given tasks and responsibilities over the various Departments which helped to create cohesion and focus. There were quarterly Worker’s meetings and new members were given tasks too.

Summer was filled with various events and activities that helped to consolidate the congregation. We held an Asian special service with over 50 -70 local Pakistanis, Indians and others attending!!

We began a conscious effort to increase the quality of our media. Selling off some historic equipment that was not being used to purchase a media suite for our Live-streaming and social media platforms. It was a long process which lasted for many months but eventually we got our new equipment.

With a year spent at Manor Park, City Chapel entered the ‘second year’ of the lease with a degree of cyclical stability and payment of monthly funds. We had saved up enough funds to begin the new season with the regular monthly payments.

This season was marked with preparation for the end of year programs, marriage event, prophetic evenings, special teaching series and the sensational Shine Your Light Christmas campaign.

It was in this season we took part in Shine Your Light. Shine Your Light saw over 78,000 Christians hit the streets across the UK and Ireland with endorsements from the Prime Minister, other politicians and virtually every main church denomination. Hundreds were impacted on the streets with new believers coming into the Kingdom and churches revitalized!

We ended the Year with our Watch Night Service as the building was packed with old and new members.

Page 3

CITY CHAPEL TRUSTEES ANNUAL REPORT

PLANS FOR FUTURE PERIODS

In 2024, we intend to continue to stay at Manor Park and obtain a longer lease with the Methodist Church. We step into the New Year with greater Evangelistic zeal and fervour as we prepare for the Second.

Page 4

CITY CHAPEL 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 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

O. SANUSI

Trustee 28 August 2024

Page 5

CITY CHAPEL INDEPENDENT EXAMINERS REPORT

Independent Examiner's Report

I report on the accounts of CITY CHAPEL for the year ended 30 November 2023 which comprise the Statement of Financial Activities, the Summary Income and Expenditure Account, the Balance Sheet, the Statement of Cash Flows and the related notes.

Respective responsibilities of trustees and examiner

The trustees (who are also directors of the charitable company for the purposes of company law) are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under the Charities Act 2011, s.144(2) (the 2011 Act) and that an independent examination is needed.

Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:

Basis of independent examiner's report

My examination was carried out in accordance with the 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 you as trustees concerning any such matters.

The procedures 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:

have not been met: or

VICTORIA ONAYEMI {BA (Hons), FMAAT}

VICOM ACCOUNTANCY SERVICES LTD KEMP HOUSE 128 CITY ROAD EC1V 2NX

30 August 2024

Page 6

CITY CHAPEL STATEMENT OF FINANCIAL ACTIVITIES for the year ended 30 November 2023

Notes
Income and endowments
from:
Donations
3
Other
4
Total
Expenditure on:
Charitable activities
5
Other
6
Total
Net income/(expenditure)
7
Net income/(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
2023
£
85,741
18,838		 Total funds
2023
£
85,741
18,838		 Total funds
2022
£
101,998
19,751
104,579
14,698
80,013		 104,579
14,698
80,013		 121,749
4,721
109,351
94,711 94,711 114,072
9,868 9,868 7,677
9,868 9,868 7,677
9,868
23,589		 9,868
23,589		 7,677
15,912
33,457 33,457 23,589

Page 7

CITY CHAPEL SUMMARY INCOME AND EXPENDITURE ACCOUNT

for the year ended 30 November 2023

Income
Gross income for the year
Expenditure
Depreciation and charges for
impairment of fixed assets
Total expenditure for the year
Net income before tax for the year
Net income for the year		 2023
£
104,579
104,579
93,672
1,039
94,711
9,868
9,868		 2022
£
121,749
121,749
112,845
1,227
114,072
7,677
7,677

Page 8

CITY CHAPEL BALANCE SHEET

for the year ended 30 November 2023

Fixed assets
Tangible assets
9
Current assets
Debtors

Cash at bank and in hand
Creditors:Amount falling due within one year
10
Net current liabilities
Total assets less current liabilities
Net assets excluding pension asset or liability
Total net assets
The funds of the charity
Unrestricted funds
General funds
11
Designated funds
Reserves
11
Total funds		 4,155
4,155
-
29,443
29,443
(141)
29,302
33,457
33,457
33,457
(71,122)
104,579
33,457
33,457		 4,909
4,909
2,149
18,122
20,271
(1,591)
18,680
23,589
23,589
23,589
(98,160)
121,749
23,589
23,589

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 November 2023 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 28 August 2024

And signed on its behalf by:

O. SANUSI

Trustee 28 August 2024

Page 9

CITY CHAPEL NOTES TO THE ACCOUNTS

for the year ended 30 November 2023

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) - Charities SORP (FRS 102) (effective 1 January 2015) - 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. 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 income charity 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 expenditure is reported gross in the SoFA.

Donations Voluntary income received by way of grants, donations and gifts is included in the the SoFA when receivable and only when the Charity has Tax reclaims on unconditional entitlement to the income. donations and gifts Income from tax reclaims is included in the SoFA at the same time as the Donated services gift/donation to which it relates. and facilities These are only included in income (with an equivalent amount in expenditure) where the benefit to the Charity is reasonably quantifiable, measurable and material.

Page 10

CITY CHAPEL NOTES TO THE ACCOUNTS

Expenditure

Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any expenditure VAT which 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, raising funds fundraising trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its charitable activities activities and services in the furtherance of its objects, including the making of grants and governance costs. 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.

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 nay trade discounts due.

2 Company status

The company is a private company limited by guarantee and consequently does not have share capital.

Page 11

CITY CHAPEL NOTES TO THE ACCOUNTS

3 Income from donations

Offerings
Tithes
Building Funds
4 Other income
Other Income
Bank Interest
5
Expenditure on charitable activities
Expenditure on charitable
activities
Charitable activities
Merchant Services		 Unrestricted
£
53,808
18,812
5,700		 Total
Total
2023
2022
£
53,808
£
28,268
18,812
16,136
5,700
57,594
78,320
101,998
Total
Total
2023
2022
£
£
25,931
19,730
328
21
78,320
Unrestricted
£
25,931
328
26,259
Unrestricted
£
14,698
-
14,698
26,259
19,751
Total
Total
2023
2022
£
£
14,698
3,768
-
953
14,698
4,721

Page 12

CITY CHAPEL NOTES TO THE ACCOUNTS

6 Other expenditure

Unrestricted

Employee costs
Motor and travel costs
Premises costs
Depreciation
General administrative costs
Legal and professional costs
7 Net income/(expenditure) before transfers
8
This is stated after charging:
Depreciation of owned fixed
assets
Staff costs
Salaries and wages
No employee received emoluments in excess of
£60,000.
9Tangible fixed assets
Cost or revaluation
At 1 December 2022
Additions
At 30 November 2023
Depreciation and
impairment
Depreciation charge for the
year
At 30 November 2023
Net book values
At 30 November 2023
At 30 November 2022		 £
40,700
6,878
10,072
1,039
16,194
5,130
80,013
2023
£
1,039
-
-
 Total
2023
£
40,700
6,878
10,072
1,039
16,194
5,130		 Total
2022
£
37,400
7,091
42,988
1,277
11,584
9,011
80,013 109,351
£
4,909
285		 2022
£
1,277
-
-
£
4,909
285
5,194 5,194
1,039
1,039		 1,039
1,039
4,155 4,155
4,909 4,909

Page 13

CITY CHAPEL NOTES TO THE ACCOUNTS

10 Creditors:

amounts falling due within one year

2023 2023 2022
£ £
Other creditors 141 1,591
141 1,591
11 Movement in funds
At 1 other
December gains/
2022 losses)
£ £ £ £
Unrestricted funds:
General funds 23,589 - (94,711) - (71,122)
Designated funds:
Offering - 53,808 - - 53,808
Tithes - 18,812 - - 18,812
Other Income - 25,931 - - 25,931
Building Funds - 5,700 - - 5,700
Interest - 328 - - 328
Total - 104,579 - - 104,579
Revaluation Reserves:
Total funds 23,589 104,579 (94,711) - 33,457
12 Analysis of net assets between funds Unrestricted
funds Restricted Total
funds
£ £ £
Fixed assets 4,155 - 4,155
Net current assets 23,170 6,132 29,302
27,325 6,132 33,457

13 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

CITY CHAPEL DETAILED STATEMENT OF FINANCIAL ACTIVITIES

for the year ended 30 November 2023

for the year ended 30 November 2023

Income from:
Donations
Offering
Tithes
Building Funds
Other
Other Income
Bank Interest
Total income
Expenditure on:
Charitable activities
Charitable activities
Governance costs
HSBC Merchant Services
Total of expenditure on charitable
activities
Employee costs
Pastors’ Allowance
Motor and travel costs
Travel and Motor expenses
Premises costs
Rent		 Unrestricted
funds
2023
£
53,808
18,812
5,700		 Total funds
2023
£
53,808
18,812
5,700		 Total funds
2022
£
28,268
16,136
57,594
78,320 78,320
25,931
328
26,259
104,579
14,698
14,698
-
-
14,698
40,700
40,700
6,878
6,878
10,072
10,072		 101,998
25,931
328
26,259
104,579
14,698
14,698
-
-
14,698
40,700
40,700
6,878
6,878
10,072
10,072		 19,730
21
19,751
121,749
3,768
3,768
953
953
4,721
37,400
37,400
7,091
7,091
42,988
42,988

Page 15

CITY CHAPEL DETAILED STATEMENT OF FINANCIAL ACTIVITIES

General administrative costs,
including depreciation
Depreciation
Bank charges
Insurance

Software, IT support and related
costs
other gains/(losses)
Other Gains
Net movement in funds
cost
Stationery and printing
Sundry Expenses
Telephone, fax and broadband
Legal and professional costs
Accountancy and bookkeeping
Other legal and professional
Total of expenditure of other costs
Total expenditure
Net gains on investments
Net income/(expenditure)
Net income/(expenditure) before		 1,039
573
365
7,430
-
9,868
1,513
1,596
4,717
15,256
1,550
3,580
5,130
80,013
~~94,711~~
~~-~~
9,868
9,868		 1,039
573
365
7,430
1,513
1,596
4,717		 1,277
165
330
4,993
1,370
277
4,499
15,256 12,860
1,550
3,580		 1,450
7,561
5,130 9,011
80,013 109,351
114,072
-
~~94,711~~
~~-~~
9,868 7,677
-
9,868		 -
7,677
7,677
9,868

Page 16