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2022-12-31-accounts

Charis Christian Centre

Company No. 06907586 Charity No. 1131271

Report and Accounts Year ended 31 December 2022

1 Lamb's Passage, London EC1Y 8AB www.stewardship.org.uk

CHARIS CHRISTIAN CENTRE

COMPANY INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2022

Trustees

Adebayo Mabo Kemi Odubanjo Tony Olusanya (resigned 1 November 2022) Hugh Ricardo Neita (appointed 22 April 2022) David Ndu (appointed 22 April 2022)

Company Secretary

Kemi Odubanjo

Key Staff

Kenny Adeshugba Modupe Adeshugba

Governing Document

Memorandum and Articles of Association dated 3 May 2009

Company Registration Number Charity Registration Number

06907586

1131271

Registered Office

78 Capworth Street London E10 7HA

Independent Examiner

Stephen Mathews FCA Stewardship 1 Lamb's Passage London EC1Y 8AB

Bankers

HSBC Bank plc The Access Bank Limited

Contents Page
Company Information 1
Trustees' Annual Report 2-6
Independent Examiner's Report 7
Statement of Financial Activities 8
Balance Sheet 9
Notes to the Accounts 10-18
Detailed Statement of Financial Activities with Comparatives 19

Page 1

CHARIS CHRISTIAN CENTRE

TRUSTEES' ANNUAL REPORT (INCORPORATING DIRECTORS' REPORT)

FOR THE YEAR ENDED 31 DECEMBER 2022

The trustees, who are the charity's directors for the purposes of company law, have pleasure in submitting the Report and Accounts for the year.

Objects of the charity

The charity is a charitable company and is governed by its memorandum and articles of association. The church seeks to demonstrate the Christian faith in action by being a gospel focussed church in London.

The trustees note that the Church is not a building, but a gathering of ordinary people of different ages and backgrounds, whose lives have been changed by Jesus Christ, the Son of God. The New Testament reveals the Church as a community of people, properly taught and cared for, who by loving and serving Jesus Christ, were also committed to love and care for each other and to bring a blessing to the area in which they lived. Charis Christian Centre; its trustees, elders and members are committed to the restoration of those New Testament principles. It is not alone in this, it is one of many Churches in the area, country and all over the world that is re-discovering the excitement of knowing Jesus Christ. The vision is to see the people of Waltham Forest come into this experience of knowing Jesus as their Lord, Saviour and friend.

Summary of the charity's main activities and achievements

We have continued to impact our immediate locality with outreach based events such as the foodbank and our outreach to care homes on a Sunday.We also continue to run an effective prisons ministry and to meet regularly for worship.

Our Vision is from ISAIAH 58: 12

“Those from among you shall build the old waste places; you shall Raise up the foundations of many generations; and you shall be called the Repairer of the breach, the Restorer of streets to dwell in”

The vision of Charis Christian Centre is based on the following three pillars: -

To Raise To Repair

To Restore the foundations of many generations

Page 2

CHARIS CHRISTIAN CENTRE

TRUSTEES' ANNUAL REPORT (INCORPORATING DIRECTORS' REPORT)

FOR THE YEAR ENDED 31 DECEMBER 2022

Summary of the charity's main activities and achievements (continued)

RAISE

REPAIR

RESTORE

We are called to Raise, Repair and Restore the foundations of our generation and generations to come.

Our mission is to:

The primary ways that this is being done are:

• Fulfilling the objects in teaching, preaching and showing practical care in the community. This was both in the normal teaching in the church on Sunday, which are open to all, and midweek meetings for the church members and also by running specific courses to address particular aspects of Christian living which is open to the wider community; all of which are provided without charge. The aims of the teaching, preaching and discipleship programs include the impact upon lifestyle arising from following the teaching of Christ to love God and your neighbour as yourself.

Page 3

CHARIS CHRISTIAN CENTRE

TRUSTEES' ANNUAL REPORT (INCORPORATING DIRECTORS' REPORT)

FOR THE YEAR ENDED 31 DECEMBER 2022

Summary of the charity's main activities and achievements (continued)

• Bringing the love of Christ to the community: The church runs a weekly food bank in which we serve the most needy in the local community. Where there are other needs than just the physical requirement for food we also help with counselling and, when requested, praying for individuals. We also run courses for those who wanted to find out about Christianity . December also saw us host a community carol service; we literally took the church to the streets the programme was well received by the local residents.

We continue to impact the next generation, and just recently concluded evening seminars on dating targeted towards the younger generation which was done via our 'Spotlight programme'.

Most the charity's activities are undertaken by volunteers and the charity could not operate effectively without their efforts.

In planning the activities the Trustees have applied the guidance on public benefit issued by the Charity Commission.

Structure, Governance and Management

The policy and operating decisions of the charity rest with the Directors who meet regularly to monitor the activities of the company. New Directors are recruited and appointed by a majority of existing Directors. In 2022, two new Directors were recruited and one resigned.

The board of trustees for Charis Christian Centre, continued to work alongside the pastorate in the administration of the charity to ensure continued good governance.

Financial review

The 2022 year was difficult for the church financially, with the impact of Covid 19 being keenly felt. As a result of the pressures brought about during 2020 and 2021, in the 2022-year income decreased by nearly £35,000, to under just over £200,000, and expenditure increased by £19,000 to approximately £255,000. As a result, there was a deficit for the year of £52,940 compared to a surplus of £734 in 2021.

Page 4

CHARIS CHRISTIAN CENTRE

TRUSTEES' ANNUAL REPORT (INCORPORATING DIRECTORS' REPORT)

FOR THE YEAR ENDED 31 DECEMBER 2022

Financial review (continued)

With regular payments required for both the church mortgage and a Covid ‘bounce back’ loan, net current assets decreased by £75,226, and the charity ended the year with net current liabilities of £34,792. The net current liabilities do include instalments due during 2023 for these loans amounting to £46,000 and as a consequence the charity was able to meet its debts as they fall due.

The Pastors and Trustees have worked with the church members to put together a recovery package to support the church in this difficult time. As of September 2023, the following has been achieved:

• Monthly income has been increased and new giving of £1,500 per month is being received/has been pledged

• New income sources from the use of the building by other community groups and individuals are being actioned with the expectation that additional income will be generated to increase income further by between £3,000 and £5,000 per month.

• Overhead costs have been reduced in property costs and other support areas by approximately £2,000 per month with a further £1,000 being reviewed.

As a result, the charity is now breaking even and can ensure the instalment debt repayments of £5,280 per month can be fully met and is now expected to generate a surplus over the next 12 months.

Reserves policy

The Trustees have set a policy of retaining reserves sufficient for the foreseeable needs of the Church. The level of free reserves are not set as a specific formula, but with income from committed supporters now increased and expected to remain stable, significant levels of reserves are not considered to be required but do need to be strengthened during 2023/24. The current policy is to hold £10,000 reserves to cover income fluctuations and a further £20,000-30,000 for unexpected expenditure and Cashflow fluctuations. The charity ended the year with net current liabilities of £34,792 and is not currently meeting its reserves policy but the Trustees believe that the plans outlined above will return the reserves to its policy position by the end of 2024.

Key risks and uncertainties

The charity is exposed to various risks - be they operational, financial or reputational. The trustees review the charity's activities regularly to identify significant risks and, where possible, they take appropriate measures to mitigate those risks.

Page 5

CHARIS CHRISTIAN CENTRE

TRUSTEES' ANNUAL REPORT (INCORPORATING DIRECTORS' REPORT)

FOR THE YEAR ENDED 31 DECEMBER 2022

Responsibilities of trustees under company law

The trustees are responsible for preparing the trustees' annual report and the financial statements in

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charitable company as at the balance sheet date and of its incoming resources and application of resources, including income and expenditure, for the financial year. In preparing these financial statements, the trustees are required to:

  1. select suitable accounting policies and apply them consistently;

  2. observe the methods and principles in the Charities SORP;

  3. make judgements and estimates that are reasonable and prudent;

  4. state whether the applicable accounting standards have been followed, subject to any material

departures disclosed and explained in the financial statements; and

  1. prepare the financial statements on a going concern basis unless it is inappropriate to presume that

the charity will continue in operation.

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approval

This report, which has been prepared in accordance with the provisions of the Companies Act 2006 relating to small companies, was approved by the trustees and signed on their behalf by:

Kemi Odubanjo

KEMI ODUBANJO

Date: 18 September 2023

Page 6

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF

CHARIS CHRISTIAN CENTRE ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2022 on pages 8 to 19 following, which have been prepared on the basis of the accounting policies set out on pages 10 to 11.

Responsibilities and basis of report

As the charity’s trustees of the Company (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 Company 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 confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of 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

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

The charity ended the year with net current liabilities of £34,792 and there is material uncertainty as to whether the charity is a going concern. I draw attention to Note 1 to the accounts and section headed 'Financial review' in the directors' annual report, which sets out the directors' reasons for believing that the charity can continue to operate and for using the going concern basis in the preparation of these financial statements. On the basis of these representations, and after considering the directors' plans and expectations, I have not modified my statements in paragraphs 3 and 4 above in respect of this matter.

Other than the matter referred to in the above paragraph, 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 financial statements to be reached.

Stephen Mathews

Stephen Mathews FCA Stewardship 1 Lamb's Passage London EC1Y 8AB

Date: 21 September 2023

Page 7

CHARIS CHRISTIAN CENTRE

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2022

Note
INCOME AND ENDOWMENTS FROM:
Donations and legacies
3
Investments
4
Total income and endowments
EXPENDITURE ON:
Charitable activities
5
Total expenditure
Net gains/(losses) on investments
Net income/(expenditure)
Transfers between funds
13
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
13		 Unrestricted
Funds
£
159,578
20,055
179,632
238,279
238,279
-
(58,647)
5,708
(52,940)
500,228
447,289		 Restricted
Funds
£
22,020
-
22,020
16,312
16,312
-
5,708
(5,708)
-
-
-		 Total
Funds
2022
£
181,598
20,055
201,652
254,592
254,592
-
(52,940)
-
(52,940)
500,228
447,289		 Total
Funds
2021
£
214,567
22,007
236,574
235,840
235,840
-
734
-
734
499,494
500,228

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing operations.

The statement of financial activities also complies with the requirements for an income and expenditure account required by the Companies Act 2006.

The notes on page 10-18 form part of these accounts.

Page 8

CHARIS CHRISTIAN CENTRE

BALANCE SHEET

AS AT 31 DECEMBER 2022

Note
FIXED ASSETS
Tangible assets
7
CURRENT ASSETS
Debtors
8
Cash at bank and in hand
9
CREDITORS: Amounts falling
due within one year
10
Net current assets / (liabilities)
Total assets less current liabilities
CREDITORS: Amounts falling due
11
after more than one year
TOTAL NET ASSETS
FUND BALANCES
13
Unrestricted Funds
General funds
Restricted Funds		 Unrestricted
Funds
£
768,491
768,491
7,866
28,705
36,571
(71,363)
(34,792)
733,699
(286,411)
447,289
447,289
-
447,289		 Restricted
Funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-		 Total
Funds
2022
£
768,491
768,491
7,866
28,705
36,571
(71,363)
(34,792)
733,699
(286,411)
447,289
447,289
-
447,289		 Total
Funds
2021
£
792,583
792,583
8,148
101,316
109,464
(69,030)
40,434
833,017
(332,789)
500,228
500,228
-
500,228

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006 however, in accordance with Section 145 of the Charities Act 2011, the accounts have been examined by an independent examiner and their report has been included in these financial statements.

The financial statements have been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors and were signed on its behalf by:

Kemi Odubanjo

KEMI ODUBANJO

Date: 18 September 2023

Company number: 06907586

The notes on page 10-18 form part of these accounts.

Charity number: 1131271

Page 9

CHARIS CHRISTIAN CENTRE

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2022

1 Statutory Information

The charity is a charitable company limited by guarantee and is incorporated in the United Kingdom. The company's registered number and registered office address can be found on the Company Information page.

2 Accounting Policies

These financial statements are prepared on a going concern basis, under the historical cost convention.

These financial statements have been prepared in accordance with the "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 of Ireland (FRS 102) ("the Charities SORP"), with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland ("FRS 102"), with the Companies Act 2006 and with the Charities Act 2011. The charity meets the definition of a public benefit entity as set out in FRS 102.

The principles adopted in the preparation of the financial statements are set out below.

a) Going concern

The trustees (who are the charitable company's directors for the purposes of company law) have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern. The trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. In particular the trustees have considered the charity's forecasts and projections and the possible implications should projected income and / or expenditure vary unexpectedly. The trustees have concluded that there is a reasonable expectation that the charity has adequate resources to continue to operate for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements.

Though the charity has ended the year with net current liabilities of £34,792, the trustees are confident that the charity will be able to continue to operate and the financial statements have been prepared on the going concern basis. As described in the Trustees' report "Financial review" section, measures are being taken to reduce expenditure and increase income and the trustees are confident that the charity will be able to eliminate the net current liabilities referred to above over the next two years.

b) Income Income including investment income is recognised in the period in which the charity becomes entitled to receipt, the amount receivable can be measured with reasonable certainty, and receipt is probable. For the most part, income is generally recognised when it is received. Income is only deferred when the charity has to fulfil conditions before becoming entitled to it or where the donor has specified that the income is to be expended in a future period.

Income from donations and legacies includes:

The charity relies on volunteers to carry out many of its activities. However, in accordance with the SORP, the value of these services has not been included in these financial statements as they cannot be reliably measured.

When donated goods, services and facilities are distributed or consumed, an expense in respect of those items is included in the Statement of Financial Activities. At the year end any goods that have not been distributed or consumed are recognised as stock; donated fixed assets are capitalised.

Income from charitable activities represents income receivable from goods, services and facilities supplied in furtherance of the charity's charitable objects.

Income from other trading activities represents income receivable from activities undertaken to generate funds for the charity.

Investment income represents income generated by the charity's assets and includes income from letting the charity's property and bank interest.

Page 10

CHARIS CHRISTIAN CENTRE

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2022

2 Accounting Policies (continued)

c) Expenditure

Expenditure, including irrecoverable VAT, is recognised when it is incurred or, if earlier, when a legal or constructive obligation for a payment arises provided that it is probable that settlement will be required and the amount of the obligation can be measured reliably.

The charity makes grants to other institutions and individuals to further its charitable objectives. Grants payable are recognised as constructive obligations arise, which is generally when the charity expresses a commitment to the recipient that can be measured reliably and then only to the extent that any conditions associated with the grant are outside of the control of the charity.

The cost of raising funds is not significant and has not been separately disclosed.

Governance costs, which are included in expenditure on charitable activities but are identified separately in the notes to the accounts, includes costs associated with the independent examination of the financial statements, compliance with constitutional and statutory requirements and any other expenditure incurred on the strategic management of the charity.

d) 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. Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. Restricted funds are donations which are to be used in accordance with specific restrictions imposed by donors; they include donations received from appeals for specific activities or projects.

e) Tangible fixed assets

Items purchased or donated for the charity's own use are capitalised when the cost of purchased items, or the fair value of donated items, is more than £10,000 and the item is expected to benefit the charity over more than one accounting period. Depreciation is charged on a straight line basis so as to write down the value of each asset to its estimated residual value (if any) over its expected useful economic life. To achieve this objective the following rates of depreciation are charged:

Freehold land Is not depreciated (because it is not consumed by use) Freehold buildings Over 50 years after taking account of the building's residual value Equipment Over 3 to 7 years

The carrying values of tangible fixed assets are reviewed for impairment in periods when events or changes in circumstances indicate that the carrying value may not be recoverable.

f) Pension scheme arrangements

The charity operates defined contribution pension schemes for its employees. Obligations for contributions to these schemes are recognised as an expense when the liability arises. The assets of these schemes are held separately from those of the charity in independently administered funds.

g) Taxation The company is a registered charity; it has taken advantage of the various reliefs from taxation available to charities and no tax is payable on the charity's income.

h) Financial instruments

The charity's financial assets and financial liabilities all qualify as basic financial instruments, as defined by FRS102. Except for loans, creditors and debtors are measured at their expected settlement value (normally the amount of cash that the charity expects to pay or receive). The charity recognises liabilities for the principal of those loans that remains outstanding at the year end (i.e. the liabilities exclude any interest chargeable on the loans in future years).

i) Exemption from preparing a cashflow statement

The charity has taken advantage of an exemption conferred by the Charities SORP and has not prepared a cash flow statement.

j) Critical accounting estimates and areas of judgement

The trustees do not consider that there are any material sources of estimation or uncertainty at the balance sheet date that could result in a material adjustment to the carrying values of assets and liabilities in the next reporting period.

Page 11

CHARIS CHRISTIAN CENTRE

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2022

3 Donations and legacies

Donations of cash and similar
Donations in kind (note 3a)
Government grants (note 3b)
Income tax recoverable
a
Donations in kind comprise:
Donated equipment
b
Job Retention Scheme grants
4
Investment income
Property letting
Bank interest
5
Charitable expenditure
a
Costs incurred directly on specific activities
Salaries and related costs
Accommodation
Telephone and utilities
Church ministry expenses
Conferences and training
Miscellaneous expenses
Grants payable (note 8c)
Government grants comprise:		 2022
£
150,380
2,200
-
29,018
181,598
2022
£
2,200
2,200
2022
£
-
-
2022
£
20,000
55
20,055
2022
£
88,543
24,000
13,049
36,071
488
2,857
165,008
5,097
170,105		 2021
£
168,607
-
19,627
26,332
214,567
2021
£
-
-
2021
£
19,627
19,627
2021
£
22,000
7
22,007
2021
£
90,871
24,000
11,220
26,821
600
305
153,817
1,050
154,867

Page 12

CHARIS CHRISTIAN CENTRE

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2022

5 Charitable expenditure (continued)

b
Costs incurred on support & administration
Governance costs
Independent examiner's fee
Other
Office costs
Loan interest and finance charges
Depreciation of tangible fixed assets
Repairs & maintenance
Insurance
Total expenditure		 3,480
1,153
4,633
12,594
17,791
32,857
10,378
6,234
84,487
254,592		 3,120
703
3,823
17,667
17,897
30,666
6,194
4,725
80,973
235,840

The fee payable to the independent examiner for preparing and examining the accounts was £3,480 (2021: £3,120); in addition the charity paid £635 (2021: £635) to Stewardship for payroll bureau services and £nil (2021: £500) for bookkeeping assistance and training.

c Grants payable

Grants for UK and overseas mission
The comparatives for the previous year are as follows:
Grants for UK and overseas mission
The charity's principal grants to institutions comprised:
City Chapel Fund
Charismastic Evangelistic Ministry
Grants to institutions for less than £1,000 each		 Institutions
£
4,845
4,845
Institutions
£
1,050
1,050		 Individuals
£
252
252
Individuals
£
-
2022
£
2,000
2,495
350
4,845		 2022
£
5,097
5,097
2021
£
1,050
1,050
2021
£
-
-
1,050
1,050

Page 13

CHARIS CHRISTIAN CENTRE

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2022

6 Analysis of staff costs, the cost of key management personnel and trustee remuneration

lysis of staff costs, the cost of key management personnel and trustee remuneration
Gross wages and salaries
Social security
Pension costs		 2022
£
80,500
2,757
4,650
87,907		 2021
£
80,500
3,454
4,650
88,604

The average monthly number of employees during the year was 3 (2021: 3). Most of the charity's activities are carried out by l t

No staff received salaries at a rate of more than £60,000 per annum.

Remuneration payable to key management for the period amounted to £68,000 gross salary and £3,400 employer's pension contribrutions in the year (£2020: 68,000 and £3,400 respectively). Key management is considered to cover church pastors directly employed by the charity.

In addition the charity incurred expenditure totalling £24,000 (2021: £24,000) in respect of the customary provision of accommodation to Kenny and Modupe Adeshugba, who are key management, so that they could better perform their duties. See also note 15 in this respect.

No trustees received employment benefits in either the current or preceding year.

7 Tangible fixed assets

Cost
At 1 January 2022
Additions
Disposals
At 31 December 2022
Accumulated depreciation
At 1 January 2022
Charge for the year
Eliminated on disposal
At 31 December 2022
Net book value
At 31 December 2022
At 31 December 2021
Debtors
Falling due within one year:
Trade debtors
Tax recoverable
Other debtors
Prepayments and accrued income
Total debtors		 Freehold
Property
£
1,000,656
-
-
1,000,656
240,031
20,013
-
260,044
740,612
760,625		 Fixtures,
fittings and
equipment
£
234,151
8,766
-
242,916
202,193
12,844
-
215,037
27,879
31,958
2022
£
3,866
2,000
2,000
7,866		 Total
2022
£
1,234,807
8,766
-
1,243,572
442,224
32,857
-
475,081
768,491
792,583
2021
£
2,148
4,000
2,000
8,148

8 Debtors

Page 14

CHARIS CHRISTIAN CENTRE

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2022

9 Cash at Bank and in Hand

9
Cash at Bank and in Hand
Cash at bank with immediate access
10
Creditors: liabilities falling due within one year
Trade creditors
Accruals
Bank loan
Mortgage loan		 2022
£
28,705
28,705
2022
£
18,086
7,200
8,585
37,492
71,363		 2021
£
101,316
101,316
2021
£
14,068
9,570
7,900
37,492
69,030

11 Creditors: amounts falling due after more than one year

itors: amounts falling due after more than one year
Bank loan
Mortgage loan		 2022
£
30,214
256,197
286,411		 2021
£
39,100
293,689
332,789

The bank loan referred to in the above notes is supported by the UK government Bounce Back Loan Scheme. Interest is payable at a fixed rate of 2.5%, and interest for the first twelve months of the loan is paid by the UK government. The loan is being repaid in monthly instalments (starting in 2022) and must be repaid in full by 2026.

The mortgage loan is provided by The Access Bank UK for the purchase of the church building and secured on that building with normal commercial terms and repayment by October 2030.

12 Pension commitments

During the year employer’s pension contributions totalling £4,650 (2021: £4,650) were payable to defined contribution personal pension schemes. At the balance sheet date, pension contributions totalling £14,268 (2021: £11,386) were unpaid.

Page 15

CHARIS CHRISTIAN CENTRE

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2022

13 Funds

During the year the movements in the charity's funds were as follows:

General Unrestricted Funds
Total Unrestricted Funds
Restricted Funds
Building Fund
Aggregate of funds		 Opening
balance
2022
£
500,228
500,228
-
-
500,228		 Incoming
resources
2022
£
179,632
179,632
22,020
22,020
201,652		 Outgoing
resources
2022
£
(238,279)
(238,279)
(16,312)
(16,312)
(254,592)		 Transfers
in the year
2022
£
5,708
5,708
-5,708
(5,708)
-		 Gains and
losses
2022
£
-
-
-
-		 Closing
balance
2022
£
447,289
447,289
-
-
447,289

The transfers referred to above were made for the following reasons:

Analysis of net assets by fund

The assets and liabilities of the various funds were as follows:

Tangible fixed assets
Debtors
Cash at bank and in hand
Creditors falling due within one year
Creditors falling due after one year		 General
Designated
funds
funds
£
£
768,491
-
7,866
-
28,705
-
(71,363)
-
(286,411)
-
447,289
-
Unrestricted Funds		 Restricted
funds
£
-
-
-
-
-
-
£		 2022
£
768,491
7,866
28,705
(71,363)
(286,411)
447,289

Page 16

CHARIS CHRISTIAN CENTRE

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2022

13 Funds (continued)

In the previous year the movements in the charity's funds were as follows:

General Unrestricted Funds
Total Unrestricted Funds
Restricted Funds
Building Fund
Aggregate of funds		 Opening
balance
2021
£
499,494
499,494
-
-
499,494		 Incoming
resources
2021
£
219,636
219,636
16,938
16,938
236,574		 Outgoing
resources
2021
£
(218,269)
(218,269)
(17,570)
(17,570)
(235,840)		 Transfers
in the year
2021
£
(632)
(632)
632
632
-		 Gains and
losses
2021
£
-
-
-
-
-		 Closing
balance
2021
£
500,228
500,228
-
-
500,228

Analysis of net assets by fund

In the previous year, the assets and liabilities of the various funds were as follows:

Tangible fixed assets
Debtors
Cash at bank and in hand
Creditors falling due within one year
Creditors falling due after one year		 General
Designated
funds
funds
£
£
792,583
-
8,148
-
101,316
-
(69,030)
-
(332,789)
-
500,228
-
Unrestricted Funds		 Restricted
funds
£
-
-
-
-
-
-		 2021
£
792,583
8,148
101,316
(69,030)
(332,789)
500,228

The Building fund is for the purpose of repayment of the mortgage on the church building and expenditure on building repairs and improvements.

14 Operating lease commitments

The charity has a lease on a property which runs on a month to month basis at a cost of £24,000 per annum.

The charity has a lease for its office telephone system at a cost of £966 per annum, which expires in December 2023.

Page 17

CHARIS CHRISTIAN CENTRE

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2022

15 Transactions with related parties

During the year the charity:

During the year the charity also made the following payments to, or for, related parties:

Except as disclosed in note 6 'Analysis of staff costs', there have been no other transactions with related parties during the year.

17 Members

Each member of the company commits to contribute if the charity is wound up an amount of £10.

Page 18

CHARIS CHRISTIAN CENTRE

DETAILED STATEMENT OF FINANCIAL ACTIVITIES WITH COMPARATIVES

FOR THE YEAR ENDED 31 DECEMBER 2022

Note
INCOME AND ENDOWMENTS FROM:
Donations and legacies
3
Investments
4
Total income and endowments
EXPENDITURE ON:
Charitable activities:
5
Total Expenditure
Net income/(expenditure)
Transfers between funds
13
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
13		 General
Designated
2022
2022
£
£
159,578
-
20,055
-
179,632
-
238,279
-
238,279
-
(58,647)
-
5,708
-
(52,940)
-
500,228
-
447,289
-
Unrestricted funds		 Restricted
2022
£
22,020
22,020
16,312
16,312
5,708
(5,708)
-
-
-		 Total
2022
£
181,598
20,055
201,652
254,592
254,592
(52,940)
-
(52,940)
500,228
447,289		 General
Designated
2021
2021
£
£
197,629
-
22,007
-
219,636
-
218,269
-
218,269
-
1,367
-
(632)
-
735
-
499,494
-
500,228
-
Unrestricted funds		 Restricted
2021
£
16,938
16,938
17,570
17,570
(632)
632
-
-
-		 Total
2021
£
214,567
22,007
236,574
235,840
235,840
734
-
734
499,494
500,228

Page 19