**Charity No: 1131471**
**ROCK OF SALVATION APOSTOLIC CHURCH REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 MARCH 2024**
**ROCK OF SALVATION APOSTOLIC CHURCH**
## **Contents**
||Page|
|---|---|
|Legal and administrative information|1|
|Report of the trustees|2-3|
|Independent Examiner’s Report|4|
|Statement of Financial Activities|5|
|Balance Sheet|6|
|Notes forming part of the financial statements|7-8|
**ROCK OF SALVATION APOSTOLIC CHURCH**
**Trustees** O Adekoya (Resigned May 2023) A Toluwaloju B Zannu (Appt Jul 2023) **Charity offices** Unit 25, Orion Business Centre Surrey Canal Road London SE14 5RT **Independent Examiner** Lance Kadiri 333 Edgware road London NW9 6TD **Bankers** HSBC Woolwich London
1
**ROCK OF SALVATION APOSTOLIC CHURCH**
## **Trustees’ Report for the year ended 31 March 2024**
The trustees present their report along with the financial statements of the charity for the year ended 31 March 2024. The financial statements have been prepared in accordance with the accounting policies set out on page 7 and comply with the charity’s trust deed and applicable law.
## **Trustees**
The following were the trustees for the period under consideration. They were appointed by the elders of the church.
O Adekoya – resigned May 2023 B Zannu – appointed July 2023 A Toluwaloju
The principal custodian of the charity is the pastor in charge.
Appointment of trustees is governed by The Trust deed of the charity. The Board of Trustees is authorized to appoint new trustees to fill vacancies arising through resignation or death of an existing trustee.
## **Investment Powers**
The Trust Deed authorizes the trustees to make and hold investments using the general funds of the charity, but no such investments are presently held.
## **Constitution, objects and policies**
The Charity’s governing document is the trust deed, which is kept at the charity’s principal address.
The objects of the charity continue to be:
- (i) The advancement of Christian religion and education
- (ii) Counselling re marriage, youth, career, parenting, bereavement
- (iii) Support for families
- (iv) Training leaders
- (v) Enhancing social and community integration
## **Development, activities and achievements**
The trustees consider that the performance of the charity this year has been most satisfactory. A total of 150 new members joined the church during the period.
The church would not be able to operate without the continued support of a large number of willing support staff who give their services voluntarily, to assist the church on a freelance basis.
## **Financial review**
A substantial increase in donations by individuals was achieved this year, mainly due to the publicity we received on local radio, which featured the church’s activities in one of their programs. In addition, our fundraising activities continue to be successful, thanks mainly to the kind donations of members. Office overheads were generally unchanged this year. Funds available are sufficient to permit the Trust to continue in operation in the medium term.
## **Risk Management**
The trustees actively review the major risk which the charity faces on a regular basis and believe that maintaining reserves at current levels, combined with an annual review of the controls over key financial systems, will provide sufficient resources in the event of adverse conditions. The trustees have also examined other operational and business risks faced by the Charity and confirm that they have established systems to mitigate the significant risks.
## **Future Developments**
The trustees are in the process of searching for a new building to house the church. It is hoped that the new building will be ready by the year 2026.
2
**ROCK OF SALVATION APOSTOLIC CHURCH**
## **Report of the trustees for the year ended 31 March 2024**
## **Reserves policy**
It is the policy of the charity to maintain unrestricted funds at a level which equate to approximately 12 months unrestricted expenditure. This provides sufficient funds to cover management and administration and support costs. Unrestricted funds are maintained at least this level throughout the year.
## **Statement of trustees’ responsibilities**
Law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true fair view of the charity’s financial activities during the year and of its financial position at the end of the year. In preparing those financial statements, the trustees are required to:
- (a) select suitable accounting policies and apply them consistently;
- (b) make judgments and estimates that are reasonable and prudent;
- (c) state whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements;
- (d) 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 accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## **Approval**
This report was approved by the trustees on January 2025 and signed on their behalf.
**A Toluwaloju Trustee**
3
**ROCK OF SALVATION APOSTOLIC CHURCH**
## **Report of the Independent Examiner to the Trustees of Rock of Salvation Apostolic Church On accounts for the year ended 31 March 2024**
## **Respective responsibilities of trustees and examiner**
The charity’s trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144 (2) of the Charities Act 2011 (the Act) and that an independent examination is needed.
It is my responsibility to:
- (vi) Examine the accounts (under section 145 of the Charities Act);
- (vii) To follow the procedures laid down in the General Directions given by the Charity Commissioners (under section 145(5)(b) of the Charities Act; and
- (viii) To state whether particular matters have come to my attention.
## **Basis of Independent examiner’s statement**
My examination was carried out in accordance with General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently, I do not express an audit opinion on the accounts.
## **Independent examiner’s statement**
In connection with my examination, no matter has come to my attention that:
- (i) which gives me reasonable cause to believe that in my material respect the requirements:
- to keep accounting records in accordance with section 130 of the Charities Act and
- to prepare accounts which accord with the accounting records and company with the accounting requirements of the Charities Act
have not been met; or
- (ii) To which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Lance Kadiri 333 Edgware road London NW9 6TD
January 2025
4
**ROCK OF SALVATION APOSTOLIC CHURCH**
## **Statements of Financial Activities For the year ended 31 March 2024**
|**Incoming Resources**
Tithes & offering
Interest received
**Resources Expanded**
Rent and rates
Light and heat
Wages and salaries
Instrumentalist
Events and activities
Telephone and fax
Bank charges
Travel and subsistence
Depreciation
Sundry expenses
Accountancy fees
Repairs and renewals
Donations
Honorarium
Insurance
Pilgrimage
Hospitality
**Total resources expanded**
**Surplus / (Deficit) for the year**|**Restricted**
**Unrestricted**
**Total**
**Total**
**Funds**
**Funds**
**Funds**
**Funds**
**2024**
**2024**
**2024**
**2023**
**£**
**£**
**£**
**£**
-
-
135,017
12
135,017
12
71,621
-|
|---|---|
||-
135,029
135,029
71,621|
||-
45,195
45,195
34,929
-
4,876
19,200
4,876
19,200
2,941
19,200
-
210
210
860
-
800
800
250
-
1,021
1,021
463
-
277
277
154
-
19,425
19,425
7,148
-
1,840
1,840
2,300
-
594
594
5,220
500
500
500
-
-
-
126
-
-
-
-
-
-
2,000
982
35,550
1,556
-
2,000
982
35,550
1,556
1,200
-
-
-
-|
||-
134,026
134,026
75,291|
|||
||-
1,003
1,003
(3,670)|
There were no recognized gains or losses for 2023 and 2024 other than those included in the Statements of Financial Activities.
5
**ROCK OF SALVATION APOSTOLIC CHURCH**
## **Balance Sheet As at 31 March 2024**
|Note
**Fixed Assets**
Tangible Assets
2
**Current assets**
Debtors
3
Cash at bank and in hand
**Creditors: amounts falling due within one year**
4
**Net current assets**
**Total assets less current liabilities**
**Funds**
Restricted funds
5
Unrestricted funds
5
**Accumulated unrestricted funds**|**2024**
**£**
**£**
7,362
173,637
3,291
176,928
(6,242)
170,686
178,048
-
178,048
178,048|**2024**
**£**
**£**
7,362
173,637
3,291
176,928
(6,242)
170,686
178,048
-
178,048
178,048|**2023**
**£**
**£**
9,202
172,320
2,522
174,842
(6,999)
167,843
177,045
-
177,045
177,045|**2023**
**£**
**£**
9,202
172,320
2,522
174,842
(6,999)
167,843
177,045
-
177,045
177,045|
|---|---|---|---|---|
|||178,048||177,045|
|||-
178,048||-
177,045|
|||178,048||177,045|
Approved by the trustees in January 2025 and signed on their behalf.
## **A Toluwaloju Trustee**
6
**ROCK OF SALVATION APOSTOLIC CHURCH**
## **Notes to the accounts for the year ended 31 March 2024**
## **1. Accounting policies**
## **1.1 Basis of preparation of accounts**
These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. 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) issued on October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Practice as it applies from 1 January 2015.
The particular accounting policies adopted are set out below.
## **1.2 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 church and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors which have been raised by the church for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Investment income, capital gains and losses are allocated to the appropriate fund.
## **1.3 Incoming resources**
All incoming resources are included in the Statement of Financial Activities (SOFA) when the church is legally entitled to the income and the amount can be quantified with reasonable accuracy.
Income tax recoverable in relation to donations received under Gift Aid is recognized at the time of the donation.
## **1.4 Resources expended**
All expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities. Where costs cannot be directly attributed to particular activities they have been allocated on a basis consistent with the use of the resources.
## **1.5 Tangible fixed assets for use by the charity and depreciation** .
Tangible fixed assets for use by the charity are stated at cost less depreciation.
Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Equipment and furniture 25% reducing balance method
7
**ROCK OF SALVATION APOSTOLIC CHURCH**
## **Notes to the accounts for the year ended 31 March 2024**
|**2.**
**Tangible fixed assets for use by the Charity**
**Cost**
1 April 2023
Additions
31 March 2024
**Depreciation**
1 April 2023
Charge for the year
31 March 2024
**Net book value**
31 March 2024
31 March 2023
**3.**
**Debtors and prepayments**
Other debtors
**4.**
**5.**
**Creditors: Amounts falling due with one year**
Other taxes and social security costs
Other creditors
**Statement of funds**
Unrestricted funds
General fund
Restricted fund
Building fund|**Land &**
**Buildings**
**£**
30,000
-
30,000
29,999
-
29,999
1
1
**Opening**
**Incoming**
**balance**
**resources**
**£**
**£**
177,045
135,029
-
-|**Land &**
**Buildings**
**£**
30,000
-|**Plant**
**&**
**Machinery**
**Total**
**£**
**£**
71,350
101,350
-
-|**Plant**
**&**
**Machinery**
**Total**
**£**
**£**
71,350
101,350
-
-|
|---|---|---|---|---|
|||30,000||71,350
101,350|
|||29,999
-||62,149
92,148
1,840
1,840|
|||29,999||63,989
93,988|
|||1||7,361
7,362|
|||1||9,201
9,202|
|||||**2024**
**2023**
**£**
**£**
173,637
172,320|
|||||173,637
172,320|
|||||**2024**
**2023**
**£**
**£**
1,035
1,959
5,207
5,040|
|||||6,242
6,999|
||||**Resources**
**Closing**
**Expended**
**Balance**
**£**
**£**
(134,026)
178,048
-
-||
||177,045
135,029||(134,026)
178,048||
8