REPORTS OF THE TRUSTEES AND ST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 FOR CITY OF FAITH MINISTRY
CONTENTS CHURCH INFORMATION....... TRUSTEES REPORT....... INDEPENDENT EXAMINERS'S REPORT.................... INCOME & EXPENDITURE ACCOUNT..... BALANCE SHEET........................ NOTES TO ACOUNTS. 8-10
ORGANISATION INFORMATION NAME OF ORGANISATION: CITY OF FAITH MINISTRY TRUSTEES: Cecile Abah Adrian Theophilus Desmond Manu REGISTERED OFFICE: 32 Crick Court Spring Place Barking IGII 7GN CHARITY REGISTERED NUMBER 1133662 BANKERS Barclays Bank PIC ACCOUNTANTS EA Winful & Associate5
STRUCTURE, GOVERNANCE AND MANAGEMENT Risk management The trustee5 have a duty to identify and review the risl(s to which the church is exposed and to ensure appropriate controls are in place to provide reasonable assurance against f raud and error. The trustees confirm that considerations have been given to the rnajor risks to which the church is exposed and that systems have been designed and established to mitigate those risks. OBJECTIVES AND ACTIVITIES Objectives and aims The objective5 of the church are: i. The propagation of the gospel of Jesus Christ ii. The relief of poverty iii. Education The Trustees have given careful consideration to the Church's general guidance on public benefit. Activities during the year The Chufch continued its programme of reaching more people for God. The normal activities of Sunday and weekday service5 continued. Church fellowship on Fridays continued to be a success. The church during the year continued refurbished works on its premises with the help and assistance of its members. The Church continued to be of immense assistance to members in diverse social and spiritual needs. Members were assisted with counselling, welfare, travelling, and accommodation assistance, among others. The church provided strong support to members and their families in times of joy and bereavement. The church conducted several marriage ceremonies and christening of babios during the year. The Church supported members at the sad times of funerals. Members were prayed for at such times and encouraged with the word of God. Sicknesses and ailments are part of life. On occasions when members or their families are hospitalised, prayers of deliverance were freely offered. Evangelism The church continued its evangelistic mission through out the year ensuring that its message reaches a wider audience in the UK. The word of God was brought to the homes of many people through the distribution of audio messages of prayers and sermons. The church prepared and distributed freely daily bible reading and prayer guide and a150 offered financial assistance to international faith organisations.
FINANCIAL REVIEW Reserves pollcy The Trustees acknowledge that it will require about £20,000 for three month'5 operation without any income. The general reserve is more than the 53fety level, and this level is to be mairitained. The Trustees by strategic planning aro to maintain the level of secu red funds in the next 5 years by setting up a £12,000 reserve funds account with the bank. Operational Income and expenditure For the year under review, the church made a financial deficit of £9,233 against surplus of1£38,690 in 20221 Total offerings, donatSons and other income received was £376,0321£459,331 in 20221 this was down from last year income. Total operating cost was £385,2651£420,641 in 20221 this was down from last year. Trustees are of the opinion that for the foreseeable future, increased evangelism to a bigger audience from internet, phone apps, and tweeter, what'5 up and the Facebook is a long-term strategy to expand the Ministry. Trustees are most grateful to the members and the public who continued to give to the work of God carried on at the church. Volunteer services The Tru5tee5 would like to mention the work of several dedicated volunteers whose contribution immensely contributed to the work at the church. The church benefited from these services provided free of charge. The trustees once again extend a big thank you to all its volunteers.
STATEMENT OF MANAGEMENT RESPONSIBILITIES The trustees are responsible for preparing the Report of the Trustee5 and tho financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, includingthe income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to select suitable accounting policies and then apply them consistently; observe the methods and principles Iri the non for profit SORP,. make judgements and estimates that are reasonable and prudent; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the church will continue in business. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the church and to 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. ON BEHALF OF THE TRUSTEES.. Signature
INDEPENDENT EXAMINER'S REPORT I report on the accounts of the Charity for the year ended 31 December 2023, prepared on the basis of the accounting policies shown in the corresponding pages RESPECTIVE RESPONSIBILITIES OF MANAGEMENT AND EXAMINER,. As the church trustees you are responsible for the preparation of the accounts,. you consider that the audit requirement of section 43121 of the Charities Act 1993 (the Act) does not apply. It 15 my responsibility to state, on the basis of procedures specified the General Direction5 given by the Charity Commissioners under section 4317llbl of the Act, whether particular matters have come to my attention. BASIS OF INDEPENDENT EXAMINER'S REPORT: My examination was carried out in accordance with the General Directions given by the Charity commissioners. An examination includes a review of the accounting records kept by the church and a comparison of the account5 presented with those records. It a150 includes consideration of any unusual items or disclosures in the accounts, and seekillg explanations from you as 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 expre55 an audit opinion on the view given by the accounts. INDEPENDENT EXAMINER'S STATEMENT: In connection with my examination, r)0 matter has come to my attention, which gives me reasonable cause to believe, that any material respects the requirements i. to keep accounting records in accordance with section 41 of the Act and 2. to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the Act has not been met. E A Winful, FCCA EA WINFUL & ASSOCIATES CHARTERED CERTIFIED ACCOUNTANTS 18 HERO WALK ROCHESTER MEI 2UZ
CITY OF FAITH MINISTRY FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 INCOME AND EXPENDITURE Note5 Unrestricted Restricted 2023 2022 Incoming Resources Offering & Donations 357,416 357,416 410.117 Investment Incomè Other Income 18,616 18,616 49,214 Total Income Resources 376,032 459,331 Resource5 Expanded Cost of Actlvities 1385.2651 1420,6411 Total Resources Expanded 1385,2651 1420,6411 Net Incomtng / IOutEoingl Resource5 19,2331 38,690 Fund5 brought forward 3111212020 778,050 739.360 Desigt)ated funds utilised Funds carried forward 3111212021 768,817 778,050 See notes on the following pages lor detailed analysis of Income and expendlture CONTINUING OPERATION The Church operates in it5 new developed leased premises during the yeai. The entire capital expendlture apart from Fixtures & Fitting5 is written off in the income and expenditure account during the year. This years income is b005ted from the receipt of 4 years gift aid payment5 approved and paid by the HMRC. Covenanl partner5 support of fixed monthly financial givings also 3ccounled lor the rise in income The trustees cxpre55 their sincere gratitude to the church and the covenant partners for their generious givin8S that made this possible. TOTAL RECOGNISED GAINS AND DEFICITS The church has no recogni5ed g3ills or deficits other than the surplus for the current year The note5 form part of these accounts.
CITY OF FAITH PdlNISTRY FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 BALANCE SHEEf AS AT 31ST DECEMBER 2021 FIXED ASSETS Note 2023 2022 Premise5 Fixtures & Fittings Investment 516,080 3,850 60,000 579,930 516,080 3.054 60,000 579,134 CURRENT ASSETS uildinE funds & Savings Debtor5 Bank and cash in hand 16,573 170,826 2,338 189,737 25,423 174.053 1,190 200,666 CRED1TORS'. Amount5 falling due within one year: Trade Creditors 18501 11,7501 18501 11,7501 Net Current As5ets1 (Liabllitiesl 188,887 198,916 CREDITORS.. Amounts falling due for more than one year Loan Total Assets less Liabilitles 768,817 778,050 UNRESTRICTED FUNDS brought forward Surplu5 for the ypar Designaled funds Total Fund5 778.050 19,2331 739,360 38,690 768,817 778,050 Sienature
CIV( OF FAITH MINSSTRY FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Notes to the Flnancial Statements ACCOUNTING POLICIES 1.1 Accounting Convention The accounts have been prep4red under the historical cost convention, and in accordance with SORP 2 Accounting for Charities. 1.2 Exemption has been taken from preparing a cash flow statement on the grounds thit the church is a small undertaking. 1.3 Incoming Resource5 Incoining Resource5 represents tithes, collections and donations income due in the year. 1.4 Tangible Fixed Assets The value of Fixtures & Fittings, musical instruments and Van capitalised are written off to expense at it5 life at a fixed rate depreciation Fixtures Premises Premises C05t 516,080 Premises C05t addition Fixtures C05t @ 01101119 Addition5 IAC & Musical instrumentsl Sub total Cum Deprec Depret for year NBV 118,593.00 3,850.00 122,443.00 117,910.00 683.00 3,850.00 516,080.00 516,080.00 Depreciation charge for the year 16831
CITY OF FAITH MINISTRY FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Notes to the Flnancial Statements Notes 2023 2023 2023 2022 GENERAL OFFERINGS Tithe5 & Offerin8 Unrestricted Restricted 357,416 357,416 410.117 Total Income Received 357,416 410,117 OTHER INCOME Gill Ald Payable Unrestricted Restricted 18,616 18,616 49,214 Total Other Income 18.616 49,214 53 COST OF ACTIVITIES Rent & Rates Heat & Light Premises Maintenallce Insurance Pastors Allowance Honorarium, Evangelism & mission Welfare & Charitable donations Volunteering Allowance Media Costs Advertising & Publicity Programme Cost Book5 Travel Cost Bank & Card Charges Admin, Tel & Stationaries Hedlth & Saftey Legal & Professional 194,3801 145,2821 129,4211 12.4631 118,0001 165,7741 129,1251 194,3801 132,6431 134,0051 13,1091 121,7411 167,6671 132,5211 116,5431 15,4661 128.5931 12,2541 120,5491 15,0501 119,1701 11,1621 15001 1383,7321 116,9071 11.7651 129,8601 11401 125,9311 110,7791 125,7731 11,5021 11,1601 1399,8831 Depreciation charge for the year 16831 120,6981 5b GOVERNANCE Accountants fee 18501 11.7501
ciri OF FAITH MINISTRY FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 DECEMBER 2023 INCOME AND EXPENDITURE 8Y BRANCH BARKING ENFIELD TOTAL 6 Tithes & Offering 319.073 38,343 357,416 COST OF ACTIVITIES Rent & Rates Heat & Light Premises Maintenance Pastors Allowance Honorarium, Evangelism & mission Welfare & Charitable donatlOnS Media Costs Advertising & Publicitv ProEriimme Cost Insurance Books Travel C05t Bank & Card Charges Admin, Tel & Stationaries Software Health & Saftey Le821 & Professional TOTAL 175.0311 143,2111 125,4211 118,01)01 161,4541 129,1251 116,5431 15,4661 126,4381 11,9491 12,2541 118,3491 13,6781 116,5671 119,3491 12,0711 I4,0) 194,3801 145,2821 129.4211 118,0001 165,7741 129.1251 116,5431 15,4661 128,5931 12,4631 12,2541 120,5491 15,0501 119,1701 14,3201 12,1551 15131 12,2001 11,3721 12,6031 11,1621 15001 1345,1481 11,1621 15001 1383,7321 138,5841 NET SURPLUSIIDEFICITI 126,0751 12411 126,3161 Tanglble Fixed A55ets Fixture5 & Fittlngs Premises Instruments Audlo Vlsual Equlpment 57,558 3850 Van Total Cost Additions 516,080 23,091 37,944 634,673 Deprec Rate Bal B/1 Charge for VT Bal clf 16% 22,408 683 23,091 19% 57,558 15% 37,944 33% 117,910 683 118,593 57,558 37,944 Net Book Value 2022 2023 516,080 516,080 683 508 3,850 1,863 519,134 519.930 io