REPORTS OF THE TRUSTEES AND ST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 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 & Associates
STRUCTURE, GOVERNANCE AND MANAGEMENT Risk management The trustees have a duty to identify and review the risks to which the church is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The trustees confirm that considerations have been given to the major 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 objectives of the church are: 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 Church continued its programme of reaching more people for God. The normal activities of Sunday and weekday services 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 marriage ceremonies and christening of babies 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 also offered financial assistance to international faith organisations.
FINANCIAL REVIEW Reserves policy The Trustees acknowledge that it will require about £24,500 for three month's operation without any income. The general resenie is more than the safety level, 3nd this level is to be maintained. The Trustees by strategic planning are to maintain the level of secured funds in the next 5 years by setting up a £12,500 reserve funds account with the bank. Operational income and expenditure For the year under review, the church made a financial deficit of £12,885 against a deficit of1£15,799 in 2023) Total offerings, donations and other income received was £370,7491£376,032 in 20231 this was down from last year income. Total operating cost was £383,635 (£391,831 in 2023) this was down from last year. Trustees are of the opinion that for the foreseeable future, increased evangelism to bigger audience from internet, phone apps, and tweeter, what's 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 Trustees 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 Trustees and the 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, including the 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 in 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 2024, 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 43{21 of the Charities Act 1993 (the Act) does not apply. It is my responsibility to state, on the basis of procedures specified the General Directions given by the Charity Commissioners under section 43{71(b) of the Act, whether particular matter5 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 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 undertaken do not provide all the evidence that would be required in an audit, and consequently I do express an audit opinion on the view given by the accounts. INDEPENDENT EXAMINER'S STATEMENT: In connection with my examination, no matter has come to my attention, which gives me reasonable cause to believe, that any material respects the requirements l. 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 complv 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 2024 INCOME AND EXPENDITURE Notes Unrestricted Restricted 20Z4 2023 Incoming Resources Offerin8 & Donations 352.133 352,133 357,416 Investment Income Other Income 18.616 18,616 18,616 Total Income Resources 370,749 376,032 Resources Expanded Cost of Activities (383.6351 1391,8311 Total Resources Expanded 1383,635) {391,8311 Net Incoming / IOut80in81 Resources 112,885) 115,7991 Funds brou8ht forward 3111212023 762,251 778,050 Desl8nated funds utilised Funds carried forward 3111212024 749,366 762,251 See notes on the followin8 pa8es for detailed analysis of income and expenditure CONTINUING OPERATION The Church operates in its new developed leased premises durin8 the year. The entire capital expenditure apart from Fixtures & Fittings is written off in the income and expenditure account durin8 the year. This years income 15 boosted from the receipt of 4 years 8ift aid payments approved and paid by the HMRC. Covenant partners support of fixed monthly financial givings also accounted for the rise in income The trustees express their sincere gratitude to the church and the covenant partners for their 8enerious 8ivings that made thi5 possible. TOTAL RECOGNISED GAINS AND DEFICITS The church has no recognised gains or deficits other than the surplus for the current year The notes form part of these accounts.
CITY OF FAITH MINISTRY FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 BALANCE SHEET AS AT 31ST DECEMBER 2021 FIXED ASSETS Note 2024 2023 Premises Fixtures & Fittings Investment 516,080 3.850 60,000 579,930 516,080 3,850 60,000 579,930 CURRENT ASSETS Building funds & Savings Debtors Bank and cash in hand 14,073 153,875 2,338 170,286 16,573 164,260 2,338 183,171 CREDITORS.. Amounts falllng due within one year.. Trade Creditors 18501 18501 18501 18501 Net Current Asset51 ILiabilitiesl 169,436 182,321 CREDITORS.. Amounts falling due for more than one year Loan Total Assets less Liabilities 749,366 762,251 UNRESTRICTED FUNDS brought forward Surplus for the year Designated funds Total Funds 762,251 112,8851 778,050 115,7991 749,366 762,251 Signature
CITY OF FAITH MINISTRY FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Notes to the Financial Statements ACCOUNTING POLICIES 1.1 Accounting Convention The account5 have been prepared under the historical cost convention, and in accordance with SORP 2 Accounting for Charitie5. 1.2 Exemption has been taken from preparing a cash flow statement on the grounds that the church is a small undertakin8. 1.3 Incoming Resources Incomin8 Resources represents tithes, collections and donations income due in the year. 1.4 Tan8ible Fixed Assets The value of Fixtures & Fittin8s, musical instruments and Van capitalised are written off to expense at it5 life at a fixed rate depreciation Fixtures Premises Premises Cost Premises Cost addition Fixture5 C05t @ 01101119 Additions IAC & Musical instruments) Sub total Cum Deprec Deprec for year NBV 516,080 122.443 122,443 118.593 516.080 350 516,080 Depreciation charge for the year
CITY OF FAITH MINISTRY FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Notes to the Financial Statements Note5 2024 2024 2024 2023 GENERAL OFFERINGS Tithes & Offering Unrestricted Restricted 352,133 352,133 357.416 Total Income Received 352,133 357,416 OTHER INCOME Gift Aid Payable Unrestricted Restricted 18.616 18,616 18,616 Total Other Income 18,616 18,616 5a COST OF ACTIVITIES Rent & Rates Heat & Light Premises Maintenance Insurance Pastors Allowance Honorarium. Evangelism & mission Welfare & Charitable donations Volunteering Allowance Media Costs Advertisin8 & Publicity Programme Cost Books Travel Cost Bank & Card Charges Admin, Tel & Stationaries Health & Saftey Legal & Professional 194,3801 146,3861 139,1391 12,4631 118,0001 154,5741 129,1251 194,380 145,282 143,2231 12,4631 118,0001 155,7741 129,1251 129,0051 15,5681 126,5931 {2,5541 110,4291 {5,OS31 117,7291 {1,2651 15211 {382,785} 129,3071 15,466 128,5931 12,2541 110.5491 15,0501 119,1701 11,1621 15001 1390,2981 Depreciation charge for the year 16831 5b GOVERNANCE Accountants fee sc {8501 18501
CITY OF FAITH MINISTRY FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 INCOME AND EXPENDITURE BY BRANCH BARKING ENFIELD TOTAL 6 Tithes & Offering 314,085 38,048 352,133 COST OF ACTIVITIES Rent & Rates Heat & Light Premises Maintenance Pastors Allowance Honorarium. Evangelism & mission Welfare & Charitable donation5 Media Costs Advertising & Publicity Programme Cost Insurance Books Travel Cost Bank & Card Charges Admin, Tel & Stationaries Software Health & Saftey Legal & Professional TOTAL 175,0311 144,2151 135.2841 118,0001 150,4541 129.1251 129,0051 15,5681 124.4381 11,9491 12,5541 18.2491 13,6811 115,5661 119,3491 12.1711 13,8551 194,3801 146,3861 139,1391 118,0001 154,5741 129,1251 129,0051 15,5681 126,5931 12,4631 12,5541 110,4291 15,0531 117,7291 14.1201 12,1551 15131 12,1801 11,3721 12,1631 11.2651 15211 1344.906) 11,2651 15211 (382,785) (37.8791 NET SURPLUSIIDEFICIT) 130,821) 169 130,652) Tanglble Flxed Assets Flxtures & Fittings Premises Instruments Audio Vlsual Equipment 61,408 Van Total Cost Additions 516,080 23,091 37,944 638,523 Deprec Rate Bal B/f Charge for yr Bal Clf 16% 23.091 19% 57,558 15% 37,944 33% 118,593 23,091 57,558 37,944 118,593 Net Book Value 2023 2024 516,080 516,080 508 3.850 1,863 519,134 519,930 io