2024-12-31-accounts - Faith Baptist Church (London)

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Charity Reg. No. 1134875

FAITH BAPTIST CHURCH

Report of Financial Activities For the Year Ended 31 December 2024

Lq&Co. Accountancy

FAITH BAPTIST CHURCH

Report of Financial Activities for the year ended 31 December 20234

Table of contents	Page
The Report of the Trustees	3
Statement of Directors’ and Trustees Responsibilities	5
Independent Examiner’s Report on the Accounts	6
Statement of Financial Activities – Income & Expenditure Statement	7
Balance Sheet Statement for the year ended	8
Notes to the Accounts	9-14

FAITH BAPTIST CHURCH

The Report of the Trustees For the year ended 31 December 2024

The Trustees present their report of the financial statements of the charity for the year ended 31 December 2024.The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) ‘Accounting and Reporting by Charities’ issued in March 2005.

Name and registered office

Name: Faith Baptist Church Registered Charity Number: 1134875 Registered office: Tiverton Road, London, N15 6RT

Trustees:-

Rev. Yaw Adjem
Mr. Emmanuel Acheampong - Mr. Amakye Marfo

Objectives achieved in the year

The board of trustees are satisfied with the performance of the charity during the year and the position at 31 December 2024 and consider that the charity is in a strong position to continue its activities during the coming year, and that the assets are adequate to fulfil its obligations..

Contributions of volunteers

In additions to members’ financial contributions to the charity, some do provide very valuable voluntary services. Some of these roles and activities voluntarily provided include counselling, teachings in the schools, community work, administrative duties, music ministry and other areas of church life. Measurement issues including attributing an economic value to such unpaid contributions, prevents inclusion of such contributions within the Statement of Financial Activities.

Structure, Governance and Management

The pastors and the deacons retain oversight of all church matters. These are the managing trustees. The trustees meet regularly to discuss and plan objectives and implementation thereof. Matters of general concern are raised with all members.

All matters are subject to prayer and God’s direction and the Trustees of the Church. Major decisions at any church meetings are determined by simple majority votes cast by members present with each member having one vote. In the event of equal votes, the chair may exercise a second vote as a casting vote.

Financial Review

Transactions and Financial Position

The financial accounts are set out on pages 7 to 8. The financial statements have been prepared implementing the Statement of Recommended Practice for Accounting and Reporting by Charities issued by the Charity Commission for England and Wales (effective Apri2005) and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2005). The Trustees consider the financial position of the charity during the year has been satisfactory.

The Statement of Financial Activities show gross resources for the year of a revenue nature of £232,509. Total resources expended were £ 235,590. The Church registered a deficit of £ 3,081. Reserves at the yearend totalled £492,881

Reserves Policy

The reserves fund represents the unrestricted funds arising from past operating results. The reserves are earmarked for future developments as well as other undertakings that the trustees consider necessary, to ensure growth and stability of the church within the community. The board of trustees is satisfied that the charity’s assets are available and adequate to fulfil its obligations in the foreseeable future.

Principal funding sources

The charity relies on offerings, tithes, and various donations from the members as identified in the accounts, whose support is greatly valued.

Other areas of sources of funds are Covenant Gift Aid and bank investment income. These funds enable the charity to carry out its obligations during the year.

Major risks to which the charity is exposed and systems to mitigate those risks

Financial

The charity is open to the usual financial risks of any organisation, and the charity has introduced controls to minimise these risks, such as two signatures being required for payments from the bank account, an appointed deacon/pastor of the church is required to authorise payments for purchases, and also the accounts are regularly explained to members of the charity and are open for member’s inspection at any time.

Children and Vulnerable adults

Work with children and vulnerable adults are open to risks. The policy is that visitation, counselling and any work involving children and vulnerable adults are done by trained persons who work in pairs. New volunteers to the children ministry are recruited on the basis of Baptist Union’s policy for the recruitment of volunteers for children’s ministry which are in line with Government policy.

Faith Baptist Church

Report on the Accounts For the year ended 31 December 2024

Statement of Directors’ and Trustees Responsibilities

Charity Law requires the Board to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity as at the end of the financial year and the surplus or deficit of the charity. In preparing those financial statements, the Board is required to:-

select suitable accounting policies and then apply them consistently;
make judgements and estimates that are reasonable and prudent;
state whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

The Trustees are also responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity which is sufficient to show and explain the charity’s transactions and enable them to ensure that the financial statements comply with the Charities Act. 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.

The trustees are also responsible for the contents of the trustees’ report, and the responsibility of the auditors in relation to the trustees’ report is limited to examining the report and ensuring that, on the face of the report, there are no inconsistencies with the figures disclosed in the financial statements.

This report was approved by the Board of Trustees on ......05/08/2025............

Signed: .......J K Manful............

Name: ...Rev. Dr. Joshua K. Manful..................

Trustee

Faith Baptist Church

Independent Examiner’s Report on the Accounts For the year ended 31 December 2024

Report to the trustees of Faith Baptist Church on the accounts for the year ended 31 December 2024 as set out on pages 7 to 14.

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 the year (under section 43(2) of the Charities Act 1993(the Act) and that an independent examination is needed.

It is my responsibility to:-

examine the accounts (under section 43(3)(a) of the Act;
to follow the procedures laid down in the General Directions given by the Charity Commissioners (under section 43(7)(b) of the Act; and
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

which gives me reasonable cause to believe that in any material respect the requirements . to keep accounting records in accordance with section 41 of the 1993 Act; and . to prepare accounts which accord with the accounting records and comply with the account requirements of the Act have not been met; or
to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Signed:- E Quarshie

Date:- ……09/08/2025…........…..…

E. Quarshie FCCA

FAITH BAPTIST CHURCH Statement of Financial Activities For the year ended 31 December 2024

	Notes	2024	2023
		£	£
Incoming Resources
Capital grants, legacies & donations	6	232,509	208.026
Resources Expended
Cost of activities	7	154,376	129,990
Management and administration	1	81,214	71,021
Total Resources Expended		235,590	201,011
Net Incoming Resources		( 3,081)	7,015
Reconciliation of Funds:
Total Reserves brought forward		495,962	488,947
Total Reserves carried forward		492,881	495,962

FAITH BAPTIST CHURCH

Balance Sheet as at 31 December 2024

Notes		2024	2023
		£	£
Tangible assets	2	431,917	406,536
Current Assets
Debtors	3	8,000	15,580
Cash at bank & in hand		56,994	80,734
		64,994	96,314
Current Liabilities
Creditors: amounts falling due
Within one year	4	-4,030	-6,888
Net Current Assets		60,964	89,426
Creditors: amounts falling due after		-
More than one year	5		-
Net Assets		492,881	495,962
Capital and Reserves
Unrestricted revenue reserve b/fwd		495,962	488,947
Surplus/(deficit) for the year		-3,081	7,015
		492,881	495,962

The financial statements were approved by the Board of Trustees on ...05/08/2025.......... and signed on its behalf by:

Signature:… J.K. Manful

Name of Trustee: Rev. Dr, Joshua K. Manful…...

FAITH BAPTIST CHURCH

Notes to the accounts

For the year ended 31 December 2024

Accounting policies

Accounts preparation

The financial statements have been prepared in accordance with the Charities Act 1993 and with the Financial Reporting Standard for Small Entities (FRSSE), and all other applicable accounting standards, effective June 2002, as modified by the Statement of Recommended Practice for Accounting and Reporting issued by the Charity Commissioners for England and Wales, effective October 2000, adapted to meet the needs of unincorporated organisations.

Accounting Convention

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

Incoming Resources

Incoming resources are accounted for on a receivable basis.

Investment Income

Bank interest is included in the income and expenditure account on a receivable basis.

Deferred Income

In accordance with the Statement of Recommended Practice for Accounting and Reporting issued by the Charity Commissioners for England & Wales grants, received in advance and specified by the donor as relating to specific accounting periods or alternatively which are subject to conditions which are still to be met are deferred on an accruals basis to the period to which they relate. Such deferrals are shown in the notes to the accounts and the sums involved are included as creditors in the accounts.

Recognition of Liabilities

Liabilities are recognised on the accruals basis in accordance with normal accounting principles, modified where necessary in accordance with the guidance given in the Statement of Recommended Practice for Accounting and Reporting issued by the Charity Commissioners for England and Wales.

Charitable Expenditure

Charitable expenditure includes all expenditure directly related to the objects of the charity and comprises the following:-

Activities in furtherance of the charity’s objectives

The cost of activities in furtherance of the charity’s objectives represent the cost of goods and services and ancillary trading costs that have been incurred in charitable activities.

FAITH BAPTIST CHURCH

Notes to the accounts For the year ended 31 December 2024

Management and administration of the charity

Management and administration costs represent expenditure incurred in the management of the charity’s assets, organisational administration and compliance with the charitable and statutory requirements.

Allocation of costs within types of resources expended

The charity’s operating costs include staff costs, rent, and other related costs. Such costs are allocated between types of resources expended on the basis of estimates made by the trustees.

Administration expenditure includes all expenditure not directly related to direct charitable activity. In respect of certain items of expenditure it is a matter of judgement as to whether such items are direct charitable expenditure or administrative, and the trustees have applied what they consider to be reasonable judgement in apportioning such costs.

The Companies Act 1985 requires all properties belonging to companies to be depreciated. However, this requirement conflicts with the generally accepted principle set out in SSAP19 and the overriding requirement to show a true and fair view. The board of trustees considers that because the property is not held for consumption, but for its investment potential, to depreciate it would not give a true and fair view, and that although the charity is exempt from the full application of SSAP 19, and has not had a formal professional valuation, of the property, but has relied on the best of the board of the market value, in order to conserve funds for the charitable purposes of the charity.

If this policy had not been adopted, the deficit for the financial year would have been increased by depreciation. However, the amount of depreciation cannot reasonably be quantified because depreciation is only one of many factors reflected in the annual valuation and the amount t which might otherwise have been shown cannot be separately identified.

Fixed Asset and Depreciation

The tangible fixed assets are stated at cost less depreciation.

Depreciation has been provided at the following rates in order to write off the assets(less their expected residual value) over their estimated useful lives.

A regular annual review of the likelihood of asset impairment is undertaken.

The principal annual rates used for depreciation are as follows:

Land and Building………………………………..2% per annum straight line. Equipment……………………………………….25% per annum straight line Furniture, Fixtures and Fittings………………… 25% per annum straight line.

FAITH BAPTIST CHURCH

Notes to the Accounts for the year ended 31 December 2024

Capital Grants

The board of trustees considers that, in order to comply with the Statement of Recommended Practice for Accounting and Reporting issued by the Charity Commissioners for England and Wales (effective October 2000), grants of a capital nature given for specific purposes and fully utilised in the furtherance of the purposes of the charity should be credited to the fixed asset fund after the funds have been properly expended on the restricted purpose. The related asset is shown in the balance sheet at the cost of acquisition or subsequent valuation.

The related assets are subject to restrictions by the grant making organisation on their use and disposal, and these restrictions are noted in the fixed asset section of these accounts. The fixed asset fund so created is treated as a restricted fund.

Taxation

As a charity, the organisation is exempt from income and corporation tax to the extent that its income and gains are applicable to charitable purposes only. Value Added Tax (VAT) is not recoverable by the organisation, and is therefore included in the relevant costs in the Statement of Financial Activities.

Funds Structure Policy

The charity maintains a general unrestricted fund which represents funds which are expendable at the discretion of the trustees in furtherance of the objects of the charity. Such funds may be held in order to finance both working capital and capital investment.

Restricted funds are funds provided to the charity for particular purposes, and it is the policy of the trustees to carefully monitor application of those funs in accordance with the restrictions placed upon them. There were no restricted funds at the year end.

There is no formal policy on the allocation of funds to designated funds.

There is no formal policy to transfer between funds, other than that described under the Capital Gains policy above. Any proposed transfer between funds would be considered on the particular circumstances.

Analysis of incoming resources and analysis of management and administration costs

The details required by the Statement of Recommended Practice for the Accounting and Reporting issued by the Charity Commissioners for England and Wales are shown in the detailed schedule to the Statement of Financial Activities on pages……..

1.Staff and other Management costs Gross Salaries and wages - - Other Management and Admin costs Number of full time employees or full time equivalents	2024 £ 68,294 12,920 81,214 2	2023 £ 64,955 6,066 71,021

There were no other employees with emoluments in excess of £60,000 per annum. No other trustees received any remuneration in the year ended 31December 2024.

FAITH BAPTIST CHURCH Notes to the Accounts for the year ended 31 December 2024

2. Tangible Fixed Assets

			Furniture,
	Land &		Fixture &
	Buildings	Equipment	Fittings	Total
	£	£	£	£
Cost as at
1 January 2024	732,886	66,409	120,634	919,929
Additions	41,000	899	-	41,899
Cost as at
31 December 2024	773,886	67,308	120,634	961,828
Depreciation
Accumulated as at
1 January 2024	330,839	64,470	118,084	513,393
Depreciation for year	14,658	1,350	510	16,518
Accumulated Depn.
At 31 December 2024	345,497	65,820	118,594	529,911
Net Book Value c/fwd
31 December 2024	428,389	1,488	2,040	431,917
Net Book Value
31 December 2023	402,047	1,939	2,550	406,536

3. Debtors £ Amounts recoverable 8,000

4. Creditors: amounts falling due within one year

Short - term Creditors 4.030

FAITH BAPTIST CHURCH

Notes to the Accounts for the year ended 31 December 2024

6. Incoming Resources Grants, Legacies & Donations Tithes Offerings Other donations Covenant Gift-Aid receivable Total Incoming Resources	2024 £ 169,731 30,226 2,158 30,394 232,509	2023 £ 151,422 28,450 1,200 26,954 208,026

FAITH BAPTIST CHURCH

Schedule to the Statement of Financial Activities For the year ended 31 December 2024

7. Charitable Expenditure Costs of activities in furtherance Of the charity’s objectives

2024
£
Rates
13,504

Repairs & housekeeping 9,450

Children, Youth & Young Adults 9,185
Men & Women’s Fellowship
2,202
Music Ministry
14,261

Missions & support
7,094

Honorarium
19,410

Telephone & Int
2,678

Training & Development 2,653
Office expense
7,973

Motor Expenses
4,930

Outreach & fellowship
1,900
Governance Cost
3,367

Equipment repairs -

Refreshments & Entertainment
2,080

Subscriptions & licenses
1,528

Insurance
2,444

Loan interest & charges 1,049

Depreciation
16,518

Welfare
950

Rental payments
31,200

Total
154,376

2023
£
11,111
16,215
6,805
532
2,523
2,908
18,510
2,459
1,442
4,579
4,800
-
3,535
991
618
263
2,513
978
16,008
2,000
31,200
129,990