Trustees' Annual Report for the period
~~a~~ Period start date Period end date Day 01 Month Year 2023 Day 31 Month Year 2023 From January To December Section A Reference and administration details ~~a~~
Charity name Restoration Centre Charismatic Renewal Ministry ~~po~~ Other names charity is known by Restoration Centre ~~po~~ Registered charity number (if any) 1136581 ~~fT~~ Charity's principal address 120 Quebec Road Tilbury Essex Postcode RM18 7RA
Names of the charity trustees who manage the charity
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1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 |
Trustee name | Office (if any) | Dates acted if not for whole year |
Name of person (or body) entitled **to appoint trustee(if any) ** |
|---|---|---|---|---|
| Mr Moses Oboite | Chair | |||
| Mrs M. Olubunmi Yemi-Akala |
Treasurer | |||
| Mrs Stella Oboite | Secretary | |||
| Mrs Rosalia Oboh | Member | |||
| Mr Daniel Agbonson | Building Project Chair |
|||
| Names of the trustees for the charity, if any, (for example, any custodian trustees) | ||||
| Name | Dates acted if not for wholeyear | |||
Names and addresses of advisers (Optional information)
Type of adviser Name Address Name of chief executive or names of senior staff members (Optional information)
Section B Structure, governance and management
Description of the charity’s trusts
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Constitution
Type of governing document
(eg. trust deed, constitution)
Charity How the charity is constituted
- (eg. trust, association, company)
Appointed by Church Elders Trustee selection methods
- (eg. appointed by, elected by)
Additional governance issues (Optional information)
You may choose to include additional information, where relevant, about:
-
policies and procedures adopted for the induction and training of trustees;
-
the charity’s organisational structure and any wider network with which the charity works;
-
relationship with any related parties;
-
trustees’ consideration of major risks and the system and procedures to manage them.
Section C Objectives and activities
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Summary of the objects of the charity set out in its governing document
a) The advancement of Christianity.
b) The relief of poverty, sickness and distress.
c) To advance education in accordance with Christian principles in the said borough of Thurrock and also support other charities that provide such activities in other parts of the United Kingdom or the world as the trustees may from time to time think fit.
d) To promote and fulfil such other charitable purposes beneficial to the community in the said borough of Thurrock and also support other charities that provide such activities in other parts of the united kingdom or the world as the trustees may from time to time think fit.
Summary of the main activities undertaken for the public benefit in relation to these objects (include within this section the statutory declaration that trustees have had regard to the guidance issued by the Charity Commission on public benefit
The primary activity of Restoration Centre is advancing Christianity through preaching and teaching the Gospel of Jesus Christ through its various outreach programmes, Bible teachings, which are held weekly virtually online through Zoom and physically in the Church premises.
The following activities were carried out in the reporting year:
-
➢ Weekly Bible Study
-
➢ Weekly Sunday Celebration Service
-
➢ Children and Youth Sessions & Programmes
-
➢ Interactive Christian Faith Studies
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➢ Christian counselling and prayer support
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➢ Faith-based family mentorship
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➢ Enriching programmes for men and women
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➢ Monthly Fasting and Prayer programme for families, the Community, the Nation and the UK Government
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➢ Annual Conference 2023
-
➢ Praise Day 2023
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➢ Discipleship & Freshers Training
-
➢ Parenting Seminar
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Main activities undertaken: 1) Bible messages and scriptural teachings open to our communities on the theme- Enriched in Everything , through the following teaching topics: a) Enriched in Redemption and Joy b) Enriched for impact in our world c) Enriched for dominion and impact d) Enriched through prayerfulness and sacrificial love e) Enriched through Spiritual Authority f) Enriched through faithfulness and obedience g) Enriched through giving and receiving These teachings re-enforced God’s plan for humanity to be enriched in everything according to the provisions He made for us through His Son Jesus Christ. From these Bible teachings the principles of being enriched were highlighted, so that people are enriched spiritually, physically and financially. 2) Father’s Day celebration: This was a very glamorous celebration of men in the Church Community. There was refreshment for all present and presentation of gifts to all the fathers who participated in the celebration. 3) Annual Convention: This year’s convention was an actual programme without online streaming opened to the entire Community. The guest minister focused on the theme “Enriched in everything’ with emphasis on financial empowerment by tapping into and exploiting God’s-giving talents and natural abilities to create multiple streams of income. God wants His children to be financially stable and independent and ultimately be a blessing to so many especially in the current challenging times of high cost of living. 4) Mother’s Day event: This is a celebration of mothers and women in the Community, appreciating their roles and achievements in homes, Churches and the larger communities. 5) Community Outreach: Restoration Centre is passionate about reaching out to its community with the gospel and practical demonstration of God’s love and compassion, to relief poverty. At Christmas in 2023, Restoration Centre packed 200 Christmas Food Hamper of food essentials which were delivered to homes/families in Tilbury Community. Restoration Centre Evangelism Outreach team continued on a regular basis to provide welfare visits and support (shopping, house cleaning) for households, families with young children, vulnerable and elderly people in the Community. 6) Next Generation Services: The Youths in Restoration meet every last Sunday of the month. It’s an avenue for youths to discuss their pertinent issues and learn God’s provisions for such in the Bible. 7) Prayer Rain: This was +a community prayer intercessory event with prayers offered for the Nation, community and families. 8) Praise Day 2023: This was a musical/praise event spanning over 4 hours. The programme was well attended especially by young people in the Community, dancing and singing unto their Lord and Maker
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9) Christmas Carol/Party: There was a Christmas carol/service to celebrate the birth of Jesus Christ, the Saviour of the world. Highlighting the meaning of Christmas and charging everyone to love like God loves and demonstrate this love practically in our communities.
Additional details of objectives and activities (Optional information)
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You may choose to include further statements, where relevant, about:
-
policy on grantmaking;
-
policy programme related investment;
-
contribution made by volunteers.
Section D Achievements and performance
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Section D Achievements and erformance p
Summary of the main achievements of the charity Weekly Service : 2023 has seen more participation in Sunday services during the year which now takes place physically in the Church premises. People are growing in their walk and intimacy with God through the weekly Bible teachings, prayers and praise sessions to stay strong in their faith despite the challenges and difficulties faced and from the place of strength, being able to encourage many to do so too.
There were many testimonies in the year of report of how the weekly services which includes singing and praising God, biblical teachings drew people to God where they found hope and strength to stay strong in the face of diverse challenges. The teachings helped in building many people’s faith and trust in God.
The weekly services except Sunday services continued to be conducted online via zoom and this arrangement has encouraged participation especially in the Mid-week service.
Having such a well- balanced mode of conducting services has enhanced both physical and spiritual growth amongst Restoration Centre congregation and its community.
The Keeping in touch (KIT) plan: Although this was put in place in 2020 to reach out to the vulnerable and the elderly, it has continued this year. The team continued to ensure that the elderly people were cared for. The support provided by volunteers who are part of Restoration Centre include shopping, pick up medications, house maintenance etc.
Family support: Restoration centre was able to support families in the community going through hard times through financial support, prayers, counselling, and visitation. Women and Men groups are very committed to ensuring that families and individuals who needed support received the maximum support required.
Next Generation -Youth Service : The Sunday service continued to be a great success for the young ones in the Community. Activities and programmes (Biblical teachings debates, seminars, fun games) are led and facilitated by young persons. This is a platform where young people develop and enhance their God-given gifts/ talents and are deployed to become future responsible leaders and citizens of our Nation. Participation has been very encouraging as more young people in the Community have been attending and participating in the various sessions.
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Section E Financial review
Restoration Centre CRM has a policy of keeping auditable recordings Brief statement of the charity’s and banking all of its receipts and other funds in Restoration Centre’s policy on reserves bank account.
policy on reserves
This year, there were money donations through online transfer into the Church’s bank account and physical collection of donations which are banked accordingly.
Details of any funds materially in deficit Funds are channelled towards such charitable causes as covered by the objectives of Restoration Centre CRM (propagation of the gospels and to Further financial review details relief poverty) and the Church Building project. There are no funds materially in deficit (Optional information)
You may choose to include additional information, where relevant about:
-
the charity’s principal sources of funds (including any fundraising);
-
how expenditure has supported the key objectives of the charity;
-
investment policy and objectives including any ethical investment policy adopted.
Section F Other optional information
Section G Declaration
The trustees declare that they have approved the trustees’ report above.
Signed on behalf of the charity’s trustees
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Signature(s) M O Yemi-Akala
Full name(s) Martina Olubunmi Yemi-Akala
Position (eg Secretary, Chair, Treasurer etc)
Date 23 October 2024
TAR 2022
Registered Charity Number: 1136581
RESTORATION CENTRE CHARISMATIC RENEWAL MINISTRY
Report of the Trustees and Financial Statements
For The Year Ended 31 December 2023
Pete Petros & Co.
(Accountants)
RESTORATION CENTRE CHARISMATIC RENEWAL MINISTRY
Contents of the Financial Statements for the Year Ended 31 December 2023
| Content | Page |
|---|---|
| Report of the Trustees | 2 |
| Statement of Financial Activities | 3 |
| Balance Sheet | 4 |
| Notes to the Financial Statements | 5 |
| Detailed Statement of Financial Activities | 7 |
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RESTORATION CENTRE CHARISMATIC RENEWAL MINISTRY
Report of the Trustees for the Year Ended 31 December 2023
The Trustees present their report with the financial statements of the charity for the year ended 31 December 2023. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) ‘Accounting and Reporting by Charities’ issued in March 2005 in the preparation of the financial statements.
REFERENCE AND ADMINISTRATIVE DETAILS
Restoration Centre Charismatic Renewal Ministry (formally, Restoration Centre) was registered as a full-fledged Charity Organisation with Charity Commission ( Registration No. 1136581 ) on 24[th] of June 2010. The Ministry is affiliated to Charismatic Renewal Ministries UK.
Principal Address
Restoration Centre Charismatic Renewal Ministry 49 Adelaide Road, Tilbury, Essex. RM18 7BD.
Trustees
Moses Oboite (Pastor) Stella Oboite (Mrs) Rosalia Oboh (Mrs) Daniel Agbonson (Mr) Olubunmi Yemi-Akala (Mrs)
Bankers
Barclays Bank Plc. 2, High Street, P. O. Box 1, Chelmsford, Essex. CM1 1BG.
Accountants
Pete Petros & Co.
(Accountants) 53 Essex Road, London. IG11 7QN.
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Charity is controlled by its governing document, a deed of trust, and constitutes an unincorporated charity.
Risk Management
The Trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
ON BEHALF OF THE BOARD
Martina Yemi-Akala 23 October 2024
------------------------------------------------------------------Trustee Date
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RESTORATION CENTRE CHARISMATIC RENEWAL MINISTRY
Statement of Financial Activities for the Year Ended 31 December 2023
| 2023 | 2022 | ||
|---|---|---|---|
| Notes | £ | £ | |
| INCOMING RESOURCES | |||
| Voluntary Income | (1) | 56,837 | 54,731 |
| Gift Aid | 10,010 | 7,272 | |
| Sundry Income | 1,000 | - | |
| 67,847 | 62,003 | ||
| Cost of generating funds | |||
| Costs of generating voluntary income | - | - - |
|
| Nett Income | 67,847 | 62,003 | |
| RESOURCES EXPENDED | |||
| CRM UK Remittance | (2) | 5,298 | 4,995 |
| Management Costs | 3,819 | 2,390 | |
| Depreciation | 250 | 250 250 |
|
| Charitable Activities | 10,721 | 11,270 | |
| TOTAL RESOURCES EXPENDED | 19,486 | 18,905 | |
| NET INCOMING RESOURCES | 48,361 | 43,098 |
The page forms part of these financial statements
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RESTORATION CENTRE CHARISMATIC RENEWAL MINISTRY
Balance Sheet at 31 December 2023
| 2023 | 2023 | 2022 | 2022 | 2022 | ||
|---|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | ||
| Fixed Assets | ||||||
| Tangible assets (5) |
(5) | 397,214 | 397,214 | 390,252 | 390,252 | |
| Current Assets | ||||||
| Cash and bank balances | 156,075 | 110,317 | 110,317 | 110,317 | ||
| Debtors (6) |
(6) | 235 | 7,456 | |||
| 156,310 117,773 | 156,310 117,773 | 156,310 117,773 | ||||
| Creditors | ||||||
| Amounts falling due within one year (7) |
(7) | ( 10,117) | ( 8,632 ) | |||
| Net Current Assets | 146,193 | 109,141 | ||||
| Total Assets Less Current Liabilities | 543,407 | 543,407 | 499,393 | 499,393 | ||
| CREDITORS | ||||||
| Amount falling due after more than one year (8) | - | - | ||||
| Net Assets | 543,407 | 499,393 | ||||
| Funds | ||||||
| Restricted fund brought forward | 135,467 | 133,532 | 133,532 | |||
| Restricted fund for the year | 1,211 | 1,935 | ||||
| Total restricted fund | 136,678 | 136,678 | 136,678 | 135,467 | 135,467 | |
| Unrestricted fund brought forward | 363,926 | 322,763 | 322,763 | |||
| Unrestricted fund for the year | 47,150 | 41,163 | ||||
| Adjustment of prior years’ Gift Aid | ( 4,347) | - | ||||
| Total unrestricted fund | 406,729 | 363,926 | ||||
| Total Funds | 543,407 | 499,393 |
The financial statements were approved by the Trustees on .........................and were signed on their behalf by:
............................... Trustee
The page forms part of these financial statements
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RESTORATION CENTRE CHARISMATIC RENEWAL MINISTRY
Notes to the Financial Statements for the Year Ended 31 December 2023
1 ACCOUNTING POLICIES
Accounting convention
The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standards for Smaller Entities (effective January 2007), the Charities Act 1993 and the requirements of the Statement of Recommended practice, Accounting and Reporting by Charities.
Incoming resources
All incoming resources are included on the Statement of Financial Activities when the Charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.
Resources expended
Expenditure is accounted for on an accrual basis, and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with use of resources.
Fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Furniture, Computer and Musical equipment: 25% on cost.
Building: All costs incidental towards the acquisition, improvement, and renovation of church building has been capitalised. While work continues on the new church, it started being put to use from the 16[th] of June 2019 in other to save cost. However, no amortisation on the building until work is completed.
Taxation
The Trustees believe the Charity is not liable to tax on its charitable activities.
Funds accounting
Unrestricted funds can be used for the objectives of the charity, at the discretion of the Trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when so specified by the donor or when funds are raised for specific purposes.
2 CRM UK REMITTANCE
This represents 10% of Tithes and Offerings received during the year, payable to Charismatic Renewal Centre UK, the mother church.
3 TRUSTEES’ REMUNERATION, BENEFITS AND EXPENSES There were no Trustees’ remuneration, benefits, or expenses paid during the year ended 31 December 2023, or any period since the inception of the charity.
4 STAFF COSTS There were no staff costs for the year ended 31 December 2023, or any period since the inception of the charity.
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RESTORATION CENTRE CHARISMATIC RENEWAL MINISTRY
Notes to the Financial Statements for the Year Ended 31 December 2023 (Continued )
5 FIXED ASSETS:
| Computer & | Computer & | |||
|---|---|---|---|---|
| Musical | Musical | |||
| Furniture |
Equipment | Building | TOTAL | |
| £ | £ | £ | £ | |
| Cost | ||||
| At 1 January 2023 | 252 | 5,408 389,750 | 5,408 389,750 | 395,410 |
| Additions during the year | - | - |
7,212 | 7,212 |
| At 31 December 2023 | 252 | 5,408 | 396,962 | 402622 |
| Depreciation | ||||
| At 1 January 2023 | 251 | 4,907 | - 5,158 | - 5,158 |
| Charge for the year | - | 250 | - | 250 |
| At 31 December 2023 | 251 | 5,157 | - | -5,408 |
| Net Book Value | ||||
| At 31 December 2023 | 1 | 251 | 396,962 | 397,214 |
| At 31 December 2022 | 1 | 501 | 389,750 | 390,252 |
- 6 DEBTORS: Amounts falling due within one year
| 2023 2022 | |
|---|---|
| £ £ | |
| HMRC Gift Aid | - 7,272 |
| Sundry debtor | 235 184 |
| 235 7,456 |
- 7 CREDITORS: Amounts falling due within one year
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Accruals | 750 | 1,000 |
| Unpresented cheque | - | 112 |
| Charismatic Renewal Centre UK | 9,367 | 7,520 |
| 10,117 | 8,632 |
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RESTORATION CENTRE CHARISMATIC RENEWAL MINISTRY
Detailed Statement of Financial Activities for the Year Ended 31 December 2023
| 2023 2022 |
2023 2022 |
2022 | ||
|---|---|---|---|---|
| £ £ £ £ |
£ £ £ | £ £ £ | £ £ £ | |
| INCOMING RESOURCES | ||||
| Voluntary income | ||||
| Restricted fund | ||||
| Building fund | 1,211 | 1,211 | 1,935 | 1,935 |
| Unrestricted funds | ||||
| Tithes | 35,639 | 32,683 | 32,683 | |
| Offerings | 17,338 | 17,267 | ||
| Thanksgiving | 2,222 | 2,303 | ||
| Missions | 312 533 | 312 533 | 312 533 | |
| Care | 115 | 10 | ||
| Total unrestricted funds |
55,626 | 52,796 | ||
| Total voluntary income | 56,837 | 56,837 | 54,731 | |
| Costs of generating voluntary income |
- | - | ||
| Nett Income | 56,837 | 56,837 | 54,731 | |
| Gift Aid | 10,010 | 10,010 | 7,272 | |
| Sundry Income | 1,000 | |||
| TOTAL INCOMING RESOURCES | 67,847 | 67,847 | 62,003 | |
| OUTGOING RESOURCES | ||||
| Administrative expenses | ||||
| CRM UK Remittance 5,298 |
5,298 | 5,298 | 4,995 | |
| Management Costs | 750 | 750 | 900 | |
| Utilities | 3,069 | 1,490 | ||
| Depreciation | 250 | 250 | ||
| Total administrative expenses | 9,367 | 7,635 | ||
| Charitable activities | ||||
| Honorarium | 1,590 | 2,660 | 2,660 | |
| Family Care | 1,200 | 1,200 | 2,500 | |
| Evangelism and Community Events | 1,872 | 1,872 | 2,737 | 2,737 |
| Mission | 1,381 | 1,302 | 1,302 | |
| Community Outreach Literature | 1,795 | 202 | 202 | |
| Missionary, Conference and Convention 1,397 | Missionary, Conference and Convention 1,397 | 1,869 | ||
| General Expenses | 884 | - | ||
| Total charitable activities | 10,119 | 11,270 | ||
| TOTAL OUTGOING RESOURCES | 19,486 | 18,905 | ||
| NETT INCOMING RESOURCES | 48,361 | 43,098 |
This page does not form part of the statutory financial statements
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Registered Charity Number: 1136581
RESTORATION CENTRE CHARISMATIC RENEWAL MINISTRY
Report of the Trustees and Financial Statements
For The Year Ended 31 December 2023
Pete Petros & Co.
(Accountants)
RESTORATION CENTRE CHARISMATIC RENEWAL MINISTRY
Contents of the Financial Statements for the Year Ended 31 December 2023
| Content | Page |
|---|---|
| Report of the Trustees | 2 |
| Statement of Financial Activities | 3 |
| Balance Sheet | 4 |
| Notes to the Financial Statements | 5 |
| Detailed Statement of Financial Activities | 7 |
- 1 -
RESTORATION CENTRE CHARISMATIC RENEWAL MINISTRY
Report of the Trustees for the Year Ended 31 December 2023
The Trustees present their report with the financial statements of the charity for the year ended 31 December 2023. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) ‘Accounting and Reporting by Charities’ issued in March 2005 in the preparation of the financial statements.
REFERENCE AND ADMINISTRATIVE DETAILS
Restoration Centre Charismatic Renewal Ministry (formally, Restoration Centre) was registered as a full-fledged Charity Organisation with Charity Commission ( Registration No. 1136581 ) on 24[th] of June 2010. The Ministry is affiliated to Charismatic Renewal Ministries UK.
Principal Address
Restoration Centre Charismatic Renewal Ministry 49 Adelaide Road, Tilbury, Essex. RM18 7BD.
Trustees
Moses Oboite (Pastor) Stella Oboite (Mrs) Rosalia Oboh (Mrs) Daniel Agbonson (Mr) Olubunmi Yemi-Akala (Mrs)
Bankers
Barclays Bank Plc. 2, High Street, P. O. Box 1, Chelmsford, Essex. CM1 1BG.
Accountants
Pete Petros & Co.
(Accountants) 53 Essex Road, London. IG11 7QN.
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Charity is controlled by its governing document, a deed of trust, and constitutes an unincorporated charity.
Risk Management
The Trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
ON BEHALF OF THE BOARD
Martina Yemi-Akala 23 October 2024
------------------------------------------------------------------Trustee Date
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RESTORATION CENTRE CHARISMATIC RENEWAL MINISTRY
Statement of Financial Activities for the Year Ended 31 December 2023
| 2023 | 2022 | ||
|---|---|---|---|
| Notes | £ | £ | |
| INCOMING RESOURCES | |||
| Voluntary Income | (1) | 56,837 | 54,731 |
| Gift Aid | 10,010 | 7,272 | |
| Sundry Income | 1,000 | - | |
| 67,847 | 62,003 | ||
| Cost of generating funds | |||
| Costs of generating voluntary income | - | - - |
|
| Nett Income | 67,847 | 62,003 | |
| RESOURCES EXPENDED | |||
| CRM UK Remittance | (2) | 5,298 | 4,995 |
| Management Costs | 3,819 | 2,390 | |
| Depreciation | 250 | 250 250 |
|
| Charitable Activities | 10,721 | 11,270 | |
| TOTAL RESOURCES EXPENDED | 19,486 | 18,905 | |
| NET INCOMING RESOURCES | 48,361 | 43,098 |
The page forms part of these financial statements
- 3 -
RESTORATION CENTRE CHARISMATIC RENEWAL MINISTRY
Balance Sheet at 31 December 2023
| 2023 | 2023 | 2022 | 2022 | 2022 | ||
|---|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | ||
| Fixed Assets | ||||||
| Tangible assets (5) |
(5) | 397,214 | 397,214 | 390,252 | 390,252 | |
| Current Assets | ||||||
| Cash and bank balances | 156,075 | 110,317 | 110,317 | 110,317 | ||
| Debtors (6) |
(6) | 235 | 7,456 | |||
| 156,310 117,773 | 156,310 117,773 | 156,310 117,773 | ||||
| Creditors | ||||||
| Amounts falling due within one year (7) |
(7) | ( 10,117) | ( 8,632 ) | |||
| Net Current Assets | 146,193 | 109,141 | ||||
| Total Assets Less Current Liabilities | 543,407 | 543,407 | 499,393 | 499,393 | ||
| CREDITORS | ||||||
| Amount falling due after more than one year (8) | - | - | ||||
| Net Assets | 543,407 | 499,393 | ||||
| Funds | ||||||
| Restricted fund brought forward | 135,467 | 133,532 | 133,532 | |||
| Restricted fund for the year | 1,211 | 1,935 | ||||
| Total restricted fund | 136,678 | 136,678 | 136,678 | 135,467 | 135,467 | |
| Unrestricted fund brought forward | 363,926 | 322,763 | 322,763 | |||
| Unrestricted fund for the year | 47,150 | 41,163 | ||||
| Adjustment of prior years’ Gift Aid | ( 4,347) | - | ||||
| Total unrestricted fund | 406,729 | 363,926 | ||||
| Total Funds | 543,407 | 499,393 |
The financial statements were approved by the Trustees on .........................and were signed on their behalf by:
............................... Trustee
The page forms part of these financial statements
- 4 -
RESTORATION CENTRE CHARISMATIC RENEWAL MINISTRY
Notes to the Financial Statements for the Year Ended 31 December 2023
1 ACCOUNTING POLICIES
Accounting convention
The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standards for Smaller Entities (effective January 2007), the Charities Act 1993 and the requirements of the Statement of Recommended practice, Accounting and Reporting by Charities.
Incoming resources
All incoming resources are included on the Statement of Financial Activities when the Charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.
Resources expended
Expenditure is accounted for on an accrual basis, and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with use of resources.
Fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Furniture, Computer and Musical equipment: 25% on cost.
Building: All costs incidental towards the acquisition, improvement, and renovation of church building has been capitalised. While work continues on the new church, it started being put to use from the 16[th] of June 2019 in other to save cost. However, no amortisation on the building until work is completed.
Taxation
The Trustees believe the Charity is not liable to tax on its charitable activities.
Funds accounting
Unrestricted funds can be used for the objectives of the charity, at the discretion of the Trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when so specified by the donor or when funds are raised for specific purposes.
2 CRM UK REMITTANCE
This represents 10% of Tithes and Offerings received during the year, payable to Charismatic Renewal Centre UK, the mother church.
3 TRUSTEES’ REMUNERATION, BENEFITS AND EXPENSES There were no Trustees’ remuneration, benefits, or expenses paid during the year ended 31 December 2023, or any period since the inception of the charity.
4 STAFF COSTS There were no staff costs for the year ended 31 December 2023, or any period since the inception of the charity.
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RESTORATION CENTRE CHARISMATIC RENEWAL MINISTRY
Notes to the Financial Statements for the Year Ended 31 December 2023 (Continued )
5 FIXED ASSETS:
| Computer & | Computer & | |||
|---|---|---|---|---|
| Musical | Musical | |||
| Furniture |
Equipment | Building | TOTAL | |
| £ | £ | £ | £ | |
| Cost | ||||
| At 1 January 2023 | 252 | 5,408 389,750 | 5,408 389,750 | 395,410 |
| Additions during the year | - | - |
7,212 | 7,212 |
| At 31 December 2023 | 252 | 5,408 | 396,962 | 402622 |
| Depreciation | ||||
| At 1 January 2023 | 251 | 4,907 | - 5,158 | - 5,158 |
| Charge for the year | - | 250 | - | 250 |
| At 31 December 2023 | 251 | 5,157 | - | -5,408 |
| Net Book Value | ||||
| At 31 December 2023 | 1 | 251 | 396,962 | 397,214 |
| At 31 December 2022 | 1 | 501 | 389,750 | 390,252 |
- 6 DEBTORS: Amounts falling due within one year
| 2023 2022 | |
|---|---|
| £ £ | |
| HMRC Gift Aid | - 7,272 |
| Sundry debtor | 235 184 |
| 235 7,456 |
- 7 CREDITORS: Amounts falling due within one year
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Accruals | 750 | 1,000 |
| Unpresented cheque | - | 112 |
| Charismatic Renewal Centre UK | 9,367 | 7,520 |
| 10,117 | 8,632 |
- 6 -
RESTORATION CENTRE CHARISMATIC RENEWAL MINISTRY
Detailed Statement of Financial Activities for the Year Ended 31 December 2023
| 2023 2022 |
2023 2022 |
2022 | ||
|---|---|---|---|---|
| £ £ £ £ |
£ £ £ | £ £ £ | £ £ £ | |
| INCOMING RESOURCES | ||||
| Voluntary income | ||||
| Restricted fund | ||||
| Building fund | 1,211 | 1,211 | 1,935 | 1,935 |
| Unrestricted funds | ||||
| Tithes | 35,639 | 32,683 | 32,683 | |
| Offerings | 17,338 | 17,267 | ||
| Thanksgiving | 2,222 | 2,303 | ||
| Missions | 312 533 | 312 533 | 312 533 | |
| Care | 115 | 10 | ||
| Total unrestricted funds |
55,626 | 52,796 | ||
| Total voluntary income | 56,837 | 56,837 | 54,731 | |
| Costs of generating voluntary income |
- | - | ||
| Nett Income | 56,837 | 56,837 | 54,731 | |
| Gift Aid | 10,010 | 10,010 | 7,272 | |
| Sundry Income | 1,000 | |||
| TOTAL INCOMING RESOURCES | 67,847 | 67,847 | 62,003 | |
| OUTGOING RESOURCES | ||||
| Administrative expenses | ||||
| CRM UK Remittance 5,298 |
5,298 | 5,298 | 4,995 | |
| Management Costs | 750 | 750 | 900 | |
| Utilities | 3,069 | 1,490 | ||
| Depreciation | 250 | 250 | ||
| Total administrative expenses | 9,367 | 7,635 | ||
| Charitable activities | ||||
| Honorarium | 1,590 | 2,660 | 2,660 | |
| Family Care | 1,200 | 1,200 | 2,500 | |
| Evangelism and Community Events | 1,872 | 1,872 | 2,737 | 2,737 |
| Mission | 1,381 | 1,302 | 1,302 | |
| Community Outreach Literature | 1,795 | 202 | 202 | |
| Missionary, Conference and Convention 1,397 | Missionary, Conference and Convention 1,397 | 1,869 | ||
| General Expenses | 884 | - | ||
| Total charitable activities | 10,119 | 11,270 | ||
| TOTAL OUTGOING RESOURCES | 19,486 | 18,905 | ||
| NETT INCOMING RESOURCES | 48,361 | 43,098 |
This page does not form part of the statutory financial statements
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