Registered Charity No - 1137289
CELESTIAL CHURCH OF CHRIST ILERI-OLUWA PARISH MANCHESTER
Trustees’ Report and Accounts for the year ending 31 January 2022
| CONTENTS | PAGE |
|---|---|
| Legal and Administrative Details | 2 |
| Trustees' Report | 3 |
| Independent Examiners’ Report | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to the Accounts | 9 |
1 | P a g e
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JANUARY 2022
Trustees
- Adewunmi Adesanya 2. Clement Olufemi Komolafe 3. Kafilat Aramide Avoola
Charity registered Number 1137289
Date of charitable registration 5[th] August 2010
Principal office Kershaw Lane Audenshaw Manchester Lancashire M34 5PN Secretary
Independent examiners NF Financial Solutions Ltd C/O Good to Give Ltd
Bankers HSBC Bank PLC
2 | P a g e
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 JANUARY 2022
The Board of Trustees, who are the trustees for charity law purposes, submit their annual report and the financial statements of Celestial Church of Christ Ileri-Oluwa Parish Manchester for the year ended 31 January 2022. The Board of Trustees confirm that the annual report and financial statements of the Charity comply with current statutory requirements, the requirements of the Charity's governing document and the provisions of the Statement of Recommended Practice (SORP) 'Accounting and Reporting by Charities (revised 2005)'.
Structure, governance and management
The 3 Trustees are:
-
Adewunmi Adesanya
-
Clement Olufemi Komolafe
-
Kafilat Aramide Avoola
The Trustees play a primary role in ensuring good governance and functioning of the charity. The Board’s role, functions and responsibilities are quite clearly defined.
The Charity currently has a strong team of Advisory Board members in the UK who have helped to secure financial support and contribute to the future planning of the organisation.
Governing document:
The Charity governing document is a declaration of the trust that was executed on 1[st] December 2002 as amended by supplemental deed on 5[th] August 2010. The Charity is governed by a board on which the trustees are represented. It meets regularly to review, plan activities and monitor the financial position.
Recruitment and appointment of trustees:
The members of the General Trustee Board are trustees for the purposes of charity law. New trustees may be appointed by resolution of a meeting of the trustees.
The Board of Trustees seeks to ensure that the needs of this group are appropriately reflected through the diversity of the trustee body. The charity sought to identify those who would be willing to become trustees of the charity and use their own experience to assist the charity.
Reserve Policy
It is the policy of the Charity to maintain unrestricted funds, which are the reserves of the charity at about 3 months of unrestricted expenditure. This provides sufficient funds to cover any emergency expenditures that may arise from time to time. The charity will seek to maintain this level throughout the year.
Risk Management
The charity has assessed all the major risks to which the charity is exposed to, in particular those related to operations and finances of the charity, and are satisfied that systems are in place to mitigate exposure to major risks.
- 3 | P a g e
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 JANUARY 2022
Public Benefit:
The Trustees have complied with the duty in Section 4 of the Charities Act 2006 and have paid due regard to public benefit when preparing this report. The benefit provided to the public is consistent with the aims of the charity in UK.
Objectives and activities:
The Objects of the organisation are first to advance the Christian faith in accordance with the statement of beliefs for the benefit in the United Kingdom and in such other parts of the world as the trustees may think fit from time to time. The trustees confirm that they have had due regard to the guidance issued by the Charity Commission on public benefit before deciding what activities the charity should undertake.
Achievements and performance:
The Organisation continues to hold successful services through the year in which individuals were equipped and educated on the principles and doctrines of the Christian faith. The organisation continues to hold its outreaches and conferences. This year during its harvest conference held over seven days it covered the accommodation costs, travel costs and meals for all attendees that attended. This proved to be a good success again. The organisation also supported a number of branch parishes with resources during the year.
Plans for Future Developments:
The church intends to continue to host its regular yearly conferences in UK They plan to move into their own purchased premises within the next year. The intended re- appointment of our present independent examiner at the upcoming trustee meeting is expected to support the financial operations by making it more effective.
Financial review:
The income of the charity is £578,757 (2021: £501,183). During the year the church purchased another building. The organisation is still in a good position to manage its costs. The main cost of the organisation was paying for the mortgage on the building that it uses for worship services and covering transportation costs for its special events. The church continues to use its savings scheme with Kingdom bank to build up its savings.
4 | P a g e
FOR THEYL4R Ef4DED31 JANVARYI•II Stinc•i •f rd of T•bIlItI. for e•¢h yearwbi¢h 8ives4trw fair view of the of affair5 ofthe clwi.ty ofthe swplus OT deficit of the Clwhty for that tu11 ID pr¢P financ the b)•rd of Tntstres M jwjgrncnts and tstimatrs that ate reasonable disclostsl Jttd txplaiticd in the fm•n¢ial aTwJ the Chrity will coNinue iti (vratt). tb the fmwial mtmcnts comply with the Charities Ad 1993. TW art alsoffspKayThle for safc8UaTdio8 the inform1 Ix8islatiOL in the Unid KiD8thxD 8oYryDing the pFrp¥tirm •YMI dissemin•ij of WK as the Tn&e¢s of the Charity who h¢kl offitt thed0raFrrfoty of r1StallMtss srt 2 eXh¢Onfi so far wt Awur,th: tskcn thc sps that we ought to bait taken sTrusttc5 in orfer knrnakt (w$¢lv¢s•wa of infOnMIiiML l•dwdeDI ExArnIA¢r. williwm thcmxlYc5 for •tVJiDlm¢nL 51Pa#t cs Powered by @ Camscanner
INDEPENDENT EXAMINER’S REPORT FOR THE YEAR ENDED 31 JANUARY 2022
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF CELSTIAL CHURCH OF CHRIST ILERI-OLUWA PARISH MANCHESTER
I report on the financial statements of the charity for the year ended 31 January 2022 which comprise the Statement of Financial Activities and Balance Sheet with associate notes.
This report is made solely to the charity's Trustees, as a body, in accordance with section 145 of the Charities Act 2011 and regulations made under section 154 of that Act. My work has been undertaken so that I might state to the charity's Trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's Trustees as a body, for my examination work.
Respective Responsibilities of Trustees and Examiner
The charity's Trustees are responsible for the preparation of the financial statements, and they 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:
-
Examine the accounts (under Section 145 of the Charities Act);
-
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
-
To state 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 Group/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 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 no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.
Independent Examiner's statement
In connection with my examination, no matter has come to my attention:
-
1) which gives me reasonable cause to believe that in any material respect the requirements:
-
to keep accounting records in accordance with section 130 of the Act; and
-
to prepare financial statements which accord with the accounting records and comply with the accounting requirements of the Act
have not been met; or
- 2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.
Signed: Dated:
Basthiyan K.A.C.S. Rodrigo ( Bsc. Accountancy, MBA, ACASL, FFA/FIPA ) On behalf of NF Financial Solutions Ltd
6 | P a g e
STATEMENT OF FINANCIAL ACTIVITIES
(Incorporating income and expenditure account) FOR THE YEAR ENDED 31 JANUARY 2022
| Unrestricted Restricted Total Funds Total Funds 2022 2022 2022 2021 Notes £ £ £ £ Incoming resources 2 General offerings 488,009 - 488,009 400,892 Gift Aid (Net) 90,744 - 90,744 100,224 Other Income 4 4 67 Total Incoming resources 578,757 - 578,757 501,183 Resources expended Direct charitable expenditure 552,182 - 552,182 325,970 Governance costs 960 - 960 1,440 Total Resources expended 3 553,142 - 553,142 327,410 Movement in total fund for the year- Net income / (expenditure) For the year 25,615 - 25,615 173,773 Fund balance brought forward 331,569 - 331,569 157,796 Fund balance carried forward 357,184 - 357,184 331,569 |
Unrestricted Restricted Total Funds Total Funds 2022 2022 2022 2021 Notes £ £ £ £ Incoming resources 2 General offerings 488,009 - 488,009 400,892 Gift Aid (Net) 90,744 - 90,744 100,224 Other Income 4 4 67 Total Incoming resources 578,757 - 578,757 501,183 Resources expended Direct charitable expenditure 552,182 - 552,182 325,970 Governance costs 960 - 960 1,440 Total Resources expended 3 553,142 - 553,142 327,410 Movement in total fund for the year- Net income / (expenditure) For the year 25,615 - 25,615 173,773 Fund balance brought forward 331,569 - 331,569 157,796 Fund balance carried forward 357,184 - 357,184 331,569 |
Unrestricted Restricted Total Funds Total Funds 2022 2022 2022 2021 Notes £ £ £ £ Incoming resources 2 General offerings 488,009 - 488,009 400,892 Gift Aid (Net) 90,744 - 90,744 100,224 Other Income 4 4 67 Total Incoming resources 578,757 - 578,757 501,183 Resources expended Direct charitable expenditure 552,182 - 552,182 325,970 Governance costs 960 - 960 1,440 Total Resources expended 3 553,142 - 553,142 327,410 Movement in total fund for the year- Net income / (expenditure) For the year 25,615 - 25,615 173,773 Fund balance brought forward 331,569 - 331,569 157,796 Fund balance carried forward 357,184 - 357,184 331,569 |
|---|---|---|
| Notes Incoming resources 2 General offerings Gift Aid (Net) Other Income Total Incoming resources Resources expended Direct charitable expenditure Governance costs Total Resources expended 3 Movement in total fund for the year- Net income / (expenditure) For the year Fund balance brought forward Fund balance carried forward |
Unrestricted Restricted Total Funds Total Funds 2022 2022 2022 2021 £ £ £ £ 488,009 - 488,009 400,892 90,744 - 90,744 100,224 4 4 67 |
|
| 578,757 - 578,757 501,183 |
||
| 552,182 - 552,182 325,970 960 - 960 1,440 |
||
| 553,142 - 553,142 327,410 |
||
| 25,615 - 25,615 173,773 331,569 - 331,569 157,796 357,184 - 357,184 331,569 |
7 | P a g e
BAIANCE SIIErr ATJI JAf4UARY 2021 2022 21ll2 nx£D KKSEIS 469XP)S 471J 6,736 45J66 31h33 SII03 31.633 52.103 31.633 521,198 502.642 {I64X114) (171.073) 3S7.184 331369 357.184 331 J69 TOTAL FUNDS 357.184 331369 SIEPUE<O -IRLLG¥eEs r4MNQ# p•yB 9- 1 I p¥noith¢% fMwial 6wemen Pd¥ cs Powered by @ Camscanner
NOTES TO THE FINANCIAL STATEMENT FOR THE YEAR ENDED 31 JANUARY 2021
1. ACCOUNTING POLICIES
1.1 Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008). The financial statements have been prepared in accordance with the Statement of Recommended Practice (SORP), 'Accounting and Reporting by Charities' published in December 2005 and applicable accounting standards.
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 charity 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 or which have been raised by the charity for particular purposes. The costs 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.
1.3 Incoming resources
All incoming resources are included in the Statement of financial activities when the charity has entitlement to the funds, certainty of receipt and the amount can be measured with sufficient reliability.
Donated services or facilities, which comprise donated services, are included in income at a valuation which is an estimate of the financial cost borne by the donor where such a cost is quantifiable and measurable. No income is recognised where there is no financial cost borne by a third party.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
1.4 Resources expended
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.
Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. Support costs are those costs incurred directly in support of expenditure on the objects of the charity and include project management carried out at Headquarters. Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the yearend are noted as a commitment, but not accrued as expenditure.
9 | P a g e
NOTES TO THE FINANCIAL STATEMENT FOR THE YEAR ENDED 31 JANUARY 2022
1.5 Tangible Fixed Asset
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Building Nil Plant and Machinery 20% on reducing balance Computer equipment 20% on reducing balance
1.6 Related Party Transactions
There were no payments to trustees or connected persons during the year nor in previous years.
2. VOLUNTARY INCOME
| Donations from individuals Gift Aid (Net) Other Income Total Income |
2022 £ 488,009 90,744 4 578,757 |
2021 £ 400,892 100,224 67 |
|---|---|---|
| 501,183 |
3. TRUSTEE EXPENSES
There were no Trustee expenses paid during 2022 and 2021.
10 | P a g e
NOTES TO THE FINANCIAL STATEMENT FOR THE YEAR ENDED 31 JANUARY 2022
4. TANGEBLE FIXED ASSET
| Building | Church Bus |
Fixtures & Fittings |
Equipment | Total | |
|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | |
| COST | |||||
| At 31 January 2021 | 461,441 | 6,850 | 2,601 | 17,681 | 488,573 |
| Additions | |||||
| At 31 January 2022 | 461,441 | 6,850 | 2,601 | 17,681 | 488,573 |
| DEPRECIATION | |||||
| At 31 January 2021 | - | 2,740 | 1,940 | 12,884 | 17,564 |
| Charge for the year | - | 822 | 132 | 959 | 1,914 |
| At 31 January 2022 | - | 3,562 | 2,072 | 13,843 | 19,478 |
| NET BOOK VALUE | |||||
| At 31 January 2022 | 461,441 | 3,288 | 529 | 2,769 | 469,095 |
| At 31 January 2021 | 280,000 | 4,110 | 661 | 4,797 | 471,009 |
5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Accruals Total |
2022 - - |
2021 - |
|---|---|---|
| - |
6. CREDITORS: AMOUNTS FALLING DUE AFTER ONE YEAR
| Mortgage HSBC Bounce Back Loan Church loan Total |
2022 129,488 34,526 - 164,014 |
2021 134,323 36,750 - |
|---|---|---|
| 171,073 |
11 | P a g e