CELESTIAL CHURCH OF CHRIST ILERI-OLUWA PARISH MANCHESTER Trustees’ Report and Accounts for the year ending 31 January 2024
| 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 |
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REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JANUARY 2024
Trustees Adewunmi Olasunkanmi Adesanya (Chair) Solomon Adedeji Adesanya Samuel Adegoke Adesanya Charity registered Number 1137289 Date of charitable registration 5[th] August 2010 Principal office Celestial Church Ileri Oluwa Parish Stand Lane Radcliffe Manchester Lancashire M26 1JE Independent examiners Accounting Assist Ltd C/O Good to Give Ltd Bankers HSBC Bank PLC
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TRUSTEES' REPORT FOR THE YEAR ENDED 31 JANUARY 2024
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 2024. 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 Olasunkanmi Adesanya (Chair) Solomon Adedeji Adesanya Samuel Adegoke Adesanya
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
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TRUSTEES' REPORT FOR THE YEAR ENDED 31 JANUARY 2024
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 £868,202 (2023: £743,949). 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.
Statement of Board of Trustees’ responsibilities:
The Board of Trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice. Charity law applicable to charities in England/Wales requires the Board of Trustees to prepare financial statements for each financial year which gives a true and fair view of the state of affairs of
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TRUSTF.F..S' REPURT FOR TIIF. YF.AR F.NDF.D JI JANUARY 2024 the Chariiy and of the surplui or dcflcll of ihe Charliy for ihai perlod, In preparlng ihose financial slatcments ih¢ Uoard ofTruJlttJ liAve: Selc¢ted $uiiAble accounling pollclei ond applled ihem ¢onil8lenilyi Made judgmenlj and eiliinales ihal ore reiJonAble And prudent, Sialcd whc(her applicable accounilng JthniJard8 hav¢ bccn followed, iubje¢t to any malerial dcpartU5 disclos¢d and explalncd In the flnanclAI itAlcm¢nts. Prcpared ilie finAncial slAlcm¢nls on A golng concern ba8lJ (unlejj li li Inappropriate pr¢sunic thal the Cliariiy will conlinuc In opcraiion). The Board of Tru5tecs has overall rcsponsibility for ensuring that ihe Charity has an appropriate Sy51em of controls, financial and ollicrwise. Tliey are also responsible for kceping proper cOUntIng disclose with reasonable accuracy at any time Ihe financial position of the Charity and enable them to ensure thai the financial slalemenls comply with the Charities Act 1993. They arc also responsible for safeguardin8 ihc assels of the Charity and hence for takin8 reasonable steps for the detection and prevention of fraud and other irregularities. The Board of Trnstees is responsible for the maintenance and integrity of the corporate and financial inforniation. Legislation in the United Kingdom governing the preparation and dissemination of rinaneial statements may differ from legislation in other jurisdictions. Stitement of dlsclosure of Informatlon to Independent examlner We. as the TnleeS of the Charity who held otTice at the date of approval of these financial ststcments as set out on page 2 each confimi, so far as we are aware, that: There is no levant infornution of which the Charity's indendent examiner are unaware. and we have taken all the steps that we ought to have taken as Trustees in ordcr to make ourselves aware of any relevant infornialion and to establish that the charity's independent examiner is aware of that infornMtion. Independent Examiner: The Charity's independent examiner, Anum Hassan, FCCA of Accounting Assist Ltd Clo Good to Give Lt4 hav¢ indicated their willingness to offer themselves for appointment. This report was approved by the Trustees on and signed on their behalf by: .knd A&wurtMI tcLo£aMdq JG.I..(.1. ...8-0&4t SlgnAlure.. Date. 51Page
INDEPENDENT EXAMINER’S REPORT FOR THE YEAR ENDED 31 JANUARY 2024
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 2024 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);
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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
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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: roe
Dated: 27/11/2024
Anum Hassan, FCCA
On behalf of Accounting Assist Ltd
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STATEMENT OF FINANCIAL ACTIVITIES (Incorporating income and expenditure account) FOR THE YEAR ENDED 31 JANUARY 2024
| Unrestricted Restricted Total Funds Total Funds 2024 2024 2024 2023 Notes £ £ £ £ Incoming resources 2 General offerings 696,410 22,060 718,470 604,805 Gift Aid (Net) 149,477 - 149,477 124,946 Other Income 255 - 255 14,198 Total Incoming resources 846,142 22,060 868,202 743,949 Resources expended Direct charitable expenditure 688,838 - 688,838 707,119 Governance costs 6,371 - 6,371 3,300 Total Resources expended 3 695,209 0 695,209 710,419 Movement in total fund for the year- Net income / (expenditure) For the year 150,933 22,060 172,993 33,529 Fund balance brought forward 390,713 - 390,713 357,184 Fund balance carried forward 541,646 22,060 563,706 390,713 |
Unrestricted Restricted Total Funds Total Funds 2024 2024 2024 2023 Notes £ £ £ £ Incoming resources 2 General offerings 696,410 22,060 718,470 604,805 Gift Aid (Net) 149,477 - 149,477 124,946 Other Income 255 - 255 14,198 Total Incoming resources 846,142 22,060 868,202 743,949 Resources expended Direct charitable expenditure 688,838 - 688,838 707,119 Governance costs 6,371 - 6,371 3,300 Total Resources expended 3 695,209 0 695,209 710,419 Movement in total fund for the year- Net income / (expenditure) For the year 150,933 22,060 172,993 33,529 Fund balance brought forward 390,713 - 390,713 357,184 Fund balance carried forward 541,646 22,060 563,706 390,713 |
Unrestricted Restricted Total Funds Total Funds 2024 2024 2024 2023 Notes £ £ £ £ Incoming resources 2 General offerings 696,410 22,060 718,470 604,805 Gift Aid (Net) 149,477 - 149,477 124,946 Other Income 255 - 255 14,198 Total Incoming resources 846,142 22,060 868,202 743,949 Resources expended Direct charitable expenditure 688,838 - 688,838 707,119 Governance costs 6,371 - 6,371 3,300 Total Resources expended 3 695,209 0 695,209 710,419 Movement in total fund for the year- Net income / (expenditure) For the year 150,933 22,060 172,993 33,529 Fund balance brought forward 390,713 - 390,713 357,184 Fund balance carried forward 541,646 22,060 563,706 390,713 |
|---|---|---|
| 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 2024 2024 2024 2023 £ £ £ £ 696,410 22,060 718,470 604,805 149,477 - 149,477 124,946 255 - 255 14,198 |
|
| 846,142 22,060 868,202 743,949 |
||
| 688,838 - 688,838 707,119 6,371 - 6,371 3,300 |
||
| 695,209 0 695,209 710,419 |
||
| 150,933 22,060 172,993 33,529 390,713 - 390,713 357,184 541,646 22,060 563,706 390,713 |
Notes to Accounts
The accounts were prepared on income resources and resources expended basis only: therefore, no account was taken of accruals and/or prepayments.
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11A1,AN(.'V. 8111:F.T A.11 AT.11 JANIIARY 2n14 2124 Nrte FIXF.D A%F.n TMnBlhle •* 471Jll IRRF.NT AS$V.TI l)rhtm. Am¢wnl fhlllni •4ihlfi ffle 1fi.147 99.141 C•Ah •t Iwnk 11+.141 J.1,fi97 CIIF.DlmRS: Amoimli fthllini wlthkn .1,164 .JJo• NET CIIRRENT AISETI 31133 72 11)TAI, ASSF.TS LFSS CURRF.NT .IABII.ITILS 700J90 $44.1•7 CRF.DITORS: Amount f•lllnR due more IhAn one >'tir .136,685 .ISJJ94 IDTAL ASSETS 563,706 39•.713 CHARITY FUNDS 563,706 39•,713 TOTAL FUNDS 563.706 390.713 The financial slatements were approved by the Trustees and signed on their behalf. by: Name SigDItu Date bl (Il>G)&f The notes on pages 9 -12 forn) part of these financial statements 81Page
NOTES TO THE FINANCIAL STATEMENT FOR THE YEAR ENDED 31 JANUARY 2024
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
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NOTES TO THE FINANCIAL STATEMENT FOR THE YEAR ENDED 31 JANUARY 2024 (Continued)
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.
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) AIE Claims Trust Building Funds Other Income Total Income |
2024 £ 696,410 196,680 8,660 13,400 255 915,405 |
2023 £ 604,805 124,946 - - 14,198 |
|---|---|---|
| 743,949 |
3. TRUSTEE EXPENSES
There was a total of £24,633 (2023: £25,254) trustee expenses and £28,002 (2023: £0) trustee salary paid during the year ended 31[st] January 2024.
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NOTES TO THE FINANCIAL STATEMENT FOR THE YEAR ENDED 31 JANUARY 2024 (Continued)
4. TANGEBLE FIXED ASSET
| COST At 31 January 2023 Additions At 31 January 2024 DEPRECIATION At 31 January 2023 Charge for the year At 31 January 2024 NET BOOK VALUE At 31 January 2024 At 31 January 2023 |
Church Bus Fixtures & Fittings Equipment Total Building £ £ £ £ £ 461,441 6,850 2,601 22,624 493,516 |
|---|---|
| 99,644 7,840 29,109 62,462 199,055 |
|
| 561,085 14,690 31,710 85,086 692,571 - 4,220 2,178 15,599 21,998 |
|
| - 526 85 1,405 2,016 |
|
| - 4,746 2,263 17,004 24,014 561,085 9,944 29,448 68,082 668,558 |
|
| 461,441 2,630 423 7,025 471,518 |
5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Accruals Total |
2024 1,264 1,264 |
2023 3,300 |
|---|---|---|
| 3,300 |
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NOTES TO THE FINANCIAL STATEMENT FOR THE YEAR ENDED 31 JANUARY 2024 (Continued)
6. CREDITORS: AMOUNTS FALLING DUE AFTER ONE YEAR
| Mortgage HSBC Bounce Back Loan Total |
2024 110,651 26,033 136,685 |
2023 125,404 27,990 |
|---|---|---|
| 153,394 |
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