## **IMPACT GOSPEL CENTRE**
**FINANCIAL STATEMENTS 31[ST] DECEMBER 2024**
**Charity Number - 1138605 Company Number - 7199684**
1
## **IMPACT GOSPEL CENTRE**
## **Trustees**
Festus Onerhime Babatunde Ogedengbe Adebayo Ogunjimi
## **Minister in Charge**
Reverend Ayodeji Fayoyin
**Charity number** 1138605
## **Registered address**
14 Bolton Road Luton LU1 3HR
## **Accountants**
Abica Phil & Co Financial Accountants 1 Cotleigh Road West Hampstead London NW6 2NL
## **Bankers**
Yorkshire Bank Barclays Bank
2
## **IMPACT GOSPEL CENTRE FINANCIAL STATEMENTS**
## **YEAR ENDED 31[st] December 2024**
|**CONTENTS**|**PAGE**|
|---|---|
|Trustees’ annual report|**4**|
|Independent Examiner|**9**|
|Statement of the financial activities|**10**|
|Balance sheet|**11**|
|Notes to the financial statements|**12**|
3
## **IMPACT GOSPEL CENTRE**
**TRUSTEES ANNUAL REPORT YEAR ENDED 31[st] December 2024**
The trustees have pleasure in presenting their report and accounts for the period ended 31[st] December 2024.
## **GOVERNANCE AND MANAGEMENT**
The Directors of the Charity are its Trustees who for the purpose of charity law and throughout this report are collectively referred to as the Trustees. The policy and operating decisions of the charity rest with the Trustees who meet regularly to monitor the activities of the Company. All Trustees give their time to the Charity freely and no Trustee received remuneration in the year.
## **OBJECTIVES AND ACTIVITIES**
## **Principal Objects of the charity**
The principal aims and objectives of the Church are:
- The advancement of the Christian faith.
- The furtherance of the charitable work of the charity by advancement of charitable purposes consistent with our Christian moral and spiritual values.
## **Review of Activities**
The main activities of the charity are:
- Teaching the values of the Christian faith in a simple and practical way for worshipers to understand during weekly Sunday worship services.
- Helping worshipers grow in their Christian faith by providing a structured bible study and training program, weekly during our Wednesday Bible study services.
- The Church continues to minister to our congregation and the wider community by the various outreach activities listed in this report.
- The Church also reaches the congregation and the wider community by streaming our services live on our website and various social media platforms.
4
## **IMPACT GOSPEL CENTRE**
**TRUSTEES ANNUAL REPORT** _**(continued)**_ **YEAR ENDED 31[st] December 2024**
## **ACHIEVEMENTS AND PERFORMANCE**
## **Community action and support**
The cost-of-living crisis has deeply impacted many local people. Rising costs of food and heating has meant many have felt huge financial pressure. During this year, Impact Gospel Centre distributed many food items to people in the church and local community, helping to alleviate the suffering of many in our community.
## **Family Support**
As a church, we support many families with a wide range of activities. For example, our quarterly family gathering events has proven very popular. This is a chance for families to be together in a relaxed atmosphere.
As well as quarterly family events, there are also a wide range of activities we host including men’s breakfast clubs, women’s light parties, and summer socials. These are all appreciated by members of the church and community at large.
Furthermore, pastoral counselling is provided to couples and families who need it to help them learn the principles that can help then become stronger and closer families.
## **Charity Support**
Impact Gospel Centre continues to partner with and support other charities who have similar objectives. This includes financial donations and support.
## **Christmas Events**
As part of our Community Outreach, in the previous year, we distributed many Christmas hampers to members of our church and community. It was also an opportunity to chat to local people, tell them about our Church and invite them to our Sunday services.
5
## **Children and Youth**
As a Church, Impact Gospel centre continues to provide age-appropriate teaching and training to children ages 3-12 and teenagers ages 13-18. This usually takes place each Sunday. We also have occasional mid-week meetings.
We have robust safeguarding policies in place, with a clear safeguarding statement displayed clearly in different areas in the Church premises.
The Church is also a member of Thirtyone:Eight who provide safeguarding training, DBS checks, guidance and support on everything to do with safeguarding.
## **Building Fund raising**
Impact Gospel centre has continued to grow from strength to strength throughout this year. This is deeply encouraging, and the upward trend means that bigger facilities are needed.
The church has therefore started a fund-raising drive to purchase a building. Donations have come in from church members who are committed to the work the Church does in the furtherance of the Christian faith and the community outreach we do. As a result, we are planning to buy a property in 2025.
## **Conclusion**
This has been a busy year, and we are encouraged by the positive impact we are having on so many lives. We are grateful to all the volunteers and members of the church who get involved and support the work.
## **FUTURE PLANS**
Impact Gospel Centre is in good health. The church looks forward to further growth spiritually, financially and socially in the coming year, thus furthering the church objectives.
The financial trajectory of the charity is on an upward trend. This means the charity is sufficiently resourced to continue its objectives.
During the New Year we plan to:
- Continue the regular church activities and achievements from the previous year.
- Purchase a building to help provide further opportunities for growth in the coming years.
6
## **RESERVES POLICY**
The reserves policy of Impact Gospel Centre is to hold three months of all expenditure plus three months staff costs to allow the church to adapt to any changes in the income or expenditure of the church. The trustees currently believe this amount to be £30,000. The Church currently has adequate funds in reserve.
This policy will be reviewed annually at the trustees meeting.
## **FINANCIAL REVIEW**
The trustees, after appropriate review, have a reasonable expectation that the church has adequate resources to continue in operational existence for the foreseeable future.
Please refer to the annexed account for the details of the Financial Statements for the year ended 31[st] December 2024.
7
## **IMPACT GOSPEL CENTRE**
## **TRUSTEES ANNUAL REPORT** _**(continued)**_ **YEAR ENDED 31[st] December 2024**
## **RESPONSIBLITIES OF THE TRUSTEES**
The trustees are responsible for preparing the Trustees Annual Report and the financial statements in accordance with applicable law and regulations.
The law requires the trustees to prepare financial statements in accordance with the United Kingdom, General Accepted Accounting Practice (United Kingdom Accounting Standard and applicable law). The financial statements are required by law to give a true and fair view of the state of affairs of the charity and of the surplus or deficit for that period.
In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- 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 charity will continue in operation.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply the Charities Act 1993, The Charity (Accounts and Reports) Regulations 2008 and the provision of the trust deed.
The trustees 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.
Signed by order of the trustees
Name: Festus Onerhime
Approved by the trustees on 09[th] January 2025
8
## **IMPACT GOSPEL CENTRE**
**TRUSTEES ANNUAL REPORT** _**(continued)**_
**YEAR ENDED 31[st] December 2024**
## **RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER**
The charity’s trustees consider that an audit is not required for this 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 of the Act);
- to follow the procedures laid down in the General Directions given by the Charity Commission (under section 43(7) (b) of the Act); and
- to state whether particular matters have come to my attention.
## **BASIS OF THE 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 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 I do not express an audit opinion on the view given by the accounts.
## **INDEPENDENT EXAMINER’S STATEMENT**
In the course of my examination, no matter has come to my attention:
(1) which gives me reasonable cause to believe that in, any material respect, the trustees have not met the requirements to ensure that:
- proper accounting records are kept (in accordance with section 41 of the 1993 Act); and
- accounts are prepared which agree with the accounting records and comply with the accounting requirements of the Act; or
(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
09[th] January 2025
P. Mensan FFA, MBA Fellow of the Institute of Financial Accountants
ABICA PHIL & CO 1 Cotleigh Road West Hampstead London
NW6 2NL
9
## **IMPACT GOSPEL CENTRE STATEMENT OF FINANCIAL ACTIVITIES**
## **YEAR ENDED 31[st] December 2024**
|
**INCOMING RESOURCES**
Incoming resources from generated funds
Voluntary income: donations
Gift Aid
Other Income
**Total Incoming Resources**
**RESOURCES EXPENDED**
**Cost of generating funds:**
Fundraising and Publicity
**Charitable expenditure**
Governance Costs
**TOTAL RESOURCES EXPENDED**
**Net Incoming (Outgoing) Resources**
Net Movement in Funds
**Prior Year Adjustment**
Balance at 1stJanuary
Balances at 31stDecember
|
**7**|
|**Total Funds**
**Dec 24**Dec 23
**Note**
Unrestricted Restricted
**2**
**274,395**
0**274,395**165,223
**48,437**0**48,437**32,845
**3**
**0**
0**0**0
**322,832**0**322,832**198,068
0
0
0 0
**4 164,461**
0**164,461**173,023
**5**
**50,365**
0**50,365**35,146
**214,826**
**0 214,826**208,169
**108,006**
**0 108,006** -10,101
**6 108,006**
0**108,006**-10,101
**0**0**0**0
**16,630**
0**16,630**26,731
**124,636 0 124,636**16,630|
|---|---|---|---|
All movements are in Unrestricted Funds
**The notes on page 12 to 16 form part of these financial statements.**
10
## **IMPACT GOSPEL CENTRE BALANCE SHEET YEAR ENDED 31[st] December 2024**
|
**Note**
**FIXED ASSETS**
Tangible assets
**8**
**CURRENT ASSETS**
Debtors
**9**
Cash at bank in hand**10**
**CREDITORS: Amounts falling due**
**within one year**
**11**
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT LIABILITIES**
**CREDITORS: Amounts falling due 12**
**after one year**
**NET ASSETS**
**TOTAL FUNDS**|
**£**
0
110,685
110,685
(2,192)
|**2024**
2023
**£**
£
**16,142**
21,511
**-**
326
326
(5,207)
**108,494** 16,630
**124,636**16,630
**0**
0
**124,636**
16,630
|
|---|---|---|
Audit Exemption Statement
For the year ending 31[st] December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors’ responsibilities:
- the members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476,
- the directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts
- these accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.
These financial statements were approved and signed by the director and authorised for issue on 09[th] January 2025.
Signature:___________________________ Name: Festus Onerhime
**The notes on page 12 to 16 form part of these financial statements.**
11
## **IMPACT GOSPEL CENTRE**
**NOTES TO THE FINANCIAL STATEMENTS**
**YEAR ENDED 31[st] December 2024**
## **1. ACCOUNTING POLICIES**
## **Basis of accounting**
The financial statements have been prepared under the historical cost convention and in accordance with the Statement of Recommended Practice "Accounting and Reporting by Charities" (SORP 2008).
## **Incoming Resources**
Income from tithes and offerings is included in incoming resources when these are receivable.
Investment income consists of net interest received during the year and accounted for as unrestricted.
## **Resources expended**
Resources expended are included in the Statement of Financial Activities on accrual basis, inclusive of VAT which cannot be recovered. Certain expenditure is attributable to specific activities and has been in those cost categories.
## **Depreciation**
Depreciation is calculated so as to write off the cost of an asset on a straight-line basis over the useful economic life of the asset concerned. The principal rates used for this purpose which are consistent with those of past years as follows:
|Musical Equipment|25% straight line|
|---|---|
|Fixtures & Fittings|25% straight line|
|Motor Vehicle|33% reducing balance|
**2. VOLUNTARY INCOME: DONATIONS**
|
Tithes & Offerings
Gift Aid
|**Total Funds**
**2024**
**£**
**274,395**
**48,437**
**322,832**
|2023
£
165,223
32,845
198,068|
|---|---|---|
12
## **IMPACT GOSPEL CENTRE**
## **NOTES TO THE FINANCIAL STATEMENTS**
**YEAR ENDED 31[st] December 2024**
||**2024**|2023||
|---|---|---|---|
||**£**|£||
|**3. OTHER INCOME**||||
|Insurance Refund
|**0**|0||
||**0**|0||
|**4. COSTS IN FURTHERANCE OF CHARITABLE OBJECTS**||||
|**Total Funds**||||
|**2024**|||2023|
||**£**||£|
|**Provision of charitable services:**||||
|Minister’s Salary
|**28,167**|26,902||
|Staff Salary
|**27,586**|25,709||
|Pension
|**2,638**||2,343|
|Outreach Activities
|**17,060**|23,057||
|Rent
|**34,664**|32,536||
|Premises Costs
|**6,003**|20,837||
|Business Rates
|**2,657**||2,018|
|Materials consumed
|**3,348**||5,643|
|Hospitality
|**4,044**||5,109|
|Guest Speakers/Psalmist
|**9,705**||6,996|
|Donation
|**3,657**||2,750|
|Transport
|**9,647**||7,955|
|Printing
|**3,657**||3,249|
|Equipment Hire
|**0**||663|
|Training
|**1,163**||3,974|
|Welfare
|**10,465**||3,286|
|**164,461**||173,023||
No Salaries or benefits have been paid to trustees, including the members of the various departments during the year.
13
## **IMPACT GOSPEL CENTRE**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **YEAR ENDED 31[st] December 2024**
## **5. GOVERNANCE COSTS:**
|
Utilities
Subscription
Insurance
Other General Expenses
Stationeries
Professional Fees
Telephone
Bank Charges
Accounts Fees
Depreciation
**TOTAL**|**2024**
2023
**£**£
**12,115**7,680
**4,052**2,002
**4,206**3,294
**318**
0
**1,506**3,752
**8,366**0
**4,822**4,389
**0**
0
**2,820**2,460
**12,160** 11,569
**50,365**35,146|
|---|---|
## **6. NET MOVEMENT IN FUNDS**
The net movement in funds for the year is stated after charging depreciation on tangible fixed assets:
##
**£** £ **12,160** 11,569
## **7. FUNDS**
|Unrestricted
Restricted
Funds
Funds
**£**
**£**
**At 1st January**
**16,630**
-
Prior Year Adjustment
**0**
-
Surplus / (Deficit) for the year
**108,006**
-
**At 31st December**
**124,636**
-|**Total**
**2024**
**£**
**16,630**
**0**
**108,006**
**124,636**|Total
2023
£
26,731
0
-10,101
16,630|
|---|---|---|
Unrestricted funds comprise those funds which the trustees are free to use in accordance with the charitable objects. Restricted funds are funds which have been given for particular purposes and projects.
14
## **IMPACT GOSPEL CENTRE**
## **NOTES TO THE FINANCIAL STATEMENTS**
**YEAR ENDED 31[st] December 2024**
## **8. TANGIBLE FIXED ASSETS**
|||Fixtures|Equipment|Motor|Musical|**Total**|
|---|---|---|---|---|---|---|
|||Fittings||Vehicle|Equipment||
|||**£**|**£**|**£**|**£**|**£**|
|**COST:**|||||||
|At 1stJanuary|24
|36,696|17,275|34,794|39,346|128,111|
|Additions||**3,759**|**3,032**|**0**|**0**|**6,791**|
|Disposals||0|0|0|0|0|
|**At 31st December 24**||**40,455**|**20,307**|**34,794**|**39,346**|**134,902**|
|**DEPRECIATION**|||||||
|At 1stJanuary|24
|26,143|7,445|34,794|38,218|106,600|
|Charge for the year
||**5,955**|**5,077**|**0**|**1,128**|**12,160**|
|Disposals||-|**-**|**-**|**-**|**-**|
|**At 31st December 24**||**32,098**|**12,522**|**34,794**|**39,346**|**118,760**|
|**NET BOOK VALUE**|||||||
|**At 31st December 24**||**8,357**|**7,785**|**0**|**0**|**16,142**|
|At 31stDecember 23||10,553|9,830|0|1,128|21,511|
|**9.**
**DEBTORS**|||||||
||||||**2024**|2023|
||||||**£**|£|
||||||**0**|0|
|**10. BANK**|||||||
||||||**2024**|2023|
||||||£||
||Deposit/Savings Account||||**105,000**|-|
||Current|Account|||**5,685**|326|
||||||**110,685**|326|
15
## **IMPACT GOSPEL CENTRE**
**NOTES TO THE FINANCIAL STATEMENTS**
**YEAR ENDED 31[st] December 2024**
## **11. CREDITORS: Amounts falling due within one year**
|
HMRC
Pension
Accounts fees
**12.**
**CREDITORS: Amounts falling due after one year**
|**2024**2023
**£**£
**663**
2,612
**208**
135
**1,320** 2,460
**2,191**
5,207
**2024**2023
**£**£
-
**-**|
|---|---|
## **13. TAXATION**
As a charity, there is exemption from taxation on income and gains falling within section 505 of the Taxes Act 1988 or s256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
## **14. RELATED PARTY TRANSACTIONS**
No payments were made to trustees or any other persons connected with them during this financial period in their capacity as trustees. No material transaction took place between the Charity and a trustee or any person connected with them.
16