Charty number 1142943 Winning Faith Chapel Accounts 31 March 2023 Document ID.. 8a326971-265740ad-baf9-3648aabaOOc7
Winning Faith Chapel Financial Statements Year Ended 31st March 2023
| Contents | Page |
|---|---|
| Legal and Administrative Information | 1 |
| Report of the Trustees | 2-4 |
| Independent Examiners' Report to the Trustees | 5 |
| Statement of Financial Activities | 6 |
| Statement of Financial Position | 7 |
| Notes to the Financial Statements | 8-10 |
| Detailed Statement of Financial Activities | 11 |
Document ID: 8a326971-2657-40ad-baf9-3648aaba00c7
Winning Faith Chapel Legal and Adminstrative Information Year Ended 31st March 2023
| Charity Registration Number: | 1142943 |
|---|---|
| Registered Office: | Routh Lane |
| Tilehurst | |
| Reading | |
| RG30 4JY | |
| Trustees: | Pastor Vincent Bamgbowu |
| Mrs Olufunke Bamgbowu | |
| Mr Frederick Odogwu | |
| Mrs Olanike Adeoye | |
| Independent Examiner: | Triple A Accountancy Ltd |
| 9 Dunlin Court | |
| 3 Teal Close | |
| Enfield | |
| EN3 5TL |
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Document ID: 8a326971-2657-40ad-baf9-3648aaba00c7
Winning Faith Chapel Report of the Trustees YE 31st March 2023
The trustees present their report with the financial statements of the charity for the year ended 31st March 2023.The trustees have adopted the provisions of the Statement of Recommended Practice (SORP)
Accounting and Reporting by Charities' in accordance with the Financieal Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102) (effective 1 January 2019).
Structure, Governance and Management
Governing document
Winning Faith Chapel is a charitable trust registered on the 19th of July 2011 and is controlled by its governing document, trust deeds dated 1st July 2011.
Recruitment and appointment of trustees
Trustees are elected by existing trustees in a way that serves the Charity's best interest and Trustees are made aware of the legal responsibilities they will be taking on.
Risk management
The Board of Trustees is ultimately responsible for the system of internal control and for reviewing its effectiveness. However, such a system is designed to manage rather than eliminate the risk of failure to achieve business objectives, and can only provide reasonable and not absolute assurance against material misstatement of loss.
The Board has reviewed the effectiveness of the system of internal control. In particular, it has reviewed and updated the process for identifying and evaluating the major risks affecting the business and the policies and procedures by which these risks are managed.
Objectives and Activities
Objectives and Aims
The objectives of the the charity are set out below:
i) to advance the christian faith, by means of, but not exclusively, promoting and preaching the gospel of Jesus, provision of facilities for worship, provision of seminars, ceremonies, religious activities and servcices for counselling and healing for the benefit of the public, in the manner determined by trustees from time to time;
ii) to advance education for the benefit of the poor, the underprivileged and people in need in the UK and abroad, by means of, but not exclusively, the provision of educational programmes and facilities, such as schools and training centres, as the trustees think fit;
iii) to relieve financial hardship among the poor, the underprevileged, victims of natural and man-made disasters, people suffering from malnutrition or disease and people in need, by means of, but not exclusively, making grants or loans for providing or paying for items, equipment, services and facilities for the benefit of the said persons;
iv) to help young people and people in need, especially but not exclusively, through leisure time and recreational activities, so as to develop their capabilities that they may grow to full maturity as individuals and as good citizens.
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Document ID: 8a326971-2657-40ad-baf9-3648aaba00c7
Objectives and aims
Weekly activities are held at our centre as detailed below: Every Sunday: Worship Service (10:00am - 12:00pm) Every Wednesday: Bible Study (7:30pm - 9:00pm) Every Friday: Prayer Meeting (8:00pm - 9:00pm)
There are no restrictions on who can access our services, the Church is open to the general public and everyone is welcomed.
Going concern
At the time of approving the accounts, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus, the Trustees' continue to adopt the going concern basis of accounting in preparing the accounts.
Volunteers
Winning Faith Chapel has many volunteers that assist the Church in achieving its objectives.
Reserve Policy
The Trustees believes that unrestricted funds which have not been designated for a specific use should be maintained so that in the event of a significant drop in funding, they will be able to continue the Charity's activities and are working towards achieving it.
The aim is to build reserves level to approximately 3 months of unrestricted expenditure.
Financial Review
The Trustee have implemented robust budgetary controls to monitor costs in an effort to continue to deliver its service in the future. Income - the total income for the twelve months under review was £43,189.
Expenditure - total expenditure in the year was £15,358. The Charity recorded an operating surplus for the year of £27,831.
During the year the Trustees continued to place emphasis on financial management to ensure that the funds within the organisation are porperly managed.
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Document ID: 8a326971-2657-40ad-baf9-3648aaba00c7
Winning Faith Chapel Report of the Trustees YE 31st March 2023
STATEMENT OF TRUSTEE RESPONSIBILITIES
The trustees are responsible for preparing the Report of the Trustees and the financial statemens in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales, the Charities Act 2011, Charity Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each (Accounts and Reports) financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure of the charity for that period. In preparing those financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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prepare the financiual statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charity's Act 2011. 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.
This report is prepared in accordance with the special provision of Part 15 of the Companies Act 2006 relating to small companies.
Approved by order of the Board of Trustees on 26 July 2023 and signed:
ON BEHALF OF THE BOARD:
Mr Frederick Odogwu
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Document ID: 8a326971-2657-40ad-baf9-3648aaba00c7
Winnlng Falth ChJp¢l R•port of the Independent Ex•min•r YE 3131 March 2023 I report on the accounts for the year ended 31st March 2023 set OLrt on pages six to ten. Raspocllve responslbllltles of trustees and examlner The Charity's Trustees (who are also the Directors for the purpose5 of Company Lawl are responsible for the preparation of the accounts. The Charty's Trustees consider that an independent examination is required. Having satisfied myself that the charity is Dot subject to audit under company law ènd is eligible for independent examination. it is my responsibility to: examine the accounts under Sertion 145 of the 2011 Act to follow the procedures laid down In the General Direction5 given by the Charity Commision (under 5ettion 14515llbl of the 2011 Actl- and to state whether particular matters have come to my attention. Basls of the Indendent examiners report My examination was carried out in accordance with the General Directirons given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts. Independent examiner's statement In connection with my examination. no matter has come to my attention: 11 which give5 me reasonable cause to believe that. in any material respert, the requlrements to keep accounting records in accordance with section 130 of the 2011 Art- and to prepare accounts which acctsrd with the accouning records and comply with the accounting requirement5 of the 2011 Act have not been met- or 21 to which. in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Yan Gen& ACCA Triple A Accountancy Ltd 9 Dunlin Court 3 Teal Close Enfield EN3 5TL Date.. 26 Juty 2023 mentlD: 8a326971-265740a&baf>3648aabaOOc7
Winning Faith Chapel Statement of Financial Activities YE 31st March 2023
| Unrestricted Funds | ||
|---|---|---|
| INCOMING RESOURCES | Notes | 2023 |
| Incoming resources from generated funds | £ | |
| Tithes & Offering | 2 | 35,601.00 |
| Gift Aid | 3 | 7,427.00 |
| Other Income | 161.00 | |
| TOTAL INCOME | 43,189.00 | |
| RESOURCES EXPENDED | ||
| Charitable Activities | 4 | 1,820.00 |
| Support Cost | 5 | 12,648.00 |
| Governance Cost | 6 | 890.00 |
| TOTAL RESOURCES EXPENDED | 15,358.00 | |
| NET INCOME/EXPENDITURE FOR THE YEAR | 27,831.00 | |
| RECONCILIATION OF FUNDS | ||
| Funds brought forward - Unrestricted | 1,995.00 | |
| Funds brought forward - Unrestricted | 100,857.00 | |
| TOTAL FUNDS CARRIED FORWARD | 130,683.00 |
None of the charity's activities were acquired or discontinued during the year and there were no recongnised gaines and losses for 2023 or 2022 other than those included in the statement of financial activities.
The notes on page 8 to 10 form part of these accounts.
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Document ID: 8a326971-2657-40ad-baf9-3648aaba00c7
Winning Faith Chapel Statement of Financial Position YE 31st March 2023
| FIXED ASSETS Tangible assets CURRENT ASSETS Cash at bank and in hand CREDITORS: duewithin one year Net Current Assets TOTAL ASSETS LESS CURRENT LIABILITIES FUNDS: Unrestricted Funds Total funds |
Notes 10 |
2023 £ 507.00 130,620.00 444.00 |
|---|---|---|
| 130,683.00 | ||
| 130,683.00 | ||
| 130,683.00 |
The financial statements were approved by the Board of Trustees on 26th July, 2023 and were signed on its behalf by:
Mr Frederick Odogwu - Trustee
The notes on pages 8 to 10 form part of these accounts.
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Document ID: 8a326971-2657-40ad-baf9-3648aaba00c7
Winning Faith Chapel Notes to the Accounts YE 31st March 2023
1. Accounting Policies
Basis of preparing the financial statements
The financial statement have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accourdance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) and the Charities Act 2011.
The Celestial Church of Christ - House of Praise Parish meets the definition of a public benefit entity under FRS 102.
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.
Donations and other incoming resources - Income from tithes of the network churches in the forum when these are receivable.
Resources expended
Expenditure is accounted for on an accruals 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 the use of resources.
Charitable activities
Costs of charitable activites are those costs relating to the activities carried out to meet the objectives of the Church. These include both directly attributtable costs and apportioned support costs.
Governance costs
Governance costs are the costs associated with the strategic direction of the oganisation and with meeting regulatory responsibilities including apportioned support cost.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund Accounting
Unrestricted funds can be used in accordance with the charitable objectives 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 specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nautre and purpose of each fund is inlcuded in the notes to the financial statements.
Tangible fixed assets
There are no fixed assets for the charity in the year under review.
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Document ID: 8a326971-2657-40ad-baf9-3648aaba00c7
Winning Faith Chapel Notes to the Accounts YE 31st March 2023
| 2. Voluntary Income Unrestricted funds Donations received Total incoming resources 3. Other Income Unrestricted funds Other income - Gift Aid 4. Costs of chartitable activities by fund type Unrestricted funds Charitable activities Support costs 5. Support Cost (Managemetn Cost) 6. Other costs Governance |
2023 |
|---|---|
| £ 35,601.00 |
|
| 35,601.00 | |
| 7,427.00 | |
| 7,427.00 | |
| 1,820.00 12,648.00 |
|
| 14,468.00 | |
| 890.00 | |
| 890.00 |
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Document ID: 8a326971-2657-40ad-baf9-3648aaba00c7
Winning Faith Chapel Notes to the Accounts YE 31st March 2023
7 Movements in Funds
| Unrestricted Funds General fund for the year General fund brought forward Total funds |
Incoming Resources 43,189.00 102,852.00 |
Resources Expended 15,358.00 |
Movement In Funds 2023 27,831.00 102,852.00 |
|---|---|---|---|
| 130,683.00 |
8. Extra Ordinary Event
There are no extra ordinary event.
9. Trustees Remuneration And Benefits
Trustees' expenses
During the year, no Trustee has received remuneration as a result of acting in the capacity of a Trustee.
10. Tangible Fixed Assets
| Cost or valuation At 01 April 2022 At 31 March 2023 Depreciation At 01 April 2022 Charge for the year At 31 March 2023 Net book values At 31 March 2023 At 31 March 2022 |
Furnitures, Fixtures & Fittings Total £ £ 1,272.00 1,272.00 1,272.00 1,272.00 510.00 510.00 255.00 255.00 765.00 765.00 507.00 507.00 762.00 762.00 |
|---|---|
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Document ID: 8a326971-2657-40ad-baf9-3648aaba00c7
Winning Faith Chapel Income and Expenditure YE 31st March 2023
| Incoming Resources: Voluntary Income: Tithes and offerings Gift Aid Investments: Bank Interest Receivable Total Incoming Resources Resources Expended: Charitablr activities: Ministry expenses and special events Support Costs: Management Depreciation - Owned asset Rent Rates & water Telephone Postage and stationery Repairs & renewals Office & admin Insurance Light & heat Sundry Governance Costs Accountancy fees Total resources expended Net income/(expenditure) |
2023 £ 35,601.00 7,427.00 |
|---|---|
| 43,028.00 | |
| 161.00 43,189.00 |
|
| 1,820.00 | |
| 1,820.00 | |
| 255.00 9,870.00 119.00 592.00 120.00 396.00 662.00 160.00 379.00 95.00 |
|
| 12,648.00 | |
| 890.00 | |
| 15,358.00 | |
| 27,831.00 |
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Document ID: 8a326971-2657-40ad-baf9-3648aaba00c7