Charity number 1142943 Winning Faith Chapel Accounts 31 March 2024 Document ID.. 6d45ac2a-3cOfA550-870d450e1b3edi137 Winning Faith Chapel Financial Statements Year Ended 31st March 2024 Contents Page Legal and Administrative Infomiation Report of the Trustees 24 Independent Examiners, Report to the Trustees Stalement of Financial Activities Slalement of Financial Position Notes to the Financial Statements 8-10 Detailed Statement of Financial Activities Document ID.. 6d45ac2a-3cOfA550-870d450e1b3edi137 Winning Faith Chapel Legal and Adminstrative Infomiation Year Ended 31st March 2024 Charity Registration Number= 1142943 Registered Office: Routh Lane Tilehurst Reading RG30 4JY Trustees: Pastor Vincent Bamgbowu Mrs Olufunke Bam8bowu Mr Frederick Odogwu Mrs Olanike Adeoye Independent Examiner.. Triple A Accountancy Ltd 9 Dunlin Court 3 Teal Close Enfield EN3 5TL Document ID.. 6d45ac2a-3cOfA550-870d450e1b3edi137 Winning Faith Chapel Report of the Trustees YE 31st March 2024 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 ISORPI Accounting and Reporting by Charities, in accordance with the Financieal Reporting Standard applicable in the UK and the Republic of Ireland IFRS 1021 leffertive l January 20191- Structure, Govemante 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. Rocruitment and appointmonl 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. Rlsk management The Board of Trustees is ultimately responsible for the svstem 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 a8ainst 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. ObJo¢tlvo8 and A¢tlvlti08 Objectlvos and Alms The objectives of the the charity are Set out below.. il 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,. ill 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 5choo15 and training centres, as the trustees think fit: iiil 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 mean5 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- ivl to help young people and people in need. especially but not exclusively, through leisure time ond recreational activities, so as to develop their capabilities that they may grow to full maturity as individuals and as good citizens. Document ID.. 6d45ac2a-3cOfA550-870d450e1b3edi137 Objertives and aims Weekly activities are held at our centre as detailed below= Every Sunday.. Worship Service110.-00am - 12=IKlpml Every Wednesday: Bible Study17.'30pm - 9:¢)Opml Every Friday: Prayer Meeting18.'OOpm - 9:OOpml There are no restrictions on who can access our services. the Church is open to the general public and everyone is welcomed. Going concom 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. Rgsorve Pollcy 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 15 to build reserves level to approximately 3 months of unrestricted expenditure. Flnanclal Revlew 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 £55,547. Expenditure - total expenditure in the year was £18,813. The Charity recorded an operating surplus for the year of £36,734. During the year the Trustees continued to place emphasis on financial management to ensure that the funds within the organisation are porperly managed. Document ID.. 6d45ac2a-3cOfA550-870d450e1b3edi137 Inning Faith Chapel Report of the Trustees YE 31st March 2024 STATEMENT OF TRUSTEE RESPONSIBILITIES The trustees are responsible for preparing the Report of the Trustees and the financial statemens in accordance with applicablelaw and United Kin8dom 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: select suitable accountin8 policies and then apply them consistently; observe the methods and principles in the Charity SORP; make judgements and estimates that are reasonable and prudent: 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 safe8uardin8 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 18 May 2024 and signed.. ON BEHALF OF THE BOARD.. FreAenek (Mo4 Mr Frederick Odogwu Document ID.. 6d45ac2a-3cOfA550-870d450e1b3edi137 Winning Faith Chapel Report of the Independent Examiner YE 31st March 2024 I report on the accounts for the year ended 31st March 2024 set out on pages six to ten. Respective responsibilities of trustees and examiner The Charity's Trustees (who are also the Director5 for the purposes of Company Lawl are responsible for the preparation of the accounts. The Charity's Trustees consider that an independent examination is required. Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to.. examine the occounts under Section 145 of the 2011 Act to follow the procedures laid down in the General Directions given by the Charity Commision (under Section 14515llbl of the 2011 Act),. and to state whether particular matters have come to my attention. Basls of tho Independent examlnern rgport My examination was carried out in accordance with the General Directirons given by the Charity Commission. An examination includes a review of the accountin8 records kept by the charity and a comparison of the accounts. Independent examlner's Statement In connection with my examination, no matter has come to my attention.. 11 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 2011 Act,. and to prepare accounts which accord with the accouning records and comply with the accounting requirements 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 Geng, ACCA Triple A Accountancy Ltd 9 Dunlin Court 3 Teal Close Enfield EN3 5TL Date.. 18 May 2024 Document ID.. 6d45ac2a-3cOfA550-870d450e1b3edi137 Winning Faith Chapel Statement of Financial Adivities YE 31st March 2024 Unrestricted Funds 2024 INCOMING RESOURCES Incoming resources from generated funds Tithes & Offering Gift Aid Other Income TOTAL INCOME Noles 39,008.00 14,936.00 1,603.00 55,547.00 RESOURCES EXPENDED Charitable Activities Support Cost Governance Cost 2,450.00 16,013.00 350.00 TOTAL RESOURCES EXPENDED 18,813.00 NET INCoME￿XpENDITuRE FOR THE YEAR 36,734.00 RECONCILIATION OF FUNDS Funds brought forward - Unrestricted Fund5 brought forward - Unrestricted 102,852.¢JO TOTAL FUNDS CARRIED FORWARD 139,586.00 None of the charity's activities were acquired or discontinued during the year and there were no recongnised gaines and losses for 2024 or 2023 other than those included in the statement of financial activities. The notes on page 8 to 10 form part of these accounts. Document ID.. 6d45ac2a-3cOfA550-870d450e1b3edi137 Inning Faith Chapel Statement of FinaDcial Position YE 31st March 2024 Notes 2024 FIXED ASSETS TanBible assets io 252.00 CURRENT ASSETS Cash at bank and in hand 167,609.1)0 CREDITORS: duo wlthln ono year Net Current Assets TOTAL ASSETS LESS CURRENT LIABILITIES 444.00 167,417. FUNDS: Unrestricted Funds Total funds 139,586.IX) 139,586.00 The financial statements were approved by the Board of Trustees on 18 May 2024 and were sigrbed orb its behalf by.. FrederLGk Otyw Mr Frederick Odo8wu - Trustee The notes on pages 8 to 10 form part of these accounts. Document ID.. 6d45ac2a-3cOfA550-870d450e1b3edi137 Winning Faith Chapel Notes to the Accounts YE 31st March 2024 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 IFRS 1021 leffective l January 20191 and the Charitie5 Act 2011. The Celestial Church of Christ- House of Praise Parish meet5 the definition of a public benefit entity under FRS 102. Incoming rgsources 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. R8source8 expond•d Expenditure is accounted for on an accruals basi5 and has been classified under heading5 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. Charltablfr •¢tlvltles Costs of charitable activites are those costs relating to the activities carried out to meet the objective5 of the Church. These include both directly attributtable costs and apportioned support costs. Governance costs Governance costs are the costs a5￿￿101ed 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 activitie5. Fund Accountlng 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. Document ID.. 6d45ac2a-3cOfA550-870d450e1b3edi137 Winning Faith Chapel Notes to the Accounts YE 31st March 2024 2. Voluntary Income 2024 Unrestricted funds Donations received Total incoming resources 39,008.00 39,(K18.00 3. Other Income Unrestricted funds Other income - Gift Aid 14,936.00 14,936.00 4. Costs of chartitsble artivities by fund type Unrestrlcted funds Charitable activitles Support costs 2,450.00 14,047.00 16,497.00 5. Support Cost IMana8emetn Cost) 6. Other costs Governance 350.00 350.00 Document ID.. 6d45ac2a-3cOfA550-870d450e1b3edi137 Winning Faith Chapel Notes to the Accounts YE 31st March 2024 7 Movomonts in Funds Incomin Resources Resources Movement ended In Funds 2024 Unrestricted Funds General fund for the year General fund brought forward 55,547.00 16,847.c(I 102,852.Ch) 38,700.CKJ 102,852.LKI Totsl funds 141.552.00 8. Extra Ordlnary Event There are no extra ordinary event. 9. Trustees Remuneratlon And Beneffts Trustees, expenses During the year, no Trustee has received remuneration as a result of acting in the capacity of a Trustee. 10. Tanglble Flxed Assets Fumitures, Fixtures & Fittings C05t or valuation Total At 01 April 2023 At 31 March 2024 Depreciation At 01 April 2023 Charge for the year At 31 March 2024 Net book values At 31 March 2024 1,272.00 1,272.(KJ 1,272.00 1,272.00 765.CKJ 255. 1,020.00 765.00 255.00 1,020.00 252.(10 252.00 At 31 March 2023 507.00 507.00 io Document ID.. 6d45ac2a-3cOfA550-870d450e1b3edi137 Winning Faith Chapel Income and Expenditure YE 31st March 2024 Incoming Resources: Voluntary Income: Tithes and offerings Gift Aid 2024 39.008.00 14,936.00 53.944.00 Investments: Bank Interest Receivable 1,603.00 Totsl Incoming Resources 55.547.00 Resources Expended: Charltablr activlties: Ministry expenses and special events 2,450.00 2,450.(MJ Support Costs: Management Depreciation - Owned asset Rent Rates & water Equipment Telephone Repairs & renewals Office & admin Insurance Light & heat Other legal & professional Sundry 255.00 9,750.00 65.00 739.00 510.00 602.00 650.00 265.00 483.00 683.00 45.00 14,047.00 Governance Costs Accountancy fees 350.00 Total resources expended 16,847.00 Net income/lexpenditurel 38,7(Kl.00 li Document ID.. 6d45ac2a-3cOfA550-870d450e1b3edi137