## **HOLY GHOST CHRISTIAN CENTRE** **Report and Financial Statements For the Year ended 31 March 2025** ## **HOLY GHOST CHRISTIAN CENTRE** **REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 March 2025** |**Contents**|**Page**|| |---|---|---| |**Officers and professional advisers**||**2**| |**Independent auditors’ report**||**8**| |**Notes to the accounts**||**12**| 1 **HOLY GHOST CHRISTIAN CENTRE REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 March 2025** ## **LEGAL AND ADMINISTRATIVE INFORMATION** ## **Officers and Professional advisers** ## **TRUSTEES** Rev. Olumide Adeyileka Pastor Amos Fenwa Mr James Oluwarotimi Adebayo ## **REGISTERED OFFICE** 3, Herringham Road Off Westmoore Road Thames Wharf Barrier Charlton, London England SE7 8NJ ## **BANKERS** HSBC Wellington Street Woolwich London SE18 6PH ## **SOLICITOR** AC GILEAD SOLICITORS 179 Deptford High Street London SE8 3NU ## **EXAMINER** AACSL Accountants Limited First Floor, North Westgate House The High Harlow Essex CM20 IYS **COMPANIES HOUSE REGISTERED NUMBER** 06546595 **CHARITY COMMISSION REGISTERED NUMBER** 1143254 2 ## **HOLY GHOST CHRISTIAN CENTRE** ## **REPORT OF THE TRUSTEES** ## **FOR THE YEAR ENDED 31 March 2025** The Trustees, for the purposes of the Charities Act 2011 as amended and Statement of Recommended Practice (SORP) 2005, submit their annual report and financial statements for the year ended 31 March 2025. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” issued in March 2005 in preparing the annual report and financial statements of the Charity. The Charity is governed by a Memorandum and Articles of Association. ## **PRINCIPAL ACTIVITIES, AIMS AND ORGANISATION OF THE CHARITY** The principal activities of the charity continue to be the provision of religious activities, church services, counselling, seminars and other community-based services, ## **THE MAIN ACHIEVEMENTS OF THE ORGANISATION DURING THE PERIOD WERE:** 1. We continue to support our members and community on how to save cost, by educating them through seminars and teachings on How to be prudent and manage their resources 2. We open our church Premises to our members and the community for warm Place during Daytime to enable them save on heating and electricity cost in their homes 3. We continue to ensure that are elderly are well monitored and taken care of during this period, we donate food Package regularly 4. We used our church vehicle to transport the elderly and those with transportation Challenges to and from church for every service and Activities 5. We continue to meet the welfare needs of our members and those referred from the community 6. We still continue with most of our online services for our Children every Saturday from 11:00 am to 12pm anchored by a paid Children Teacher to enhance their knowledge of God 7. We continue our online Bible study every Tuesday evening from 8:00 to 9:00 pm which is Gaining momentum, and we are seeing the impact on our members. 8. We also continue with our Friday’s online and Physical Prayer meeting with a lot of people watching on YouTube and Facebook live across the globe. 9. We also broadcast live our Sunday services, having hybrid service every Sunday from 10:00 Am to 12:30pm 10. Because of the high cost of living, it has an effect on our donation, which impacted on our Revenue 11. We continue to provide training and seminars to our members to help them get into Employment and to be self-employed. 12. . We continue to Partner with some organisations to help our members and the people in the Community to have access to employment in the health care and Property management and Investment sector- Companies like Jamores Homes Ltd, Peculiar Care Homes Ltd, Exclusive care Homes Ltd, and Magben Properties Ltd. These organisations have been of immense support to us 13. We continue to Provide help for our members going through homelessness and hardship. 14. We continue to provide office Space for Business Start-ups, like Karen Gold Ltd, which is an upcoming Fashion Brand, Picture solutions, a Photo studio, Jioke Production, a music Production Studio, and we also provide work space for members working remotely, that is not convenient for to work from home, and we Provide seminar rooms for training and short meetings 15. We continue to do seminars on Health with support from NHS and Kings College 16. We receive grants for our heal seminars and consultation from Greenwich Health Initiative 3 **HOLY GHOST CHRISTIAN CENTRE** ## **REPORT OF THE TRUSTEES (Continued)** ## **FOR THE YEAR ENDED 31 March 2025** ## **PLANS FOR THE FUTURE** We plan to continue carrying out various youth activities in the community, we will also continue to support our members and the community to be economically viable by providing information advice and training to enable them gain better employment. **Challenges:** We thank God for where we are now in a better building, that is conducive for our activities, our challenge is to raise money for our activities. We plan to raise money to acquire our building, over 60% of our donations goes towards rent payments, which is affecting our cash flow. ## **INCOME GENERATION** The Charity has generated £92,615.72 (2024: £80,447.22) in donations during the year. This includes both direct transfers into charity’s account and cash donations. ## **RISKS** The factors that may affect the Charity’s delivery of its objectives include: - a) Reputation of Charity and the relationship with the community. - b) Ability to generate enough funds to successfully complete the identified projects for the charity. The Holy Ghost Christian Centre produces an annual plan for delivery against its objectives. This plan sets out the targets for the year and is then broken down to a work plan. The Holy Ghost Christian Centre has developed a strategy, which specifies how it will deliver the key programmes of work. The strategy also identifies targets and performance indicators. ## **RESERVES POLICY** The Charity aims to build reserve which will enable it to meet its average annual operational need. The Trustees review the reserves held by the Charity on a regular basis to ensure that an appropriate level of funds are held to meet the above policy of the Charity going forward. 4 ## **HOLY GHOST CHRISTIAN CENTRE** ## **REPORT OF THE TRUSTEES (continued)** ## **FOR THE YEAR ENDED 31 March 2025** ## **GOVERNANCE AND INTERNAL CONTROL** A Board of Trustees governs the Charity. New Trustees are selected by the Board of Trustees and are subject to re-election every five years. At 31 March 2025, the Board had a membership of three people. The Board meets three times a year to agree key policy decisions, set the strategy for the charity and oversee its performance. At present the Board has committee members who are responsible for the day to day activities of the charity. None of the committee members is being remunerated. All Trustees receive the handbook for Trustees’ provided through the Charity Commission. Each Trustee will have an induction programme by other Trustees and receive an information pack on the Charity and its finances. Beyond this the Charity follows the code of practice for governance produced by the Governance Hub. Company law requires the Trustees to prepare financial statements for each financial year, which comply with the Charities Act 2011 as amended The systems of internal control are designed to provide reasonable, but not absolute, assurance against material misstatement or loss. They include: - A strategic plan and annual budget approved by the Trustees; - regular consideration by the Trustees of financial results, in particular variance from budget; and - Delegation of authority and segregation of duties. 5 ## **STATEMENT OF TRUSTEES RESPONSIBILITIES IN RESPECT OF THE TRUSTEES' ANNUAL REPORT AND THE FINANCIAL STATEMENTS** The trustees are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and regulations. Company law requires the trustees to prepare financial statements for each financial year in accordance with UK Accounting Standards and applicable law (UK Generally Accepted Accounting Practice). The financial statements are required by law to give a true and fair view of the state of affairs of the charitable company and of the excess of income over expenditure 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; - state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and - Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in its activities. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that its financial statements comply with the Charities Act 2011 as amended. They have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the charitable company and to prevent and detect fraud and other irregularities. 6 **HOLY GHOST CHRISTIAN CENTRE** ## **REPORT OF THE TRUSTEES (continued)** ## **YEAR ENDED 31 March 2025** ## **DISCLOSURE OF INFORMATION TO EXAMINER** The trustees who held office at the date of approval of this trustees’ report confirm that, so far as they are each aware, there is no relevant information of which the Charity’s examiner is unaware; and each trustee has taken all the steps that he/she ought to have taken as a trustee to make himself/ herself aware of any relevant information and to establish that the Charity’s examiner is aware of that information. ## **EXAMINER** In line with the provision exemption in the Charities Act 2011 as amended, the trust decided to appoint an examiner, which will reviews the accounts for the year ended 31 March 2025. In accordance with this appointment, AACSL Accountants Limited was appointed as examiner. Approved by the Board of Trustees and signed on behalf of the Board by: Rev. Olumide Adeyileka on behalf of the trust **Trustee 7/1/2026** 7 ## **Independent Examiner’s Report to the Trustees of Holy Ghost Christian Centre** We report on the accounts of the Trust for the year ended 31 March 2025, which are set out on pages 9 to 13. ## **Respective responsibilities of trustees and examiner** The charity’s trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year (under section 43(2) of the Charities Act 2011 (the 1993 Act)) and that an independent examination is needed. It is our responsibility to: - examine the accounts (under section 43(3)(a) of the 1993 Act); - to follow the procedures laid down in the General Directions given by the Charity Commissioners (under section 43(7)(b) of the 1993 Act); and - To state whether particular matters have come to our attention. ## **Basis of independent examiner’s report** Our 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 we do not express an audit opinion on the view given by the accounts. ## **Independent examiner’s statement** In connection with our examination, no matter has come to our attention: (1) Which gives us reasonable cause to believe that in any material respect the requirements - to keep accounting records in accordance with section 41 of the 2011 Act; and - To prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act as amended. Have not been met; or (2) To which, in our opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. AACSL Accountants Limited First Floor, North Westgate House The High Harlow Essex CM20 IYS ## **7 January, 2026** 8 HOLY GHOSTCHRISTIAN CENTRE LIMITED STATEMEPIT OF FINANCIAL ACTIVITIES Iln¢oTrorating an Incomeind EKpendilureA¢¢ounti for thè year ended 31 March 2025 U￿￿est￿ted d$ Re5trth1 Funds Totsl Fvnds 2D25 Tot￿ FU￿￿$ 2024 INCOIIING RE8(AIRCE8 279.5TT 104,BTI 11,5YJ 291,175 104,871 374.348 TOTAL INCOUING RES(WRCES 3B4,454 396.053 374.341 RE￿￿ReE$ EXPENDED Cost of geThwating I￿nd9'. Co4cfgw*rw Ir 67,TTI.84 67,7￿. Tl,943.21 Chati1abkPaNil￿". 314,BU723 9,79395 324,681.18 272,97398 1,170 1,170 1.640L TOTAL RES(MJRCES EXPENDED 393 K19.02 352 551.19 619 2,424 FwLdsDrwmknr￿ar￿ I)￿81d 85*31 Plarth 2025 41,501 49,392 HOLY GHOST CHRISTIAN CENTRE LIMITED Balance Sheet as at 31 March 2025 3025 Totsl 2024 Total Notes FIXED ASSEts Eqiirfftrta co 152.895 -140,455 12,440 152,895 -124,402 28,493 TOTAL FIXED ASSEts CURRENT ASSETS L*Lt)rs and ￿r￿1 ir bank aThJ in haThJ 40.916 42,790 83.106 22,618 46,626 69244 CREDITORS". amount falling due Afttt one ye¥ 43,176 -50,669 Nd CurMas9*JlLk**sl 52.970 47,068 TOTAL AS￿s LESS CURRENT LIPBILITIES 52.970 47,068 FINANCED BY: 49,392 Funds 1(K> TOTAL FUNDS 52,970 47,068 10 For the year ending 31 March 2025, the Charity was entitled to exemption from audit under section 477(2) of the Companies Act 2006. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. The trustees acknowledge their responsibility for complying with the requirement of the Companies Act 2006 with respect to accounting records and the preparation of accounts. The Accounts was approved by the Board of Trustees and signed on behalf of the Board by: **Rev. Olumide Adeyileka** Trustee **7/1/2025** 11 **HOLY GHOST CHRISTIAN CENTRE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 March 2025** ## **1. Accounting Policies** ## 1.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the charities SORP (FRS 102) - Accounting and Reporting by Charities. Statement of Recommended Practice applicable to charities preparing their accounts, in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102 and the Charities Act 2011. The financial statements have been prepared to give a true and fair view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Charities SORP (FRS 102) published on 16 July 2014 rather than the Accounting and Reporting by Charities Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. Holy Ghost Christian Centre Limited meets the definition of public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. ## 1.2 Going Concern There are no material uncertainties regarding the charity’s ability to continue. Therefore, the accounts are prepared on a going concern basis. ## 1.3 Income All income is recognised once the Charity has entitlement to the income. It is probable that the income will be received, and the amount of income can be measured reliably. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. ## 1.4 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party. It is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of asset’s use. Expenditure on charitable activities in incurred on directly undertaking the activities which further the Charity’s objectives, as well as any associated support costs. 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 year-end are noted as a commitment, but not accrued as expenditure. All expenditure is inclusive of irrecoverable VAT. ## 1.5 Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. ## 1.6 Tangible fixed assets and depreciation Tangible fixed assets are initially recognised at cost. After recognition under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives. Depreciation is provided on the following bases: Freehold property - not depreciated long term leasehold property - 100 years Fixtures and Fittings - 10 years 12 Office Equipment - 10 years Motor Vehicle - 5 years ## 1.7 Debtors Trade and other debtors are recognized at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. ## 1.8 Cash at bank and in hand Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening or similar account. ## 1.9 Liabilities and provisions Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipated it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle obligation. Where the effect of the time is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost. ## **2.0 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. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by the 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. Investment income, gains and losses are allocated to the appropriate fund **.** 13 HCLY GHOST CTrRISTIAN CENTRE LIMttED NOTES TO THE ACCOUNTS FC*I THEYEAR ENDED 31 MPIICH 2025 Un-resiwic¢ed lunds RestsI￿ed l Resiwic¢ed Funds 2025 2025 2024 Toial Funds 2024 Notes 3 INCCrfIlI￿ FESCiIRCES Donatlons.Lega￿esaTrda￿1LaI Inco￿l￿g le>)L4￿e5 rMltAid 278.577 104.877 11.599 282.227 96.336 TOTAL INCOMING RESOLRCES 84.454 .593 76.5 N￿eS 4 E¥￿endItUle on Chariiable Ac¢i¥iiies Diieoi Spen& Un-re5liioted lund5 oied Funds Tolal Funds Toial Fund5 2025 2025 2025 2024 EThp1ve￿St ag*s￿d5al￿￿PS Tr￿￿4ndSUbs￿ler￿e Honour*￿rn Donal￿￿5￿001h￿ichaiI1I 84.884 I5S8 9.69) 3.202 84.884 1.558 9.690 3.202 50.174 l243 13.*5 In) staff5upp￿thG￿dlTrjn5￿u Well*elEn￿lIan￿￿nt 0thoidii￿I GQ5t5 5.8T3 6.611 153.322 5.Yg 6fj11 153.322 17.474 88.917 Total dli•ct sp•ndlThg 265.186 265.186 173.373 14 Support eosls lor ehariU4ble aelivilies EryIoyeecosts￿Ine1u&d¥￿dlr￿eleos￿s TIyJinYuand wellai•-gtYJll Piemisescos Pth*payable￿der opera¢ThJ 3.384 504 4.689 103.384 504 4.689 1￿.60? 650 16.215 Cleanir¥]andwasl@mar CkheiPrewisesCosts Admlni%¢ia¢Theovetheads T*kphon*.laKandlnt*Tn*l sta￿one[yandPrn1T CCU￿￿et¥1C B￿Chai9￿S -wance L￿?￿C*S&pe￿Th￿ P￿aIrS andmairrtfrnanc VthGkopon5*5 3,591 680 1.122 9.892 4,261 1684 1604 1.270 1.682 536 4.767 t662 1.254 l439 Prof￿$￿)￿alle￿pald¢c3d￿1so￿D1￿rth4n IheaL4d*oioiexawMTrei Z.580 300 l240 1.170 1.170 P[oles￿Onalo0Sts 200 200 Fhiyjncialcogts Ghaiges Fbie Puiehasehiieresi l270 876 l277 1.064 l224 TotalswiiC￿Is-CUrleTrtr 1>3 444 163 351 T￿￿1 ChariL4ble èxpend*uT UtrResiilc¢ed Restsicted Total Funds 2025 2025 Toial lunds 202S 2024 Totjldiect ¥￿dIng Tota15woIIco5t5 TotalGovemanGec0515 265.186 .444 265.186 136.444 193,253 163,351 T￿￿1 Charitable EKpend*uT ## **Note 9 - RELATED PARTY TRANSACTIONS** ## **Trustees’ Emoluments** During the financial year no salaries or wages have been paid to trustees’ including the members of the committee. The trustees did not receive any remuneration for their services (2024: £Nil). The charity did not meet any individual expenses incurred by the trustees for services provided to the charity. There were no transactions with related parties during the year (2024 - nil). ## **Note 10 - Taxation** Note 10 - Taxation The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects 16