2023-06-30-accounts

INTERNATIONAL GOSPEL OF TRUTH CHURCH

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30[TH] JUNE 2023

REGISTERED CHARITY NUMBER: 1143509

INTERNATIONAL GOSPEL OF TRUTH CHURCH FOLKESTONE ROAD LONDON E17 9SD

INDEX Page Index 1 Legal & Administrative Details 2 Trustee’s Report 3-5 Independent Examiner’s Report 6 Statement of Financial Activities 7 Balance Sheet 8 Notes on the financial Statements 9 -12

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INTERNATIONAL GOSPEL OF TRUTH CHURCH

LEGAL & ADMINISTRATIVE DETAILS YEAR ENDED 30[TH] JUNE 2023

ADDRESS FOR CORRESPONDENCE

FOLKESTONE ROAD LONDON E17 9SD

REGISTERED CHARITY NUMBER

1143509

GOVERNING DOCUMENT

DECLARATION OF TRUST 29[TH] JULY 2011.

TRUSTEES/ DIRECTORS

Ms Jennifer Quaye Ms Victoria Badoe Rev Sylvester Opoku Manu

PRINCIPAL BANKERS

National Westminster Bank Plc 1 – 11 Stratford Broadway Stratford E15 4BQ

ACCOUNTANTS

FRESH FIRE ORGANISATION GENERATOR BUSINESS CENTRE 95 MILES ROAD MITCHAM CR4 3FH

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INTERNATIONAL GOSPEL OF TRUTH CHURCH

TRUSTEES’ REPORT YEAR ENDED 30[TH] JUNE 2023

The trustees are pleased to present their report for the year ended 30[TH] June 2023 for the charity, International Gospel of Truth Church with Charity Number 1143509.

The Trustees of the charity are: Ms Jennifer Quaye Ms Victoria Badoe Rev Sylvester Opoku Manu

The principal address of the charity is : Folkestone Road London E17 9SD

OBJECTS

The main object of the charity is advancing the Christian faith worldwide in accordance with the doctrines set out in the statement of beliefs.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Church is governed by a leadership team on which the trustees are represented. It meets regularly to review, plan activities and monitor the financial position. The trustees appointed have served in an exemplary manner in providing much needed governance and administrative support and guidance to the charity throughout the year. None of the trustees received any remuneration during the financial year.

OBJECTIVES AND ACTIVITIES

The Objects of the organisation are to advance the Christian Faith [in accordance with the Statement of faith] in such ways and in such parts of the United Kingdom as the trustees see fit. 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.

ACHIEVMENTS AND PERFORMANCE

The church continues to develop itself in the community. The church also continues to hold regular services that are open to the general public. The church also has been holding quarterly conferences and church events that has been well attended by many in the community. The church also continues to support its branch church in Ghana in its community and evangelical outreaches.

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The trustees have been able to monitor the performance of the organisation through increased attendance to the services and testimonials given by members of the church on how their spiritual lives were impacted and improved by the organisation. The trustees believe that the objectives of the organisation was met this year as more attendants were present at the services and there were more testimonials of the positive impact of the church in the lives of the attendants.

FINANCIAL REVIEW

The income of the church is above £279,000. This is a higher amount than on the previous year and the costs have been well managed over this period. So the church hopes to continue its work in the coming year without any unnecessary financial constraints. The church used most of its income on the rent for its building, the renovating the new building. The church donated money to its branch in Ghana for building maintenance. The charity is a going concern.

PLANS FOR THE FUTURE

The church intends to prepare for the purchase of its own premises. They will continue to support their yearly conferences and events. They plan to continue to hold conferences in the United Kingdom. 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.

RESERVE POLICY

It is the policy of the Church 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 church will maintain this level throughout the year.

RISK MANAGEMENT

The charity have 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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TRUSTEE RESPONSIBILITIES

Under the Charities Act 2011, the trustees are required to prepare a statement of accounts for each accounting year which gives a true and fair view of the state of the church. They are required to:

1. Select suitable accounting policies and apply them consistently.

2. Make judgements and estimates that are reasonable and prudent.

3. State whether the applicable accounting standards have been followed.

4. Prepare financial statements on an ongoing basis.

They are responsible for keeping proper records which disclose with reasonable accuracy the finances of the church at any time and to ensure that such accounts comply with the Charities Act 2011.They also have a responsibility to safeguard the assets of the church and to take reasonable steps to detect fraud or other irregularities.

Approved by the Trustees on 26[th] July 2023 and signed on their behalf by:

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Independent Examiner’s Report To the Trustees INTERNATIONAL GOSPEL OF TRUTH CHURCH

I report on the accounts of the church for the year ended 30[th ] June 2023 set out on the following pages which have been prepared on the basis of the accounting policies shown in the corresponding pages.

Respective responsibilities of trustees and examiner

The trustees of the church are responsible for the preparation of accounts: they consider that the audit requirement under section 144(2) of the Charities Act 2011 (the 2011 Act),does not apply. It is my responsibility to :

• Examine the accounts under section 145 of the 2011 Act.

• Follow the procedures laid down in the General Directions given by the Charity Commissioners made under section 145(5)(b) of the 2011 Act.

• 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 church 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 aspect, the trustees have not met the requirements to ensure that:

• proper accounting records are kept( in accordance with section 130 of the 2011 Act

• accounts are prepared which agree with the accounting records and comply with the accounting requirements of the 2011 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.

Chuks Ajuka BSc(Man), FICB PMDip (License number 17362) FRESH FIRE ORGANISATION Generator Business Centre 95 Miles Road Mitcham Surrey CR4 3FH

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INTERNATIONAL GOSPEL OF TRUTH CHURCH

Statement of Financial Activities for the year ended 30th June 2023

Incoming ResourcesNote from generated funds Donations and Legacies 2 Investment income 3 Other Total Incoming Resources Resources Expended Expenditure on: Charitable Activities 5 Other 4 Total Resources Expended Net movement in funds Other recognised losses Loss on investments Reconciliation of Funds Total Funds brought forward Total Funds carried forward	Unrestricted Total Funds Funds 2023 2022 £ £ £ 271273 271273 229289 0 0 0
	271273 271273 229289 47654 47654 50683
	318927 318927 279972
	235,189 235,189 236538 9460 9460 12982
	244,649 244,649 249520
	74,278 74,278 30452 0 0 0 133740 133740 103288 208,018 208,018 133740

The above funds are all classed as to purpose All movements of funds and all recognised gains and losses are included above.

The notes on the accounts form part of these accounts.

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INTERNATIONAL GOSPEL OF TRUTH CHURCH Balance Sheet as at 30th June 2023

Note 2023 Fixed Assets £ Tangible fixed assets 5 59394 59394 Current Assets Cash at bank and 188382 in hand Debtors & prepaymen 9 7844 196226 Creditors:amounts falling due within one year Creditors & accruals 8 47102 Net Current Assets 149124 Creditors:amounts falling due after one year 10 500 Net Assets 208018 Unrestricted Funds 208018 TOTAL FUNDS 208018	2022 £ 56913
	56913
	60473 17844
	78317 990 ___
	77327 500
	133740 133740 ___
	133740

Approved by the trustees on 26th July 2023 and signed on their behalf by :

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The notes on these accounts form part of these accounts

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INTERNATIONAL GOSPEL OF TRUTH CHURCH NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30[TH] JUNE 2023

1.1 Basis of Accounting

These accounts have been prepared under the historic cost convention with items Recognised at cost or transaction values otherwise stated in the relevant note(s) to These accounts. The accounts have been prepared in accordance with: The Statement of Recommended Practice: Accounting and Reporting by Charities Preparing their accounts in accordance with the Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS102) issued on 16 July 2014.

• 1.2 Going Concern: The accounts are prepared on a going concern basis.

1.3 The accounts present a true and fair view and no change have been made to the accounting policies adopted.

1.4 No changes to the accounting estimates have occurred in the reporting period

• 1.5 No material prior year error have been identified in the reporting period.

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INTERNATIONAL GOSPEL OF TRUTH CHURCH ACCOUNTING POLICIES FOR YEAR ENDED 30[TH] JUNE 2023

1. Recognition of Income

These are included in the Statement of Financial Activities (SOFA) when:

• The charity becomes entitled to resources;

• It is more likely than not that the trustees will receive the resources;

• The monetary value can be measured with sufficient reliability.

Grants and Donations

Grants and Donations are only included in the SOFA when the general income recognition criteria are met (5.10 to 512 FRS102 SORP)

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Tax reclaim on donations and gifts

Gift Aid receivable is included in the income when there is a valid declaration from the donor. Any gift aid amount recovered on a donation is considered to be part of that gift and is treated in addition to the same fund as the initial donation unless the donor or the terms of the appeal have specified otherwise.

EXPENDITURE AND LIABILITIES

Liability Recognition

Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out resources and the amount of the obligation can be measured with reasonable certainty.

Grants and Support Costs

Support costs have been allocated between the governance costs and other support. Governance costs comprise all costs involving public accountability of the charity and its compliance with regulation and good practice.

Creditors

The charity has creditors which are measured at settlement amounts less any trade discounts.

ASSETS

Tangible Fixed Assets for use by the charity

They are capitalised if they can be used for more than one year. They are valued at cost. The depreciation is calculated at 20% reducing balance method.

Debtors

Debtors are measured on initial recognition at settlement amount. Subsequently they are measured at cash.

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INTERNATIONAL GOSPEL OF TRUTH CHURCH Notes to the accounts for year ended 30th June 2023

Donations

	Unrestricted	Unrestricted	Total fundsTotal funds	Total fundsTotal funds
	Funds	Restricted	2023	2022
Church collections	£	£	£	£
All donations	271273		271273	229289
_________
Total	271273		271273	229289
_________
Investment income
	Unrestricted		Total fundsTotal funds
	Funds £		2023/£	2022/£
Bank Interest		0	0	0
Other		amount £/2023		Amount £/2022
Speakers expenses		3760		1452	Missions
Grants to individuals<£1500		1500		1771	Charitable	giving
Food bank supplies		4200		9759
		_________
Total		9460		12982
		_________
Tangible Fixed Assets		Instrument	Fittings	Equipment	Vehicle	Total 2023
Cost		£	£	£	£	£
At 01/07/2022		9522	21501	42491	30097	103611
Disposals
Additions		0	775	1458	15096	17329
At 30/06/2023		9522	22276	43949	45193	120940
Depreciation
At 01/07/2022		5335	12543	22618	6202	46698
Disposal
charge for the year		837	1947	4266	7798	14848
At 30/06/2023		6172	14490	26884	14000	61546
Net Book Value at 30/06/2023		3350	7786	17065	31193	59394
Net Book Value at 01/07/2022		4187	8958	19873	23895	56913

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International Gospel of Truth Church Notes to the accounts for year ended 30th June 2023

**6 **	Cost of Activities in furtherance of Charity's Objectives	Cost of Activities in furtherance of Charity's Objectives	Cost of Activities in furtherance of Charity's Objectives
	Unrestricted	2023/£	2022/£
	Rent of building	65000	77023
	Travel	6626	4066
	Repair/Refurbishment	4054	4400
	Stationary	346	690
	Website costs	519	0
	Telephone & Internet	1037	1239
	Wages	35787	42810
	Pension	3570	4177
	Media services	500	0
	Depreciation	14848	11455
	Tax/Ni	15558	19377
	Rates	465	549
	Light & Heat	5099	6431
	Bank charges	957	868
	Admin	225	2005
	Professional fees	23817	6776
	Church events	0	9759
	Card Payments	3761	3184
	Church Supplies	1363	1774
	Insurance	2605	2083
	Missions	7203	7468
	Transport	6470	16841
	Hospitality	1192	503
	Music services	17257	11710
	Waste services	0	790
	Welfare	14077	0
	Hotel	2853	611
	Total	235189	236589

Staff Costs

2023/£ 2022/£

Salaries 35787 42810 HMRC 15558 19377 Pensions 3570 4177 Total 54915 66364

No employee earned more than £50,000 p.a. There was 1 employee during the year.

8 Creditors: amounts falling due within one year

Creditors

2023/£ 2022/£ 47102 990

Trustee Remuneration

Trustee Sylvester Opoku Manu received £35787 for services provided as Pastor.

9 Debtors and Prepayments

Debtors

10 Creditors: amounts fallng more than one year

Loan

7844 17844 2023/£ 2022/£ 500 500

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