Registered number: 07342756
TOWER OF GRACE CHURCH OF ALL NATIONS LIMITED DIRECTORS' REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
Keystride Consulting
Tower of Grace Church of All Nations Limited Contents
| Page | |
|---|---|
| Company Information | 1 |
| Directors' Report | 2 |
| Accountant's Report | 3 |
| Income and Expenditure Account | 4 |
| Balance Sheet | 5 |
| Notes to the Financial Statements | 6 |
| The following pages do not form part of the statutory accounts: | |
| Detailed Income and Expenditure Account | 7 |
Tower of Grace Church of All Nations Limited Company Information For The Year Ended 31 August 2024
| Directors | Mr Paul Iwezulu |
|---|---|
| Pastor Rufus Ojeli | |
| Mr Osita Ugbolue | |
| Company Number | 07342756 |
| Registered Office | 7 Berryman Close |
| Dagenham | |
| London | |
| Greater London | |
| RM8 3SS | |
| Accountants | Keystride Consulting |
| 10 Owers Road | |
| Witham | |
| Essex | |
| CM8 1FR |
Page 1
Tower of Grace Church of All Nations Limited Company No. 07342756 Directors' Report For The Year Ended 31 August 2024
The directors present their report and the financial statements for the year ended 31 August 2024.
Directors
The directors who held office during the year were as follows:
Mr Paul Iwezulu
Pastor Rufus Ojeli Mr Osita Ugbolue
Statement of Directors' Responsibilities
The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the surplus or deficit of the company for that period. In preparing the financial statements the directors are required to:
-
select suitable accounting policies and then apply them consistently;
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make judgments and accounting estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Small Company Rules
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
On behalf of the board
Pastor Rufus Ojeli Director 26/05/2025
Page 2
Tower of Grace Church of All Nations Limited Accountant's Report For The Year Ended 31 August 2024
Report to the directors on the preparation of the unaudited statutory accounts of Tower of Grace Church of All Nations Limited for the year ended 31 August 2024
To assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the accounts of Tower of Grace Church of All Nations Limited which comprise the Income and Expenditure Account, the Balance Sheet and the related notes, from the company’s accounting records and from information and explanations you have given us.
As a practising member of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rulesstandards/acca-rulebook.html.
This report is made to the directors of Tower of Grace Church of All Nations Limited, as a body, in accordance with the terms of our engagement letter dated . Our work has been undertaken solely to prepare for your approval the accounts of Tower of Grace Church of All Nations Limited and state those matters that we have agreed to state to the directors of Tower of Grace Church of All Nations Limited, as a body, in this report in accordance with the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Tower of Grace Church of All Nations Limited and its directors as a body for our work or for this report.
It is your duty to ensure that Tower of Grace Church of All Nations Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Tower of Grace Church of All Nations Limited. You consider that Tower of Grace Church of All Nations Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Tower of Grace Church of All Nations Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Sola Fadahunsi 26/05/2025
Keystride Consulting 10 Owers Road Witham Essex CM8 1FR
Page 3
Tower of Grace Church of All Nations Limited Income and Expenditure Account For The Year Ended 31 August 2024
| Notes TURNOVER GROSS SURPLUS Administrative expenses OPERATING DEFICIT AND DEFICIT FOR THE FINANCIAL YEAR |
2024 £ 114,083 114,083 (114,796) (713) |
2023 £ 85,447 |
|---|---|---|
| 85,447 (87,233) |
||
| (1,786) |
The notes on page 6 form part of these financial statements.
Page 4
Tower of Grace Church of All Nations Limited Balance Sheet As At 31 August 2024
| Notes CURRENT ASSETS Cash at bank and in hand NET CURRENT ASSETS (LIABILITIES) TOTAL ASSETS LESS CURRENT LIABILITIES Creditors: Amounts Falling Due After More Than One Year 4 NET ASSETS RESERVES Other reserves Income and Expenditure Account MEMBERS' FUNDS |
2024 £ £ 35,333 35,333 35,333 35,333 (26,462) 8,871 10,294 (1,423) 8,871 |
2024 £ £ 35,333 35,333 35,333 35,333 (26,462) 8,871 10,294 (1,423) 8,871 |
2023 £ £ 36,046 36,046 36,046 36,046 (26,462) 9,584 10,294 (710) 9,584 |
2023 £ £ 36,046 36,046 36,046 36,046 (26,462) 9,584 10,294 (710) 9,584 |
|---|---|---|---|---|
| 35,333 | 36,046 | |||
| 35,333 | 36,046 | |||
| (26,462) | (26,462) | |||
| 8,871 | 9,584 | |||
| 10,294 (1,423) |
10,294 (710) |
|||
| 8,871 | 9,584 |
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
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.
On behalf of the board
Mr Paul Iwezulu
Director 26/05/2025
The notes on page 6 form part of these financial statements.
Page 5
Tower of Grace Church of All Nations Limited Notes to the Financial Statements For The Year Ended 31 August 2024
1. General Information
Tower of Grace Church of All Nations Limited is a private company, limited by guarantee, incorporated in England & Wales, registered number 07342756. The registered office is 7 Berryman Close, Dagenham, London, Greater London, RM8 3SS.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
4. Creditors: Amounts Falling Due After More Than One Year
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Other creditors | 26,462 | 26,462 |
5. Company limited by guarantee
The company is limited by guarantee and has no share capital.
Every member of the company undertakes to contribute to the assets of the company, in the event of a winding up, such an amount as may be required not exceeding £1.
Page 6
Tower of Grace Church of All Nations Limited Detailed Income and Expenditure Account For The Year Ended 31 August 2024
| TURNOVER Donation Income GROSS SURPLUS Administrative Expenses Wages and salaries Rent Church running costs Office expenses Computer and IT consumables Telecommunications and data costs Accountancy fees Consultancy fees Other expenses OPERATING DEFICIT AND DEFICIT FOR THE FINANCIAL YEAR |
2024 £ £ 114,083 114,083 47,180 37,248 15,615 3,103 4,345 1,526 814 - 4,965 (114,796) (713) |
2024 £ £ 114,083 114,083 47,180 37,248 15,615 3,103 4,345 1,526 814 - 4,965 (114,796) (713) |
2023 £ £ 85,447 85,447 43,090 33,800 - 1,039 2,563 1,566 793 2,996 1,386 (87,233) (1,786) |
2023 £ £ 85,447 85,447 43,090 33,800 - 1,039 2,563 1,566 793 2,996 1,386 (87,233) (1,786) |
|---|---|---|---|---|
| (713) | (1,786) |
Page 7