CALVARY OF FREEDOM EVANGELICAL MINISTRY Charity No. 1147544 Trustees. Report and Unaudltèd Accounts 31 December 2023
CALVARY OF FREEDOM EVANGELICAL MINISTRY Contents Pages 2to3 Trustees, Annual Report ststement of Financial Activities Balance Sheet Statement of Cash flows Notes to the Accounts 8t015 Detailed Statement of Financial Actlvltles 16to Page I
CALVARY OF FREEt)OM EVANGELICAL MINisfRY Trustees Annual Report The trustees present thelr report with the unaudited financial ststements of the charity for the year ended 31 December 2023. REFERENCE AND ADMINISTRATIVE DETAILS Charlty No. 1147544 Prlndpal Office 212 Heathwav Dagenham RM108QZ Trustees The following trustee5 served during the year: l. Ajayi F.K. LAWAL K.R. OKgfoLA Dlrectors of Corporate Trustees lsreal Ajayi Pastor Adedayo Isreal Ajayi Fatal Kayode Lawal Kayode Robert Oketola Fatal Kayode Lawal Trustees holding titlè to charlty property Pastor Adedayo Isreal Ajayi Fatal Kayode Lawal Kayode Robert Oketola Trustee for the tharlty In holdln¥ title to charlty property Pastor Israel Alayl Kayode Oketola Fatal Lawa Key Management Personnel Chair Admin Personnel Accountants Pastor Isreal Adedayo Ajayi Fatal Kayode Lawal Kayode Robert Oketola Charles Luf & Co 11 Pearson Street London E28JD OBJEcfivES AND ACTnimES TO ADVANCE THE CHRISTIAN RELIGION FOR THE BENEFIT OF THE PUBLIC IN ACCORDANCE WITH THE STATEMENTS OF BELIEF APPEARING IN THE AThACHED SCHEDULE IN BARKING AND DAGENHAM. Page 2
CALVARY OF FREEDOM EVANGELICAL MINISTRY Trustees Annual Report The main activitles undertaken in relation to those purposes...The ftrst function of the church in any community is educa- tion in religion and mor31ity, the ministry to the inner life. The churches have It within their power to bring to the people the con- sciousness of God, and of the Invisible world, and to release the spiritual forces that lie back in every man's heart.This includes these purposes are worship, fellowship, discipleship, ministry. and mission, Movie Night.. A cozy 83theiing where people come together to watch a movie on a blg screen. often with popcorn and other snacks. It'5 a great wayto bring the community together for some entertainment. Block Party.. A neighborhood event where residents of a particular block or area come together for a day of socializing, games. food, and fun. It promotes a sense of community and connectlon. Fall Festival.. Usually held In the autumn, a fall festival featurès various seasonal activities, games, food, and sometimes a pumpkin patch or haVde. It's a way to celebrate the hzThest season. Fundraising Drive= An organiLed effort to raise funds for the charity's activities or cau5e5. This tan include direct donations, selllng Stems, or seeking 5ponsor5hips and grants. Church Picnic.. A gathering where members of the church community come tO8Èther for a meal and socializin& often held outdoors. It'5 an opportunity to strengthen bonds amon8 church members. Game Nlght.. An evening of playing board games, card games, or other iftteractive games. It's a fun way ft)r people to come together. enjoy each other's company, and possibly raise funds through entry fees or donations. Maker's Market.. An event where local artisans and craftspeople sell their handmade goods. It's an èxcellent way to SLSPPOrt local talent and generate funds for the thurch charity. Serye Day= A day deadicated to community service and volunteering. Members of the church community come together to serve and support those in need, such as the homele55 Qr disadvantaged. These activities can serve as not only fundraising opportunities but a150 as a means to build a sense of community and promote the values of the church ¢harity. They provide different avenues for engagement, whether throu8h entertalnment. social interattion, or setvice to other5. Activity / project / setvice IPrgvision of mobile food bank for the homeless Acttvity I project / service 2Assisting church Membe financlally in times of hardshlp Provlsion of Letture, symposium. seminars and confren¢es A larger charity must provide an expSanation of its alms. Including details of the Issues it seeks to tackle and the changes or dlfferences it Seeks to make through its activitie5... A larger charity must provide an explanatlon how the achievement of its aims will further its leEal purposes... A larger charity must provide an explanation of its strategies for achievin8 its stated aims and objectives. A larger Charity must provide an explanatlon of Its criteria or measurès it uses to asse5S Success in the reporting period... A larger charity should provide a more detailed explanation of its short-term and long-term aims and objettives... ACHIEVEMENTSAND PERFORMANCE Page 3
CALVARY OF FREEDOM EVANGELICAL MINisfRY TNstees Annual Report Movie Night.. Through Movie Night events, the charity has successfully brought the community together for enjoyable and inclusive entertsinment. It has strengthened the bornds among church members and provided a platform for outreach to the broader wmmunity. Block Party- Block parties have fostered a strong Sense of communlty wlthin the neighborhood. They've created opportunities for socializing, building lationShips, and promotlng unlty among residents while raisin8 awaneSS about the charity's mission. Fall Festival.. The charity's Fall Festiva15 have become an annual tradition, drawing in local families and individuals. These events celebrate the season. and the funds rdised have supported charitable endeavors while providing an enjoyable experience for attendees. Fundratsing Drive-. The fundraising drives have provided the financial foundatlon for the charity's work. They've enabled the charity to support its various initiatives and projects, making a tanglble impact on the community. Church Picnic- Church pi¢nits have facilitated fellowship and camaraderie among congregation members, stren8thenin8 their connection. These events a150 serve as opportunities to engage with new members and share the chartty's mission. Game Night- Game Nights have not only brou8ht fun and entertainment but also generated funds for the charity. They've fostered a sense of community and camaraderie, making it a win-win situation for all involved. Makees Market.. The Maker's Market has not only provided a platform for local artisans but has also generated funds for the charity- It showcases the talent within the communtty and supports local entrepreneurs. Serve Day.. Serve Day has been a signifiea¢)t achievement. demonstrating the charlty's commitment to community service. Through these event5, the charity has m3de a direct. positive impatt on the lives of those in need while promoting its values of compassion and outreach. A larger charity must review its charitable activities undertaken, explainlng performance achieved agalnst objettives set... A larger tharlty must include an explanation when material fundraising artivities are undertaken, details of the performance achieved against fundraisin8 objectives set. A lar8er charity must provide an explanation when material investsnents are held, detalls of investment performance achieved against objectives set. A larger charity must provide an explanation of any material expenditure occurred to raise income In the future... A larBer charlty must provide COTT)rnentary on those significant positive and negatlve factors within and outside the charity's control which are relevant to the achievement of its objectives. PLANS FOR FUTURE PERIODS A larger charity must provlde a summary of the charlty's plan5 for the future including its aims and objectives and detsils of any plans to achieve them A larger charity's report should explain the trustees perspective of the future direction of the charitv... Statement of trustees. responslbillties in rélation to the finan¢lal statements Page 4
CALVARY OF FREEDOM EVANGELICAL MINISTR Y Trustees Annual Report The charity trustee5 a Yespon51ble for preparlng a trustees, annual report and flnanclal statements in aecordance witli applicable law and UnSled Klngdom Accountlng Standaid5 (United Kingdom Generally Accepted Accountin8 Practitel- The trustees are responsible for keeping proper accounting records that dlsclose with iea50nable accuraty at any time the financlal posStlon of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Ch3ritie5 IAccounts and Reports) Regulation5, and the provisions of the Trust deed. The Trustees are also responslble forsafeBuardlng the assets of the charity and hence taking reasonable Steps for the prevention and detection of fraud and other irregularities. Signed on behalf of the chaiiws trustees Trustee 31 December 2022 Pa8e S
CALVARY OF FREEDOM EVANGEUCAL MINISTRY Statement of Financial A¢tlvltles forthe year ended YI Decembèr 2023 Unrestrirted funds Total funds Totsl funds 2023 2023 2022 Notss Income and endowments from: Donations and legacie5 Other 53,799 22,182 53,799 22,182 51,593 Total 75,981 75.981 51,593 Expendlture on: Charitable artivities Other 19,019 62,818 56,463 56.463 Total 56,463 56,463 81,837 Net gains on investrrbents Net Incomellexpendlture) Transfers between funds 19,518 19,518 130,2441 Net In¢ome/{èxpendlturel before other 8alns/110$5es1 19,518 19.518 130,2441 Other galns and losses Net m¢¥•ment In funds 19.518 19,518 130,2441 Re¢on¢lllation of funds: Total funds brought forward 124,0811 124.0811 6,163 Total funds carrled forward 14,5631 14,5631 124.0811 Page 6
Balance Sheet at 31 December 2022 Charlty No. 1147544 2022 2021 Flxed assets Taii8ible assets 5,226 5,226 8,964 8,964 Current a55ets Debto Cash at bank and In hand io 120,IK121 8,763 111,2391 1871 111,3261 16,1001 117,9811 10,616 10,616 Credltors: Amount falling due within one year Net current Iliabilitiesllassets Total assets less current Ilabilltles li 10,616 19,580 Credltors: Amounts falling due after more than one year 12 117,9811 Provislons for Ilabllitles 4,567 Net {Ilabllities)lassets excluding penslon asset or liability Total net Iliabilitlesllassets 124,0811 6.166 124,0811 6,166 The fvnds ofthe ¢haritv Restrl¢ted funds Unrestilcted funds General funds 13 13 124,0811 124,0811 6,163 6.163 Reserves Total funds 124,0811 6,163 Approved by the trustees on 31 December 2022 Ar>d signed on their behalf by.. i w/AL Trustee 31 December 2022 Page 7
CALVARY OF FREEDOM EVANGEUCAL MINISTRY Notes to the Accounts forthe year ended 31 December 2023 l Accountln8 pollcles Basls of pparatIOn The financial ststements havè been prepared in actordance with Ststement of Recommended Pratti¢e= Accountin8 and Reporting by Charitie5 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Repijblic if Ireland IFRS 1021 issued on 16 July 2014 and the Flnancial Reporting Standard applicable in the Untted Kingdom and Republic of Ireland IFRS 1021 and the Charities Att 2011. Change In basls of a¢countln8 or to pr•vlous accouftts There has been no change to the accountlng policies Ivaluation rules and method of accountingl sin last year and no changes have been made to accounts for previou5 years. Fund accountlng Unrestricted funds These are avallable for use 8t the dlscretion of the trustees in furtherance of the general objects of the charity. These are unre5tritted funds earrnarked by the trustees for particular purpose5. These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their markèt values. These are available for use subjert to rèstrictions imposed by the donor or through terms of an appeal. Designated funds Revaluation funds Restricted funds In¢omÈ Recognition of income Income is in¢luded In the Staternent of Financial Artivitles ISOFAI when the charlty becomès entitled to, and virtually certain to rÈ¢eive. the income and the èmount of the ificome can be measured with sufficient reliability. Income with related Where income ha5 related expenditure the income and related expenditure is expenditure reported gross in the SOFA. Donations and le8acies Voluntary income ceiVed by way of grants, donations and gifts is included In the the SOFA when receivable and only when the Charity has unconditional entitlement to the income. Tax reclaims on Income from tax reclaim5 15 included in the SOFA at the same time a5 the donations and gifts 8rft/donatlon to which it rolatos. Donated services These are only included in income Iwith an equlvalent amount in expenditurel and facilities where the benefit to the Charity is reasonably quantrfiable, measurable and material. Volunteer help The value of any volunteer help received is not included In the accounts. Investment income This is included in the accounts when receivable. Gainslllosses) on This include5 any gain or10s5 resulting from revaluing Investments to market value revaluation of fixed at the end of the year. a55éts Gains/llossesl on investment assets Thls Includes any galn or loss on the sale of investments. Page 8
CALVARY OF FREEDOM EVANGELICAL MINISTRY Notes to the Acwunts Expendire Recognition of expenditure Expenditure is recogni5ed on an a¢¢ruals basis. Expenditure includes any VAT which camnot be fully recovered. and is pOrted as part of the expenditure to which it relates. Expendlture on These compd5e the costs associated with attracting voluntary income, fundraising raisin8 ftsnds trading costs and investment management costs. Expendlture on These comprise the costs incurred by the Charity in the delivery of its actlvitles and charitsble activities setvices in the furtherance of its objetts, including the making of grants and governancè costs. All grant expendlture Is accounted for on an actual paid basis plus an accrual for Brants that have been approved by the trustees at the end of the year but not yet paid. These in¢lude those costs associated with meetin8 the constitutional and statutory requlrements of the Charity, including any auditfindependent examination fees, costs linked to the strategic mana8ement of the Charity, together with a share of other administration cost5. These are support costs not allocated to a parb¢ular activity. Grants payable Governance costs Other expenditure Taxation The charity is exempt from tax on its charltsble activities. Freehold investment property Investment properties are measured Inltlally at cost and subsequently at fair value at each balan shèèt date and are not depreclated. All gains or losses are taken to the Statement of Financial Activitie5 as they arlse. stocks Stock is induded at the lower of cost or net Tealisable value. Donated items of Stock are recognised at fair value which is the amount the charlty would have been willing to pay for the items on the open market. Trade and other debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Cash and cash equfvalents Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturitie5 of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are Shown within borrowings or current liabilitie5. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management. Trade and other ¢redlto Short term creditors are measured at the transartion price. Other creditors and provislons are recognised where the charity has a present obliEation resulting from a past evènt that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. Page 9
CALVARY OF FREEDOM VIANGELICAL MINISTRY Notes to the Accounts Research and development Expenditure on research and development is written off in the year In whlch It Is incurred. Forelgn ¢urren¢le$ Monetary assets and liabilities denominated in currencies other than the functional ¢urreftcy of the charity are translated at thè rates of exchange prevailing at the end of the reportlng period. Transactions in currencies other than the functional currency of the charity are recorded at the rate of exchange on the date that the transartion occurred. All exchange diffefences are are taken into account in arriving at net income/expenditure. leased assets Where the charity enters Into a lease which entails tsking substsntially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease. leases which do not transfer substsntially all the risk5 and rewards of ownership to charity are classified as opèrating leases. Assets held under finance leases are initially recognised as assets of the charity at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordan with the charity's policy on borrowing costs. Assets held under finance leases are depcIated in the same way as owned assets. Operating lease payments are reco8nised as an expense on a strai8ht-line b3s4s over the lease term. In the event that lease incentives are received to enter irjto operatlng leases. such incentives are recognised as a liability. The aggregate beneflt of incentlves is recognised as a reduction of rental expense on a straight-line basis. Penslon costs The charity operates a defined contribution plan for its employees. A deflned contribution plan is a pension plan under which the charity pays fixed contributlons into a separate entity. Once the contributions have been paid the charity ha5 no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals In the balance sheeL The assets of the plan are held separately from the charity in Independently administered funds. Recelpt of donated goods. facllltles and servlces All donated goods. facilities and services received are recognised within incoming resour¢es and expendlture at an estimate of the value to the charitv. Page 10
CALVARY OF FREEDOM EVANGEUCAL MINisfRY Notes to the A¢¢ounts 2 Statemènt of Flnanclal Actl¥ttles- prior year Unrèstrlcted fund5 Total funds 2022 2022 Income and endowments from: Donations and legaties Total 51,593 51,593 51,593 51.593 ExndIture on: Charltable activities 19,019 62,818 19,019 62,818 Other Total 81,837 81.837 Net Income 130,2441 130.2441 Net In¢ome before other galnsjllossesl Other gains and losses: Net movement in fund5 130,2441 130.2441 130,2441 130,2441 Reconciliation of funds: Total funds brought forward Totsl funds carrked forward 6,163 124,0811 6,163 124,0811 3 Income from donatlons and le8acies Unrestrlrted Total Total 2023 2022 Donations are also in form of Thithes and Offerings 51,593 53,799 53.799 53.799 53,799 51,593 4 Other inrome Unrestrl¢tèd Total Total 2023 2022 22,182 22,182 22,182 22,182 Page 11
CALVARY OF FREEDOM EVANGELICAL M5NISTRY Notesto the Accounts 5 Expendlture on tharltable artlvltles Totsl Total 2023 2022 Experjditure on choritoble artivities Welfafism 19,019 Governunce costs 19,019 6 Other empendlture Unr¢str5cted Totsl Total 2023 2022 475 475 938 Employee costs Motor and travel costs Premises costs Amortisation, depreci*ion. impairment, profitlloss on disposal of fixed assets General administrative costs 13,245 16,034 9,446 13,245 16,034 9.446 19,194 7,794 25,411 3,736 3,736 3,737 12,627 900 12,627 4.879 86S Legal and professional costs 56,463 56.463 62,818 7 Net Incomellexpendltur•l before transfers 2023 2022 This is stated after char8in8= Depreciation of owned fixed assets 8 Staff costs 3,736 3,737 2023 12,650 595 13,245 2022 18,673 521 19,194 Salaries and wages Social 5ecv¥ity costs No employee received emoluments in excess of £60,000. The average monthly number of full tlme equivalent employees during the year wa5 as follows: 2023 Number 2022 Number Number of Employees Page 12
CALVARY OF FREEDOM EVANGELICAL MINISTRY Notes to the Accounts 9 Tan8lblé fIX assets Cost or revaluation At l January 2023 At 31 December 2023 25.527 25,527 16,708 16,708 42,235 42.235 Dtpreclation and Impa5rment At l January 2023 Depreclation charge for the vear At 31 December 2023 22,534 14,475 37,009 2,992 744 3,736 25,526 15,219 40,745 Net book values At 31 December 2023 At 31 December 2022 10 Debtors 1,489 2,233 1,490 5,226 2,993 2023 2022 Other debtors 120,0021 120,0021 11 Cr•dltors: amounts falling due within one year 2023 2022 Trade creditors Other creditor5 87 14711 14711 87 12 Credltors: amounts falling due after more than one year 2023 2022 Trade creditor5 Other creditors 4.365 9,831 14,196 17.981 17,981 13 Movement In fvnds Incomlng resour¢es At31 December Uncludlng other At l January 8aln511055¢S 2023 Resource5 expended 2023 RestrScted funds: Unrèstrlcted funds: General funds 124,0811 75.981 156,4631 14,5631 Totsl funds 124.0811 75,981 156.4631 14,5631 Page 13
CALVARY OF FREEDOM EVANGEUCAL MINisfRY Notes to the Accounts 14 Analysls of net assets between funds Unrestrltted lunds Restricted funds Total Fixed assets 1,490 8,143 1,490 8,143 Net current assets Creditors due in more than one year and provlslons 14,3651 19,8311 114,1961 5,268 19,8311 14,563 15 Reconclliation of net debt At31 December 2023 At l January 2023 Cash flows Cash and cash equlvalents 8,763 8,763 11,0911 11,0911 7,672 7,672 Net debt 8,763 11,0911 7.672 Page 14
CALVARY OF FREEDOM EVANGELICAL MINISTRY Statement of Cash flows forthe year ended 31 De¢ember 2023 2023 2022 Cash flows from operatin8 artivTrties Net Incomellexpenditurel per Statement of Flnanclal Artivities 19,518 130.244 Adlustments for: Depreciation of property. plant and equipment Dividends, interest and rents from investments Ilncreasel/Decrease in trade and other recelvables IDecreasel/increase in trade and other payablÈs 3,736 122,1821 120.0021 14,3431 3,738 20,002 87 Net ¢ash used In operatlng actlvities 123,2731 11,8501 Cash flows from investin8 activltles Dividend5, interest and rents from investments 22,182 Net cash trom Investing artlvitlès 22,182 Net cash from finan¢lng actlvltles Net de¢rease In cash and Cash equivalènts 11,0911 11,8501 Cash and cash equlvalents at the beglnnlng of the year 8.763 10,616 Cash and cash equlvalents at the end of the year 7,672 8,766 Componènts of cash and cash equivalents Cash and bank balances 7,672 8,763 7,672 8,763 Page IS
CALVARY OF FREEDOM EVANGELICAL MINISTRY Dètslled Stat•m•nt of Flnan¢ial Artiwties forthe year ended 31 December 2023 Unrestrlcted funds Total funds Total funds 2023 2022 2023 Incom• and endowmerts from". Oonation5 and le8acies Donations are also in form of Thithe5 and Offerings 53,799 53,799 51,593 53,799 53,799 51,593 Other 22,182 22,182 22.182 22.182 Total income and endowment5 75.981 75,981 51,593 Expenditurè on- Charitable activities Welfari5m 19,019 19,019 Total of expendlture on charitable actlvlties 19,019 Other expendlture 475 475 938 938 475 475 Employee cost5 Salaries/wages Employer's NIC 12.650 595 13,245 12,650 595 18,673 521 13,245 19,194 Motor and travel costs Vehicles- Insurance and linceS Vehlcles- Repairs and maintenance Travel and sub515tence 2,780 2,780 2,148 428 428 245 12,826 16.034 12.826 16,034 5.401 7,794 Premises costs Rent Light, heat and power 7,270 2,176 9,446 7,270 2.176 9.L146 24.101 1,310 25,411 General administrative costs. including depreciation and amortisation Depreciation tsf Informatlon and publications Software, IT support and related costs Statlonery and printlng 3,736 2,712 3,736 2.712 3,737 365 7,124 7,124 378 378 36 Page 16
CALVARY OF FREEDOM EVANGELICAL MINISTRY Detalled Statement of Flnanclal Actlvltle5 Telephone. fax and broadband 2,413 16.363 2,413 16,363 4.478 8,616 Le831 and professional costs Accountancy and bookkeeping 900 9tK) 865 900 865 Total of expendtturè of other costs Totsl expendlture Net galns on Investments 56,463 56,463 62,818 56.463 56,463 81,837 19,518 130,2441 Net Incom*llexpendlture) 19,518 Net Incomellexpendlturel before other galnslllossesl Other Gains 19.518 19,518 130,2441 Nèt movement in funds 19,518 19,518 130,2441 Rètonclllatlon of funds: Total fLsnd5 brou@ht forward 124,0811 124.0811 6,163 Total funds carrfed forward 14,5631 14,5631 124,0811 Page 17