CALVARY OF FREEDOM EVANGELICAL MINISTRY Charity No. 1147544 Trustsos. Report and Unaudlted Accounts 31 Docèmbor 2024
CALVARY OF FREEDOM EVANGEUCAL MINISTrY Contents Pages Trustees, Annual Report Statement of Financial Activities Balance Sheet Statement of Cash flows Notes to the Account5 6t08 Detailed Statement of Flnanclal AttNities 9tolO Page I
CALVARY OF FREEDOM EVANGEUCAL MINISTrY Trustees Annual Report The trustee5 present their report with the unaudited financial statements of the charity for the year ended 31 December 2021. REFERENCE AND AOMINISTRATIVE DETAILS Charlty No. 1147544 Trustees The following trustees seNed during the year. l. Alayi F.K. LAWAL K.R. OKETOLA Accountsnts Charles Luf & Co 134D Kingsland Road London E2 80Y 08JEcfivES AND ACTIVITIES TO ADVANCE THE CHRisnAN RELIGION FOR THE 8ENEFITOFTHE PU8LIC IN ACCORDANCEWITHTHE STATEMENTS OF BELIEF APPEARING IN THE ArrACHED SCHEDULE IN BARKINGAND OAGENHAM. The maln actfvities undertaken in relation to those purposes...The first fvnction of the church In any community is education in religion and morality. the mini51ry to the inner life. The churches have It withln their power to bring to the people the consciousness of God. and of the invisible wodd, and to release the spiritual forces that lie back in every man's heart. This includes these purposes are worshlp, fellowship, dlsclpleshlp, ministry, and mission. Actlvlty I prolect l servlce Iprovislon of mobile food bank for the homeless Actlvlty I project I servlce 2Assistln8 church members financlally in times of hardship Provision of Lecture, symp055um, semlnars and conterences ACHIEVEMENT5 AND PERFORMANCE A larger charity must provide an explanation of any material expenditure octurred to raise income in the future... Ststement of trustees, responslbllllles In relallon to the flnanclal statsments The charity trustees are SPonsible for preparing a trustees, annual report and financial statements in accordance with applicable law and United Kingdom Accountlng Standards (United Kingdom Generally Accepted Accounting Practlcel. Page 2
CALVARY OF FREEDOM EVANGEUCAL MINISTrY Trustees Annual Report The trustees are responsible for keeping proper accounting records that disclose with reasonable accuraty at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011. the applrcable Charities IAtcounts and Reports) Regulations. and the provisions of the Trust deed. The Trustees are also resp¥)nsible for safeguarding the assets of the charity and hence takin8 reasonable steps for the prevention and detection of fraud and other irregularities. Signed on behalf of the charity's trustees l. Ajayi Trustee 1411012025 Page 3
CALVARY OF FREEDOM EVANGELICAL MINISTrY Statement of Financial A¢tiviti for the yèar ended 31 De¢ernber 21)Z4 Totsl funds Totsl fvnds 2024 2024 Income and endowments from: Donatlons and legacies Other 95,975 6,520 95,975 6,520 Total 102,496 75,034 Expendllure on: Charitable activities other 16,107 72,062 16,107 72,062 Total 88,169 88,169 Net gains on investments Net {expendlturelllncome Transfers between funds 14.327 14,327 Net lexpendlturel/lrt¢ome before other galnslllosses) 14.327 14.327 Other 8alns and k>sses Net movernent Sn fvnds 14,327 14,327 Reconclllatlon of fund5: Total funds brought forward Total fund5 carrled forward Page 4
CALVARY OF FREEDOM EVANGEUCAL MINisfRY Balance Sheet at 31 December 2024 Charity No. 1147544 2024 Flxed assets Tangible assets 745 745 Curreni assets Debtors Cash at bank and in haNI 7,007 9,594 Credltors: Amount fallinB due within one year Net current assets li 7,798 Total assets le55 current liabllitles 25,145 Credltors: Amount5 falling due after more than one year Provl$lons for Ilabllltles 13 Net asset5 excludlnB penslon asset or Ilablllty 25,145 Totsl net assets 25,145 The funds of the charfty Restrlcted fur$ Unrestrfcted funds General funds 10.818 14 14,327 Reserves Totsl fund$ 25,145 Approvèd by the trustees on 31 December 2021 And signed on their behalf by: F.K. LAWAL Trustee 1411012025 Page 5
CALVARY OF FREEDOM EVANGEUCAL MINisfRY Notes to the Accounts for the year ended 31 Oecember 2024 l Ac¢ountln8 pollcle$ Basls of preparatlon The financial statements have been prepared in accordance with 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 if Ireland IFRS 1021 issued on 16 Juty 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 and the Charities Act 2011. Change In basls ol a¢c4)untlng or to pre¥lous accounts There has been no change to the atcounting policies (valuation rules and method of accounting) sin last year and no changes have been made to accounts for pwious years. Fund account5ng Unrestricted funds These are availab for use at the discretion of the trustees in furtherance of the general objects of the charlty. These are unrestricted funds eamiarked by the trustees for particular purpose5. These are unrestrfcted funds whlch include a revaluatlon reseNe representlng the statement of investment assets at their market values. These are available for use subject to restrictlons Imposed by the donor or through terms of an appeal. Desi8nated funds Revaluation funds Restrlcted funds Income Recognition of Income Income Is Sncluded In the Statement of Flnanclal Artlvltles ISOFAI when the charlty becomes entitled to. and virtually certain to recelve, the income and the amount of the income can be measured wilh sufficlent reliability. Income with reloted Where income ha5 related expenditure the income and related expenditure is expendSture reported gross In the SOFA. Donations and le8acies Voluntary Income recelved by way of 8rants, donatlons and Eifts Is included In the the SOFA when receivable and only when the Charlty has uncondltlonal entitlement to the income. Tax recloims on Income from tax reclaims 15 included in the SOFA at the Same time as the donations and gifts giftldonation to which it relates. Donated services These are only included in income Iwlth an equlvalent amount in expendlturel and facilities where the benefit to the Charity is reanablY quantifiable, measurable and material. Volunteer help The value of any volunteer help TrNed[s not included In the accounts. Investment income This is included in the accounts when recewable. Gain5111055e51 on This includes any gain or loss resulting from revaluing investments to rnaet value revaluation of fixed at the end of the year. assets Gainslllossesl on investment a55ets This includes any gain or loss on the sale of investments. Page 6
CALVARY OF FREEDOM EVANGEUCAL MINISTrY Notes to the Accounts Expendlture Recognition of expenditu Expenditure is recognised on an accruals basis. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates. Expenditure on These comprise the costs associated with attracting voluntary income, fundraising raising funds trdding costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and charitable actNitie5 services in the furtherance of its objects, including the makin8 of grants and governance costs. All grant expenditure 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 include those costs assoclated wlth meetlng the constitutional and statutory requirnents of the Charlty. Includlng any audivindependent examlnatlon fees. Costs linked to the strategic management of the Charlty. together with a share of other administration costs. Other expendSture These are support costs not allocated to a partkulara¢tNity. Grants payable Governance costs Taxatlon The charity Is exempt Irom tax on Its charitable activities. Frèehold Investm•nt property Investment properties a measured inltlally at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gain5 Qr k>sses are taken to the Statement of Financial Activities as they arise. Stocks Stock Is Included at the lower of cosl or net realisable value. Donated items of stock are recognSsed ot falr value which is the amount the charity woukl have been wlllin8 to pay for the Items on the open market. Trade and other debtors Trade and other debtors are recoBnised at the settlement amount due after any trade discount offered. Prepayment5 are valued at the amount prepaid net of any trade dbscounts due. Cash and Cash equlvalents Cash and cash equivalents comprise cash at bank and on hand. demand dep051ts with banks and other short-term hiBhly liquid imiestments with original maturities of three months or les5 and bank overdrafts. In the statement of financlal position, bank over¢Jrafts a shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and forni an integral part of the company's cash management. Trade and other credFtors Short term creditors a measured at the transaction price. Other creditors and provisions a recognised where the charity has a present obligation sUItIng from a pay event that wlll probably result in the transfer of fund5 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 7
CALVARY OF FREEDOM EVANGEUCAL MINISTrY Notes to the Accounts Research and development Exnditre on research and development Is written off in the year in whlch it is incurred. Forelgn currencies Monetary assets and liabilities denominated in tuen{leS other than the funttional currency of the charity are translated at the rates of exchange prevailing at the end of the reporting perlod. Transactions in currencies other than the functional currency of the charity a Corded at the rate of exchange on the date that the tran¢tIOn occurred. All exchange differences are taken into account In arrfvlng at net intomelexpenditure. Leased assets Where the charity enters into a lease which entails takin8 substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease. Leases whieh do not transfer substantially all the rlsks and rewards of ownership to chorlty are classified a5 operating leases. Assets held uniler flnance leases are Initial reco8nised as assets of the charlty at their fair value at the Inception of the lease or, if lower, at the present value of the mlnlmum kase payments, The orrespondinB liability to the lessor is Included in the balance sheet date as a flnance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to athieve a constant rate of interest on the remaining balance of the Ilablllty. Finance expenses are recognised immedialely, unless they are directly attributable to qua15fylng assets, In whlch case they are capitalSsed In accordan with the charty's policy on borrowlng costs. Assets held under financÈ leases are depreclated In the same way as owned assets. Operatlng lease payments are retoinised as an expense on a stral8ht-Ilne basis over the lease term. In the event that lease incentlves are recefved to enter into operating leases, such incentive5 are recognlsed as a Ilability. The a88re8ate benefit of incenlive5 15 reco8nised as a reduction of rental expense on a strai8ht-line basis. Penslon c¢>5ts The charity operates a defined contributSon plan for Its employees. A defined contribution plan Is a pension plan under whlch the charity pays fixed contributions into a separate entlty- Once the contributions have bèèn paid the charrty has no further payments obll8ations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the charity in independently administered funds. Recelpt of donated goods. facllltles and ser¥lces All donated Boods. facilities and services CeiVed are reco8nised wlthin Incoming resources and expenditure at an estimate of the value to the charity. Page 8