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← Dominion Life Assembly

2023-12-31-accounts

Charity registration number 1153651

DOMINION LIFE ASSEMBLY

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

DOMINION LIFE ASSEMBLY

LEGAL AND ADMINISTRATIVE INFORMATION

J Agbugba Charity number 1153651 Principal address 110 Austen Close London SE28 8AZ

DOMINION LIFE ASSEMBLY

CONTENTS

Page
report 1 - 2
Statement of responsibilities 3
Independent auditor's report 4 - 5
Statement of financial activities 6
Statement of financial position 7
Notes to the financial statements 8 - 15

DOMINION LIFE ASSEMBLY

REPORT

FOR THE YEAR ENDED 31 DECEMBER 2023

The present their annual report and financial statements for the year ended 31 December 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the 's [governing document], the Charities Act 2011 and "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 2019).

Objectives and activities

THIS IS A CHURCH / RELIGIOUS WORSHIP THAT INVOLVES PREAHCING AND TEAHCHING OF THE BIBLE, PRAYERS, COUNSELLING AND ADVICE, COMMUNITY OUTREACH.

Public benefit

The have paid due regard to guidance issued by the Charity Commission in deciding what activities the should undertake.

Achievements and performance

Significant activities and achievements against objectives

Financial review

Reserves policy

It is the policy of the that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the ’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

Major risks

The have assessed the major risks to which the is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Structure, governance and management

The is a company limited by guarantee .... .

The , who are also the directors for the purpose of company law, and who served during the year were: Mr Victor Olajide Ogunmolade Mrs Patience Abena Owusu Mrs Sarah Chinonyerem Ikechukwu Mr Tari-Kingsley Kongha

J Agbugba

Recruitment and appointment of trustees

[Details of method of recruitment and appointment of trustees.]

None of the has any beneficial interest in the company. All of the are members of the company and guarantee to contribute £1 in the event of a winding up.

DOMINION LIFE ASSEMBLY

REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

The company's current policy concerning the payment of trade creditors is to follow the CBI's Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU).

The company's current policy concerning the payment of trade creditors is to:

Trade creditors of the company at the year end were equivalent to XX day's purchases, based on the average daily amount invoiced by suppliers during the year.

Organisational structure

[Details of organisational structure.]

The report was approved by the Board of .

J Agbugba

30 April 2024

DOMINION LIFE ASSEMBLY

STATEMENT OF RESPONSIBILITIES

FOR THE YEAR ENDED 31 DECEMBER 2023

The are responsible for preparing the Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the and of the incoming resources and application of resources of the for that year.

In preparing these financial statements, the are required to:

The are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

DOMINION LIFE ASSEMBLY

INDEPENDENT AUDITOR'S REPORT TO THE OF DOMINION LIFE ASSEMBLY

Opinion

We have audited the financial statements of Dominion Life Assembly (the ‘’) for the year ended 31 December 2023 which comprise the statement of financial activities, the statement of financial position and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the ’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

DOMINION LIFE ASSEMBLY

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE OF DOMINION LIFE ASSEMBLY

Responsibilities of

As explained more fully in the statement of responsibilities, the are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the are responsible for assessing the ’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the either intend to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Other matters

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with "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)" (as amended) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

This has been done in order for the financial statements to provide a true and fair view in accordance with current Generally Accepted Accounting Practice.

This report is made solely to the company’s members, as a body, in accordance with section 391 of the Companies Act 2014. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

30 April 2024

Chartered Accountants Statutory Auditor

is eligible for appointment as auditor of the by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

DOMINION LIFE ASSEMBLY

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2023

Unrestricted
Material
funds
funds
Heading
#ac997
2023
2023
Notes
£
£
Income from:
Donations and legacies
3
17,877
-
Expenditure on:
Raising funds
4
2,413
-
Charitable activities
5
17,221
-
Total expenditure
19,634
-
Net expenditure and
movement in funds
(1,757)
-
Reconciliation of funds:
Fund balances at 1 January
2023
(3,085)
(4,705)
Fund balances at 31
December 2023
(4,842)
(4,705)		 Total
Unrestricted
Material
funds
funds
Heading
#ac997
2023
2022
2022
£
£
£
17,877
13,846
-
2,413
1,017
-
17,221
15,714
-
19,634
16,731
-
(1,757)
(2,885)
-
(7,790)
(200)
(4,705)
(9,547)
(3,085)
(4,705)		 Total
2022
£
13,846
1,017
15,714
16,731
(2,885)
(4,905)
(7,790)

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

DOMINION LIFE ASSEMBLY

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2023

Notes
Current assets
Trade and other receivables
9
Cash at bank and in hand
Current liabilities
11
Net current (liabilities)/assets
Non-current liabilities
12
Net liabilities
The funds of the
Endowment funds - Heading #ac997
14
Unrestricted funds		 2023
£
£
-
-
-
577
(577)
(8,970)
(9,547)
(4,705)
(4,842)
(9,547)		 2022
£
£
(1)
1,181
1,180
-
1,180
(8,970)
(7,790)
(4,705)
(3,085)
(7,790)

The financial statements were approved by the on 30 April 2024

J Agbugba Trustee

DOMINION LIFE ASSEMBLY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1 Accounting policies

Charity information

Dominion Life Assembly is a INSERT CONSTITUTIONAL DETAIL.

1.1 Accounting convention

The financial statements have been prepared in accordance with the 's [governing document], the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 2019). The is a Public Benefit Entity as defined by FRS 102.

The has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements 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 Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the . Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

These financial statements are prepared on the going concern basis. The have a reasonable expectation that the will continue in operational existence for the foreseeable future, however, the are aware of certain material uncertainties which may cause doubt on the charity's ability to continue as a going concern. [Disclose uncertainties]

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the .

1.4 Income

Income is recognised when the is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

DOMINION LIFE ASSEMBLY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

1 Accounting policies

(Continued)

1.5 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 of 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 are allocated on the portion of the asset’s use.

1.6 Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Motor vehicles

Enter depreciation rate via StatDB - cd78

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8 Financial instruments

The has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the 's balance sheet when the becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

DOMINION LIFE ASSEMBLY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

1 Accounting policies

(Continued)

Basic financial liabilities

Basic financial liabilities, including trade and other payables and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the ’s contractual obligations expire or are discharged or cancelled.

1.9 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2 Critical accounting estimates and judgements

In the application of the ’s accounting policies, the are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Income from donations and legacies

Unrestricted Unrestricted
funds funds
2023 2022
£ £
Donations and gifts 17,877 13,846

DOMINION LIFE ASSEMBLY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

4 Expenditure on raising funds

Unrestricted Unrestricted
funds funds
2023 2022
£ £
Fundraising and publicity
Fundraising agents 985 599
Advertising 1,016 -
Support costs 412 -
2,413 599
Trading costs
Other trading activities - 418
Total costs 2,413 1,017

DOMINION LIFE ASSEMBLY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

5 Expenditure on charitable activities

Heading
#ac982
Heading
#ac986
2023
2023
£
£
Direct costs
Charitable expenditure heading 1
2,315
-
Charitable expenditure heading 3
113
252
Charitable expenditure heading 6
600
-
Charitable expenditure heading 7
-
438
Charitable expenditure heading 8
-
-
Charitable expenditure heading 9
1,403
-
Charitable expenditure heading 10
12,100
-
16,531
690
Analysis by fund
Unrestricted funds
16,531
690		 Total
Heading
#ac982
Heading
#ac983
Heading
#ac986
2023
2022
2022
2022
£
£
£
£
2,315
1,919
524
-
365
434
-
618
600
500
-
-
438
-
-
545
-
1,100
-
-
1,403
74
-
-
12,100
10,000
-
-
17,221
14,027
524
1,163
17,221
14,027
524
1,163		 Total
2022
£
2,443
1,052
500
545
1,100
74
10,000
15,714
15,714

DOMINION LIFE ASSEMBLY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

6

None of the (or any persons connected with them) received any remuneration or benefits from the during the year.

7 Employees

The average monthly number of employees during the year was:

2023 2022
Number Number
Total - -

There were no employees whose annual remuneration was more than £60,000.

Remuneration of key management personnel

The remuneration of key management personnel is as follows.

8 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

9 Trade and other receivables

Amounts falling due within one year:
Trade receivables
Borrowings
Bank overdrafts
Payable within one year		 2023
£
-
2023
£
577
577		 2022
£
(1)
2022
£
-
-

10 Borrowings

The long-term loans are secured by fixed charges over [XXX]

[An entity shall disclose information that enables users of its financial statements to evaluate the significance of financial instruments for its financial position and performance. For example, for long term debt such information would normally include the terms and conditions of the debt instrument (such as interest rate, maturity, repayment schedule, and restrictions that the debt instrument imposes on the entity.]

DOMINION LIFE ASSEMBLY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

11 Current liabilities

11
Current liabilities
Notes
Bank overdrafts
10
12
Non-current liabilities
Other payables		 2023
£
577
2023
£
8,970		 2022
£
-
2022
£
8,970

13 Retirement benefit schemes

The operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the in an independently administered fund.

14 Endowment funds -

These are endowment funds funds which are material to the 's activities.

At 1 January At 31
2023 December
2023
£ £
(4,705) (4,705)
Previous year: At 1 January At 31
2022 December
2022
£ £
(4,705) (4,705)

15 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 January Incoming Resources At 31
2023 resources expended December
2023
£ £ £ £
General funds (3,085) 17,877 (19,634) (4,842)

DOMINION LIFE ASSEMBLY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

15 Unrestricted funds (Continued)
Previous year: At 1 January Incoming Resources At 31
2022 resources expended December
2022
£ £ £ £
General funds (200) 13,846 (16,731) (3,085)
16 Analysis of net assets between funds
Unrestricted Endowment Total
funds funds
[description]
2023 2023 2023
£ £ £
Fund balances at 31 December 2023 are represented by:
Current assets/(liabilities) (577) - (577)
Long term liabilities (8,970) - (8,970)
(9,547) - (9,547)
Per balance sheet (4,842) (4,705) (9,547)
Balance to allocate 4,705 (4,705) -
Unrestricted Endowment Total
funds funds
[description]
2022 2022 2022
£ £ £
Fund balances at 31 December 2022 are represented by:
Current assets/(liabilities) 1,180 - 1,180
Long term liabilities (8,970) - (8,970)
(7,790) - (7,790)
Per balance sheet (3,085) (4,705) (7,790)
Balance to allocate 4,705 (4,705) -

17 Related party transactions

There were no disclosable related party transactions during the year (2022 - none).