PHILADELPHIA COVENANT KEEPERS
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31[st ] OCTOBER 2021
CHARITY NUMBER: 1160488
PHILADELPHIA COVENANT KEEPERS
FLAT 31 WEALDSTONE COURT 32 BROOK AVENUE WEMBLEY, HA9 8PQ
| INDEX | |
|---|---|
| Page | |
| Index | 1 |
| Trustee’s Report | 2-3 |
| Receipts and Payments Account | 4 |
| Statement of Assets and Liabilities | 5 |
| Notes on the financial Statements | 6 |
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PHILADELPHIA COVENANT KEEPERS
TRUSTEES’ REPORT YEAR ENDED 31[ST ] OCTOBER 2021
The trustees are pleased to present their report for the year ended 31[st ] October 2021 for the charity, Philadelphia Covenant Keepers with charity number 1160488.
The Trustees of the charity are :Ms Luti Lisumbu . Mr Michael Oguntuase Mrs Goodness Mushet Mr Dieudonne Ndongo . Mr Joel Chikwanine . Mr Noah Mushet
The principal address of the charity is : Flat 31 Wealdstone Court . . 32 Brook Avenue . . Wembley HA9 8PQ
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Charity governing document is a CIO – Foundation Constitution registered 13[TH ] February 2015.The Charity is governed by a board on which the trustees are represented. It meets regularly to review, plan activities and monitor the financial position.
OBJECTIVES AND ACTIVITIES
The Objects of the organisation are first to advance the Christian Religion for public benefit . 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 Organisation continues to hold successful meetings through the year in which individuals were equipped and educated on the principles and doctrines of the Christian faith. The organisation held several conferences during the year in which individuals came from all around the community to attend. This has produced good results in reaching and helping members of the community.
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FINANCIAL REVIEW
The income of the charity is above £3,000. This is a small amount for this year of the charity the costs have been well managed over this period. The organisation is still in a good position to manage its costs. The main cost of the organisation was paying for the rent of its building that it uses for worship services and purchasing equipment for the services.
PLANS FOR THE FUTURE
The church intends to continue to host its regular yearly conferences in UK. The intended reappointment 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 Charity 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 charity will seek to maintain this level throughout the year.
RISK MANAGEMENT
The charity has 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.
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:
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Select suitable accounting policies and apply them consistently.
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Make judgements and estimates that are reasonable and prudent.
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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 28[th ] August 2022 and signed on their behalf by:
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PHILADELPHIA COVENANT KEEPERS
ACCOUNTS FOR THE YEAR ENDED 31st OCTOBER 2021
1 Receipts & Payments Account (General Purpose Fund) Income Receipts £/2021 £/2020 Tithes and Offerings 3840 3375 Interest 0 0 Total Receipts 3840 3375 Direct Charitable Expenditure Admin services 420 435 Hall Hire Rent 700 700 Conference/Study Seminar costs 550 0 Transport 200 220 Speakers expenses 380 355 Stationary 180 270 Professional fees 150 150 Mission 190 250 Online training supplies 720 800 3490 3180 Other Expenditure Equipment 130 0 Instruments 0 0 Total Payments 3620 3180 Net Receipts/(Payments) for the year 220 195 Cash Funds brought forward 375 180 Cash Funds at the end of the year 595 375
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PHILADELPHIA COVENANT KEEPERS
2 Statements of Assets and Liabilities at 31st October 2021 Monetary Assets Unrestricted Funds Cash Funds £/2021 £/2020 . £ £ Cash at hand and in bank 590 375 Total Cash Funds 590 375 Assets Retained for the Charity's Own use Non-monetary Assets and Liabilities Musical Instruments 500 500 Equipment 492 492 992 992 Liabilities Bookkeeping 150 150
These accounts were approved by the trustees and signed on their behalf by:
Pastor Noah Mushet
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PHILADEPLHIA COVENANT KEEPERS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st October 2020
ACCOUNTING POLICIES
Basis of Accounting
These accounts have been prepared on the receipts and payments basis with all revenue and expenses shown on a cash basis. Non-monetary assets are shown at estimates of the value at the end of the year.
Funds
The CIO has a general unrestricted fund that receives voluntary donations from attendants at the services.
The CIO has no outstanding guarantees to third parties no any debts secured on the assets of the CIO
Public Benefit
The charity acknowledges its requirement to demonstrate clearly that it must have charitable purposes or aims that are for public benefit. Details of how this is achieved are provided in the Trustees report. The trustees confirm that they have paid due regard to the Charity Commission guidance on public benefit before deciding what activities the charity should undertake.
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