## **PHILADELPHIA COVENANT KEEPERS** ## **FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 31[st ] OCTOBER 2023** # **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**| ## **PHILADELPHIA COVENANT KEEPERS** ## **TRUSTEES’ REPORT YEAR ENDED 31[ST ] OCTOBER 2023** The trustees are pleased to present their report for the year ended 31[st ] October 2023 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. ## **FINANCIAL REVIEW** The income of the charity is above £4,900. 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 online trainings and materials for the services. ## **PLANS FOR THE FUTURE** The church intends to continue to host its regular yearly conferences/ Outreaches in UK and set up an “Online Prayer Watch” to reach out the world, and in particular those restricted to fellowship physically with other brethren by Covid-19 related issues such as the underlining health conditions. The intended re-appointment 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: 1. Select suitable accounting policies and apply them consistently. 2. Make judgements and estimates that are reasonable and prudent. 3. 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 30[th ] August 2024 and signed on their behalf by: _____________________________________________ ## **PHILADELPHIA COVENANT KEEPERS** ## **ACCOUNTS FOR THE YEAR ENDED 31[st] OCTOBER 2023** **1 Receipts & Payments Account (General Purpose Fund) Income Receipts** `£/2023 £/2022 Tithes and Offerings 3840 4950 Interest 0 0` **Total Receipts 4950 3840 Direct Charitable Expenditure** `Admin services 435 850 Hall Hire Rent 700 900 Conference/Study Seminar costs 640 550 Transport 300 200 Speakers expenses 530 380 Stationary 250 180 Professional fees 370 150 Mission 520 190 Online training supplies 1000 720 3180 5360` **Other Expenditure** `Equipment 250 0 Instruments 0 0` **Total Payments 4950 3620 Net Receipts/(Payments) for the year** 320 195 **Cash Funds brought forward -410 180 Cash Funds at the end of the year 695 375 PHILADELPHIA COVENANT KEEPERS 2 Statements of Assets and Liabilities at 31[st] October 2023 Monetary Assets Unrestricted Funds Cash Funds £/2023 £/2022 . £ £ Cash at hand and in bank 285 695 Total Cash Funds 285 695 Assets Retained for the Charity's Own use Non-monetary Assets and Liabilities** `Online Instruments/` 600 600 `Equipment 492 492` 992 992 **Liabilities** `Bookkeeping 150 250` ``` These accounts were approved by the trustees and signed on their behalf by: ``` ``` Pastor Noah Mushet ``` ## **PHILADEPLHIA COVENANT KEEPERS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[st] October 2023** ## **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. ```