NEW CREATION LIVING MINISTRIES
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31[ST ] DECEMBER 2022
CHARITY NUMBER:1161364
NEW CREATION LIVING MINISTRIES 12 WHEATSTONE CLOSE MITCHAM CR4 3RN
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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TRUSTEES’ REPORT YEAR ENDED 31[ST] MARCH 2022
The trustees are pleased to present their report for the year ended 31 DECEMBER 2022 for the charity, New Creation Living Ministries with charity number 1161364.
The Trustees of the charity are: Pastor Oliver Garshong Mr Frederick Randolph Mr Charles Junior Mensah-Bonsu
The principal address of the charity is : 12 Wheatstone Close Mitcham Surrey CR$ 3RN
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Charity governing document is a CIO – Foundation Constitution registered 21 April 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 faith in accordance with the statement of beliefs for the benefit in the United Kingdom and in such other parts of the world as the trustees may think fit from time to time . 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 worship services through the year in which individuals were equipped and educated on the principles and doctrines of the Christian faith. The organisation continues to hold online services due to the pandemic conditions. 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 £15,600. This is a good 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 church equipment.
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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 have 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.
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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 21[st] August 2023 and signed on their behalf by:
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NEW CREATION LIVING MINISTRIES
ACCOUNTS FOR THE YEAR ENDED 31st DECEMBER 2022
1 Receipts & Payments Account (General Purpose Fund)
| Income Receipts Tithes and Offerings Interest Total Receipts Direct Charitable Expenditure Subscriptions Music Services Refreshments Hire of Hall Church Events Church Supplies Media Services Welfare Professional fees Honorarium Transport Decorations Stationary Bank Missions Other Expenditure Equipment Insurance Hire of equipment Total Payments Net Receipts/(Payments) for the year Cash Funds brought forward Cash Funds at the end of the year |
£/ 2022 £/2021 15946 10790 0 |
|---|---|
| 15946 10790 |
|
| 0 0 50 0 60 0 4168 0 3245 0 1000 56 0 194 800 2125 240 150 400 100 400 50 120 0 0 0 0 0 1700 0 |
|
| 12183 2675 300 0 0 0 0 0 |
|
| 300 0 12483 2675 3463 8115 23157 15042 |
|
| 26620 23157 |
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NEW CREATION LIVING MINISTRIES
| 2 Statements of Assets and liabilities Monetary Assets Cash Funds Cash at hand and in bank Total Cash Funds Assets Retained for the Charity's Own use Non-monetary Assets and Liabilities Musical Instruments Equipments Liabilities Bookkeeping NET ASSETS |
Unrestricted Funds 2022 2021 £ £ 26620 23157 |
|---|---|
| 26620 23157 |
|
| 380 475 2638 2997 |
|
| 3018 3472 150 150 |
|
| 29488 26479 |
These accounts were approved by the trustees and signed on their behalf by: Pastor Oliver Garshong
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NEW CREATION LIVING MINISTRIES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31st DECEMBER 2022
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 asstes 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.
Depreciation
Depreciation is calculated at 20% reducing balance method
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