GOOD NEWS CHURCH MANCHESTER
CIO
FINANCIAL STATEMENTS FOR THE YEAR ENDED
31 DECEMBER 2022
Charity Registration No: 1162511
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GOOD NEWS CHURCH MANCHESTER CIO
CONTENTS
| Page | |
|---|---|
| Administrative details | 3 |
| Trustees’ report | 4-5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Notes to financial statements | 8-10 |
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GOOD NEWS CHURCH MANCHESTER CIO
FOR THE YEAR ENDED DECEMBER 2022
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS
Board of Trustees EKANEM DAVID MODUPE GBALAJOBI DR SESAN AJAYI Charity Registration No: 1162511 Principal Office: 78 PARK ROAD PRESTWICH MANCHESTER M25 0FA Accountant: XPATLINK ACCOUNTANTS LIMITED 91, PRINCESS STREET, MANCHESTER, M1 4HT Banker : NATWEST
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GOOD NEWS CHURCH MANCHESTER CIO TRUSTEE’ ANNUAL REPORT FOR THE YEAR ENDED DECEMBER 2022
The trustees present their Annual Report of Good News Church Manchester CIO for the year ended 31[ST] December 2022 and they confirm that they comply with the Charities Act 2011 and the Charities Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities" issued in March 2005, in preparing the Annual Report and Financial statements of the charity.
Objectives and Aims of the charity
The principal activity of the charity during the year was the advancement of the Christian faith and educating members in the knowledge of God by:
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Organising worship meetings on Sundays
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Organising regular bible studies and Prayer sessions.
Principal funding sources
Principal funding sources
The church members (congregation) continued to be the main source of income in form of donations and gifts to the church; Good News Church Manchester CIO
STRUCTURE, GOVERNANCE AND MANAGEMENT
Constitution
The charity is a UK registered charity with number 1162511
Method of Appointment or Election of Trustees
The management of the Church is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed
Organisational Structure and Decision Making
The church is organised such that the day to day running of the church has been delegated to the Pastor and the church administrator. The Trustees are consulted on all issues that are material in nature and determine the strategic direction of the charity affairs. Trustees meet formally as and when required to review the church's operations. The trustees are required by the trust deed to meet at least twice a year.
Risk Management
The Trustees have assessed the major risks to which the church is exposed, in particular those related to the operations and finances of the church. The trustees believe that by monitoring reserve levels, by ensuring controls exist over key financial systems and by examining the operational risks faced by the church, they have established effective systems to mitigate the charities exposure to these risks.
Trustees Responsibility Statement
The trustees are responsible for preparing the Report of the Trustees 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, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to - select suitable accounting policies and then apply them consistently; -
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Observe the methods and principles in the Charity SORP; - make judgements and estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy 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 Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
This financial statement was approved by the board of Director on 13[TH] October 2023 and signed on their behalf
By :
DR SESAN AJAYI
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GOOD NEWS CHURCH MANCHESTER CIO STATEMENT OF FINANCIAL ACTIVITIES FOR YEAR ENDED DECEMBER 2022
| 31.12.22 | 31.12.21 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | ||
| Funds | Fund | Fund | Funds | ||
| Notes | £ | £ | £ | £ | |
| INCOMING RESOURCES | |||||
| Donations, legacies & similar incoming resources | 2 | 17,931.00 | 17,931.00 | 6,139.00 | |
| Activities in furtherance of charity's object | 3 | 2,288.00 | 2,288.00 | ||
| Grants received | 4 | ||||
| Investment Income | 5 | ||||
| Total incoming resources | 20,219.00 | 20,219.00 | 6,139.00 | ||
| RESOURCES EXPENDED | |||||
| Grants payable - individual | 6 | 400.00 | 400.00 | 400.00 | |
| Costs of activities in furtherance of charities | 7 | 3,296.00 | 3,296.00 | ||
| objectives | 1,293.00 | ||||
| Management and governance costs | 8 | 920.00 | 920.00 | 573.00 | |
| Total resources expended | 4,616.00 | 4,616.00 | 2,266.00 | ||
| Net (Outgoing)/Income resources for year | 15,603.00 | 15,603.00 | 3,873.00 | ||
| Reconcilation of Funds | |||||
| Fund brought forward | 53,276.00 | 53,276.00 | 49,403.00 | ||
| Fund carried forward | 68,879.00 | 68,879.00 | 53,276.00 |
The charity's incoming resources and resources expended all relate to continuing activities.
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GOOD NEWS CHURCH MANCHESTER CIO STATEMENT OF FINANCIAL ACTIVITIES FOR YEAR ENDED DECEMBER 2022
| 31.12.22 | 31.12.21 | |||||
|---|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | ||
| FIXED ASSETS | ||||||
| Tangible Assets | 9 | 1,256.00 | 0.00 | 1,884.00 | ||
| CURRENT ASSETS | ||||||
| Stocks | ||||||
| Debtors | ||||||
| Cash at Hand & Bank | 68,053.00 | 51,692.00 | ||||
| LIABILITIES | ||||||
| Creditors falling due within 1 Yr | 10 | 430.00 | -300.00 | |||
| Total current assets less current liability | 67,623.00 | 51,392.00 | ||||
| Creditors falling due after 1 year | ||||||
| NET ASSETS | 68,879.00 | 53,276.00 | ||||
| CHARITY FUND | ||||||
| Unrestricted fund | 53,276.00 | 49,403.00 | ||||
| Net income for the year | 15,603.00 | 3,873.00 | ||||
| TOTAL CHARITY FUND | 68,879.00 | 53,276.00 |
Approved on behalf of the trustees of Good News Church Manchester CIO
DR SESAN AJAYI
CHAIRMAN BOARD OF TRUSTEES
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GOOD NEWS CHURCH MANCHESTER CIO
NOTES TO THE FINANCIAL ACTIVITIES FOR THE YEAR ENDED DECEMBER 2022
1. ACCOUNTING POLICIES
a. Basis of preparing the financial statements
GOING CONCERN
The trustees are confident, after making appropriate enquires that the Charity has adequate resources at hand to continue in operation for the foreseeable future. For this reason, they continued to adopt the going concern basis in preparing the Accounts.
b. Accounting convention
The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), the Charities Act 2011 and the requirements of the Statement of Recommended Practice, Accounting and Reporting by Charities.
c. Financial reporting standard
Exemption has been taken from preparing a cash flow statement on the grounds that the charity qualifies as a small entity..
d. Incoming resources
All incoming resources are included on the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.
e. Resources expended
Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
f. Governance costs
Governance costs comprise all costs involved in public accountability of the charity and its compliance with regulation and good practice. These costs include costs relating to statutory audit and professional fees together with an apportionment of overheads and supports costs.
g. Depreciation.
Depreciation was calculated 25% of original cost on straight line basis.
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h. Unrestricted funds are incoming resources received for the objects of the charity without further specified purpose and are available as general funds
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i. Restricted funds are subject to restrictions on their expenditure imposed by their donors.
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GOOD NEWS CHURCH MANCHESTER CIO
NOTES TO THE FINANCIAL ACTIVITIES CONTINUED FOR THE YEAR ENDED DECEMBER 2022
| 2. DONATIONS, LEGACIES AND SIMILAR INCOMING RESOURCES Planned giving Collection at all services Sundry donations Gift aid receivable Total 3. ACTIVITIES IN FURTHERANCE OF CHARITY'S OBJECT Building appeal Chairs appeal Others 4. GRANT RECEIVED 5. INVESTMENT INCOME Interest receivable Total 6. Grants Individual welfare / support Total 7. Cost of activities in furtherance of charity objectives Visiting Speakers Expenses Staff Costs Insurance, Travel and Subsistence Hall Hire, Rent & Rates Community Projects, Worship cost, Conferences & Evangelism Printing, Postage and Stationery Depreciation Total |
Unrestricted Restricted Total Total Funds Funds Funds Funds 2022 2022 2022 2021 17,931.00 17,931.00 6,139.00 17,931.00 17,931.00 6,139.00 £ £ £ 2,285.00 2,285.000.00 3.00 3.00 20,219.00 20,219.00 6,139.00 2022 2022 200 2021 £ £ £ £ 400.00 400.00 2021 £ 0.00 0.00 232.00 1,430.00 1,006.00 665.00 628.00 628.00 3,296.00 1,293.00 |
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GOOD NEWS CHURCH MANCHESTER CIO NOTES TO THE FINANCIAL ACTIVITIES CONTINUED FOR THE YEAR ENDED DECEMBER 2022
| 8. MANAGEMENT AND GOVERNANCE COSTS | 2021 | 2021 |
|---|---|---|
| £ | £ | |
| Accountancy fee | 430.00 | 300.00 |
| Administrative cost-Training | 0.00 | 129.00 |
| Professional fees-website | 244.00 | 144.00 |
| Music License | 117.00 | |
| Subscription | 129.00 | |
| Total | 920.00 | 573.00 |
9. TANGIBLE ASSETS 2021
| COST At Jan2022 Additions At 31 December 2022 DEPRECIATJON At I January 2022 Charge for this period At 31 December 2022 NET BOOK VALUE At January 2022 At 31 December 2022 10. Creditors due within 1 year Accountant fee Accrued expenses Total |
Equipment (Musical equipment & Computers) Total £ £ 2,512.00 2,512.00 0.00 0.00 2,512.00 2,512.00 |
|---|---|
| 628.00 628.00 628.00 628.00 |
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| 1,256.00 1,256.00 |
|
| 1,884.00 1,884.00 |
|
| 1,256.00 1,256.00 |
|
| 2022 2021 £ £ 430.00 300.00 0.00 0.00 430.00 300.00 |
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