2023-07-31-accounts - Christ Glory Word Ministries

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

CHRIST GLORY WORD MINISTRIES FINANCIAL STATEMENT FOR THE PERIOD ENDED 31 JULY 2023

CONTENTS
PAGES
1.COMPANY INFORMATION	1
3. ACCOUNTANTS REPORT	2
4. STATEMENT OF DIRECTORS’ REPORT	3-4
5. ACCOUNTANT’S REPORT	4-5
6. BALANCE SHEET	5-6
7. SUMMARIZED & DETAILED INCOME & EXPENDITURES	7-8
8. NOTES TO THE FINANCIAL STATEMENT	9-10
i

CHRIST GLORY WORD MINISTRIES FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JULY 2023

INCORPORATION NUMBER:

08604938

STATUS: PRIVATE COMPANY LIMITED BY GUARANTEE DIRECTORS: ABOLADE AKINREMI SECRETARY: OLAWALE OLUSOLA OGUNYODE REGISTERED OFFICE: 21 HOLST AVENUE BASILDON ESSEX SS15 5RD ACCOUNTANTS: Colinson and Company Ltd Accountants and Tax Consultants Regent 88, Unit 3 201 Church Road London, E10 7JQ

Page 1

REPORT OF THE ACCOUNTANTS TO MEMBERS OF CHRIST GLORY WORD MINISTRIES FOR THE PERIOD ENDED 31 JULY 2023

We have examined the accounts for the period 31 July 2023.

Respective Responsibilities of Directors and Reporting Accountants

As described on page 4 the company’s directors are responsible for the preparation of accounts. It is our responsibility to examine the accounts and based on our examination to report our opinion, as set out below, to the shareholders.

Basis of Opinion

We conducted our opinion in accordance with the appropriate standards for reporting accounts issued by the Auditing Practices Board. This examination consisted of comparing the accounts with the accounting records kept by the company and making such limited enquiries of the officers of the company, as we considered necessary for the purposes of this report.

Opinion

In our opinion:-

(a) The accounts are in agreement with the accounting records kept by the company under S386 of the Companies Act 2006.
(b) Having regards only to, and on the basis of, the information contained in those accounting records:
(i) The accounts have been drawn up in a manner consistent with the accounting requirements specified in S393 of the Act: and
(ii) The company satisfied the conditions for exemption from audit of the accounts for the period specified in S477 of the Act and did not, at any time within that period, fall within any of the categories companies not entitled to the exemption specified in S478 of the Companies Act 2006.

COLINSON & COMPANY LTD. ACCOUNTANTS AND TAX CONSULTANTS

REGENT 88, UNIT 3 210 CHURCH ROAD LEYTON LONDON E10 7JQ

DATE ..............................…............

Page 2

CHRIST GLORY WORD MINISTRIES DIRECTOR’S REPORT FOR THE PERIOD ENDED 31 JULY 2023

The Director presents his report and financial statements for the year period 31 July 2023.

OBJECTIVES AND ACTIVITIES

Our principal activity is the liberation of lost souls by the word of God and raising great nations through the teaching of Jesus Christ. In addition, the charity helps in the relief of poverty in all parts of the world; directly to our immediate members, their families, members of local and international communities as occasion demands, in cash and in kind.

DIRECTORS’ RESPONSIBILITIES

Company law requires the directors to prepare accounts for each financial year, which gives a true and fair view of the state of affairs of the company and the profit or loss of the company of that period. In preparing those accounts, the directors are required to:

select suitable accounting policies and then apply them consistently
make judgements and estimates that are reasonable and prudent
follow applicable accounting standards, subject to any material departures disclosed and explained in the accounts
prepare the accounts on the going concern basis unless it is inappropriate to presume that the company will continue in business

The directors are responsible for keeping proper account records which, disclosed with reasonable accuracy at any time, the financial position of the company and to enable them to ensure that the accounts comply with the Companies Act. 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 3

CHRIST GLORY WORD MINISTRIES DIRECTOR’S REPORT CONTINUED FOR THE PERIOD ENDED 31 JULY 2023

Colinson & Company Ltd, Accountants and Tax Consultants, have indicated their willingness to continue to act for the company. Accordingly, a resolution will be proposed at the forthcoming Annual General Meeting.

Basis of Preparation

In preparing the above report, the directors have taken advantage of special exemptions applicable to small companies under S477 of the Companies Act. 2006.

SIGNED ON BEHALF OF THE BOARD

………………………….…………………. DIRECTOR ABOLADE AKINREMI …………………………………………….. SECRETARY OLAWALE O. OGUNYODE

APPROVED BY THE BOARD

DATED THIS …………………….. DAY OF ……..……………….. 20…

----- Start of picture text -----
Page 4
----- End of picture text -----

CHRIST GLORY WORD MINISTIRES BALANCE SHEET AS AT 31 JULY 2023 (CONTD)

The directors have taken the advantage of the Companies Act 2006 in not having these Accounts audited Under Section 477.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 July 2015 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

a. Ensuring that the company keeps accounting records which comply with Section 386 of the Companies Act 2006 and
b. Preparing financial statement which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Section 393 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as application to the company.
c. These accounts have been prepared in accordance with the provisions applicable to companies subject to small companies’ regime.

SIGNED ………. .….….……..……DIRECTOR ABOLADE AKINREMI

SIGNED ------------------------------------SECRETARY OLAWALE O. OGUNYODE

Page 6

CHRIST GLORY WORD MINISTRIES BALANCE SHEET AS AT 31ST JULY 2023

FIXED ASSETS

FIXED ASSETS Notes Tangible Assets 4

CURRENT ASSETS

Cash in Hand Cash in transit Cash at Bank Debtors Prepayment

CURRENT LIABILITIES

Sundry Creditors: Amounts falling due within 1 year 5

NET CURRENT ASSETS

NET ASSETS/LIABILITIES

CREDITORS:

Amount falling due after more than 1 year 5

UNRESTRICTED FUNDS

Shares Guaranteed Add: Net Income/Outgoing Resources Prior Year Adjustment

Accumulated Funds C/F

CHRIST GLORY WORD MINISTRIES STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST JULY 2023

INCOME Incoming resources from donation Other incoming resources TOTAL INCOMING RESOURCES RESOURCES EXPENDED Costs of generating funds Missionary and Charitable giving Activities directly relating to the work of the church Church Management and Administration TOTAL RESOURCES EXPENDED	Notes 2 3 (3a) (3b) (3c)	Unrestricted	Unrestricted
			Funds £ 87,322 - 87,322 2,125 55,091 27,544 84,759

NET INCOMING/(OUTGOING) RESOURCES	2,562
BALANCE BROUGHT FORWARD AT
8/1/2022	2,562
PRIOR YEAR ADJUSTMENT	-
NET MOVEMENT IN FUNDS	140,267
	Page 7

CHRIST GLORY WORD MINISTRIES NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31st JULY 2023

1 ACCOUNTING POLICIES

a. The accounts are prepared under the historical cost convention with the excepti which are stated at market value. They comply with the requirements of Statem Recommended Practice 'Accounting Charities' ('SORP') and are in accordance accounting standards.
b. General accumulated funds are unrestricted funds available to the church for its and include funds designated by the Church for a particular purpose; the use of funds remains at the discretion of the Church's Trustees.
c. There is no Restricted Fund at the moment.
d. The governance, management and administration expenses reported in note 3 r of the Church's activities and a proportion of these charges are allocated to exp on a basis consistent with the use of the resources.
e. Investments are stated at market value. It is the Church's policy to keep valuat such that when investments are sold there is no gain or loss arising to previous
f. Tangible assets are included at cost and depreciation is provided on a straight li write off the assets over their useful lives.

Motor Vehicles Equipments Fixtures & Fittings Computers and Accessories Building Renovation Leasehold

g. All expenditure is accounted for on an Accrual Basis.

2 INCOMING RESOURCES

Gift Aid Offering Tithes Evangelism Building Fund Rental Income Other Income (Donation) Interest Received Event(s) TOTAL INCOMING RESOURCES		Unrestricted Funds £ 13,551 6,692 56,307 0 1,026 1,080 1,108 346 7,211	Unrestricted Funds £ 13,551 6,692 56,307 0 1,026 1,080 1,108 346 7,211

			87,322

Page 8

CHRIST GLORY WORD MINISTR NOTES TO THE ACCOUNTS (CON FOR THE YEAR ENDED 31st July 2

3. RESOURCES EXPENDED 3a. Missionary and charitable giving: 3b. Activities directly relating Church work	Unrestricted Funds £ 2,125 2,125	Unrestricted Funds £ 2,125 2,125	Unrestricted Funds £ 2,125 2,125
		Funds
		£
			2,125

3c.

Church - running expenses Church maintenance Sunday School Leaders Training Parish Magazines & Bookstall Evangelism Events Welfare Church Management and Administration Administration Bank Charges Loan Interest Arrangement Fees - Charge for year - TOTAL RESOURCES EXPENDED	37,867 516 - - 0 13,907 2,800 55,091
	26,727 816 0 27,544
	84,759

Leasehold £ 42,085	Office & Musical Equipments £ 34,522 4,607 0	Motor Vehicle £ 48,788 0


42,085	39,129	48,788
19,640 11,223	24,131 5,869	48,788 0
30,863	30,000	48,788
11,223 22,445	9,129 10,391	0 0

Page 9

CHRIST GLORY WORD MINISTRIES NOTES TO THE ACCOUNTS (CONTD) FOR THE YEAR ENDED 31st July 2023

5 CREDITORS AND ACCRUALS

Accountancy and Bookkeeping

Motor Vechicle Soft Loan

6 DEBTORS

Gift Aid

7 CLERGY ALLOWANCE

No employee received remuneration amounting to more than £50,000 in th

8 FUNDS

Unrestricted funds comprise those funds which the trustees are free to use in ac the charitable objectives.

This is an incorporated charity, constituted by trust deed. It's principal objectiv the word and preaching the Gospel of Christ and the life after life and to contrib and educational needs of the community. It has unrestricted funds. It prepares accordance with SORP and with applicable accounting standards.

9 Leases

Payments made under operating leases (net of any incentives received from the to the Statement of Comprehensive Income on a straight-line basis over the per

Page 10

Unrestricted Funds 2023 £ £ 772 0 100,940 8,661 1,500 111,873 1,200	Unrestricted Funds 2022 £ £ 29,594 529 0 80,461 8,503 1,759 91,253 600 110,673 140,267 0 140,267	47,052 90,653 137,705 0 137,705	47,052 90,653

10 10 140,257 137,695 - - 140,267 137,705

Page 5

Restricted Funds £ 0 - - - - - -	Endowment Funds £ 0 - - - - - -	Total Funds 2023 £ 87,322 - 87,322 2,125 55,091 27,544 84,759	2022 £ 83,149 - 83,149

			856 43,619 26,674
			71,149

-	-	2,562	12,000
-	-	137,705	125,704
-	-	-	-
-	-	140,267	137,705

ion of investments ment of with applicable

s general purposes f such designated

elate to the whole penditure headings

tions up to date years.

ine basis, in order to

20% per annum on a straight line basis 15% per annum on a straight line basis 15% per annum on a straight line basis 15% per annum on a straight line basis 10% per annum on a straight line basis 25% per annum on a straight line basis

Restricted Funds £ - - - - - - 0	Endowment Funds £ - - - - - -	0		Total Funds Total 2023 £ 13,551 6,692 56,307 0 1,026 1,080 1,108 346 7,211	Total Funds Total 2023 £ 13,551 6,692 56,307 0 1,026 1,080 1,108 346 7,211	Total	Funds 2022 £ 11,939 4,524 55,094 0 0 3,100 1,644 9 6,840

					87,322		83,149

RIES NTD) 2023

Restricted Funds £ - -	Endowment Funds £ - -	Total Funds 2023 £ 2,125 2,125	Total Funds 2023 £ 2,125 2,125	2022 £ 856 856
			2023 £

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -	37,867 516 - - 0 13,907 2,800 55,091 26,727 816 0 - - 27,544 84,759	30,991 0 0 0 0 8,478 4,150 43,619
		25,918 756 0 26,674
		71,149

Building Computer & Fixtures & Renovation Accessories Fittings Total £ £ £ £ 18,468 4,096 16,749 164,708 0 0 0 4,607 0 0 0 0	Building Computer & Fixtures & Renovation Accessories Fittings Total £ £ £ £ 18,468 4,096 16,749 164,708 0 0 0 4,607 0 0 0 0	Building Computer & Fixtures & Renovation Accessories Fittings Total £ £ £ £ 18,468 4,096 16,749 164,708 0 0 0 4,607 0 0 0 0	Building Computer & Fixtures & Renovation Accessories Fittings Total £ £ £ £ 18,468 4,096 16,749 164,708 0 0 0 4,607 0 0 0 0	Building Computer & Fixtures & Renovation Accessories Fittings Total £ £ £ £ 18,468 4,096 16,749 164,708 0 0 0 4,607 0 0 0 0	Building Computer & Fixtures & Renovation Accessories Fittings Total £ £ £ £ 18,468 4,096 16,749 164,708 0 0 0 4,607 0 0 0 0

18,468	4,096		16,749 169,315
6,914 1,847	3,913 614		14,271 117,656 2,512 22,066
8,760	4,527		16,783 139,721
9,707 11,554		-431 184		-34 2,478	29,594 47,052

2023

2022

£ £

----- Start of picture text -----
1,200 600
- -
- -
1,200 600
2023 2022
£ £ £ £
8,662 8,503
8,662 8,503
----- End of picture text -----

he year.

ccordance with

ve is spreading bute to the health s its accounts in

e lessor) are charged riod of the lease.