CHRIST GLORY WORD MINISTRIES ACCOUNTS FOR THE YEAR 2024 COLINSON AND COMPANY LTD Accountants and Tax Consultants Regent 88, Unit 3 210 Church Rovdd IKylon London, EIO 7JQ Tel: 0208 127 1180 Email: eolinststtandeo@gmAil.eom
CIIRIST GLORY WORD MINISTRIES FtNANCIAL STATEMENT FOR THE PERIOD ENDED 31 JULY 2024 CONTENTS PAGES I. COMPANY INFORMATION 3. ACCOUNTANTS REPORT 4. STATEMENT OF DIRF.CTORS' REPORT 34 5. ACCOUNTANT'S REPORT 6. BALANCE SHEET 7. SUMMARIZED & DETAILED INCOME & EXPENDITURES NOTES TO THF. FINAIYCIAL STATEMENT 9-10
CHRIST GLORY WORD MINISTRIES FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JULY 2024 INCORPORATION NUMBER: 08604938 STATUS: PRIVATE COMPANY LIMITED BY GUARANTEE DIRECTORS: ABOLADE AKINREMI SECRETARY: OLA WALE OLUSOLA OGUNYODE REGISTERED FFIC 21 HOI.ST AVENUE BASILWN SS15 5RD AccouNfANTS: Colinson and Company Ltd Accountants and T&K Consultants Regent 88. Unit 3 201 Church Road London, Fl 0 7JQ Page I
REPORT OF THE ACCOUNTANTS TO MEMBERS OF CHRIST GLORY WORD MINISTRIES FOR THE PERIOD ENDF.D 31 JULY 2024 W¢ hav¢ examined the accounts for the period 31 July 2024. Res tive Res llsibilities of Direetors Re rtiD A¢¢oulltants As deslribed on page 4 ihc company'5 dircrtors are reswnsiblc for thc prcpar&tion of account5. It is our responsibility lo examine the accounts and based on our examination lo port our opinion, as set oul below. lo the shareholders. Basis of O inioD We conducted our opinion in accordance with the appropriate stsnd8rdg for porting accounts issued by the Auditing Practices Board. This examination consisted of comparing the ae¢ounts with the accounting reGords kcpi by the company and making such limited enquiries of the officers of the company, as we ¢onsidered nessary for the purposes of this report. O Inion 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 infonnation ¢ontsined in those accounting records: The accounts have been drawn up in a manner consistent with the accountin8 requirements specified in S393 of th¢ Aci: and The company saii5fied ihe conditions for exemption from audit of Ihe accounts for ihe period specified in S477 of the Act and did no4 818ny time within that period. fall within any of the caiegories Companies not entitled to the exempiion specified in S478 of the Companies Act 2006. COLINSON AND COMPANY LTD. ACCOUNTANTS AND TAX CONSULTANTS REGENT 88, UNIT 3 210 CHURCHROAD LEYTON LONDON EIO 7JQ DATE ..................................-......-. Page 2
CHRIST GLORY WORD MTNISTRtES DIRECTOR'S REPORT FOR THE PERIOD ENDED 31 JULY 2024 Th¢ Director presents his report and financial statem¢nts for the year period 31 July 2024. OKJEcfivES AND AcrivrTIES Our principal activity is the liberation of lo souls by the word ofGod and rdising gre 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 lo1 and inlernational communities as occasion demands. in cash and in ktnd. DIRECTORS, RESPONSIBILITIES Company law require5 the director5 10 prepare accounts for each financial year. which givcs a true and fair view of the 51ate of affairs of the company and ihe Profil or loss of ihe company ol.that period. In preparing those accounts, the direciors are required to: 5clwt 5uitsble oUntIng policies and then apply ihem con5isi¢ntly make judgements and estimates thal reasonable and prudent follow applicable accounting stsndard4 subjeci to any MerIal departures disclosed and explained in the accounts prepare the accounts on the 8Oln8 concern basis unless it is inappropriate to presume that the ¢ompany will coniinue in business The directors ar¢ r¢sponsibl¢ for keIng proper acwunt records which, disclosed with reasonable accuracy at any time. Ihe financial position of Ihe company and to enable them to cnsure ihal the accounLs comply with the Companies Act. 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable sleps for the prevention and detection of frdud and other irregularities. Page 3
CHRIST GLORY WORD MINISTRIES DIRECTOR'S REPORT CONTINUED FOR THE PERIOD ENDED 31 JULY 2024 Colinson & Co, Accounlants and Tax Consultants have indicated their willingness to continue to act fur the company. A¢cordingly. a resolution will b¢ proposed ai the forthcoming Annual General Meeting. BASIS of Pre In preparing the alN)ve reporL the directors have tsken advants8e of special exemptions applicable io small companies under S477 of the Companies Act. 2006. SIGNED ON BEHALF OF THE BOARD . DtRF.cfoR ABOLADE AKINREMI . SECRETARY OLAWALE O. OGUNYODE APPROVED BY THE BOARD DATEDTHIS.......................... DAY OF ............................ 20... Page 4
HRIST CLORY WORD MINISTRIES E SHEET AS AT 31ST JULY 2 24 Unre5tTlCted Funds 2024 Unrestricted Fiinds 2023 ED ASSET Notes aiigible Assets 11.496 29,594 URRENT ASSETS '_ash iii Hand '.asl) in ti'ansil '.asli ai Baiik lebtors 772 124,610 9.072 100.940 8.662 'repayment 133.682 11.874 .'URRENT LIABILITIES .(Iiidiy Creditors.. Amounts falling due within l y¢ar IET CURRENT ASSETS 133 082 10.674 IEI. ASSETSILIABILITIES 144,578 140,267 '.RF.DITORS: AmoLint falling due after mol'e than l year INRESTRICTED FUNDS liares Guaranteed .dd.. Net IiicomelOut8oin8 Resources I'ior Year Adjiistment 144,568 140.257 c¢iimulated Funds CIF Pg4ge S
CHRIST GLORY WORD IIIINISTIRES BALANCE SHEET AS AT 31 JULY 2024 CONTD The directors have taken the advantage of thc Companics Act 2006 in not having thesc Accounts audited Undcr S¥Glion 477. The members have nol required the comparty to obtain an audit of its financial ststements for the period ended 31 July 2024 in accordance with Se10n 476 of ihe Companies Act 2006. The directors acknowledge their responsibilities for: Ensuring thai the company keeps accounting records which comply with Section 386 of thc Companies Act 2006 and Preparing financial statement which give a true and fair vicw of thc State of affairs of the company &s al the end of each financial year and of its profit or los% for each financial year in accordance with ihe requircments of Seclion 393 and which otheNise comply with ihe requirements of the Companies Act 2006 relating to financial statements. so far as application to the cornpany. These accounts have been prepared in accordance with the provisions applicable to companies subject to small companies, regime. SICNED.........................-......DIRECTOR ABOLADE AKINREMI SICNED - SECRETARY OLAWALE O. OGUNYODE Page 6
CHRisf GLORY WORD MtNSTIUES STA TEMENT OF FtNANCIAL ACTtvrriES FOR THE YEAR ENDED 31ST JULY 2024 urtricI¢d Reotritted EndowmeJ)t Total Funds Funds Fund$ Funds Notes 2024 2023 COME n¢oming resoureeg from donation 94.014 94,014 87.322 )ther incoming resources COTAL INCOMING RESOURCES iEI SOURCES F.XPFNDED 08ts of generAiing fund8 Aissionary and Cliaritable giving Ictivities direcrly relating 10 Ihe ork of the church liurch MA])ageiyJent and Administration {3#) 2.229 2,229 2.125 (3b) (3e) 59,696 59,696 55,091 "OTAL RESOURCES EXPEf4DED IET INCOMINGI(OUTGOtNG) RESOURCES 4Jll 4Jll 2,562 IALANCE BROUCYHT FORWARD AT 2.562 261 137,70S RIOR YEAR ADJUSTMEDIT IET MOVEMEpif IN FUNDS 6073 6.873 140,207 Page 7
CHRIgf GLOR Y WORD MINISTRI NOTES TO THE AcCourS FOR THE YEAR ENDED 31gl JULY 2024 I ACCOUNTING POLICIES a. Thc accounts are preparcd linder the hi5tori¢al cost convention with the exception of investments which Are stRTed aE Inarkei valve. I'hey comply wlih Ih¥ requlrcinci)ts of SiaicmrJi¢ of Reconimended Practice 'Accountin8 Charities. ('SORP') and are in accordance with applicable accounting standards. b. General accumulated funds ore unrestricted funds available to the church for its general purposes and iiicludc fuiids designated by the Church for a particular purpose. the use of such designaied funds retnains at the discretion of the Church's Trustees. c. -I'here is no Restricted Fund 01 the momenl. d. The gov¢mance, mAna8ement and Administration ¢xpenses reporta in note 3 relate to the whole of the Church's activiiies and a proponion of these charges are allo¢aied w expendi[u headii)¥s on a basis consistent witli the Llse of ihe resou¢s. e. Investments are stated at market value. It is the Church's policy io keep valuations up to date such that when investments are Sold there is no 8ain or loss arising to previous years. f. Tangible assets are included at cost ttnd depreciatron is provided on a ststr8ht lin¢ basis, ii? ol'der to w'ite off the assets over their usefiil lives. Moior Vehicles Equipments Fixtures & Fittings CompLtters ftnd A¢¢essories BLiilding Renovation Leahold 2? per annum oii a straight liiie basis 150/0 per annum on a straiglit line basis 15Y• per annum on a SLI'ai8lit liiic basis 150/• per annum on a sti?ight line basis IOQ/• per annltm on 8 Straight line basis 25 /0 p¢r annum on a slraiLihi liiie basis g. All expenditure is accounted for on an Accrual Basis. 2 INCOMING RES URCES Unre Fu Roltrieted F.ndowment Total Funds Total Fund Funds und 2024 202J ift Aid 'Ileriiig iihes 15,317 8.932 48.560 15,317 8.932 48.560 13,551 6,692 56,307 Jildlng Fund ental Income tlier Income (Donation) tei'esl Received ent(s) OTAL INCOMING RESOiiRCES 5,315 5.315 1,026 1,080 1,103 346 7,211 87,322 490 1.108 14.291 94,014 490 14.291 94,014 Page 8
CHRIST GLORY WORD MINISTRIES IYOTES TO co FOR THE YEAR ENDED 31st Jul 2024 Unrestricted Restricied End wment Funds Fuuds Funds Total Fulld$ 2024 2023 OURCES EXPENDED Missionary and Charitable giving: ?.279 Activities directly relating Chur¢h work Church _ rlinning exp¢nses Church mainienance Sunday S¢hool Leaders Ti'aining Parish Magazin¢s & Bookstall EvRngellsm Events Wclfar¢ 40,903 833 40,903 833 37,867 516 190 12,57Q 5.200 190 12,570 5,200 13,908 2,800 Chureh Managemeni and Administration Admini$tr&tion Bank Charges Loaii Interest Arrangerncnt Fees Charge for year 27.270 508 27270 508 26,727 816 TOTAL RESOURCES EXPENDED 4 FIXED A ET orrbce Le8sehold MusicAI Motor Butlding Renovailon Computer & Ac¢¢s50rie5 Fixtur¢5 & Fi¢¢ln ui Co$t At l August 2023 Additions Disix)s21s 42,085 39,129 48,788 18,468 4,096 16,749 4,668 169,315 4,668 reeialion At l Augiist 2023 Charge for the Year On Disposal 30*63 11323 30.000 s69 48,788 8,760 IW7 4,527 614 16,783 3?13 139,721 22,766 42, 35, 10,607 NBV at 2024 NJJVat 2023 Pgge 9
CHRIST GLORY WORD MINISTRIES NOTES TO THE ACCOUNTS CONTD E[ED 31st Jul 2 2024 2023 CRII DITORS AND ACCRUALS Accouiitan¢y aiid Bookkeeping Motor V¢chiclc Soft Loan 600 1,200 600 1,200 2024 023 6 DEBTORS Gifl Aid 9.072 8,662 9.072 8,662 LERGY ALLOWANCE No employee reL'elved remuneratlon 4mounilng lo more ihan £50.000 in the year. UnKstricted funds comprise those funds which the Irusttes are free to Use in accordancc with the ehai'ilable objectives. This is an incorporated charity, constifvted by trust deed. IVS prineipal objective is spreadin8 the word and preaching the Gospel ofchrisi and the life after life aiid to contribute lo the health aiid ediicational iieeds of the Community. It has unrestricted funds. It prepares its aceounts in accordAnce with SORP and with applicable a¢¢ounting standards. 9 Leases P#yrrtenis maae unaer operating leases (net ot any incentives receiv¢d from the I¢s50r) Ch.gcd to the Stateinent of Comprehensive Incoine on a straighi-lin¢ basis over the period of the lease. Page 10