GILGAL CHRISTIAN CENTRE
FINANCIAL STATEMENTS
31[ST] DECEMBER 2023
Charity Number - 1168875
GILGAL CHRISTIAN CENTRE 31[ST] DECEMBER 2023
Trustees
Mrs Folasade Mosolape Adebayo Mr Kayode Abraham Mayah Mrs Titi Arike Oladosun
Minister in Charge
Rev A Adebayo
Charity number 1168875
Registered address 41 Louise Gardens Essex RM13 8LH
Accountants
Abica Phil & Co Financial Accountants 1 Cotleigh Road West Hampstead London NW6 2NL
Bankers Lloyds
GILGAL CHRISTIAN CENTRE
FINANCIAL STATEMENTS
YEAR ENDED 31[st] December 2023
| CONTENTS | PAGE |
|---|---|
| Trustees’ annual report | 4 |
| Independent Examiner | 6 |
| Statement of the financial activities | 7 |
| Balance sheet | 8 |
| Notes to the financial statements | 9 |
GILGAL CHRISTIAN CENTRE
TRUSTEES ANNUAL REPORT
YEAR ENDED 31[st] December 2023
The trustees’ present their report and accounts for the period ended 31[st] December 2023 as below:
Principal activities
The charity’s principal activity during the year continued to be religious activities, education, and training, and help for children, the young and the elderly.
Activities and achievements
We would like to thank God for his Grace and Mercy.
He has kept and sustained us this year again. We would like also to thank all members especially the faithful ones for their constant financial contributions and support of the Ministry. We also want to thank our Senior Pastor for being both our spiritual father and a huge financial contributor to our church.
This report shows our financial position at the end of the year. Every effort is made to account properly for the resources God has laid into our hands and we believe we will continue to do the same in future.
The board of trustees are satisfied with the performance of the charity during the year and its position to continue its activities during the coming year. The charity’s assets are adequate to fulfil its obligation. We have ended the year with a surplus.
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GILGAL CHRISTIAN CENTRE
TRUSTEES ANNUAL REPORT (continued)
YEAR ENDED 31[st] December 2023
RESPONSIBLITIES OF THE TRUSTEES
The trustees are responsible for preparing the Trustees Annual Report and the financial statements in accordance with applicable law and regulations.
The law requires the trustees to prepare financial statements in accordance with the United Kingdom, General Accepted Accounting Practice (United Kingdom Accounting Standard and applicable law). The financial statements are required by law to give a true and fair view of the state of affairs of the charity and of the surplus or deficit for that period.
In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently:
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make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply the Charities Act 1993, The Charity (Accounts and Reports) Regulations 2008 and the provision of the trust deed.
The trustees 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 report was approved by the board on 8[th] March 2024.
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Kayode Abraham Mayah
Chairman Trustees
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GILGAL CHRISTIAN CENTRE
INDEPENDENT EXAMINER’S REPORT
YEAR ENDED 31[st] December 2023
RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER
The charity’s trustees consider that an audit is not required for this year (under section 43(2) of the Charities Act 1993 (the Act) and that an independent examination is needed.
It is my responsibility to:
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examine the accounts (under section 43 of the Act);
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to follow the procedures laid down in the General Directions given by the Charity Commission (under section 43(7) (b) of the Act); and
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to state whether matters have come to my attention.
BASIS OF THE INDEPENDENT EXAMINER’S REPORT
My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts.
INDEPENDENT EXAMINER’S STATEMENT
In the course of my examination, no matter has come to my attention:
(1) which gives me reasonable cause to believe that in, any material respect, the trustees have not met the requirements to ensure that:
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proper accounting records are kept (in accordance with section 41 of the 1993 Act); and
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accounts are prepared which agree with the accounting records and comply with the accounting requirements of the Act; or
(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
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P. K. Mensan FFA, FCCA, MBA 08[th] March 2024 Fellow of the Institute of Financial Accountants
ABICA PHIL & CO 1 Cotleigh Road West Hampstead London NW6 2NL
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GILGAL CHRISTIAN CENTRE
STATEMENT OF FINANCIAL ACTIVITIES
YEAR ENDED 31[st] December 2023
INCOMING RESOURCES Incoming resources from generated funds Voluntary income: donations Gift Aid Grants Investment Income Total Incoming Resources RESOURCES EXPENDED Cost of generating funds: Charitable expenditure Governance Costs TOTAL RESOURCES EXPENDED Net Incoming (Outgoing) Resources Net Movement In Funds Balance at 1stJanuary Balances at 31stDecember |
Total Funds 20232022 Note Unrestricted Restricted 2 23,446 0 23,44629,089 2 5,750 0 5,7506,945 2 0 0 00 3 0 0 00 29,196 0 29,19636,034 4 23,088 0 23,088 25,273 5 3,560 0 3,560 4,610 26,648 0 26,64829,883 2,548 0 2,5486,151 6 2,548 0 2,548 6,151 15,661 0 15,661 9,510 7 18,209 0 18,20915,661 |
|---|---|
All movements are in Unrestricted Funds The notes on page 8 to 13 form part of these financial statements.
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GILGAL CHRISTIAN CENTRE
BALANCE SHEET
YEAR ENDED 31[st] December 2023
| 2023 | 2022 | |||
|---|---|---|---|---|
| £ | £ | £ | ||
| Note | ||||
| FIXED ASSETS | ||||
| Tangible assets |
8 | 3,548 | 4,770 | |
| CURRENT ASSETS | ||||
| Debtors | 9 |
5,750 | 6,945 | |
| Cash at bank/ in hand | 10 | 10,249 | 5,320 | |
| 15,999 | 12,265 | |||
| CREDITORS: Amounts falling due | ||||
| within one year | 11 |
(1,338) | (1,374) | |
| NET CURRENT ASSETS | 14,661 | 10,891 | ||
| TOTAL ASSETS LESS CURRENT | LIABILITIES | 18,209 |
15,661 | |
| CREDITORS: Amounts falling due | 12 | |||
| after one year | - | - | ||
| NET ASSETS | 18,209 | 15,661 | ||
| TOTAL FUNDS | 18,209 | 15,661 |
These financial statements were approved by the board of Trustees on 08[th] March 2024.
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Kayode Abraham Mayah Minister in charge
The notes on page 8 to 13 form part of these financial statements. -8 –
GILGAL CHRISTIAN CENTRE
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31[st] December 2023
1. ACCOUNTING POLICIES Basis of accounting
The financial statements have been prepared under the historical cost convention and in accordance with the Statement of Recommended Practice "Accounting and Reporting by Charities" (SORP 2005).
Incoming Resources
Income from tithes and offerings is included in incoming resources when these are receivable. Investment income consists of net interest received during the year and accounted for as unrestricted.
Resources expended
Resources expended are included in the Statement of Financial Activities on accrual basis, inclusive of VAT which cannot be recovered. Certain expenditure is attributable to specific activities and has been in those cost categories.
Depreciation
Depreciation is calculated so as to write off the cost of an asset on a straight-line basis over the useful economic life of the asset concerned. The principal rates used for this purpose which are consistent with those of past years as follows:
| Fixtures and Fittings | 25% | straight line |
|---|---|---|
| Plant & Equipment | 20% | straight line |
| Musical Equipment | 25% | straight line |
| 2. VOLUNTARY INCOME: DONATIONS Tithes & Offerings Gift aid Grants |
Total Funds 2023 £ 23,446 5,750 0 29,196 |
2022 £ 29,089 6,945 0 36,034 |
|---|---|---|
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GILGAL CHRISTIAN CENTRE
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31[st] December 2023
| 2023 £ 3. INVESTMENT INCOME Bank interest received 0 0 4. COSTS IN FURTHERANCE OF CHARITABLE OBJECTS Total Funds 2023 £ Provision of charitable services: Minister Expenses 3,640 Welfare 3,250 Hall Hire 8,587 Evangelism/Outreach Expenses 0 Printing 300 Feed the Hungry 0 Books 707 Hospitality 1,000 Guest Speaker 250 Mission 5,354 23,088 5. GOVERNANCE COSTS: 2023 £ Books 0 Subscriptions 0 Utilities 0 Professional Fees 690 General Expenses 0 Cleaning 0 Accounts Fees 648 Depreciation 2,222 3,560 |
2023 £ 0 |
2022 £ 0 0 2022 £ 3,051 444 12,100 0 362 500 0 1,315 600 6,901 25,273 2022 £ 0 0 0 834 960 0 540 2,276 4,610 |
|---|---|---|
| 0 |
No Salaries or benefits have been paid to trustees, including the members of the various departments during the year.
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GILGAL CHRISTIAN CENTRE
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31[st] December 2023
6. NET MOVEMENT IN FUNDS
The net movement in funds for the year is stated after charging depreciation on tangible fixed assets:
| Depreciation |
2023 £ 2,222 |
|---|---|
| 7. FUNDS Unrestricted Funds £ At 1st January 15,661 Surplus / (Deficit) for the year 2,548 At 31st December 18,209 |
Restricted Funds £ 0 0 0 |
Total 2023 £ 15,661 2,548 18,209 |
Total 2022 £ 9,510 6,151 15,661 |
|---|---|---|---|
Unrestricted funds comprise those funds which the trustees are free to use in accordance with the charitable objects. Restricted funds are funds which have been given for particular purposes and projects.
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GILGAL CHRISTIAN CENTRE
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31[st] December 2023
8. TANGIBLE FIXED ASSETS
| Musical Fixtures Equipment & Fittings £ £ COST: At 1stJanuary 2023 13,076 1,750 Additions 1,000 0 Disposals 0 0 At 31st December 2023 14,076 1,750 DEPRECIATION At 1stJanuary 2023 12,437 876 Charge for the year 889 438 Disposals 0 0 At 31st December 13,326 1,314 NET BOOK VALUE At 31st December 2023 750 436 At 31stDecember 2022 639 874 9. DEBTORS Gift Aid Total 10. BANK & CASH Deposit/Savings Account Cash in hand/bank |
Musical Fixtures Equipment & Fittings £ £ COST: At 1stJanuary 2023 13,076 1,750 Additions 1,000 0 Disposals 0 0 At 31st December 2023 14,076 1,750 DEPRECIATION At 1stJanuary 2023 12,437 876 Charge for the year 889 438 Disposals 0 0 At 31st December 13,326 1,314 NET BOOK VALUE At 31st December 2023 750 436 At 31stDecember 2022 639 874 9. DEBTORS Gift Aid Total 10. BANK & CASH Deposit/Savings Account Cash in hand/bank |
|
|---|---|---|
| 13,326 1,314 | ||
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GILGAL CHRISTIAN CENTRE
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31[st] December 2023
| 11. CREDITORS: Amounts falling due within one year Accounts Fees Professional Fees 12. CREDITORS: Amounts falling due after one year |
20232022 ££ 648 540 690 834 1,338 1,374 20232022 ££ - - |
|---|---|
13. TAXATION
As a charity, there is exemption from taxation on income and gains falling within section 505 of the Taxes Act 1988 or s256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
14. RELATED PARTY TRANSACTIONS
No payments were made to trustees, or any other persons connected with them during this financial period in their capacity as trustees. No material transaction took place between the Charity and any trustee, or any person connected with them.
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