REGISTERED COMPANY NUMBER: CETh)81)08 (England WAles) REPORT OF THE TRUSTEES AIY]) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 FOR FAtTh CHAPEL MJNISTRIES OF THE PENTECOSTAL ASSEMBLIES OF THE WORLD Mieres & Co Chartered Certified Accountants 12 Graham Road Mitcham Surrey CR4 2HA
FAITH CHAPEL MINISTIUES OF THE PEI¥4TECOSTAL ASSEMBLIES OF WORLD CONTENTS OF THE FIY4ANCIAL STATEMENTS for the Year Ended 31 March 2024 Pydge Report of the trustees Independent esamlner's Yeport stf4t¢ment of flllan¢lYdl v4¢dvlt1¢5 Balan¢¢ $h¢et NoteB to the flnHDd41 bt4temeDt$ 7 to 12 Detalled statement of flnan¢lal Vd¢tlvAII 13 to 14
FAITH CHAPEL MINISTRtES OF TH PENTECOSTAL ASSEMBLIES OF THE WORLD REPORT OF THE TRUSTEES for Ihe Year Ended 31 March 2024 Th¢ trustees who are also directors of the charity for the purposes of the Companie8 Act 2006, present their report with the fmaneixl gtatenwits of the tharity for the year ended 31 March 2024. The iThslees he adopted the provisions of Accounting and Reporting by Clwities: StAt¢ment of Reconunended Practice applicable to charitie5 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK 2nd Repllblic of Ireland (FRS 102) (effective l January 2019). OBJECTIVES AND ACTIVITIES ObJectlves And alms The objective and principal artivity of th¢ Gharity is to promote the advancetnent of the Christian religion through churches established in the United Kingdom and elsewhere, in accoidance with th¢ Artirl¢s of Faith Gontsined in the Charitys constitution. Slgllfficamt xtmlle Thi.s year saw very busy and proactive departsnents resulting in greater conununity involvement and incre&8ed attcndances. Faith Chapel Ministrics offer a high-tech audio-visual experience to better immerse our listeners and viewers into praising worshippinB th¢ Lord. Thc purcha3c of a digital PA 8y8tcm and thc updating of our camcras provided invaiuablc exposur¢ for both in-house and onlinc p&rtiGipants. Thc use of our media ¢quipm¢nt wa5 extendcd to young people who were able to gain insightfijl skills and knowl¢dg¢ by operating the equipni¢nL especially those in education and residing in the local commullity. The Community Outreach tcam showed admirable commitment End dedication by nmning programmes/events throughout the year, which were very well attended, by not only Faith Chap¢l members but also by people living in the local community, Evenls such as.. Lommunity Walks (January- April) Evangelisin Clinics (March- Jvne) Fatherfs Day BBQ (Jut)e) Live Gospel Music (August) Saturday Prayer Meetings (September onwards) Th¢ Men'4 ministri¢s had notable succcss with schcdulcd zoom mcdings out of wbich came, learnin& spiritual Owt teslllnonies and spiritual engagement. The Education and Training departsnent organised leadership training workshop8 for all office holders. team leaders and assistants aimed at improving stsndards and professionalism. Publlc benefit The trustees are of tILe opinion that they have cornplied with the duty in Scctiott 4 of the Charities Act 2011 with re8ard Èo public b¢nefit 8uidance published by the Charity Commi&8ion. STRucfuRE, GOVKRNAP4CE AND MANAGEMENT Governlng document Th¢ Gharity is controlled by its foundatioo Gon.$titution as a Charitable In¢orporat¢d Organisation (CIO), as d¢fmed by the Charitable Incorpnrated Organisations (Genera]) Regulations 2012 of The Charities Act 2011. The ¢haiity is not r¢gister¢d with Cornpanies House. Org#Disational structurc Faitli Chap¢l Ministries of the Pentecostal Assemblies of the World was Tegistered as a Charitable Incorporated Organisation, (CIO), with the Chariti¢s Commission on 4th October 2016. This CIO was fomcd to tak¢ over the operations, asscts and liabiiitics of th¢ utiincorporated Charitable Trust. Faith Chap¢l Pentecostal Assemblies of the World (Apostolic UK). Th¢ final transfer was completed on 6 Febnry 2023. Page I
FAITH CHAPEL IKINISTRIES OF THE PENTECOSTAL ASSEMBLIES OF THE WORLD REPORT OF THE TRUSTEES for the Year Ended 31 Mareh 2024 REFERENCE AND ADMtNISTRATIVE DETAILS Reglstered Company number CE008008 (England and Wales) Regtstered Charlty number 1169477 Registered Office 198 Bellendcn Road Peckham London SE15 4BW Trustee8 Rev. L G Thomas Rev. A Y A8amoah L Chambers JPitt Ms M Oteng Mrs C Morgan Mrs M Pinnock Independent Kxamlner W M Mi¢r¢s FCCA Mieres & Co Chartered Certified Ac¢ountants 12 Grabam Road Mitcham Surrey CR42HA Approved by order of the board of trustees on l July 2024 and signed on its behalf by: Rev. L G Thornas - Trustee Page 2
INDEPENDENT EXAMINER'S REPORT TO THK TRUSTEES OF FAITH CHLIPEL MThISTRIES OF THE PENTECOSTAL ASSEMBLIES OF THE WORLD Independent examiner's report to tbe trustecs of Faitb Cbapel Ministries of the Pente¢tal AeMb]leS of the World ('tbc Company,) I r¢pvrt to the charity Itee3 on my examination of th¢ accounts of the Company for the year ended 31 March 2024. Responsibi]ities and bts of report As the charity's trustee5 of the Company (and also its directors for the purposes of company law) you are r¢sponsible for the preparation of the accounts in accordance with thc rcquircm¢nts of the Companies Act 2006 ('th¢ 2006 ACÈ,). Having satisfied myself that the accounts of the Company are not r¢quired to be audikd undcr Part 16 of the 2006 Act and are eligible for independent examinatio I report in respect of my exatnination of your cl]aritys accounts as carried out under Section 145 of the tharIti Act 2011 ('the 2011 Ace). In caryin8 Out my examination I have followed the Directions given by the Charity C¢)mmi&8ion under Section 145(5) (b) of th¢ 2011 Act. Independent examiner's stAtement I have completed my examin2tion. I confirni that no matters have come lo my attention in conncction with the examination giving me caus¢ to believe: accounting Tecords were not kcpt in respect of thr Company as required by Section 386 of the 2006 Act. or the account3 do not accord with Èhosc r¢L()rds" or the Counts do not comply with the acGountitiB requirements of Section 396 of the 2006 Act other than any rcquirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination. or the accounts have not been prepand irt accordance with the methodB principles of the Staternent of Re¢ommend¢d Practice for accounting and reporting by charities (applicable to charitieB preparing theAr accounts in accordance with the Financial Rcporting Standard applicable in the UK and Republi¢ of ITeland (FRS 102)). I have no Concen and have Gome Acn)ss no other matters in connection with the examination to which attcntion should be drawn in this report in order to enable a proper understanding of the accounts to be reached. W M Miere$ FCCA Mieres & Co Chartered Certified Accountants 12 (iraham Road Mitch7 Suney CR4 2HA l July 2024 Page 3
FAITH CHAPEL MINISTRIES OF THE PEI¥TECOSTAL ASSEMBLIES OF THE WORLD STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 31 March 2024 2024 Unrestricted fund 2023 Tot filnds Notes INCOME AND ENDOWMENTS FROM Donations and 108aciey 104.561 241,198 Other trading activities Investment income 3,500 35,279 32,937 Total 143,340 274,135 EXPENDITURE ON Rai8ing fund5 125.957 99,126 Charitable actlvltles Cost ol generating voluntary iticome 8227 5,012 Total 134,184 104,138 NET INCOME 9,156 169,997 RECOF4CILIATION OF F17NDS Total funds brought forward 963,154 793,157 TOTAL FUNDS CARRIED FORWARD 972,310 963,154 The notes forni part of these financial 5tatcrnents Page 4
FAITH CHAPEL MINISTRIES OF THE PENTECOSTAL ASSEMBLIES OF THE WORLD BALANCE SHEET 31 March 2024 2024 UnrestriGted 2023 Total fun(Lg Notes FIXED ASSETS Tangible assets 256,951 229,065 CURRENT ASSETS Debtors Invesltnents Cash at bank and in hand 365 81,306 636,938 867 59,993 676,229 io 718,609 737,089 CRF,Drr()RS Amount5 fulling due within one year (3,250) (3,000) NET CURRENT ASSETS 715,359 734,089 TOTAL ASSETS LESS CURRF.iYr LIABILITIES 972,310 963,154 NET ASSETS 972,310 963,154 FIJNDS UnrcstriGted fimds 12 972,310 963,154 TOTAL FUNDS 972,310 963,154 The ¢haritsble Company is entitled to ¢xemption frorn audit under Section 477 of th¢ Conjpanies Act 2006 for the year ended 31 March 2024. The member8 have not requll'ed the company to oblain an audit of its fin&ncial statements for the year ended 31 March 2024 in accordancc with Section 476 of the Companies Act 2006. The trustees acknowledge th¢ir responsibilities for (a) ensuring that the chuitable company k¢¢ps ac¢ountin8 records that Gomply with Sections 386 and 387 of the Companies Act 2006 and Ib) pr¢paring fllMncial statements thich 8ive a true and fair view of thc stalc of affairs of the charitable company as at tile end ot each financial year and of its surplll8 or dcficit for ¢aLh lll)aiiLial year in accoTdanre with the requirements of Sections 394 and 395 which otherwise comply with the requirements of the Compani09 Act 2006 relating to financial sratements, so far a8 applicable to the charitable company. The notes form part of these fll)ancial statements Page 5 continued...
FAITH CHAPEL MINISTRIES OF THE PEIYTECOSTAL ASSEMBLIES OF THE WORLD BALANCE SHEET- contlnued 31 Marth 2024 These financial ststem¢nts have been prepared in aG¢ordallce with the provisions applicable to charitable companies subject to the stnall companics regime, The financial st2t¢m¢nts wcrc approved by the Board of Trustees aud authorised for issu¢ on l Juty 2024 and wcre 8ign¢d on its behalf by.. L G Th0nS - Trustee L Charnbers - Tru5*¢ The notes form part of theK fmanoiai statemettls Page 6
FAITH CHAPEL MINISTRtES OF THE PENTECOSTAL ASSEMBLIES OF THE WORLD NOTES TO THE FINANcL STATEMENTS for the Year Ended 31 March 2024 A¢¢ountlng poli¢iea Basis of preparing the fmaDci&I statements The fmancial statements of the charitable company, Ivhich is a public benefit entity under FRS 102. hav¢ be¢n prepared in a¢¢ordan¢¢ with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities.. Statement of Recommended Prath"ce applicable to charities prcparing their accounts in accordance with the Fimancial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) (effective l January 2019),, Financial Reporting Slandard 102 'The Financial Reporting Standard applicable in the UK and RepublAc of Ireland, and the Companies Act 2006. The fllW]cial statements have been prepared under the historical cost convention. Income All income is recognised in the Statement of Financial Activities onc¢ th¢ charity ha5 ¢ntiU¢m¢nt to the fund4 It is probable that the income will be received and the amount can be Mered reliably. Expenditure Ltabilit1¢5 arc re¢ognised &8 expenditure as soon a8 there is a legal or construGtiv¢ obligation committing thc charity to that expenditure, it 15 probable that a transfer of economic benefits will be required in Settlement and the amount of the obligation can be measured T¢liably. Expenditurc is accounted for on an accruals basis And has been Glassified undcr headin&8 that aggr¢gate all cost related to the category. Wherc costs cannot b¢ directly attributed to particular headings they have been allocated to acts'vities on a basis consistent with the use of resources. Grants offered Subject to conditions which have not been met at the year end date are noted as a commitment but not accrucd as expcndilurc. Tydnglhle flxed DeprcciaiiL)n is pruvided at the followAnB amiual rates in order to write off each asset over its estimated useful lifc. Freehold property Multiniedia and music equipment Fixtwes, fittings and equipment Motor vehicl&¥ not provided 250/0 on reducing balance 250/0 on r¢du¢in8 bal8nG¢ 25 % on r¢ducing balance Taxatlon The charity is exempt from corporation tsx on its charitable activititts. Fund Accountlng Um'estricted funds can be used in A¢cordan¢e with the charitable objectives al the disGretion of the tru8t¢es, Restricted fimas can only be w8¢d for particular restricted purposes within th¢ objects of the charity. Restrictions arise when Bpecified by the donor or when fiwd5 ar¢ rat5ed for particular restricted purposcs. Further explanation of th¢ nAture and purpose of each fimd is included in the notes to th¢ financi&l statements. Page 7 contljn(L..
FAITH CHAPEL MINISTRIES OF THE PENTECOSTAL ASSEMBLIES OF THE WORLD NOTES TO THE FINANCIAL STATEMENTS- conthiued for the Year Ended 31 Mir¢h 2024 Other trAdlng actlvities 2024 2023 Other income 3,500 Inveslment Income 2024 2023 Rents received Credit Union deposit interest 33,966 1,313 32,239 698 35,279 32,937 Ralslng fund8 R4lalng donadons and le8acl¢J 2024 2023 Support costs 125,957 99,126 Net InconKI(expendlture) Net income/(expenditure) is ststsd after chargingl(crediting).' 2024 2023 Depreciation - owned assets 1.989 2,653 Trustees, remunera(lon and benetit• ThLTL' WLYe no tru8tees' remun¢ration or other benefits for the year ended 31 Mah 2024 nor for the year ended 31 March 2023. Truyteej. expenws There were no tru8t¢e8' expenses paid for the year ended 31 March 2024 nor for the Ye ended 31 M'¢h 2023. Comparativej for the sthtemeDt of tlnan¢lAI 8Ctlvltle8 Unre8tricted fund YCOME AND ENDOIVMEIYTS FROM Donations and legacie8 241,198 Inv¢s¢ment income 32,937 Total 274.135 LXPENDrrtlRE ON Raising funds 99,126 Page 8 continued,..
FAITH CHAPEL MIIYISTRiES OF THE PENfEcosTAL A&SEMBIJLS OF TtIE WORLD NOTES TO FINANCIAL STATEMENTS- Contlnued for the Year Ended 31 March 2024 C&n)pAratlves for the sttenlt of Ilnanclal a¢llvltI - colltinued Unr¢striGtcd fund Chydrltsble Aetivities Cost of generating voluntary income 5,012 Totsl 104,138 NKTINCOME 169,997 RECOF4CILIATION OF FiINDS TotaI funds biYJught fonvard 793,157 TOTAL FUIYDS CARRIED FORWARD 963,154 Tangible red asset8 FixtureB, fittin88 and equipment Multijnedia and music equipment Freehold property COST At l April 2023 Additions 220,798 15,856 9,922 11,291 5,947 2.728 At 31 Morch 2024 236,654 21.213 8,675 DEPRECIATION Al l April 2023 Chargc for y¢ 7,074 712 3,292 586 At 31 March 2024 7,786 3,878 IYET BOOK VALUE At 31 March 2024 236,654 13,427 4,797 At 3 l March 2023 220,798 2,848 2,655 Page 9 conlinued...
FAITH CHAPEL MINlSTRiES OF THE PENTECOSTAL ASSEMBLIES OF THE WORtJ) NOTES TO THE Fll¥ANCIAL STATEMENTS- contlnued for the Yeydr Ended 31 Mar¢h 2024 Tanglble ltsed assets - continued Motor vehicles Computer equiprnent Totals COST At l April 2023 Additions 6,426 243,094 29,875 At 31 m'ch 2024 6.426 272,969 DEPRECIATION At l April 2023 Charge for year 3.663 691 14.029 1,989 At 31 March 2024 4.354 16,018 NET BOOK VALUE At 31 March 2024 2,072 256.951 At 31 March 2023 2.763 229.065 DebtOT8: amounts fAlllll% due wlthln one yeAr 2024 2023 Oth¢r dcbtors 365 867 Current aiiet investments 2024 2023 P¢nt¢costsl Cr¢dit Union dwo8its 81,306 59.993 ii. Credltors: amounts falllng due Ivitbin one year 2024 2023 Ared expeTh8es 3.250 3,000 12. Movement In fundq Nct movement in funds At 31.3.24 At1.4.23 Unrestrieted lld8 General fLmd 963.154 9.156 972,310 TOTAL FUNDS 961.154 9,156 972,310 Page 10 ontinue(L..
FAITH CHAPEL MINISTRIES OF THE PENTECOSTAL ASSEMBLIES OF THE WORLD NOTES TO THE FINANCIAL STATEMENTS - continued for Ihe Year Ended 31 Morch 2024 12. Movement in fund8- ¢ontinu¢d Net movement in funds, included in the above are as follow5.' Incoming resource8 Resou¢$ exp8nd¢d Movement in fid& Unyestrlcted funds Geiieraj fund 143,340 (134.184) 9,156 TOTAL FUNDS 143,340 (134.184) 9.156 CompArAtlves for movernent In funds Net movern¢nt in funds At 1.4.22 31.3.23 Unrestricted Ibnds G¢neral fuhd 793,157 169,997 963,154 TOTAL FUNDS 793,157 169,997 963.154 Comparativc movement in funds, included in the abovc arc as follows: Incoming resources Resources expen(kd Movement in fimds UnrLJtrirt¢d tknnds General fund 274,135 (104,138) 169,997 TOTAL FUNDS 274.135 (104,138) 169,997 A current year 12 months and prior year 12 months combined po8xtion is follows: Net ftnovernent in funds At 1.4.22 31.3.24 Unrestricted funds G¢n¢rdl £und 793.157 179,153 972,310 TOTAL FUNDS 793,157 179.153 972,310 Pagell ontinued...
FAITH CHAPEL MJI4IISTRIES OF THE PEI¥TECOSTAL ASSEMBLIES OF THE WOIU NOTES TO THE FVANc[AL STATEMEiYTS- continued ror the Year Ellded 31 Mareh 2024 12. MDvernent lu funds- conthiu¢d A CTent year 12 months and pnor year 12 months combined net rnovcment in fimds, included in the above are as follows.. Resources exded Movement in fjmds r¢sources Unrestricted funds General nd 417,475 (238.322) 179,153 TOTAL FUNDS 417,475 (238,322) 179,153 13. Related party diAclosure8 There were no Telatcd party transactions for the year ended 31 March 2024. Page 12
FAITH CHAPEL MINISTRIKS OF THE PENTECOSTAL ASSEMBLIES OF THK WORLD DETAILED STATEMEDIT OF FINANCIAL A[VITIEs for the Year Ended 31 Mareh 2024 2024 2023 INCOME AND ENDOWMENrs Donallons 8nd legacl&q Offeriti8s and tithes Grants 104,323 238 82.156 159.042 104.561 241,198 Other traiJln% activltAes Other incon 3,500 Investment income Rents received Credit Uiiion depo8it int¢re8t 33,966 1,313 32,239 698 35.279 32,937 Totsl inconjing resources 143,340 274,135 EXPENDITURE ChiritAbl¢ a¢tlvllftes Fun¢lioTh8 and events Grants to in8titutions Grants to individual8 5,023 2.082 3,204 1,019 8,227 5,012 Support ct$ Management RatL's and water IuranCe Litht and heat Telephone &nd internet P05tag¢ and stationery Advertising Computcr expenses Building repairs and maintrnance Dccoralions Equkpmeni maintenance Cleaning Foreign travel and accommodation SecurAty Motor v¢hi¢le expenses Coa¢h hire Subscription5 and licenG Books and periodicals Carried forward 617 4,512 322 4.266 5,035 1,184 3,466 1,378 2,901 295 1,250 25,895 819 5,082 3,330 1,063 6,855 1.610 1.504 2.770 4,579 3,099 497 685 2,509 373 39.817 868 706 1,225 2,770 495 63,754 This page does not fomi part of the statutory fitjancial statements Page 13
FAITH CHAPEL MINISTRIES OF THE PENTECOSTAL AssEMBLs OF THE WORLD DETAILED STATEMENT OF FINA]¥CTAL ACTIVITIES for Élle Year Ended 31 March 2024 2024 2023 MAnAgent Brought forward Ministerial and media services Semin5 and conferences Bookkeeping Bervice5 Filing fees Youth activities Sulldry expenses Training Reverend's stipend Organist's feeB Gardening and landscaping 63.754 4,950 1,341 1,200 250 1,686 25 950 39,240 6,000 2,700 39.817 2,300 1,105 soo 250 138 194 1,300 42,772 6,000 122,096 94.676 Finance Card charges 71 98 other Dcpreciation of rnultimedia and music equipment Depicciatioii of fixtures. fittings and equipment Depreciation of comput¢r ¢quipment 712 587 691 949 782 921 1,990 2,652 Governance costs Accountancy 1,800 1,700 Totsl resources expcnded 134,184 104,138 Net ittcom¢ 9,156 169,997 This page does not fomi part of the statutory financial statenKnts Page 14