**NEW BREED CHRISTIAN PALACE**
TRUSTEES REPORT & FINANCIAL STATEMENTS FOR
THE YEAR ENDED 31 MAY 2021
## CONTENTS
Pages
New Breed Christian Palace Account Report
Page 1
## **NEW BREED CHRISTIAN PALACE**
|Administrative||3|
|---|---|---|
|Trustees report||4|
|Independent Examiners’ report||6|
|Statement of financial activities||7|
|Statement of financial position||8 Detailed|
|income and expenditure|9||
|Notes to the Financial Statements||10-12|
## Administrative information
## Chairperson
Rev. Oluyemisi Adebambi New Breed Christian Palace Account Report
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## **NEW BREED CHRISTIAN PALACE**
## Other Trustees
Elder Kehinde Olabode
Rev. Deborah Makanjuola
Charity Registered Number: 1169559
## Registered Office
New Breed Christian Palace Unit 20 Fiddlebridge, Industrial Centre, Hartfield, Hertfordshire AL10 0DE
## Independent Examiner
Adenike Phillips _ACCA_ A and P Accountants Suite E 226 Regency Court, Milton Keynes MK9 2HR
Banker: Metro Bank
Trustees Report for the year ended 31 May 2021.
Trustees present their financial statements for the year ended 31 May 2021.
New Breed Christian Palace Account Report
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**NEW BREED CHRISTIAN PALACE**
The Trustees of the NEW BREED CHRISTIAN PALACE presents their report and financial statements for the year ended 31 May 2021. The trustees have adopted the provision of the Statement of Recommended Practice (SORP) “Accounting and reporting by Charities “Issued on October 2000 in preparing the annual report financial statement of the charity.
## Charity Details
A list of names and addresses of the charities principal officers and bankers is set out on page 3
## Objectives
The charities' principal activity is the proclamation of the gospel of Jesus Christ
1. To advance the Christian doctrine (in accordance with the statement of our belief) in such part of the United Kingdom or the world as the trustees from time to time think fit,
2. To relieve sickness and financial hardship and to promote and preserve good health by the provision of funds, good or services of any kind, including through the provision of counselling and support in such parts of the United Kingdom or the world as the trustees from time to time may think fit; and
3. To advance education in such ways and in such parts of the United Kingdom or the world as the trustee from time to time may think fit;
4. 4 The trustee must use the income and may use the capital of the church in promoting the objects.
## Organization
New Breed Christian Palace is governed by a board of trustees who are elected to serve the church and run its affairs. Annually the Board reviews the range of skills it has available and uses its power of co-option to ensure the gaps are filled.
## Risk and Internal Control
Then accordingly Trustees review the main operational risks and actions to manage or mitigate it.
New Breed Christian Palace Account Report
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## **NEW BREED CHRISTIAN PALACE**
## Review of transactions and financial position
## Income Resources
The total income of the organization for the year has been derived from its principal activities wholly undertaken in the United Kingdom.
During the year, donation income resources, gift and grant received totaled £59,749. The donations and gifts received have been made available without restriction as to its usage.
The balance on the charity’s fund is unrestricted. These will be used to fund the charity's objectives during the new financial year. The Trustees confirmed that the charity's assets are available and adequate to enable it to fulfil its obligations.
## Reserve Policy
Freely available reserves are pools of unapplied resources available to meet future demands on the charity's resources. This is generally purpose money the can be spent on many of the purposes of the charity. Free reserves of the charity are represented by its unrestricted funds less the net book value of its assets. As at 31 May 2021, these amounted to £546
## Statement to Trustees' responsibilities
Law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the charity's financial activities during the year and of its financial position at the end of the year. In preparing those financial statements, the trustees are require to a) Select suitable accounting policies and apply them constantly; b) make judgment and estimates that are responsible and prudent; c) state whether applicable accounting standards and statements of recommended practice have been Followed, subject to many departures disclosed and explained in the financial statement; d) prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue on that basis.
The Trustees are responsible for ensuring that proper books are maintained, for safe guiding assets of the charity, and taking reasonable steps for the prevention and detection of fraud and other irregularities. The board has reviewed the effectiveness of the system of internal control and there are no material weaknesses that would resulted in losses, contingencies, and uncertainties that require a separate disclosure in these accounts.
## Independent Examiner's Report.
We report on the accounts for the year ended 31 May 2021 which are set out on pages 7-12
New Breed Christian Palace Account Report
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## **NEW BREED CHRISTIAN PALACE**
## Respective responsibilities of trustees and examiner
Theto; charity's trustees are responsible for the preparation of the account. It is our responsibility
- Examine the account (under section 43{3)(a) of the 1993 Act}
- To follow the procedures laid down in the general directions given by the commis5ioners{under section
- 43(7)[b) of the 1993 Act)
## Basis of the independent examiner's report
- My examination was carried out in accordance with the General Directions given by the charity. 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 connection with my examination, no matter has come to my attention;
1. Which gives me reasonable cause to believe that in any material respect the requirements;
- To keep accounting records in accordance with section 41 of the 1993 Act and
- To prepare accounts which accord with the accounting records and comply with the accounting requirements of the 1993 Act have not been met or
2. To which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached
## Adenike Phillips _ACCA_
A and P Accountants
Suite E 226 Regency Court, Milton Keynes MK9 2HR
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MAY 2020
|||Unrestricted Funds|Unrestricted Funds|
|---|---|---|---|
|Income Resources||2021|2020|
||Notes|£|£|
|New Breed Christian Palace Account Report
Tithes, Offering and Thanksgiving||28,697|Page 6
42,676|
## **NEW BREED CHRISTIAN PALACE**
|Gift Aid||-|-|
|---|---|---|---|
|HMRC JRS||31,052|7,080|
|||59,749||
|Total Income Resources|||49,756|
|Resources Expended||||
|Costs of activities in furtherance's of charity's objectives||16,246|14,505|
|Management & Administration of charity||40,374|39,414|
|Total Resources Expended||56,620|53,919|
|Net Income and outgoing resources||3,129|-4,163|
|Net Movement in Fund||||
|Adjustment
Unrestricted Fund Balance||||
|B/FWD
|5|-2,583|1,580|
|Unrestricted Fund Balances C/FWD
|5|546|-2,583|
STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED 31 MAY 2020 Total this year Total last year New Breed Christian Palace Account Report Page 7
New Breed Christian Palace Account Report
**NEW BREED CHRISTIAN PALACE**
|New Breed Christian Palace Account Report
Fixed asset
Notes
Tangible assets
3
Total fixed asset
Current assets
Debtors
Cash at bank and in hand
6
Creditors: Amount falling due within one
year
4
Net current assets
Total assets less current liabilities|-
491
-
-
996
1|
|---|---|
||996
1
450
3,075|
||546
3,074|
||546
-2,583|
||546
-2,583|
||-
-
546
-2,583
-
-|
||546
-2,583|
||Page 8
£
£
-
491|
## **NEW BREED CHRISTIAN PALACE**
Creditors: Amounts falling due after more than one year
Total net assets or liabilities
Funds of the Charity
Restricted income funds Unrestricted income funds Revaluation Reserve
5
Total funds
DETAILED INCOME AND EXPENDITURE FOR THE YEAR ENDED 31 MAY 2020
|Income and Resources
Tithes, offering and Thanksgiving Gift
Aid
HMRC JRS
Total Income Resources|Unrestricted
Restricted
£ £
28,697
-
31,052-
59,749
-|Total Fund
28,697
31,052
59,749|
|---|---|---|
OUTGOINGS
|Cost of activities in furtherance's of charity's|objectives|||
|---|---|---|---|
|church Rent and Rates
|7,065|7,065||
|Spiritual Sundries Items
|3,292|3,292||
|Charitable donation and gifts
|3,984|3,984||
|New Breed Christian Palace Account Report
Anniversary
|-|-|Page 9|
**NEW BREED CHRISTIAN PALACE**
|Music and Entertainment
Christmas Party
Renovation & Maintenance
Management &Administration of Charity
Depreciation
Stationeries and printing
Telephone, fax and broadband
Postage
Bank charges
Accountancy and book keeping
Wages and salaries
Professional and Consultancy fees
Travel and subsistence|16,246
- 16,246|
|---|---|
||491
491
314
314
720
- 720
-
-
0
0
450
450
35,971
35,971
-
-
2,428
2,428|
||40,374
- 40,374|
||1,905
1,905
-
-
-
-
|
New Breed Christian Palace Account Report
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**NEW BREED CHRISTIAN PALACE**
## Notes To The Accounts
For the year ended 31 May 2021
## 1. Accounting Policies
## Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with the financial Reporting Standard Entities (effective April 2008),
## Incoming Resources
Incomes are mainly from grants and sundry incomes received and included in the financial statement when received. This incoming resource represents money incomes for the reporting period.
## Resources Expended
All expenditures are accounted for on accrual basis and have been classified under headings that aggregate all costs related to the category. The charity expenditures represents the amount expended by the church in the current reporting period ended 31 May 2021
## Taxation
As a charity, the charitable funds are exempt from corporation tax but not from VAT. Recoverable VAT is in accordance with standard accounting practice, included in the cost of those items to which it relates .
## Depreciation
Depreciation has been provided at the following rates on a reducing balance method.
|Equipment||25%|
|---|---|---|
|Church Offices , Fixtures and Fitting||25%|
|Furniture’s & computer||25%|
|Motor Vehicle||25%|
||
2021|
2020|
|2.Operating Profit|||
|This is stated after charging:|||
|Depreciation of owned fixed assets|£3,129|-£4,163|
## Notes To The Accounts
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## **NEW BREED CHRISTIAN PALACE**
For the year ended 31 May 2021
## 3. Tangible Fixed Assets
|3. Tangible Fixed Assets||||||
|---|---|---|---|---|---|
|||**Fixture &**||||
|**Cost/Net Book Value**|**Equipment**|**Fittings**|**Furniture**||**Total**|
||**£**|**£**|**£**||**£**|
||4,058|-||-||
|As at 1st June 2020|||||4,058|
|Addition during the year|-|
-||-|
-|
|Disposal/ written off||||||
|At 31st May2021|4,058|-|||- 4,058|
|Depreciation||||||
||3,567|-||||
|As at 1st June2020||||-||
||||||3,567|
|Depreciation charge for the year|
491|-||-|
491|
|Disposal/written off|-|
-|||-|
|At 31st May 2021|4,058|
-||||
||||||- 4,058|
|Net Book Value At 31st May||||||
|2021|-|-||-|
-|
|||2021|2020|||
|||£|£|||
|4. Creditors amount falling due||||||
|within one year||||||
|Other creditors-Accountancy fees||450|450|||
|Other creditors|||2625|||
|||-||||
|||**450**|**3,075**|||
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## **NEW BREED CHRISTIAN PALACE**
## 5. Unrestricted funds
|forward
Adjustment unrestricted funds for the period
As at 31st May 2021|-2,583 1,580 Brought
3,129
- 4,163
**546**
**-2,583**|
|---|---|
Notes to the Accounts For the year ended 31 May 2021
||6. Cash& Bank Balances
Cash in hand &at bank
7. Church Assets Schedule
Church Equipment|2021
2020|
|---|---|---|
|||996
1
2021
2020|
||Equipment
Fixtures and Fittings|4,058
4,058
4,058
4,058|
|||-
-
-
-|
||Fixtures & Fittings
Furnitures||
||Furnitures||
_Signed by one or two trustees on behalf of all the trustees_ Print name: ……OLUYEMISI ADEBAMBI………………………………………………………
Date of approval: …09/11/2022………………………… dd/mm/yyyy
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