NEW BREED CHRISTIAN PALACE
TRUSTEES REPORT & FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023
New Breed Christian Palace Account Report
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NEW BREED CHRISTIAN PALACE
CONTENTS
| Pages | |
|---|---|
| Administrative | 3 |
| Trustees report | 4 |
| Statement of financial activities | 6 |
| Statement of financial position | 7 |
| Detailed income and expenditure | 8 |
| Notes to the Financial Statements | 9-11 |
New Breed Christian Palace Account Report
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NEW BREED CHRISTIAN PALACE
Administrative information
Chairperson
Rev. Oluyemisi Adebambi
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
Banker: Metro Bank
New Breed Christian Palace Account Report
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NEW BREED CHRISTIAN PALACE
Trustees Report for the year ended 31 May 2023.
Trustees present their financial statements for the year ended 31 May 2023.
The Trustees of the NEW BREED CHRISTIAN PALACE presents their report and financial statements for the year ended 31 May 2022. 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
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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,
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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
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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;
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4 The trustee must use the income and may use the capital
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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.
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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 £58,488. 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 2023, these amounted to -£16,356
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.
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NEW BREED CHRISTIAN PALACE
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MAY 2023
| Unrestricted | Unrestricted | ||||
|---|---|---|---|---|---|
| Income Resources | Funds 2023 | Funds 2022 | |||
| Notes | £ | £ | |||
| Tithes, Offering and Thanksgiving | 19,665 | 11,922 | |||
| Gift Aid | - | - | |||
| Others | 38,823 | 3,179 | |||
| Total Income Resources | 58,488 | 15,101 | |||
| Resources Expended | |||||
| Costs of activities in furtherance's of | charity's objectives | 8,456 | 6,123 | ||
| Management & Administration of charity | 47,103 | 17,329 | |||
| Total Resources Expended | 55,559 | 23,452 | |||
| Net Income and outgoing resources | 2,929 | -8,351 | |||
| Net Movement in Fund | |||||
| Adjustment Unrestricted |
Fund | Balance | |||
| B/FWD | 5 | -7,805 | 546 | ||
| Unrestricted Fund Balances | C/FWD | 5 | -4,876 | -7,805 |
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NEW BREED CHRISTIAN PALACE
STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED 31 MAY 2023
| Notes Fixed asset 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 Creditors: Amounts falling due after more than one year Total net assets or liabilities Funds of the Charity Restricted income funds Unrestricted income funds 5 Revaluation Reserve Total funds |
Total this year Total last year £ £ - - |
|---|---|
| - - - - - 74 |
|
| - 74 4,876 7,879 |
|
| -4,876 -7,805 |
|
| -4,876 -7,805 |
|
| -4,876 -7,805 |
|
| - - -4,876 -7,805 - - |
|
| -4,876 -7,805 |
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NEW BREED CHRISTIAN PALACE
DETAILED INCOME AND EXPENDITURE FOR THE YEAR ENDED 31 MAY 2023
| Unrestricted | Restricted | Total Fund | |
|---|---|---|---|
| £ | £ | ||
| Income and Resources | |||
| Tithes, offering and Thanksgiving | 19,665 | - | 19,665 |
| Gift Aid | |||
| Others | 38,823 | - | 38,823 |
| Total Income Resources | 58,488 | - | 58,488 |
| OUTGOINGS | |||
| Cost of activities in furtherance's of charity's objectives | |||
| church Rent and Rates | 4,350 | 4,350 | |
| Spiritual Sundries Items | - | - | |
| Charitable donation and gifts | 793 | 793 | |
| Anniversary | - | - | |
| Music and Entertainment | 1,826 | 1,826 | |
| Christmas Party | - | - | |
| Renovation & Maintenance | 1,487 | 1,487 | |
| 8,456 | - | 8,456 | |
| Management &Administration of Charity | |||
| Depreciation | - | - | |
| Stationeries and printing | - | - | |
| Telephone, fax and broadband | - | - | - |
| Sundry | 2,710 | 2,710 | |
| Bank charges | - | - | |
| Accountancy and book keeping | 250 | 250 | |
| Wages and salaries | 40,266 | 40,266 | |
| Other staff cost | 3,723 | 3,723 | |
| Travel and subsistence | 154 | 154 | |
| 47,103 | - | 47,103 |
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NEW BREED CHRISTIAN PALACE
Notes To The Accounts
For the year ended 31 May 2023
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 2023
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% | |
| 2.Operating Profit | 2023 | 2022 |
| This is stated after charging: | ||
| Depreciation of owned fixed assets | £2,929 | -£8,351 |
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NEW BREED CHRISTIAN PALACE
Notes To The Accounts
For the year ended 31 May 2023
3. Tangible Fixed Assets
| 3. Tangible Fixed Assets | ||||||
|---|---|---|---|---|---|---|
| Fixture & | ||||||
| Equipment | Fittings | Furniture | Total | |||
| Cost/Net Book Value | ||||||
| £ | £ | £ | £ | |||
| As at 1st June 2022 | - | - | - | |||
| Addition during the year |
- | - |
- | - | ||
| Disposal/ written off | ||||||
| At 31st May2022 |
- | - | - | - | ||
| Depreciation | ||||||
| As at 1st June2021 |
- | - | - | - | ||
| Depreciation charge for the | ||||||
| - | - | - | - | |||
| year | ||||||
| Disposal/written off |
- | - |
- | |||
| At 31st May 2022 |
- | - | - | - | ||
| Net Book Value At 31st May | ||||||
| 2022 |
- | - | - | - | ||
| 2023 | 2022 | |||||
| £ | £ | |||||
| 4. Creditors amount falling due | ||||||
| within one year | ||||||
| Other creditors-Accountancy fees |
250 | 250 | ||||
| Other creditors | 4,626 |
7,629 | ||||
| 4,876 | 7,879 |
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NEW BREED CHRISTIAN PALACE
Notes to the Accounts
| Notes to the Accounts | |
|---|---|
| For the year ended 31 May 2023 5. Unrestricted funds Brought forward Adjustment unrestricted funds for the period As at 31st May 2023 |
-7,805 546 2,929 -8,357 |
| -4,876 -7,805 |
| 6. Cash& Bank Balances Cash in hand &at bank 7. Church Assets Schedule Church Equipment |
2023 2022 |
|---|---|
| 0 74 2023 2022 |
|
| 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: ………………………………. 21/08/2024 dd/mm/yyyy
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