**NEW BREED CHRISTIAN PALACE**
TRUSTEES REPORT & FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024
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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|
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Breed Christian Palace Account Report
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## **NEW BREED CHRISTIAN PALACE**
## Administrative information
## Chairperson
## Rev. Oluyemisi Adebambi
## Other Trustees
Rev clement Ule
Mary Adenike Dare Modupe Bajulaiye
Abiodun Oluwasola
Charity Registered Number: 1169559
## Registered Office
New Breed Christian Palace
Unit 20 Fiddlebridge, Industrial Centre, Hartfield, Hertfordshire AL10 0DE
Banker:
Metro Bank
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Breed Christian Palace Account Report
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## **NEW BREED CHRISTIAN PALACE**
Trustees Report for the year ended 31 May 2024.
Trustees present their financial statements for the year ended 31 May 2024
The Trustees of the NEW BREED CHRISTIAN PALACE presents their report and financial statements for the year ended 31 May 2024. 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.
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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 totalled £59,658.35. 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 2024, these amounted to -£15,400
## 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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Breed Christian Palace Account Report
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**NEW BREED CHRISTIAN PALACE**
STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED 31 MAY 2024
|||Total this year|Total last year|
|---|---|---|---|
|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|3,068|4,876|
|Net current assets||-3,068|-4,876|
|Total assets less current liabilities||-3,068|-4,876|
|Creditors: Amounts falling due after more than one year||||
|Total net assets or liabilities||-3,068|-4,876|
|Funds of the Charity||||
|||-|-|
|Restricted income funds
Unrestricted income funds
|5|-3,068|-4,876|
|Revaluation Reserve
||-
|
-|
|Total funds
||-3,068|-4,876|
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**NEW BREED CHRISTIAN PALACE**
DETAILED INCOME AND EXPENDITURE FOR THE YEAR ENDED 31 MAY 2024
G
|
Income and Resources
Tithes, offering and Thanksgiving Gift
Gift Aid
Others
Total Income Resources
|
Unrestricted
Restricted
£ £
23,331
12,088
24,239-
59,658
-|Total Fund
23,331
12,088
23,239
59,658|
|---|---|---|
## OUTGOINGS
|Cost of activities in furtherance's of charity's objectives
church Rent and Rates
4,350
Spiritual Sundries Items
-
Charitable donation and gifts
793
Anniversary
-
Music and Entertainment
1,826
Christmas Party
-
Renovation & Maintenance
1,487
8,456
Management &Administration of
Charity
Depreciation
-
Stationeries and printing
-
Telephone, fax and broadband
700
Sundry
4,300
Bank charges
-
Accountancy and book keeping
300
Wages and salaries
40,720
Other staff cost
3,723
Travel and subsistence
400
44,843|Cost of activities in furtherance's of charity's objectives
church Rent and Rates
4,350
Spiritual Sundries Items
-
Charitable donation and gifts
793
Anniversary
-
Music and Entertainment
1,826
Christmas Party
-
Renovation & Maintenance
1,487
8,456
Management &Administration of
Charity
Depreciation
-
Stationeries and printing
-
Telephone, fax and broadband
700
Sundry
4,300
Bank charges
-
Accountancy and book keeping
300
Wages and salaries
40,720
Other staff cost
3,723
Travel and subsistence
400
44,843|
|4,350
-
793
-
1,826
-
1,487
8,456|
|---|---|---|---|
|||-||
||8,456|||
||-
-
700
4,300
-
300
40,720
3,723
400|
-|-
-
700 -
4300
-
300
40,720
3,723
400
44,843|
|||-||
||44,843|||
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**NEW BREED CHRISTIAN PALACE**
## Notes To The Accounts
For the year ended 31 May 2024
## 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 2024
## 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 .
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## **NEW BREED CHRISTIAN PALACE**
## 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%|
||
2024|
2023|
|2.Operating Profit|||
|This is stated after charging:|||
|Depreciation of owned fixed assets|£1,808
|-£2,929
|
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**NEW BREED CHRISTIAN PALACE**
## Notes To The Accounts
For the year ended 31 May 2024
## 3. Tangible Fixed Assets
|3. Tangible Fixed Assets||||||||
|---|---|---|---|---|---|---|---|
|||**Fixture &**||||||
|**Equipment**||**Fittings**||**Furniture**||**Total**||
|**Cost/Net Book Value**||||||||
|**£**||**£**||**£**||**£**||
|As at 1st June 2023|||-||-||-|
|Addition during the year
|-|
|-||-||-|
|Disposal/ written off||||||||
|At 31st May2022
|-|
|-||-||-|
|
Depreciation||||||||
|As at 1st June2022
|-|
|-||-||-|
|Depreciation charge for the year
|-|
|-||-||-|
|Disposal/written off
|-|
|-||||-|
|At 31st May 2023
|-|
|-||-||-|
|Net Book Value At 31st May
|-|
|-||-||-|
|2023||||||||
|||2024||2023||||
|||£||£||||
|4. Creditors amount falling due||||||||
|within one year||||||||
|Other creditors-Accountancy fees
||300||250
||||
|Other creditors
||
1875||4,626||||
|
||**2,175**||**4,876**||||
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## **NEW BREED CHRISTIAN PALACE**
## Notes to the Accounts
> [For the year ended 31 May 2024 ]
## 5. Unrestricted funds
|5. Unrestricted funds|||
|---|---|---|
|-4,876|-4,876|-7,805|
|Brought forward|||
|Adjustment unrestricted funds for the period|1,808 2,929|1,808 2,929|
|As at 31st May 2024
**-3,067**|**-3,067**|**-4,876**|
|6. Cash& Bank Balances|2024|2023|
|---|---|---|
|Cash in hand &at bank|0|0|
|7. Church Assets Schedule|||
|Church Equipment|2024|2023|
|Equipment|4,058|4,058|
|Van|3500||
||7,558|7,558|
|Fixtures and Fittings|||
|Fixtures & Fittings|-|-|
|Furniture
s|||
|Furniture
s|-|-|
## _Signed by one or two trustees on behalf of all the trustees_
Print name: ……………………………………………………………………
Date of approval: ………………………………. 10[th] September 2025
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