REGISTERED COMPANY NUMBER: (England and Wales) REGISTERED CHARITY NUMBER: 1171587
Report of the Trustees and
Financial Statements for the Year Ended 29 February 2024
for
God's Covenant Life Centre
Peters & Co Chartered Certified Accountants Imperial House 64 Willoughby Lane London N17 0SP
God's Covenant Life Centre
Report of the Trustees
for the Year Ended 29 February 2024
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 29 February 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The main object of the the organisation is to advance the Christian religion for the benefit of the public by such charitable means as the trustees deem fit.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
God's Covenant Centre is a charitable incorporated organisastion governed by CIO - Foundation Governing Document registered with the Charities Commission on 13 February 2017.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
(England and Wales)
Registered Charity number
1171587
Registered office
103b Seven Sisters Road London N7 7QP
Trustees
Mrs S Tabour D Birke Pastor T N Gate Miss H Tira
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
........................................................................ D Birke - Trustee
Page 1
God's Covenant Life Centre
Statement of Financial Activities
for the Year Ended 29 February 2024
| 2024 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 29,367 EXPENDITURE ON Charitable activities Charitable 2,849 Other 25,843 Total 28,692 NET INCOME/(EXPENDITURE) 675 RECONCILIATION OF FUNDS Total funds brought forward 643 TOTAL FUNDS CARRIED FORWARD 1,318 |
2023 Total funds £ - - 300 300 (300) 943 643 |
|---|---|
The notes form part of these financial statements
Page 2
God's Covenant Life Centre
Balance Sheet
29 February 2024
| 2024 | 2023 | ||
|---|---|---|---|
| Unrestricted | Total | ||
| fund | funds | ||
| Notes | £ | £ | |
| CURRENT ASSETS | |||
| Cash at bank | 3,672 | 2,253 | |
| CREDITORS | |||
| Amounts falling due within one year | 6 | (2,354) | (1,610) |
| NET CURRENT ASSETS | 1,318 | 643 | |
| TOTAL ASSETS LESS CURRENT | |||
| LIABILITIES | 1,318 | 643 | |
| NET ASSETS | 1,318 | 643 | |
| FUNDS | 7 | ||
| Unrestricted funds | 1,318 | 643 | |
| TOTAL FUNDS | 1,318 | 643 | |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.
The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. D Birke - Trustee
............................................. T N Gate - Trustee
The notes form part of these financial statements
Page 3
God's Covenant Life Centre
for the Year Ended 29 February 2024
Notes to the Financial Statements
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Auditors' remuneration for non audit work | 594 | 300 |
3. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 29 February 2024 nor for the year ended 28 February 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 29 February 2024 nor for the year ended 28 February 2023.
continued...
Page 4
God's Covenant Life Centre
Notes to the Financial Statements - continued
for the Year Ended 29 February 2024
4. STAFF COSTS
The average monthly number of employees during the year was as follows:
| 2024 | 2023 | |||
|---|---|---|---|---|
| Volunteers | 2 | 2 | ||
| No employees received emoluments in excess of £60,000. | ||||
| 5. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES | |||
| EXPENDITURE ON | Unrestricted fund £ |
|||
| Other | 300 | |||
| NET INCOME/(EXPENDITURE) | (300) | |||
| RECONCILIATION OF FUNDS | ||||
| Total funds brought forward | 943 | |||
| TOTAL FUNDS CARRIED FORWARD | 643 | |||
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | |||
| Other creditors | 2024 £ 1,310 |
2023 £ 1,310 |
||
| Accrued expenses | 1,044 | 300 | ||
| 2,354 | 1,610 | |||
| 7. | MOVEMENT IN FUNDS | |||
| Unrestricted funds | At 1.3.23 £ |
Net movement in funds £ |
At 29.2.24 £ |
|
| General fund | 643 | 675 | 1,318 | |
| TOTAL FUNDS | 643 | 675 | 1,318 | |
continued...
Page 5
God's Covenant Life Centre
Notes to the Financial Statements - continued for the Year Ended 29 February 2024
7. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | Movement |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund 29,367 |
(28,692) | 675 | |
| TOTAL FUNDS 29,367 |
(28,692) | 675 | |
| Comparatives for movement in funds | |||
| At 1.3.22 | Net movement in funds |
At 28.2.23 |
|
| £ Unrestricted funds |
£ | £ | |
| General fund 943 |
(300) | 643 | |
| TOTAL FUNDS 943 |
(300) | 643 | |
| Comparative net movement in funds, included in the above are as follows: | |||
| Incoming | Resources | Movement | |
| resources | expended | in funds | |
| £ Unrestricted funds |
£ | £ | |
| General fund - |
(300) | (300) | |
| TOTAL FUNDS - |
(300) | (300) |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds | At 1.3.22 £ |
At 1.3.22 £ |
Net movement At in funds 29.2.24 £ £ |
|---|---|---|---|
| General fund | 943 | 375 1,318 |
|
| TOTAL FUNDS | 943 | 375 1,318 |
continued...
Page 6
God's Covenant Life Centre
Notes to the Financial Statements - continued
for the Year Ended 29 February 2024
7. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | Movement | |
|---|---|---|---|---|
| resources | expended | in funds | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 29,367 | (28,992) | 375 | |
| TOTAL FUNDS | 29,367 | (28,992) | 375 | |
8. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 29 February 2024.
Page 7
God's Covenant Life Centre
Detailed Statement of Financial Activities for the Year Ended 29 February 2024
| Detailed Statement of Financial Activities for the Year Ended 29 February 2024 |
|||
|---|---|---|---|
| 2024 | 2023 | ||
| £ | £ | ||
| INCOME AND ENDOWMENTS | |||
| Donations and legacies | |||
| Donations and other income | 29,367 | - | |
| Total incoming resources | 29,367 | - | |
| EXPENDITURE | |||
| Other | |||
| Sundry utilities | 163 | - | |
| Support costs | |||
| Management | |||
| Light and heat | 1,146 | - | |
| Telephone | 247 | - | |
| Postage and stationery | 856 | - | |
| Sundries | 600 | - | |
| Information technology | 2,849 | - | |
| Repairs and renewals | 25,086 | - | |
| Governance costs | |||
| Auditors' remuneration for non audit work | 594 | 300 | |
| Total resources expended | 28,692 | 300 | |
| Net income/(expenditure) | 675 | (300) | |
This page does not form part of the statutory financial statements
Page 8
God's Covenant Life Centre
Contents of the Financial Statements for the Year Ended 29 February 2024
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | ||
| Statement of Financial Activities | 2 | ||
| Balance Sheet | 3 | ||
| Notes to the Financial Statements | 4 | to | 7 |
| Detailed Statement of Financial Activities | 8 |