Charity No 1180316
POWER GRACE CHAPEL
TRUSTEES’ REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 01 AUGUST 2024
Power Grace Chapel Trustees
POWER GRACE CHAPEL
| Contents | Page |
|---|---|
| Charity Information | 3 |
| Management Report | 4 |
| Executive Committee Report | 5 |
| Trustees Report | 6 |
| Statement of Financial Activities | 6 - 7 |
| Balance Sheet | 8 |
| Notes to the Accounts | 9 - 10 |
Page 2 of 10
POWER GRACE CHAPEL
Charity Information For the year ended 01 August 2024
TRUSTEES:
Abdullahi Aliyu Kufre James Ekpenyong Chinedu Ogbu Mathias Julius
MINISTER IN-CHARGE:
Kufre James Ekpenyong
Charity NUMBER:
1180316
REGISTERED OFFICE:
118 Waterloo Road Southampton SO15 3BT
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POWER GRACE CHAPEL
Management Report For the year ended 01 August 2024
The trustees present their report and the financial statements for the year ended 01 August 2024. The financial statements have been prepared on the basis of accounting policies set out on page 9 and comply with the constitution, applicable law and applicable accounting standards.
Objects, principal activities and organisation of the Charity
Power Grace Chapel is a charity, which is registered as company limited by guarantee.
The principal activities and aim of the charity are:
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(a) Christian Fellowship
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(b) Evangelism and propagation of the Christian faith.
Operational and financial review
Grants and donations receivable during the year amounted to £21487.00 and the details are shown in note 2 to the financial statements.
During the period under review the Charity was able to provide Christian fellowship, Evangelism and propagation of the Christian faith to her members and community in Southampton.
The services of the Charity are available to people of all ages and Origin.
Trustees
Trustees, who are all members of the Management Committee, and who served during the year are set out on page 3.
The trustees are elected at the Annual General Meeting, for membership of the Management Committee and serve until the end of the next Annual General Meeting, where they can stand for re-election as members of the new Executive Committee.
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POWER GRACE CHAPEL
Report of the Members of the Executive Committee (Trustees) For the year ended 01 August 2024
Statement of Trustees’ Responsibilities
The Charities Act 1993 require the trustees to prepare financial statements for each financial year which give a true and fair view of the financial activities of the charity and of its financial position at the end of that year. In preparing those financial statements the trustees are required to:
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(a) select suitable accounting policies and apply them consistently;
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(b) make judgements and estimates that are reasonable and prudent;
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(c) state whether applicable standards and statements of recommended practice, subject to any material departures disclosed and explained in the financial statements;
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(d) prepare the financial statements on a going concern basis unless it is inappropriate to assume that the charity will continue in operation.
The trustees, who make up all members of the Executive Committee of the charity, are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with applicable law, regulations and the Trust Deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
This report has been prepared in accordance with the Statement of Recommended Practice – Accounting and Reporting by Charities , and in accordance with the special provisions of the Companies Act 2006 relating to small companies.
Approved by the trustees and signed on its behalf by
Kufre James Ekpenyong
Abdullahi D Aliyu
Date: 05/07/25
Date: 05/07/25
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POWER GRACE CHAPEL
Trustees Report For the year ended 01 August 2024
We report on the accounts for the year ended 01 August 2024 set out on pages 7 to 10 which have been prepared under the historical cost convention and the accounting policies set out in Note 1 to the financial statements.
Responsibilities of Directors
As described on pages 4 and 5 the trustees are responsible for the preparation of the financial statements, and they consider that the trust is exempt from an audit. It is our responsibility to carry out procedures designed to enable us to report our opinion to you.
Statement of Financial Activities For the year ended 1[st] August 2024
| Restricted Funds Total 2024 Incoming Resources Giving & Donations £21487 Total Incoming Resources £21487 Resources Expended Administrative Expenses £15952 Total Resources Expended £15952 Net Resources for the Year £5535 Total Funds Brought Forward Total Funds Carried Forward £5535 |
Total 2023 £13,280 £13,280 £172.68 £172.68 £6,729.68 0.00 £6,729.68 |
Total 2020 £7,926.20 £7,926.20 £2,871.95 £2,871.95 £5,054.25 0.00 £5,054.25 |
Total 2019 Total 2018 £6,810.00 0.00 £6,810.00 0.00 £3,850.00 0.00 £3,850.00 0.00 £2,960.00 0.00 0.00 0.00 £2,960.00 0.00 |
|---|---|---|---|
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POWER GRACE CHAPEL
Summary Income and Expenditure Account for the Year ended 01 August 2024
| 2024 Income £21487 Total Expenditure £15952 Net Surplus for the Financial Year £5535 |
2020 £7,926.20 £2,871.95 £5,054.25 |
2019 £6,810.00 £3,850.00 £2,960.00 |
2018 £0.00 £0.00 £0.00 |
|---|---|---|---|
There were no other recognised gains and losses other than those shown in the Income and Expenditure Account
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POWER GRACE CHAPEL
Balance Sheet 01 August 2024
| 2024 2020 Fixed Assets(Tangible) £8650.00 £0.00 Current Assets(Cash at Bank & in hand) £4,546 £5,054.25 Creditors £0.00 £0.00 Net Current Assets £5535.00 £5,054.25 Net Assets £5535.00 £5,054.25 Assets Value and Other Expenses 2024 2020 Asset Value £8,650.00 £4,800.00 Other Expenses £0 £6,125.00 |
2019 £0.00 £2,960.00 £0.00 £2,960.00 £2,960.00 2019 £9,190.00 £4,295.00 |
2018 £0.00 £0.00 £0.00 £0.00 £0.00 2018 £0.00 £0.00 |
|---|---|---|
In approving the financial statements as directors of the company we hereby confirm:
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a) that for the period stated above the company was entitled to the exemption conferred by Section 477 of the Companies Act 2006;
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b) that no notice has been deposited at the registered office of the company pursuant to Section 476 requesting an audit to be conducted for the year ended 01 August 2019.
We acknowledge our responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The Financial Statements were approved by the Management Committee and signed on their behalf by:
Abdullahi D Aliyu (Chairman BOT)
Date: 05/07/25
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POWER GRACE CHAPEL
Notes to the Accounts For the year ended 01 August 2024
1. Accounting Policies
1.1 Basis of Accounting
The financial statements have been prepared under the historical cost convention. The financial statements have been prepared in accordance with the Statement of Recommended Practice, Accounting and Reporting by Charities and the Financial Reporting Standard for Smaller Entities
1.2 Incoming Resources
Voluntary income and donations are included in incoming resources when they are receivable, except when the donors specify that they must be used in future accounting periods or donors’ conditions have not been fulfilled, then the income is deferred. The income from fundraising ventures is shown gross, with the associated costs included in fundraising costs.
1.3 Resources Expended
Resources expended are included in the Statement of Financial Activities on accruals basis, inclusive of any VAT that cannot be recovered.
Expenditure that is directly attributable to specific activities has been included in these cost categories. Where costs are attributable to more than one activity, they have been apportioned across the cost categories on a basis consistent with the use of those resources.
1.5 Depreciation
Fixed assets are written off over their estimated useful lives by deprecation as follows:
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Office equipment, furniture and fittings 25% reducing balance
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There were no fixed assets hence no depreciation
1.6 Administration Costs
Administration expenditure includes all expenditure not directly related to the charitable activity.
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POWER GRACE CHAPEL
Notes to the Accounts For the year ended 01 August 2024
2. Grants and Donations
| Restricted Funds Unrestricted Funds Giving and Donation £13,280 £13,280 |
Total 2024 £21287 £21487 |
Total 2020 £7,926.20 £7,926.20 |
Total 2019 Total 2018 £6,810.00 0.00 £6,810.00 0.00 |
|---|---|---|---|
3. Administrative Expenses
| Restricted Funds Unrestricted Funds Rent and Subscription £10684 £10684 |
Total 2024 £15952 £15952 |
Total 2020 £2,871.95 £2,871.95 |
Total 2019 Total 2018 £3,850.00 0.00 £3,850.00 0.00 |
|---|---|---|---|
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