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2024-02-29-accounts

REGISTERED COMPANY NUMBER: CE016184 (England and Wales) REGISTERED CHARITY NUMBER: 1181536

REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 29TH FEBRUARY 2024

FOR

PEACE CHAPEL INTERNATIONAL CIO

D E Ball & Co Limited Chartered Accountants 15 Bridge Road Wellington Telford Shropshire TF1 1EB

PEACE CHAPEL INTERNATIONAL CIO

CONTENTS OF THE FINANCIAL STATEMENTS for the Year Ended 29th February 2024

Page
Report of the Trustees 1 to 2
Independent Examiner's Report 3 to 4
Statement of Financial Activities 5
Balance Sheet 6 to 7
Notes to the Financial Statements 8 to 12
Detailed Statement of Financial Activities 13

PEACE CHAPEL INTERNATIONAL CIO

REPORT OF THE TRUSTEES for the Year Ended 29th 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 29th 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 charitable objects are :

A) to advance the Christian faith for the public benefit through the provision of facilities for public worship, prayer and evangelism, primarily in Telford, and thereafter further afield: and

B) the relief of poverty primarily in and around the areas of Telford by providing grants, items and services to individuals in need of financial and / or benevolent support.

Public benefit

The trustees have had regard to the public benefit guides PB1, PB2 and PB3 when making decisions on the actions of the charity.

ACHIEVEMENT AND PERFORMANCE

Charitable activities

The church continues to promote the advancement of the Christian faith through church activities. It also continues to strive to :

FINANCIAL REVIEW

Financial position

The church continues to raise funds :

The Trustees regard the current financial position as being satisfactory but recognise the ongoing need for close management of the church's finances.

Reserves policy

Details are provided in the notes to the accounts.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Charity constitution

The meeting of the Trustees normally takes place four times per year and has the responsibility for the overall policy of the church. The members appoint six Trustees, which include the resident Minister, and the Treasurer, who work with the church secretary in the day to day running of the church's activities, and witness the financial and legal aspects of the Charity.

Page 1

PEACE CHAPEL INTERNATIONAL CIO

REPORT OF THE TRUSTEES for the Year Ended 29th February 2024

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number CE016184 (England and Wales)

Registered Charity number 1181536

Registered office

Old Chapel Lion Street Oakengates Telford Shropshire TF2 6AQ

Trustees

B Adofoh Rev M Adofo Rev S Tetteh Rev K A Salifu S A Frimpong G A Twumwaah

Independent Examiner

D E Ball & Co Limited Chartered Accountants 15 Bridge Road Wellington Telford Shropshire TF1 1EB

Bankers

NatWest Bank Telford Town Centre 217 Dean Street Telford TF3 4BB

Approved by order of the board of trustees on 25th November 2024 and signed on its behalf by:

B Adofoh - Trustee

Page 2

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF PEACE CHAPEL INTERNATIONAL CIO

Independent examiner's report to the trustees of Peace Chapel International CIO ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 29th February 2024.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.

Independent examiner's statement - matters of concern identified

I have completed my examination.

When preparing these accounts, I referred to the previous years accounts prepared by the previous Accountant to obtain comparatives and opening balances.

An initial review of the accounting records indicated differences to the accounting records. I have therefore recreated those accounts ( for the year to 28 February 2023 ).

In doing this, and reviewing earlier years accounts submitted to the Charity Commission, along with discussions with the Trustees, two material errors relating to accounts prepared to 28 February 2022 were identified:

At 28 February 2022, the outstanding balance of the loan of £13,938.28 was not reflected in the accounts.

At 28 February 2022, the assets of the Charity were understated by £70,000.

This errors have been corrected in these accounts with the net uplift in Reserves of £52,820 reflected in note 9 on pages 11 under "Gains and losses".

Page 3

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF PEACE CHAPEL INTERNATIONAL CIO

I confirm that no other matters have come to my attention in connection with the examination giving me reasonable cause to believe that in any material respect:

  1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; and

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

I confirm that there are no other matters to which your attention should be drawn to enable a proper understanding of the accounts to be reached.

Russell Ball - FCA

D E Ball & Co Limited Chartered Accountants 15 Bridge Road Wellington Telford Shropshire TF1 1EB

25th November 2024

Page 4

PEACE CHAPEL INTERNATIONAL CIO

STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 29th February 2024

Unrestricted
funds
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
59,076
Investment income
2
343
Total
59,419
EXPENDITURE ON
Charitable activities
Church
35,053
Net gains on investments
-
NET INCOME
24,366
RECONCILIATION OF FUNDS
Total funds brought forward
79,525
TOTAL FUNDS CARRIED FORWARD
103,891		 Restricted
fund
£
-
-
-
-
-
-
-
-		 29.2.24
28.2.23
Total
Total
funds
funds
£
£
59,076
48,801
343
16
59,419
48,817
35,053
26,454
-
52,820
24,366
75,183
79,525
4,342
103,891
79,525		 29.2.24
28.2.23
Total
Total
funds
funds
£
£
59,076
48,801
343
16
59,419
48,817
35,053
26,454
-
52,820
24,366
75,183
79,525
4,342
103,891
79,525
48,817
26,454
52,820
75,183
4,342
79,525

The notes form part of these financial statements

Page 5

PEACE CHAPEL INTERNATIONAL CIO

BALANCE SHEET 29th February 2024

Unrestricted
funds
Notes
£
FIXED ASSETS
Tangible assets
5
70,000
CURRENT ASSETS
Cash at bank and in hand
44,733
CREDITORS
Amounts falling due within one year
6
(1,550)
NET CURRENT ASSETS
43,183
TOTAL ASSETS LESS CURRENT LIABILITIES
113,183
CREDITORS
Amounts falling due after more than one year
7
(9,292)
NET ASSETS
103,891
FUNDS
9
Unrestricted funds
TOTAL FUNDS		 Restricted
fund
£
-
-
-
-
-
-
-		 29.2.24
Total
funds
£
70,000
44,733
(1,550)
43,183
113,183
(9,292)
103,891
103,891
103,891		 28.2.23
Total
funds
£
70,000
21,934
(1,550)
20,384
90,384
(10,859)
79,525
79,525
79,525

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29th February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29th February 2024 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

The notes form part of these financial statements

continued...

Page 6

PEACE CHAPEL INTERNATIONAL CIO

BALANCE SHEET - continued

29th February 2024

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 25th November 2024 and were signed on its behalf by:

M Adofo - Trustee

B Adofoh - Trustee

The notes form part of these financial statements

Page 7

PEACE CHAPEL INTERNATIONAL CIO

NOTES TO THE FINANCIAL STATEMENTS for the Year Ended 29th February 2024

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.

Tangible fixed assets

Freehold property is not depreciated. The trustees are of the view that the level of ongoing repair and maintenance of the property will result in the residual value of the property at the end of its useful life being greater than its original cost. This is reviewed annually by the trustees.

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.

INVESTMENT INCOME

INVESTMENT INCOME
29.2.24 28.2.23
£ £
Deposit account interest 343 16

continued...

Page 8

PEACE CHAPEL INTERNATIONAL CIO

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 29th February 2024

3. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 29th February 2024 nor for the year ended 28th February 2023.

Trustees' expenses

There were no trustees' expenses paid for the year ended 29th February 2024 nor for the year ended 28th February 2023.

4.

5.

COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted Restricted Total
funds fund funds
£ £ £
INCOME AND ENDOWMENTS FROM
Donations and legacies 48,801 - 48,801
Investment income 16 - 16
Total 48,817 - 48,817
EXPENDITURE ON
Charitable activities
Church 26,454 - 26,454
Net gains on investments 52,820 - 52,820
NET INCOME 75,183 - 75,183
RECONCILIATION OF FUNDS
Total funds brought forward 4,342 - 4,342
TOTAL FUNDS CARRIED FORWARD 79,525 - 79,525
TANGIBLE FIXED ASSETS
Freehold
property
£
COST
At 1st March 2023 and 29th February 2024 70,000
NET BOOK VALUE
At 29th February 2024 70,000
At 28th February 2023 70,000

continued...

Page 9

PEACE CHAPEL INTERNATIONAL CIO

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 29th February 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£ £
Bank loans and overdrafts (see note 8) 1,550 1,550
7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
29.2.24 28.2.23
£ £
Bank loans (see note 8) 9,292 10,859
8. LOANS
An analysis of the maturity of loans is given below:
29.2.24 28.2.23
£ £
Amounts falling due within one year on demand:
Bank loans 1,550 1,550
Amounts falling between one and two years:
Bank loans - 1-2 years 1,550 1,550
Amounts falling due between two and five years:
Bank loans - 2-5 years 4,650 4,650
Amounts falling due in more than five years:
Repayable by instalments:
Bank loans more 5 yr by instal 3,092 4,659
9. MOVEMENT IN FUNDS
Net Transfers
movement between At
At 1.3.23 in funds funds 29.2.24
£ £ £ £
Unrestricted funds
General fund 9,525 19,069 (20,000) 8,594
Building Fund 70,000 5,297 20,000 95,297
79,525 24,366 - 103,891
TOTAL FUNDS 79,525 24,366 - 103,891

continued...

Page 10

PEACE CHAPEL INTERNATIONAL CIO

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 29th February 2024

9. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£ £ £
Unrestricted funds
General fund 54,122 (35,053) 19,069
Building Fund 5,297 - 5,297
59,419 (35,053) 24,366
TOTAL FUNDS 59,419 (35,053) 24,366

Comparatives for movement in funds

Net Transfers
movement between At
At 1.3.22 in funds funds 28.2.23
£ £ £ £
Unrestricted funds
General fund
4,342		 75,183 (70,000) 9,525
Building Fund
-		 - 70,000 70,000
4,342 75,183 - 79,525
TOTAL FUNDS
4,342		 75,183 - 79,525
Comparative net movement in funds, included in the above are as follows:
Incoming Resources Gains and Movement
resources expended losses in funds
£ £ £ £
Unrestricted funds
General fund
48,817		 (26,454) 52,820 75,183
TOTAL FUNDS
48,817		 (26,454) 52,820 75,183

continued...

Page 11

PEACE CHAPEL INTERNATIONAL CIO

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 29th February 2024

9. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined position is as follows:

Net Transfers
movement between At
At 1.3.22 in funds funds 29.2.24
£ £ £ £
Unrestricted funds
General fund 4,342 94,252 (90,000) 8,594
Building Fund - 5,297 90,000 95,297
4,342 99,549 - 103,891
TOTAL FUNDS 4,342 99,549 - 103,891

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming Resources Gains and Movement
resources expended losses in funds
£ £ £ £
Unrestricted funds
General fund 102,939 (61,507) 52,820 94,252
Building Fund 5,297 - - 5,297
108,236 (61,507) 52,820 99,549
TOTAL FUNDS 108,236 (61,507) 52,820 99,549

10. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 29th February 2024.

11. FUNDS

General Fund - the Trustees aim to keep atleast £8,000 in General Funds to cover three months expenditure should there be a short term fall in income.

Building Fund - this Funds a designated by the Trustees for the purchase of a Church building.

Page 12

PEACE CHAPEL INTERNATIONAL CIO

DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 29th February 2024

29.2.24 28.2.23
£ £
INCOME AND ENDOWMENTS
Donations and legacies
Gifts 49,472 32,760
Gift aid 9,604 16,041
59,076 48,801
Investment income
Deposit account interest 343 16
Total incoming resources 59,419 48,817
EXPENDITURE
Charitable activities
Pastors wages - 618
Rates and water 1,535 -
Insurance 1,678 1,083
Light and heat 3,545 2,524
Repairs & equipment 9,330 5,456
Rent 13,032 14,400
Travel 2,145 100
Donations 462 -
Honorarium 1,290 -
Accountancy 600 600
Admin & sundry expenses 1,138 1,337
Bank loan interest 298 336
35,053 26,454
Total resources expended 35,053 26,454
Net income 24,366 22,363

This page does not form part of the statutory financial statements

Page 13