Charity Number 1182015
## **COVENANT OF PEACE ASSEMBLIES**
## **TRUSTEES’ ANNUAL REPORT & ACCOUNTS**
**31 MARCH 2021**
## **COVENANT OF PEACE ASSEMBLIES**
## **Financial statement**
## **For the year ended 31 March 2021**
|**Contents**|Page|
|---|---|
|Reference and administrative details|3|
|Report of the trustees|4|
|Accountants' Report|6|
|Income statement|7|
|Statement of financial position|8|
|Notes to the accounts|9|
2
## **COVENANT OF PEACE ASSEMBLIES**
## **Reference and administrative details**
## **For the year ended 31 March 2021**
Charity Number 1182015 1D Nigel Road Registered Address MANCHESTER M9 4LB Trustees Trustees, who are also directors under company law, who served during the year were as follows: Rev. Olakunle Gabriel Ojo – _Chair of Trustees_ Oluyemisi Tope Ojo John Oluyemi Adeyemi Love Oluwagbemiga Ojo Adekunle Omolaja Adekanmbi Akinwande Ayodeji Akinsowon Tolulope Abisola Akinsowon Accountants **BC NWAIWU & CO LTD** Building 1 Suit 4A Office 6 Wilsons Park Business Centre Manchester M40 8WN Bankers **Barclays Bank Plc** Leicester Leicestershire LE87 2BB
3
## **COVENANT OF PEACE ASSEMBLIES**
## **Report of the trustees**
## **For the year ended 31 March 2021**
## **About us**
Covenant of Peace Assemblies is a faith-based charity that advances the Christian religion mainly, but not exclusively, by means of broadcasting Christian messages of an evangelistic and teaching nature, through the holding of Christian religious worship, prayer meetings, lectures, public celebration of religious festivals, producing and/or distributing literature on Christian religion to enlighten others about the Christian religion.
We advance in life and relieve needs of young people by providing support and activities which develop their skills, capacities, and capabilities to enable them to participate in society as mature and responsible individuals.
We also promote social inclusion for the public benefit by working with people who are socially excluded, to relieve the needs of such people and assist them to integrate into society, through the provision of a local network group that encourages and enables those who are socially excluded to participate more effectively within the wider community and by increasing, or co-ordinating, opportunities to engage with service providers, to enable those providers to adapt services to better meet the needs of that community.
Our social inclusion programme also supports refugees and asylum seekers who are socially excluded on the grounds of their social and economic position, by providing:
1. education and training in the English language and in vocational skills;
2. social and recreational facilities and events involving the local community.
3. items and services to individuals in need and/or charities, or other organisations working to prevent or relieve poverty.
## **Trustees**
The following person served as trustees during the period:
Rev. Olakunle Gabriel Ojo – _Chair of Trustees_
Oluyemisi Tope Ojo
John Oluyemi Adeyemi
Love Oluwagbemiga Ojo
Adekunle Omolaja Adekanmbi
Akinwande Ayodeji Akinsowon
Tolulope Abisola Akinsowon
## **Statement of responsibilities of the trustees**
The trustees are required to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and the incoming resources and application of resources, including the net income or expenditure, of the charity for the year.
4
## **COVENANT OF PEACE ASSEMBLIES**
## **Report of the trustees**
## **For the year ended 31 March 2021**
In preparing those financial statements the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Statement of Recommended Practice applicable to charities in the UK and Republic of Ireland (FRS102) (effective 1 January 2015) - (Charities SORP (FRS102). 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.
Each of the persons who is a trustee at the date of approval of this report confirms that:
- so far as each of the trustee is aware, there is no relevant material information of which the charity’s accountants are unaware; and
- each trustee has taken all steps that they ought to have taken to make themselves aware of any relevant material information and to establish that the accountants are aware of that information.
- Members of the charity guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up.
Approved by the trustees on January 20, 2022 and signed on their behalf by
**Rev. Olakunle Gabriel Ojo** Chair of Trustees
5
## **COVENANT OF PEACE ASSEMBLIES**
## **Accountants' Report**
## **Accountants' report to the board of trustees on the preparation of the unaudited statutory accounts of Covenant of Peace Assemblies for the period ended 31 March 2021.**
In order to assist you to fulfil your duties under the Charity Act 2011, we have prepared for your approval the accounts of Covenant of Peace Assemblies for the period ended 31 March 2021 which comprise of the Statement of financial activities (incorporating income & expenditure account), the Balance Sheet and the related notes from the charity’s accounting records and from information and explanations you have given us.
This report is made solely to the Trustees of Covenant of Peace Assemblies, as a body, in accordance with the terms of our engagement letter dated January 10, 2022. Our work has been undertaken solely to prepare for your approval the accounts of Covenant of Peace Assemblies and state those matters that we have agreed to state to the Trustees of Covenant of Peace Assemblies, as a body, in this report to the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Covenant of Peace Assemblies and its Trustees as a body for our work or for this report.
It is your duty to ensure that Covenant of Peace Assemblies has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position of Covenant of Peace Assemblies. You consider that Covenant of Peace Assemblies is exempt from the statutory audit/independent examination requirement for the period.
We have not been instructed to carry out an audit/independent examination or a review of the accounts of Covenant of Peace Assemblies. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
## **BC NWAIWU & CO LTD**
Building 1 Suit 4A Office 6 Wilsons Park Business Centre Manchester M40 8WN
## **Date: January 20, 2022**
6
## **COVENANT OF PEACE ASSEMBLIES**
## **Income Statement**
## **For the year ended 31 March 2021**
|Note
**Income:**
Income from charitable activities:
_Operation of the charity_
2
Income from other activities:
_Other charity activities_
3
**Total income**
**Expenditure:**
_Expenditure on charitable activities:_
Expenses on operation of the charity
4
_Costs of raising funds:_
Other charitable activities
5
**Total expenditure**
**Net income/(expenditure) and net movement**
**in funds for the year**
**Reconciliation of funds**
Total funds brought forward
**Total funds carried forward**|31 March 2021
**£**
9,613
-
**9,613**
(2,888)
(600)
**(3,488)**
6,125
32,221
**38,346**|31 March 2020
**£**|
|---|---|---|
|||12,268
26,895|
|||**39,162**|
|||(6,452)
(490)|
|||**(6,942)**|
|||32,221
-|
|||**32,221**|
_The notes on pages 9 to 12 form part of these financial statements_
7
## **COVENANT OF PEACE ASSEMBLIES**
## **Statement of Financial Position**
## **As at 31 March 2021**
|**Note**
**Fixed assets**
Tangible assets
6
**Current assets**
Cash at bank and in hand
7
Debtors
**Creditors: amounts falling due within**
**one year**
8
**Net current assets**
**Total assets less current liabilities**
**Creditors: amounts falling due after**
**one year**
**Total assets**
**Funds**
Unrestricted funds
Restricted funds
**Total funds**|38,366
-|31 March 2021
£|31 March 2021
£|31 March 2021
£
239
239
32,281
-
32,281
(300)
**(31,981)**
32,221
-
**32,221**
32,221
-
**32,221**|31 March 2021
£
239
239
32,281
-
32,281
(300)
**(31,981)**
32,221
-
**32,221**
32,221
-
**32,221**|
|---|---|---|---|---|---|
||||179
179
**(38,166)**
38,346
-
**38,346**
38,346
-
**38,346**||239|
||||||239
**(31,981)**|
||38,366
(200)|||||
|||||||
||||||32,221
-|
||||||**32,221**|
||||||32,221
-|
||||||**32,221**|
The trustees are satisfied that the charity is entitled to exemption from the requirement to obtain an audit under section 144 of the Charities Act 2011 (“the Act”).
The trustees of the charity have not required the charity to obtain an independent examination in accordance with section 144 of the Act.
The trustees acknowledge their responsibilities for complying with the requirements of the Charity Act with respect to accounting records and the preparation of accounts.
Approved by the trustees on January 20, 2022 and signed on their behalf by:
**Rev. Olakunle Gabriel Ojo** Chair of Trustees
_The notes on pages 9 to 12 form part of these financial statements_
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**COVENANT OF PEACE ASSEMBLIES**
**Notes to the financial statements**
## **For the year ended 31 March 2021**
## **1 Accounting Policies**
## _**Accounting conventions**_
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities in preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2015) - (Charities SORP (FRS102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Companies Act 2006.
Covenant of Peace Assemblies meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
## _**Incoming resources**_
All incoming resources are included in the SOFA when the charity is legally entitled to the income, is reasonably certain of receipt and the amount can be measured with sufficient reliability. In accordance with the SORP, no value has been attributed to the work performed by volunteers, although their work is considered vital to the activities of the charity.
## _**Tithe, Regular offering and Donations**_
Tithe, Regular offering and Donations consist of the total tithe, regular offering and donations from members of the church and other members of the public along with income from fundraising events.
## _**Charity status**_
The charity is a charitable Incorporated Organisation (CIO). The members of the charity are represented by the trustees named on page 3. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.
## _**Resources expended**_
Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Costs of generating funds are those incurred in seeking voluntary income and do not include the costs of disseminating information in support of the charitable activities.
In many cases, costs are incurred on projects before the relevant restricted income is received. Therefore, unless contrary to a donor’s wishes, interest income generated from restricted funds is treated as unrestricted, to cover the pre-financing costs incurred.
## _**Gift aid**_
Gift Aid tax reclaims is recognised for any Gift Aid certificates received up to two months after the year-end, in relation to donations made prior to the year-end, where the Gift Aid tax reclaim application was filled to HMRC prior to the year-end.
9
## **COVENANT OF PEACE ASSEMBLIES**
## **Notes to the financial statements**
## **For the year ended 31 March 2021**
|2.
**Operation of the charity**
Tithe offering
Regular offering
Donations
3.
**Other charity activities**
Charitable sales
Bank interest
Other income
4.
**Operation of the charity**
Accommodation and rent
Depreciation
Youth and children convention
Annual thanksgiving
Training and development
General office expenses
Governance cost
Professional fees|31 March 2021
£
7,574
1,589
450
9,613
31 March 2021
**£**
-
-
-
-
31 March 2021
£
-
60
-
-
-
1,008
-
200
2,888|31 March 2020
£|
|---|---|---|
|||10,006
1,856
405|
|||12,268|
|||31 March 2020
**£**|
|||-
-
26,895|
|||26,895|
|||31 March 2020
£|
|||1,710
80
-
-
1,350
1,455
350
300|
|||6,452|
10
## **COVENANT OF PEACE ASSEMBLIES**
## **Notes to the financial statements**
## **For the year ended 31 March 2021**
|5.
**Other charitable activities**
Community outreach service
6.
Tangible fixed assets
Cost
Balance B/F
Additions
Disposals
Revaluations
Transfers
Depreciation
Charge for the year
On disposals
Net book value
7.
**Cash at bank and in hand**
Bank
Cash|31 March 2021
£
600
600
31 March 2021
£
239
-
-
-
-
239
60
-
60
179
31 March 2021
£
38,366
-
**38,366**|31 March 2020
£|
|---|---|---|
|||490|
|||490|
|||31 March 2020
£|
|||-
319
-
-
-|
|||319|
|||80
-|
|||80|
|||239|
|||31 March 2020
£|
|||32,281
-|
|||**32,281**|
11
## **COVENANT OF PEACE ASSEMBLIES**
## **Notes to the financial statements**
## **For the year ended 31 March 2021**
|8.
**Creditors**
Trade creditors
**Total creditors**
9.
**Debtors**
Grant debtors
Prepaid Rent
Prepaid Insurance
Other prepaid expenses
Other Debtors
**Total debtors**|31 March 2021
£
200
**200**
31 March 2021
£
-
-
-
-
-
-
-
**-**|31 March 2020
£|
|---|---|---|
|||300|
|||**300**|
|||31 March 2020
£|
|||-|
|||-|
|||-
-
-|
|||-|
|||-|
|||**-**|
12