Charity Number 1182015
COVENANT OF PEACE ASSEMBLIES
TRUSTEES’ ANNUAL REPORT & ACCOUNTS
31 MARCH 2023
COVENANT OF PEACE ASSEMBLIES Financial statement
For the year ended 31 March 2023
| 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 |
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COVENANT OF PEACE ASSEMBLIES Reference and administrative details
For the year ended 31 March 2023
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
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COVENANT OF PEACE ASSEMBLIES Report of the trustees For the year ended 31 March 2023
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 coordinating, 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:
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education and training in the English language and in vocational skills;
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social and recreational facilities and events involving the local community.
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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.
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COVENANT OF PEACE ASSEMBLIES Report of the trustees For the year ended 31 March 2023
In preparing those financial statements the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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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 2019) - (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:
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so far as each of the trustee is aware, there is no relevant material information of which the charity’s accountants are unaware; and
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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.
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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 March 12, 2024 and signed on their behalf by
Rev. Olakunle Gabriel Ojo Chair of Trustees
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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 2023.
In order to assist you to fulfil your duties under the Charity Act 2022, we have prepared for your approval the accounts of Covenant of Peace Assemblies for the period ended 31 March 2023 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 dated March 8, 2024. 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: March 12, 2024
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COVENANT OF PEACE ASSEMBLIES Income Statement For the year ended 31 March 2023
| 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 2023 £ 9,871 451 10,322 (4,749) (0) (4,749) 5,573 40,673 46,246 |
31 March 2022 £ |
|---|---|---|
| 8,686 - |
||
| 8,686 | ||
| (5,820) (540) |
||
| (6,360) | ||
| 2,327 38,346 |
||
| 40,673 |
The notes on pages 9 to 13 form part of these financial statements
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COVENANT OF PEACE ASSEMBLIES Statement of Financial Position As at 31 March 2023
| 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 |
£ 45,916 - 45,916 (240) |
2023 £ 570 570 45,676 46,246 - 46,246 46,246 - 46,246 |
40,153 - 40,153 (240) |
2022 £ 760 |
|---|---|---|---|---|
| 760 (39,913) |
||||
| 40,673 - |
||||
| 40,673 | ||||
| 40,673 - |
||||
| 40,673 |
Rev. Olakunle Gabriel Ojo
Chair of Trustees
Approved by the trustees on March 12, 2024, and signed on their behalf by:
The notes on pages 9 to 13 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 2023
1. Accounting Policies
The principal accounting policies adopted, judgments and key sources of estimation uncertainty in the preparation of the financial statements are as follows:
a. Basis of preparation
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 2019) - (Charities SORP (FRS102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102).
Covenant of Peace Assemblies meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
b. Judgments and estimates
The trustees have made no key judgments which have a significant effect on the accounts. The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next reporting period.
c. 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.
d. 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.
e. 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.
f. 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.
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COVENANT OF PEACE ASSEMBLIES Notes to the financial statements For the year ended 31 March 2023
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.
g. 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.
e. Tangible fixed assets
All expenditure of a capital nature on development work overseas is expensed as incurred, while tangible fixed assets in the UK costing more than £100 are capitalized and included at cost, including any incidental expenses of acquisition. Depreciation is provided on tangible fixed assets at rates calculated to write off the cost by equal annual instalments over their expected useful economic lives as follows:
| Freehold land and buildings | Nil |
|---|---|
| Computer infrastructure | 5 years |
| Computer equipment | 4 years |
| Furniture, fixtures and equipment | 4 years |
Impairment reviews are conducted when events and changes in circumstances indicate that an impairment may have occurred. If any asset is found to have a carrying value materially higher than its recoverable amount, it is written down accordingly.
f. Cash at bank and in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
g. Creditors and provisions
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.
Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
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COVENANT OF PEACE ASSEMBLIES Notes to the financial statements For the year ended 31 March 2023
| 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 Mission offering Pastoral annual renewal Advert and promotion Depreciation Youth and children convention Annual thanksgiving Training and development General office expenses Governance cost Professional fees |
31 March 2023 £ 8,143 214 1,514 9,871 31 March 2023 £ - - 451 451 31 March 2023 £ 1,450 1,009 - 29 190 - - - 1,831 - 240 4,749 |
31 March 2022 £ |
|---|---|---|
| 6,561 1,829 296 |
||
| 8,686 | ||
| 31 March 2022 £ |
||
| - - - |
||
| - | ||
| 31 March 2022 £ |
||
| 1,660 1,500 320 31 253 - - - 1,815 - 240 |
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| 5,820 |
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COVENANT OF PEACE ASSEMBLIES Notes to the financial statements For the year ended 31 March 2023
| 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 2023 £ - - 31 March 2023 £ 760 - - - - 760 190 - 190 570 31 March 2023 £ 45,916 - 45,916 |
31 March 2022 £ |
|---|---|---|
| 540 | ||
| 540 | ||
| 31 March 2022 £ |
||
| 179 834 - - - |
||
| 1,013 | ||
| 253 - |
||
| 253 | ||
| 760 | ||
| 31 March 2022 £ |
||
| 40,153 - |
||
| 40,153 |
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COVENANT OF PEACE ASSEMBLIES Notes to the financial statements For the year ended 31 March 2023
| 8. Creditors Trade creditors Total creditors 9. Debtors Grant debtors Prepaid Rent Prepaid Insurance Other prepaid expenses Other Debtors Total debtors 10. Fund movements Restricted funds Restricted project fund Unrestricted funds General fund The funds of the charity |
Balance at 1 April 2022 £ - - 40,673 40,673 40,673 |
31 March 2023 31 March 2022 £ £ 240 240 240 240 31 March 2023 31 March 2022 £ £ - - - - - - - - - - - - - - - - Income Expenditure As at 31 March 2023 £ £ £ - - - - - - 10,322 (4,749) 46,246 10,322 (4,749) 46,246 10,322 (4,749) 46,246 |
31 March 2023 31 March 2022 £ £ 240 240 240 240 31 March 2023 31 March 2022 £ £ - - - - - - - - - - - - - - - - Income Expenditure As at 31 March 2023 £ £ £ - - - - - - 10,322 (4,749) 46,246 10,322 (4,749) 46,246 10,322 (4,749) 46,246 |
|
|---|---|---|---|---|
| - | ||||
| - | ||||
| - - - |
||||
| - | ||||
| - | ||||
| - | ||||
| Income £ - - 10,322 10,322 10,322 |
||||
| - 46,246 |
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| 46,246 | ||||
| 46,246 |
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