THE WAY OF HOLINESS ENDTIME MINISTRY
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28[th] February 2022
CHARITY NUMBER: 1182475
THE WAY OF HOLINESS ENDTIME MINISTRY STRATFORD METHODIST CHURCH BRYANT STREET LONDON E15 4RU INDEX Page Index 1 Trustee’s Report 2 - 3 Receipts and Payments Account 4 Statement of Assets and Liabilities 5 Notes on the financial Statements 6
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THE WAY OF HOLINESS ENDTIME MINISTRY
TRUSTEES’ REPORT YEAR ENDED 28[th] February 2022
The trustees are pleased to present their report for the year ended 28[th] February 2022 for the charity, The Way of Holiness End-time Ministry with charity number 1182475.
The Trustees of the charity are:
Juliana Olujinmi Tarilayefa Ogori Adebimpe Ogedengbe
The principal address of the charity is : Stratford Methodist Church Bryant Street London E15 4RU
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Charity governing document is a CIO – Foundation Constitution registered 14[TH] March 2019.The Charity is governed by a board on which the trustees are represented. It meets regularly to review, plan activities and monitor the financial position.
OBJECTIVES AND ACTIVITIES
The Objects of the organisation are first to advance the Christian faith in accordance with the statement of beliefs for the benefit in the United Kingdom and in such other parts of the world as the trustees may think fit from time to time . The trustees confirm that they have had due regard to the guidance issued by the Charity Commission on public benefit before deciding what activities the charity should undertake.
ACHIEVMENTS AND PERFORMANCE
The Organisation continues to hold successful meetings through the year in which individuals were equipped and educated on the principles and doctrines of the Christian faith. The organisation held several conferences during the year in which individuals came from all around the community to attend. This has produced good results in reaching and helping members of the community. The church is back to holding in person services.
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FINANCIAL REVIEW
The income of the charity is above £51,000. This is a reasonable amount for the year the costs have been well managed over this period. The organisation is still in a good position to manage its costs. The main cost of the organisation was paying for the rent of its building that it uses for worship services.
PLANS FOR THE FUTURE
The church intends to continue to host its regular worship services. The intended reappointment of our present independent examiner at the upcoming trustee meeting is expected to support the financial operations by making it more effective.
RESERVE POLICY
It is the policy of the Charity to maintain unrestricted funds, which are the reserves of the charity at about 3 months of unrestricted expenditure.This provides sufficient funds to cover any emergency expenditures that may arise from time to time. The charity will seek to maintain this level throughout the year.
RISK MANAGEMENT
The charity have assessed all the major risks to which the charity is exposed to, in particular those related to operations and finances of the charity, and are satisfied that systems are in place to mitigate exposure to major risks.
TRUSTEE RESPONSIBILITIES
Under the Charities Act 2011,the trustees are required to prepare a statement of accounts for each accounting year which gives a true and fair view of the state of the church. They are required to:
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Select suitable accounting policies and apply them consistently.
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Make judgements and estimates that are reasonable and prudent.
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State whether the applicable accounting standards have been followed.
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Prepare financial statements on an ongoing basis.
They are responsible for keeping proper records which disclose with reasonable accuracy the finances of the church at any time and to ensure that such accounts comply with the Charities Act 2011.They also have a responsibility to safeguard the assets of the church and to take reasonable steps to detect fraud or other irregularities.
Approved by the Trustees on 14[th] November 2022 and signed on their behalf by:
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Independent Examiner’s Report To the Trustees
THE WAY OF HOLINESS ENDTIME MINISTRY
I report on the accounts of the church for the year ended 28[th] February 2022 set out on the following pages which have been prepared on the basis of the accounting policies shown in the corresponding pages.
Respective responsibilities of trustees and examiner
The trustees of the church are responsible for the preparation of accounts: they consider that the audit requirement under section 43(2) of the Charities Act 1993 (the 1993 Act),does not apply. It is my responsibility to :
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Examine the accounts under section 43(3) of the 1993 Act.
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Follow the procedures laid down in the General Directions given by the Charity Commissioners made under section 43(7)(b) of the 1993 Act.
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State whether particular matters have come to my attention.
Basis of Independent examiner’s report
My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the church and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts.
Independent examiner’s statement
In the course of my examination, no matter has come to my attention;
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(1) which gives me reasonable cause to believe that, in any material aspect, the trustees have not met the requirements to ensure that:
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proper accounting records are kept( in accordance with section 41 of the Act)
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accounts are prepared which agree with the accounting records and comply with the accounting requirements of the Act: or
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(2) to which , in my opinion , attention should be drawn in order to enable a proper understanding of the accounts to be reached.
CHUKS AJUKA BSC(Man) FICB PMDip FRESH FIRE ORGANISATION 95 MILES ROAD Mitcham Surrey CR4 3FH
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THE WAY OF HOLINESS ENDTIME MINISTRY
ACCOUNTS FOR THE YEAR ENDED 28th February 2022
| **1 ** | Receipts & Payments Account (General | Purpose Fund) | Purpose Fund) |
|---|---|---|---|
| Income Receipts | £/ 2022 | £/2021 | |
| Tithes and Offerings | 51614 | 38905 | |
| Interest | 0 | 0 | |
| Total Receipts | 51614 | 38905 | |
| Direct Charitable Expenditure | |||
| Outreach costs | 400 | ||
| Printing | 0 | 500 | |
| Rent for Halls | 33823 | 0 | |
| Church events | 1185 | 1586 | |
| Welfare | 500 | 500 | |
| Subscriptions | 133 | 53 | |
| Stationary | 95 | 49 | |
| Pastoral Services | 3000 | 27445 | |
| Transport costs | 1235 | 1710 | |
| Admin | 437 | 110 | |
| Refreshments | 250 | 138 | |
| Telephone & Internet | 1704 | 1436 | |
| Professional fees | 629 | 880 | |
| Supplies | 335 | 0 | |
| Rates | 1255 | 560 | |
| Music services | 4120 | 200 | |
| Charity Donation | 600 | 550 | |
| 49701 | 35717 | ||
| Other Expenditure | |||
| Maintenance costs | 330 | ||
| Equipment | 961 | 1840 | |
| Insurance | 634 | 476 | |
| Honorarium | 600 | 250 | |
| 2525 | 2566 | ||
| Total Payments | 52226 | 38283 | |
| Net Receipts/(Payments) for the year | -612 | 622 | |
| Cash Funds brought forward | 1201 | 579 | |
| Cash Funds at the end of the year | 589 | 1201 |
THE WAY OF HOLINESS ENDTIME MINISTRY
2 Statements of Assets and Liabilities at 28th February 2022
| Cash Funds Bank Total Cash Funds Assets Retained for the Charity's Own use Musical Instruments Equipments Liabilities Accounting fee |
Unrestricted Funds £/2022 £/2021 £ £ 589 1201 |
|---|---|
| 589 1201 |
|
| 1498 1872 1025 320 |
|
| 2523 2192 400 380 |
Approved by the Trustees and signed on their behalf:
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THE WAY OF HOLINESS END TIME MINISTRY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28th February 2022
ACCOUNTING POLICIES
Basis of Accounting
These accounts have been prepared on the receipts and payments basis under section 42(3) of the Charities Act 1993.
Funds
Unrestricted funds are those which can be used at the Trustees' discretion. Restricted Funds are those whose purposes have been restricted by the donor.
Staff
The church paid the pastor on a contracted out basis. All the other work of the organisation was undertaken by volunteers during the financila year.
Public Benefit
The charity acknowledges its requirement to demonstrate clearly that it must have charitable purposes or aims that are for public benefit.Details of how this is achieved are provided in the Trustees report. The trustees confirm that they have paid due regard to the Charity Commission guidance on public benefit before deciding what activities the charity should undertake.
Depreciation
Depreciation is calculated at 20% reducing balance method
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