| REPORT OF THE BOARD B STATEMENT OF BOARD'S RESPONSIBLITIES | 1-4 |
|---|---|
| INDEPENDENT EXAMINER'S REPORT |
|
| STATEMENT OF FINANCIAL ACTIVITIES |
|
| BALANCE SHEET | |
| NOTES TO THE FINANCIAL STATEMENT |
9-13 |
| Unrestricted | Unrestricted | ||||
|---|---|---|---|---|---|
| Notes | Fund | Fund | |||
| 2023 | 2022 | ||||
| E | |||||
| Income from donation | and legacies: | ||||
| Donations | 85,494 | 97,411 | |||
| Income from charitable | activities: | ||||
| Rent and facility hire | 13,581 | 12,859 | |||
| Total Income | 99,075 | 110,270 | |||
| EXPENDI1'URE | |||||
| Charitable expenditure: |
|||||
| Grants and donation | 9,466 | 12,458 | |||
| Costs of activities for charitable | objective | 12,071 | 9,933 | ||
| Support costs | 59,437 | 36,716 | |||
| Management and administration |
31,363 | 29,055 | |||
| Total Expenditure | 112,337 | 88,162 | |||
| Net (expenditure)/income | (13,262) | 22,108 | |||
| Opening balance | 176,006 | 153,898 | |||
| Fund balance at 31 August | 162,744 | 176,006 |
| 2023 | 2022 | ||||
|---|---|---|---|---|---|
| E | E | ||||
| Notes | |||||
| Fixed assets | |||||
| Tangible fixed assets | 397,657 | 237,946 | |||
| Current assets | |||||
| Debtor | 8 | 14,776 | 13,859 | ||
| Cash at bank | 51,636 | 116,413 | |||
| 66,412 | 130,272 | ||||
| Creditors: amount | falling due | within one year | 9 | 66,771 | 62,843 |
| Net current assets/(Liabilities) | 359 | 67,430 | |||
| Total assets less | current liabilities | 397,298 | 305,376 | ||
| Creditors: amount | falling due | after more than one year | iO | 234,554 | 129,370 |
| 162,744 | 176,006 | ||||
| Income Funds | |||||
| Unrestricted Funds- General |
Funds | 11 | 162,744 | 176,006 |
| Unrestrtcted | Unrestricted | |||||
|---|---|---|---|---|---|---|
| Fund | Fund | |||||
| 2023 | 2022 | |||||
| 5 | E | |||||
| 2 | Income from donation and legacies | |||||
| Tithe 8 Offering | 72,301 | 82,944 | ||||
| Gift Aid | 12,942 | 13,859 | ||||
| Other donations | 251 | 608 | ||||
| 85,494 | 97,411 | |||||
| 3 | Grants and Donations | |||||
| RCCG - World Evangelical Mission |
7,116 | 11,258 | ||||
| RCCG - Central Office Fund | 1,680 | 600 | ||||
| Other Grants 8, Donations | 670 | 600 | ||||
| 9,466 | 12,458 | |||||
| 4 | Cost of Activifies for | Charitable | Obj | ective | ||
| Welfare/hardship Grant |
500 | |||||
| Outreach, Conferences IL Events |
12,071 | 9,433 | ||||
| 12,071 | 9.933 | |||||
| 5. | Support Cost | |||||
| Rent L Rate | 14,472 | 12,503 | ||||
| Stationery 8, Printing |
490 | 239 | ||||
| Telephone, Internet |
8, ITCosts | 1,826 | 995 | |||
| Transportation 8 Logistics Costs |
2,439 | 1,653 | ||||
| Insurance | 320 | 1,269 | ||||
| Premises Expenses | 431 | |||||
| Bank Interest 8.Charges | 18,201 | 3,581 | ||||
| Repairs, Renewals 8, |
Maintenance | cost | 3,940 | |||
| Depreciation | 17,396 | 11,624 | ||||
| Sundry Expenses | 353 | 4,421 | ||||
| 59,437 | 36.716 |
| 2023 | 2022 | |||||
|---|---|---|---|---|---|---|
| 6. | Management | and Administration | ||||
| Accountancy | L Payroll fees | 1,890 | 1,800 | |||
| Staff/Volunteer | Costs | 28,000 | 24,000 | |||
| Legal, Consultancy 8, Professional |
fees | 1,473 | 2,935 | |||
| Training 8,Seminar cost |
320 | |||||
| 31,363 | 29,055 | |||||
| 7. | Tangible fixed | assets | ||||
| Freehold | Church | Fixtures 3. | ||||
| Properties | Equipment | FNings | Total | |||
| E | 38 | E | ||||
| Cost | ||||||
| At 01/09/22 | 237,363 | 39,852 | 6,201 | 283,416 | ||
| Additions | 177,107 | 177,107 | ||||
| Disposal | ||||||
| At 31/08/23 | 414,470 | 39,852 | 6,201 | 460,523 | ||
| Accumulated | Depreciation | |||||
| At 01/09/22 | 21,851 | 17,418 | 6,201 | 45,470 | ||
| Depreciation | for the year | 13,263 | 4,133 | 17,396 | ||
| Disposal | ||||||
| At 31/08/23 | 35,114 | 21,551 | 6,201 | 62,866 | ||
| Net Book value | ||||||
| At 31/08/23 | 379,356 | 18,301 | 397,657 | |||
| At 31/08/22 | 215,512 | 22,434 | 237,946 |
| 2023 | 2022 | ||
|---|---|---|---|
| E | E | ||
| B. Debtors | |||
| Accrued Income- | Gift Aid | 12,051 | 13,859 |
| Other Debtors | 2,725 | ||
| 14,776 | 13,859 | ||
| 9. Creditors: amount | falling due within one year | ||
| Bank Loan | 10,238 | 6,240 | |
| Accruals and Deferred Income | 54,556 | 56,386 | |
| Accruals | 1,890 | ||
| Other Creditors | 55 | 217 | |
| 66,769 | 62,843 | ||
| 10.Creditors: amount | falling due after one year | ||
| Bank Loan | 234,554 | 129,370 | |
| 234,554 | 129,370 | ||
| 11.Movement in funds |
|||
| Opening balance | 176,006 | 153,898 | |
| Surplus for the year | (13,262) | 22,108 | |
| Balance as at 31 August 2023 | 162,744 | 176,006 |
| 2023 | 2022 | ||
|---|---|---|---|
| Salary | paid to related party. | E | E |
| Pastor | Olajide Joseph Omotayo | 28,000 | 24,000 |