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2021-09-30-accounts

KINGDOM PALACE OUTREACH

Charity No. 1185896

Trustees' Report and Unaudited Accounts

30 September 2021

KINGDOM PALACE OUTREACH Contents

Pages
Trustees' Annual Report 1 to 4
Independent Examiner's Report 5
Statement of Financial Activities 6
Summary Income and Expenditure Account 7
Balance Sheet 8
Statement of Cash flows 9
Notes to the Accounts 10 to 13
Detailed Statement of Financial Activities 14 to 15

Page 1

KINGDOM PALACE OUTREACH Trustees Annual Report

The Trustees present their report with the unaudited financial statements of the charity for the year ended 30 September 2021.

REFERENCE AND ADMINISTRATIVE DETAILS

Charity No. 1185896

Principal Office

159 Old Lane Little Hulton Manchester M38 9RZ

Registered Office

159 Old Lane Little Hulton Manchester M38 9RZ

Trustees

The following Trustees served during the year:

J. Adeyinka A.A. Fasan A. Oyedele

Key Management Personnel

Chair Mr Adebola Oyedele Trustee Mrs Adedoyin Anne Fasan Trustee Pastor John Adeyinka

Accountants

FREDRICKS ACCOUNTANTS & CO LTD Suite 204 133 Creek Road Greenwich London SE8 3BU

Bankers

Barclays Bank 80 High Street Sevenoaks TN13 1LR

Page 2

KINGDOM PALACE OUTREACH Trustees Annual Report

Objectives and Activities

The Charity is constituted under a Trust Deed dated 21 October 2019, and Charity number is 1185896 on the central registered of the Charity Commission of England and Wales. The principal objectives of the Charity are the advancement of the Christain faith worldwide and the relief of poverty.

Recruitment and Appointment of New Trustees

Trustees and Members of Committees are appointed by the Church Ministerial Board using the essential skill and assessment method. Priority is given to criteria required to have an effective and efficient Board and Committees. To this end, the Board is carefully grafted with the right mix of skills and experience to discharge its duties and ensure effective governance and management. The trustees serve a term of two years which is renewable at the discretion of the Board. The management of the charity is the responsibility of the Trustees who are appointed and co-opted under the terms of the Trust Deed.

Organizational Structure and Decision Making

The church is organized so that the trustees meet regularly to manage its affairs. There are a full-time Minister and Volunteers, who manage the day to day administration of the church.

Achievements and Performance

The trustees are pleased to report that the Church continued to be successful spiritually by ministering to many people. The Church has improved in membership strength and is increasingly reaching out to the community. More focus and greater success were achieved in the area of Evangelism and community outreach.

Financial Review

The financial statements cover the operations of Kingdom Palace Outreach,Manchester. For the year ended 30 September 2021, the Statement of Financial Activities shows total incoming resources of £20,709 . This was spent mainly on charitable activities and total expenditure amounted to £18,419. We closed the year with net surplus resources of £2,290. This surplus has been added to the reserves for use in future accounting periods.

Reserve Policy

The trustees have established a policy whereby the unrestricted funds not committed or invested in tangible fixed assets(the free reserve) held by the church should be 3 months of annual expenditure. At this level,the trustees feel that they would be able to continue the current activities of the church in the event of significant drop in funding.

Risk Management

Page 3

KINGDOM PALACE OUTREACH

Trustees Annual Report

The trustees have assessed the major risks to which the Charity is exposed, particularly those relating to the operations and finance and are satisfied with the risk management systems in place to mitigate any exposure. Risk is an everyday part of charitable activity and managing it effectively is essential if the trustees are to achieve their key objectives and safeguard their charity's funds and assets. Therefore the Charity has developed appropriate Risk Management Framework which consists of the Risk Management Policy and the Risk Management Procedures outline in the operational guidelines.

Plans for Future Periods

The Church will continue to explore various ways of spreading the gospel of Christ effectively. Charity is looking to grow in membership and continue to develop its members to make a life-changing impact in society, plant more branches, open Bookshops, community choir and acquire its property.

Structure,Governance and Management

The trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards(United Kingdom Generally Accepted).The law applicable to charities in England and wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to:

a) select suitable accounting policies and then apply them consistently

b) observe the methods and principles in the Charities SORP;

c) make judgments and estimates that are reasonable and prudent;

d) state whether applicable UK Accounting Standards have been followed, subject to any material departures explained in the financial statements;

e)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 to enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006 and in accordance with the Charities SORP (FRS 102).

Signed on behalf of the board

A.A. Fasan Trustee 30 September 2021

Page 4

KINGDOM PALACE oufREACH Trustee$ Annual Report Page 5

KINGDOM PALACE oufREACH Trustee$ Annual Report Page 6

KINGDOM PALACE oufREACH Trustee$ Annual Report Page 7

KINGDOM PALACE OUTREACH Independent Examiners Report

Independent Examiner's Report to the trustees of KINGDOM PALACE OUTREACH

I report to the charity trustees on my examination of the financial statements of KINGDOM PALACE OUTREACH for the year ended 30 September 2021 which comprise the Statement of Financial Activities, the Summary Income and Expenditure Account, the Balance Sheet, the Statement of Cash Flows and the related notes.

Responsibilities and basis of report

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

Having satisfied myself that the financial statements of the charity 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 financial statements 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

I have completed my examination. I can confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Adesina Otufale ACCA FREDRICKS ACCOUNTANTS & CO LTD Suite 204 133 Creek Road Greenwich London SE8 3BU 30 September 2021

Page 8

KINGDOM PALACE OUTREACH Statement of Financial Activities

for the year ended 30 September 2021

Notes
Income and endowments
from:
Donations and legacies
4
Charitable activities
5
Total
Expenditure on:
Other
6
Total
Net gains on investments
Net income
Transfers between funds
Net income before other
gains/(losses)
Other gains and losses
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Unrestricted
funds
2021
£
19,109
1,600		 Total funds
2021
£
19,109
1,600		 Total funds
2020
£
10,402
209
20,709
18,419		 20,709
18,419		 10,611
10,256
18,419
-		 18,419
-		 10,256
-
2,290
-		 2,290
-		 355
-
2,290 2,290 355
2,290
355		 2,290
355		 355
-
2,645 2,645 355

Page 9

KINGDOM PALACE OUTREACH Summary Income and Expenditure Account

for the year ended 30 September 2021

Income
Gross income for the year
Expenditure
Total expenditure for the year
Net income before tax for the year
Net income for the year		 2021
£
20,709
20,709
18,419
18,419
2,290
2,290		 2020
£
10,611
10,611
10,256
10,256
355
355

Page 10

KINGDOM PALACE OUTREACH

Balance Sheet

at 30 September 2021

at 30 September 2021
Company No.
Notes
2021
£
Current assets
Cash at bank and in hand
3,145
3,145
Creditors:Amount falling due within one year
8
(500)
Net current assets
2,645
Total assets less current liabilities
2,645
Net assets excluding pension asset or liability
2,645
Total net assets
2,645
The funds of the charity
Restricted funds
9
Unrestricted funds
9
General funds
2,645
2,645
Reserves
9
Total funds
2,645		 2020
£
855
855
(500)
355
355
355
355
355
355
355

Approved by the board on 30 September 2021

And signed on its behalf by:

Adebola Oyedele

A. Oyedele Trustee 30 September 2021

Page 11

KINGDOM PALACE OUTREACH Statement of Cash flows for the year ended 30 September 2021

Cash flows from operating activities
Net income per Statement of Financial Activities
Adjustments for:
Increase in trade and other payables
Net cash provided by operating activities
Net cash from investing activities
Net cash from financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
Components of cash and cash equivalents
Cash and bank balances		 2021
£
2,290
-
2,290
-
-
2,290
855
3,145
3,145
3,145		 2020
£
355
500
855
-
-
855
-
855
855
855

Page 12

KINGDOM PALACE OUTREACH Notes to the Accounts

for the year ended 30 September 2021

Basis of preparation

The financial statements have been prepared in accordance with 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 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Change in basis of accounting or to previous accounts

There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.

Fund accounting

Income

Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gains/(losses) on This includes any gain or loss resulting from revaluing investments to market value revaluation of fixed at the end of the year. assets Gains/(losses) on This includes any gain or loss on the sale of investments. investment assets

Page 13

KINGDOM PALACE OUTREACH Notes to the Accounts

Expenditure

Taxation

The charity is exempt from corporation tax on its charitable activities.

Freehold investment property

Investment properties are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gains or losses are taken to the Statement of Financial Activities as they arise.

Stocks

Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.

Trade and other debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.

Trade and other creditors

Short term creditors are measured at the transaction price. Other 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.

Page 14

KINGDOM PALACE OUTREACH Notes to the Accounts

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Monetary assets and liabilities denominated in currencies other than the functional currency of the charity are translated at the rates of exchange prevailing at the end of the reporting period.

Transactions in currencies other than the functional currency of the charity are recorded at the rate of exchange on the date that the transaction occurred.

All exchange differences are are taken into account in arriving at net income/expenditure.

Leased assets

Where the charity enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.

Leases which do not transfer substantially all the risks and rewards of ownership to charity are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the charity at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the charity's policy on borrowing costs.

Assets held under finance leases are depreciated in the same way as owned assets.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.

Pension costs

The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Receipt of donated goods, facilities and services

All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity.

2 Company status

The company is a private company limited by guarantee and consequently does not have share capital.

Page 15

KINGDOM PALACE OUTREACH

Notes to the Accounts

3 Statement of Financial Activities - prior year

Income and endowments from:
Donations and legacies
Charitable activities
Total
Expenditure on:
Other
Total
Net income
Net income before other
gains/(losses)
Other gains and losses:
Net movement in funds
Reconciliation of funds:
Total funds carried forward
4
Income from donations and legacies
Donations
5
Income from charitable activities
Grant		 Unrestricted
£
19,109
19,109
Unrestricted
£
1,600
1,600		 Unrestricted
funds
2020
£
10,403
208
10,611
10,256
10,256
355
355
355
355
Total
2021
£
19,109
19,109
Total
2021
£
1,600
1,600		 Total funds
2020
£
10,403
208
10,611
10,256
10,256
355
355
355
355
Total
2020
£
10,402
10,402
Total
2020
£
209
209

Page 16

KINGDOM PALACE OUTREACH Notes to the Accounts

6 Other expenditure

6
Other expenditure
Donation to other charity
Welfare expenses
Employee costs
Motor and travel costs
Premises costs
General administrative costs
Legal and professional costs
7
Staff costs
Salaries and wages
Social security costs
No employee received emoluments in excess
8
Creditors:
amounts falling due within one year
Other creditors
9
Movement in funds
Restricted funds:
Unrestricted funds:
General funds
Total funds
10 Analysis of net assets between funds
Net current assets		 of £60,000.
At 1 October
2020
355
355		 Unrestricted
£
1,245
410
5,731
1,036
4,157
4,750
1,090
18,419
2021
4,548
185
4,733
2021
£
500
500
Incoming
resources
(including
other
gains/losses
)
£
20,709
20,709		 Total
2021
£
1,245
410
5,731
1,036
4,157
4,750
1,090
18,419
Resources
expended
£
(18,419)
(18,419)
Unrestricted
funds
£
2,645
2,645		 Total
2020
£
450
311
182
655
3,328
4,290
1,040
10,256
2020
-
-
-
2020
£
500
500
At 30
September
2021
£
2,645
2,645
Total
£
2,645
2,645

Page 17

KINGDOM PALACE OUTREACH Notes to the Accounts

11 Reconciliation of net debt

Reconciliation of net debt
Cash and cash equivalents
Net debt		 At 1 October
2020
£		 Cash flows
£		 At 30
September
2021
£
855 2,290 3,145
855
855		 2,290
2,290		 3,145
3,145

12 Related party disclosures Controlling party

Page 18

KINGDOM PALACE OUTREACH Detailed Statement of Financial Activities

for the year ended 30 September 2021

Income and endowments from:
Donations and legacies
Donations
Charitable activities
Grant
Total income and endowments
Expenditure on:
Other expenditure
Donation to other charity
Welfare expenses
Employee costs
Salaries/wages
Employer's NIC
Staff entertainment
Staff training
Volunteer expenses
Motor and travel costs
Vehicles - General costs
Travel and subsistence
Premises costs
Rent
Light, heat and power
General administrative costs,
including depreciation and
amortisation
Headquarter Dues
Equipment expensed
Website expenses
Equipment repairs and
maintenance
Honorarium
General insurances
Information and publications
Conference/seminar		 Unrestricted
funds
2021
£
19,109
19,109
1,600
1,600
20,709
1,245
410
1,655
4,548
185
320
485
193
5,731
423
613
1,036
3,988
169
4,157
500
720
-
-
348
300
570
500		 Total funds
2021
£
19,109
19,109
1,600
1,600
20,709
1,245
410
1,655
4,548
185
320
485
193
5,731
423
613
1,036
3,988
169
4,157
500
720
-
-
348
300
570
500		 Total funds
2020
£
10,402
10,402
209
209
10,611
450
311
761
-
-
182
-
-
182
455
200
655
3,158
170
3,328
430
312
164
65
946
300
-
210

Page 19

KINGDOM PALACE OUTREACH Detailed Statement of Financial Activities

Software, IT support and related
costs
Stationery and printing
General office expenses
Telephone, fax and broadband
Legal and professional costs
Accountancy and bookkeeping
Other legal and professional
costs
Total of expenditure of other costs
Total expenditure
Net gains on investments
Net income
Net income before other
gains/(losses)
Other Gains
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 554
300
-
958
4,750
500
590
1,090
18,419
18,419
-
2,290
2,290
-
2,290
355
2,645		 554
300
-
958
4,750
500
590
1,090
18,419
18,419
-
2,290
2,290
-
2,290
355
2,645		 331
110
412
1,010
4,290
500
540
1,040
10,256
10,256
-
355
355
-
355
-
355

Signature: Adebola Oyedele (Jan 12, 2023 10:38 EST) Email: adebolaoyedele2nd@gmail.com

Page 20

KINGDOMPALACEOUTREACH_UTR_30-09-20 21_Accounts

Final Audit Report

2023-01-12

Created: 2023-01-12 By: Adesina Otufale (info@fredricksaccountants.com) Status: Signed Transaction ID: CBJCHBCAABAAmDbdQtHmXKvLBd6a69pZdbWM53QAKkig

"KINGDOMPALACEOUTREACH_UTR_30-09-2021_Accounts" History

Document created by Adesina Otufale (info@fredricksaccountants.com)

2023-01-12 - 10:17:38 AM GMT- IP address: 31.94.37.111

Document emailed to adebolaoyedele2nd@gmail.com for signature

2023-01-12 - 10:18:21 AM GMT

Email viewed by adebolaoyedele2nd@gmail.com

2023-01-12 - 10:18:26 AM GMT- IP address: 66.102.8.128

Signer adebolaoyedele2nd@gmail.com entered name at signing as Adebola Oyedele

2023-01-12 - 3:38:37 PM GMT- IP address: 67.69.69.161

Document e-signed by Adebola Oyedele (adebolaoyedele2nd@gmail.com)

Signature Date: 2023-01-12 - 3:38:39 PM GMT - Time Source: server- IP address: 67.69.69.161

Agreement completed.

2023-01-12 - 3:38:39 PM GMT