KINGDOM PALACE OUTREACH
Charity No. 1185896
Company No. CE019253
Trustees' Report and Unaudited Accounts
30 September 2023
KINGDOM PALACE OUTREACH Contents
| Pages | ||
|---|---|---|
| Trustees' Annual Report | 1 | |
| Independent Examiner's Report | 2 | |
| Statement of Financial Activities | 3 | |
| Summary Income and Expenditure Account | 4 | |
| Balance Sheet | 5 | |
| Statement of Cash flows | 6 | |
| Notes to the Accounts | 7 | |
| Detailed Statement of Financial Activities | 8 to | 16 |
Page 1
KINGDOM PALACE OUTREACH Trustees Annual Report
The trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the unaudited financial statements of the charity for the year ended 30 September 2023.
REFERENCE AND ADMINISTRATIVE DETAILS
Company No. CE019253
Charity No. 1185896
Principal Office
159 Old Lane Little Hulton Manchester M38 9RZ
Registered Office
159 Old Lane Little Hulton Manchester M38 9RZ
Directors and Trustees
The Directors of the charitable company are its Trustees for the purposes of charity law. The following Directors and Trustees served during the year:
J. Adeyinka A.A. Fasan A. Oyedele
Key Management Personnel
Chair Pastor John Adeyinka Trustee Mrs Adedoyin Anne Fasan Trustee Mr Adebola Oyedele
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 2023, the Statement of Financial Activities shows total incoming resources of £68,954 . This was spent mainly on charitable activities and total expenditure amounted to £48,456. We closed the year with net surplus resources of £653. 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
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.
Page 3
KINGDOM PALACE OUTREACH Trustees Annual Report
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
John Adeyinka
J. Adeyinka
Trustee 30 September 2023
Page 4
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 2023.
Responsibilities and basis of report
As the charity's trustees of the company (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:
-
accounting records were not kept in accordance with section 386 of the 2006 Act ; or
-
the financial statements do not accord with those records; or
-
the financial statements do not comply with the accounting requirements under section 396 of the 2006 Act other than any requirement that the financial statements give a 'true and fair' view which is not a matter considered as part of an independent examination; or
-
the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
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 2023
Page 5
KINGDOM PALACE OUTREACH Statement of Financial Activities
for the year ended 30 September 2023
| Notes Income and endowments from: Donations and legacies 4 Total Expenditure on: Other 5 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 2023 £ 68,956 |
Total funds 2023 £ 68,956 |
Total funds 2022 £ 48,456 |
|---|---|---|---|
| 68,956 68,303 |
68,956 68,303 |
48,456 47,716 |
|
| 68,303 - |
68,303 - |
47,716 - |
|
| 653 - |
653 - |
740 - |
|
| 653 | 653 | 740 | |
| 653 3,385 |
653 3,385 |
740 2,645 |
|
| 4,038 | 4,038 | 3,385 |
Page 6
KINGDOM PALACE OUTREACH Summary Income and Expenditure Account
for the year ended 30 September 2023
| Income Gross income for the year Expenditure Total expenditure for the year Net income before tax for the year Net income for the year |
2023 £ 68,956 68,956 68,303 68,303 653 653 |
2022 £ 48,456 |
|---|---|---|
| 48,456 | ||
| 47,716 | ||
| 47,716 | ||
| 740 | ||
| 740 |
A
Page 7
KINGDOM PALACE OUTREACH Balance Sheet
at 30 September 2023
| at 30 September 2023 | |
|---|---|
| Company No. CE019253 Notes 2023 £ Current assets Cash at bank and in hand 4,538 4,538 Creditors:Amount falling due within one year 7 (500) Net current assets 4,038 Total assets less current liabilities 4,038 Net assets excluding pension asset or liability 4,038 Total net assets 4,038 The funds of the charity Restricted funds 8 Unrestricted funds 8 General funds 4,038 4,038 Reserves 8 Total funds 4,038 |
2022 £ 3,885 |
| 3,885 (500) |
|
| 3,385 3,385 |
|
| 3,385 | |
| 3,385 | |
| 3,385 | |
| 3,385 | |
| 3,385 |
These accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
For the year ended 30 September 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
Approved by the board on 30 September 2023
And signed on its behalf by:
Adebola Oyedele
A. Oyedele Trustee 30 September 2023
Page 8
KINGDOM PALACE OUTREACH Statement of Cash flows
for the year ended 30 September 2023
| Cash flows from operating activities Net income per Statement of Financial Activities 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 |
2023 £ 653 653 - - 653 3,885 4,538 4,538 4,538 |
2022 £ 740 |
|---|---|---|
| 740 | ||
| - | ||
| - | ||
| 740 | ||
| 3,145 | ||
| 3,885 | ||
| 3,885 | ||
| 3,885 |
Page 9
KINGDOM PALACE OUTREACH Notes to the Accounts
for the year ended 30 September 2023
- 1 Accounting policies
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
-
Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity.
-
Designated funds These are unrestricted funds earmarked by the trustees for particular purposes. Revaluation funds These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values.
-
Restricted funds These are available for use subject to restrictions imposed by the donor or through terms of an appeal.
Income
-
Recognition of Income is included in the Statement of Financial Activities (SoFA) when the charity income becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability.
-
Income with related Where income has related expenditure the income and related expenditure is expenditure reported gross in the SoFA. Donations and Voluntary income received by way of grants, donations and gifts is included in the legacies the SoFA when receivable and only when the Charity has unconditional entitlement to the income.
-
Tax reclaims on Income from tax reclaims is included in the SoFA at the same time as the donations and gifts gift/donation to which it relates. Donated services These are only included in income (with an equivalent amount in expenditure) and facilities where the benefit to the Charity is reasonably quantifiable, measurable and material.
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 10
KINGDOM PALACE OUTREACH Notes to the Accounts
Expenditure
-
Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any VAT which expenditure cannot be fully recovered, and is reported as part of the expenditure to which it relates.
-
Expenditure on These comprise the costs associated with attracting voluntary income, fundraising raising funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and charitable activities services in the furtherance of its objects, including the making of grants and governance costs.
-
Grants payable All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid.
-
Governance costs These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs.
-
Other expenditure These are support costs not allocated to a particular activity.
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 11
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 12
KINGDOM PALACE OUTREACH
Notes to the Accounts
3 Statement of Financial Activities - prior year
| Income and endowments from: Donations and legacies 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 brought forward Total funds carried forward |
Unrestricted funds 2022 £ 48,456 48,456 47,716 47,716 740 740 740 2,645 3,385 |
Total funds 2022 £ 48,456 |
|---|---|---|
| 48,456 47,716 |
||
| 47,716 | ||
| 740 | ||
| 740 | ||
| 740 2,645 |
||
| 3,385 |
4 Income from donations and legacies
| Donations 5 Other expenditure Donation to other charity Welfare expenses Employee costs Motor and travel costs Premises costs General administrative costs Legal and professional costs |
Unrestricted £ 68,956 68,956 Unrestricted £ 1,277 2,932 46,026 2,812 5,992 8,764 500 68,303 |
Total 2023 £ 68,956 68,956 Total 2023 £ 1,277 2,932 46,026 2,812 5,992 8,764 500 68,303 |
Total 2022 £ 48,456 |
|---|---|---|---|
| 48,456 | |||
| Total 2022 £ 718 1,616 34,056 1,462 3,165 5,978 721 |
|||
| 47,716 |
Page 13
KINGDOM PALACE OUTREACH Notes to the Accounts
| 6 | Staff costs | ||
|---|---|---|---|
| 2023 | 2022 | ||
| Salaries and wages | 45,876 | 32,465 | |
| Social security costs | - | 1,391 | |
| 45,876 | 33,856 | ||
| No employee received emoluments in excess of £60,000. | |||
| The average monthly number of full time equivalent employees | during the year was as follows: |
| Mission/Evangelism Adminstrative Music 7 Creditors: amounts falling due within one year Other creditors 8 Movement in funds Restricted funds: Unrestricted funds: General funds Total funds 9 Analysis of net assets between funds Net current assets Aa |
At 1 October 2022 3,385 3,385 |
2023 Number 2 1 1 4 2023 £ 500 500 Incoming resources (including other gains/losses ) £ 68,956 68,956 |
Resources expended £ (68,303) (68,303) Unrestricted funds £ 4,038 4,038 |
2022 Number 2 1 1 |
|---|---|---|---|---|
| 4 | ||||
| 2022 £ 500 |
||||
| 500 | ||||
| At 30 September 2023 £ 4,038 |
||||
| 4,038 | ||||
| Total £ 4,038 |
||||
| 4,038 |
Page 14
KINGDOM PALACE OUTREACH Notes to the Accounts
10 Reconciliation of net debt
| Reconciliation of net debt | |||
|---|---|---|---|
| Cash and cash equivalents Net debt |
At 1 October 2022 £ |
Cash flows £ |
At 30 September 2023 £ |
| 3,885 | 653 | 4,538 | |
| 3,885 3,885 |
653 653 |
4,538 | |
| 4,538 |
11 Related party disclosures Controlling party
Page 15
KINGDOM PALACE OUTREACH Detailed Statement of Financial Activities
for the year ended 30 September 2023
| Income and endowments from: Donations and legacies Donations 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 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 Honorarium Website expenses General insurances Information and publications Conference/seminar Software, IT support and related costs Stationery and printing Subscriptions General office expenses Telephone, fax and broadband |
Unrestricted funds 2023 £ 68,956 68,956 68,956 1,277 2,932 4,209 45,876 - 150 - 46,026 967 1,845 2,812 5,520 472 5,992 528 1,660 1,110 151 - 315 1,717 - 204 265 1,085 1,729 |
Total funds 2023 £ 68,956 68,956 68,956 1,277 2,932 4,209 45,876 - 150 - 46,026 967 1,845 2,812 5,520 472 5,992 528 1,660 1,110 151 - 315 1,717 - 204 265 1,085 1,729 |
Total funds 2022 £ 48,456 |
|---|---|---|---|
| 48,456 | |||
| 48,456 718 1,616 |
|||
| 2,334 | |||
| 32,465 1,391 - 200 |
|||
| 34,056 | |||
| 1,020 442 |
|||
| 1,462 | |||
| 2,670 495 |
|||
| 3,165 | |||
| 569 835 975 33 280 - 522 129 756 58 1,161 660 |
Page 16
KINGDOM PALACE OUTREACH Detailed Statement of Financial Activities
| KINGDOM PALACE OUTREACH Detailed Statement of Financial Activities |
|||
|---|---|---|---|
| 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 |
8,764 500 - 500 68,303 68,303 - 653 653 - 653 3,385 4,038 |
8,764 500 - 500 68,303 68,303 - 653 653 - 653 3,385 4,038 |
5,978 |
| 500 221 |
|||
| 721 | |||
| 47,716 | |||
| 47,716 - |
|||
| 740 | |||
| 740 - |
|||
| 740 | |||
| 2,645 | |||
| 3,385 |
Page 17