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2023-12-31-accounts

Christ Apostolic Church Wonders Assembly Charity No. 1187067

Trustees' Report and Unaudited Accounts For the year ended 31 December 2023

B M Cooper & Co. Limited Chartered Certified Accountants

88 Wood Lane

Dagenham Essex RM9 5SL

Christ Apostolic Church Wonders Assembly Contents

Pages
Trustees' Annual Report 2 to 3
Independent Examiner's Report 4
Statement of Financial Activities 5
Balance Sheet 6
Notes to the Accounts 7 to 13
Detailed Statement of Financial Activities 14 to 15

Page 1

Christ Apostolic Church Wonders Assembly Trustees Annual Report

The Trustees present their report with the unaudited financial statements of the charity for the year ended 31 December 2023.

REFERENCE AND ADMINISTRATIVE DETAILS

Charity No. 1187067

Principal Office

7 Abbey Road Gravesend Kent DA12 1RG

Trustees

The following Trustees served during the year: Omolabake Matthews Ronald Sibanda Tessa Ngwiringwiri Titilayo Ogunsina

Accountants

B M Cooper & Co. Limited 88 Wood Lane Dagenham Essex RM9 5SL

Bankers

Barclays Bank

OBJECTIVES AND ACTIVITIES

The charity's objects are-

a) To advance the Christian faith in accordance with the statement of beliefs in such ways as the trustees of the charity may form time to time think fit.

FINANCIAL REVIEW

The total incoming resources for the year amounted to £246,589 (2022 - £137,977) and the total resources expended amounted to £265,386 (2022 - £151,602) leaving a net deficit for the year of £18,797 (2022 - £13,625 deficit). The balance of fund as at 31 December 2023 was a deficit of £29,629 (2022 - £10,832 deficit).

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves was not maintained throughout the year.

Page 2

Christ Apostolic Church Wonders Assembly Trustees Annual Report

STRUCTURE, GOVERNANCE AND MANAGEMENT

The charity was established as a Charitable Incorporated Organisation by a constitution dated 17th December 2019 and it is a registered charity.

Statement of trustees' responsibilities in relation to the financial statements

The charity trustees are responsible for preparing a trustees' annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

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 Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. 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.

Signed on behalf of the charity's trustees

.....................................................

Titilayo Ogunsina Trustee 26 February 2024

Page 3

Christ Apostolic Church Wonders Assembly Independent Examiners Report

Independent Examiner's Report to the trustees of Christ Apostolic Church Wonders Assembly

I report to the trustees on my examination of the accounts of Christ Apostolic Church Wonders Assembly for the year ended 31 December 2023 which comprise the Statement of Financial Activities, the Balance Sheet and the related notes.

Responsibilities and basis of report

As the charity's trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011('the Act'). The trustees consider that an audit is not required for this year under the Charities Act 2011, s.144(2) (the 2011 Act) and that an independent examination is needed.

I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 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 in, any material respect:

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 accounts to be reached.

........................................

Mr. B. M. Kalejaiye FCCA ACCA B M Cooper & Co. Limited 88 Wood Lane

Dagenham Essex RM9 5SL

26 February 2024

Page 4

Christ Apostolic Church Wonders Assembly Statement of Financial Activities For the year ended 31 December 2023

Notes
Income and endowments
from:
Donations and legacies
3
Total
Expenditure on:
Charitable activities
4
Other
5
Total
Net gains on investments
Net expenditure
6
Transfers between funds
Net expenditure 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
£
246,589		 Total funds
2023
£
246,589		 Total funds
2022
£
137,977
246,589
38,098
227,288		 246,589
38,098
227,288		 137,977
11,179
140,423
265,386
-		 265,386
-		 151,602
-
(18,797)
-		 (18,797)
-		 (13,625)
-
(18,797) (18,797) (13,625)
(18,797)
(10,832)		 (18,797)
(10,832)		 (13,625)
2,793
(29,629) (29,629) (10,832)

Page 5

Christ Apostolic Church Wonders Assembly Balance Sheet At 31 December 2023

Charity No. 1187067
Fixed assets
Tangible assets
8
Current assets
Cash at bank and in hand
Creditors:Amount falling due within one year
9
Net current liabilities
Total assets less current liabilities
Net liabilities excluding pension asset or liability
Total net liabilities
The funds of the charity
Restricted funds
10
Unrestricted funds
10
General funds
Reserves
10
Total funds
Approved by the trustees on 26 February 2024		 2023
£
3,626
3,626
10,510
10,510
(43,765)
(33,255)
(29,629)
(29,629)
(29,629)
(29,629)
(29,629)
(29,629)		 2022
£
3,652
3,652
1,230
1,230
(15,714)
(14,484)
(10,832)
(10,832)
(10,832)
(10,832)
(10,832)
(10,832)

And signed on their behalf by:

...................................................

Titilayo Ogunsina Trustee 26 February 2024

Page 6

Christ Apostolic Church Wonders Assembly Notes to the Accounts For the year ended 31 December 2023

1 Accounting policies

Basis of preparation

The financial statements have been prepared in accordance with Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic if Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

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

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 7

Christ Apostolic Church Wonders Assembly Notes to the Accounts Expenditure

Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any VAT expenditure which 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.

Other expenditure These are support costs not allocated to a particular activity.

Taxation

The charity is exempt from tax on its charitable activities.

Tangible fixed assets and depreciation

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

Fixtures, fitting and 25% on written down value equipment

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.

Page 8

Christ Apostolic Church Wonders Assembly

Notes to the Accounts 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.

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 charity pays fixed contributions into a separate entity. Once the contributions have been paid the charity 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 charity 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.

Page 9

Christ Apostolic Church Wonders Assembly Notes to the Accounts 2 Statement of Financial Activities - prior year

Income and endowments from:
Donations and legacies
Total
Expenditure on:
Charitable activities
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
3
Income from donations and legacies
Tithes and offerings
Gift Aid Reclaim		 Unrestricted
£
218,583
28,006
246,589		 Unrestricted
funds
2022
£
137,977
137,977
7,224
144,378
151,602
(13,625)
(13,625)
(13,625)
2,793
(10,832)
Total
2023
£
218,583
28,006
246,589		 Total funds
2022
£
137,977
137,977
7,224
144,378
151,602
(13,625)
(13,625)
(13,625)
2,793
(10,832)
Total
2022
£
114,008
23,969
137,977

Page 10

Christ Apostolic Church Wonders Assembly Notes to the Accounts 4 Expenditure on charitable activities

Expenditure on charitable
activities
Honoraria and gift to
Missions
Evangelism
Benevolence and love
offerings
Mission Support
Conferences
Books and tapes
Governance costs
Accountancy fees
Legal and professional fees
5
Other expenditure
Employee costs
Motor and travel costs
Premises costs
Amortisation, depreciation,
impairment, profit/loss on
disposal of fixed assets
General administrative costs
Legal and professional costs
6
Net expenditure before transfers
This is stated after charging:
Depreciation of owned fixed assets
7
Staff costs
Salaries and wages
Pension costs		 Unrestricted
£
955
8,071
8,935
5,524
5,230
872
960
7,551
38,098
Unrestricted
£
204,667
1,033
10,613
1,209
9,214
552
227,288
2023
£
1,209
203,409
1,258
204,667		 Total
2023
£
955
8,071
8,935
5,524
5,230
872
960
7,551
38,098
Total
2023
£
204,667
1,033
10,613
1,209
9,214
552
227,288		 Total
2022
£
310
1,830
919
1,319
2,600
246
960
2,995
11,179
Total
2022
£
123,448
1,557
11,279
1,217
2,731
191
140,423
2022
£
1,217
122,441
1,007
123,448

No employee received emoluments in excess of £60,000.

Page 11

Christ Apostolic Church Wonders Assembly Notes to the Accounts 8 Tangible fixed assets

Cost or revaluation
At 1 January 2023
Additions
At 31 December 2023
Depreciation and
impairment
At 1 January 2023
Depreciation charge for the
year
At 31 December 2023
Net book values
At 31 December 2023
At 31 December 2022
9
Creditors:
amounts falling due within one year
Bank loans and overdrafts
Other loans
Other taxes and social security
Other creditors
Accruals and deferred income		 2023
£
4,118
20,018
2,311
16,274
1,044
43,765		 Fixtures,
fitting and
equipment
£
5,942
1,183
7,125
2,290
1,209
3,499
3,626
3,652		 Total
£
5,942
1,183
7,125
2,290
1,209
3,499
3,626
3,652
2022
£
-
12,118
1,576
1,060
960
15,714
10 Movement in funds
Restricted funds:
Unrestricted funds:
General funds
Revaluation Reserves:
Total funds		 At 1 January
2023
(10,832)
(10,832)		 Incoming
resources
(including
other
gains/losses)
£
246,589
246,589		 Resources
expended
£
(265,386)
(265,386)		 At 31
December
2023
£
(29,629)
(29,629)

Page 12

Christ Apostolic Church Wonders Assembly Notes to the Accounts 11 Analysis of net assets between funds

Fixed assets
Net current assets
12 Reconciliation of net debt
Cash and cash equivalents
Borrowings
Net debt		 At 1 January
2023
£		 Unrestricted
funds
£
3,626
(33,255)
(29,629)
Cash flows
£		 Total
£
3,626
(33,255)
(29,629)
At 31
December
2023
£
1,230 9,280 10,510
1,230
(12,118)		 9,280 10,510
(20,018)
(7,900)
(12,118)
(10,888)		 (7,900)
1,380		 (20,018)
(9,508)
13 Commitments
Operating lease commitments
Annual commitments under non-cancellable operating leases are as follows:
2023
2023
2022
Land and
buildings
Other
Land and
buildings
£
£
£
Operating leases with expiry date:
Pension commitments
2023
£
The pension cost charge to the charity
amounted to:
1,258		 2022
Other
£
2022
£
1,007

Page 13

Christ Apostolic Church Wonders Assembly Detailed Statement of Financial Activities For the year ended 31 December 2023

Income and endowments from:
Donations and legacies
Tithes and offerings
Gift Aid Reclaim
Total income and endowments
Expenditure on:
Charitable activities
Honoraria and gift to Missions
Evangelism
Benevolence and love offerings
Mission Support
Conferences
Books and tapes
Governance costs
Accountancy fees
Legal and professional fees
Total of expenditure on charitable
activities
Employee costs
Salaries/wages
Pension costs
Motor and travel costs
Vehicles - General costs
Premises costs
Rent
General administrative costs,
including depreciation and
amortisation
Depreciation of Fixtures, fitting
and equipment
Bank charges		 Unrestricted
funds
2023
£
218,583
28,006
246,589
246,589
955
8,071
8,935
5,524
5,230
872
29,587
960
7,551
8,511
38,098
203,409
1,258
204,667
1,033
1,033
10,613
10,613
1,209
370		 Total funds
2023
£
218,583
28,006
246,589
246,589
955
8,071
8,935
5,524
5,230
872
29,587
960
7,551
8,511
38,098
203,409
1,258
204,667
1,033
1,033
10,613
10,613
1,209
370		 Total funds
2022
£
114,008
23,969
137,977
137,977
310
1,830
919
1,319
2,600
246
7,224
960
2,995
3,955
11,179
122,441
1,007
123,448
1,557
1,557
11,279
11,279
1,217
-

Page 14

Refreshments
Equipment repairs and
maintenance
General insurances
Software, IT support and related
costs
Stationery and printing
Sundry expenses
Telephone, fax and broadband
Legal and professional costs
Management charges
Total of expenditure of other costs
Total expenditure
Net gains on investments
Net expenditure
Net expenditure before other
gains/(losses)
Other Gains
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
Christ Apostolic Church Wonders Assembly
Detailed Statement of Financial Activities		 4,172
14
219
408
2,713
1,308
10
10,423
552
552
227,288
265,386
-
(18,797)
(18,797)
-
(18,797)
(10,832)
(29,629)		 4,172
14
219
408
2,713
1,308
10
10,423
552
552
227,288
265,386
-
(18,797)
(18,797)
-
(18,797)
(10,832)
(29,629)		 1,046
344
197
-
571
573
-
3,948
191
191
140,423
151,602
-
(13,625)
(13,625)
-
(13,625)
2,793
(10,832)

Page 15