2022-02-28-accounts

SHARON FELLOWSHIP CHURCH COLCHESTER

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28[TH] FEBRUARY 2022

CHARITY NUMBER: 1195543

SHARON FELLOWSHIP CHURCH COLCHESTER SEVENTH DAY ADVENTIST CHURCH COLCHESTER CO1 1RB

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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SHARON FELLOWSHIP CHURCH COLCHESTER

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, Sharon Fellowship Church Colchester with charity number 1195543.

The Trustees of the charity are: Rejoice Rajan Joseph Varghese Jain Thomas Sajit Oommen Sano Sunny

The principal address of the charity is : Seventh Day Adventist Church North Station Road Coclchester CO1 1RB

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Charity governing document is a CIO – Foundation Constitution registered 17[TH] August 2021.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 also continues to hold outreach meetings during the year in which individuals had the opportunity to hear the message of the Christian faith. This has produced good results in reaching and helping members of the community. However, the church had to switch to online services at some point due to the lockdown in the pandemic.

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FINANCIAL REVIEW

The income of the charity is above £6,300. This is a fair amount for this year of the charity 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 equipment it uses for its meetings.

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:

1. Select suitable accounting policies and apply them consistently.

2. Make judgements and estimates that are reasonable and prudent.

3. State whether the applicable accounting standards have been followed.

4. 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 7[th] October 2022 and signed on their behalf by:

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SHARON FELLOWSHIP CHURCH COLCHESTER

ACCOUNTS FOR THE YEAR ENDED 28th February 2022

**1 **	Receipts & Payments Account (General	Purpose Fund)
	Income Receipts	£/ 2022
	Donations	6877
	Interest	0
	Total Receipts	6877
	Direct Charitable Expenditure
	Hall Hire	590
	Professional fees	120
	Church Supplies	61
	Stationary	18
	Welfare	300
	Insurance	191
	Pastor Expenses	4400
	Refreshments	0
	Music Services	0
	Telephone	0
		5680
	Other Expenditure
	Equipment	760
	Instruments
		760
	Total Payments	6440
	Net Receipts/(Payments) for the year	437
	Cash Funds brought forward	5667
	Cash Funds at the end of the year	6104

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SHARON FELLOWSHIP CHURCH COLCHESTER

----- Start of picture text -----
2 Statements of Assets and Liabilities at 28th February 2022
Monetary Assets
Cash Funds Unrestricted Funds
£/2022
£
Cash at hand and in bank 6104
Total Cash Funds 439
Assets Retained for the
Charity's Own use
Non-monetary Assets and Liabilities
Musical Instruments
Equipments 760
Fixtures & Fittings
760
Liabilities
Bookkeeping 280
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These accounts were approved by the trustees and signed on their behalf by: Rejoice Rajan ____________

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SHARON FELLOWSHIP CHURCH COLCHESTER

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 with all revenue and expenses shown on a cash basis. Non-monetary assets are shown at estimates of the value at the end of the year.

Funds

The CIO has a general unrestricted fund that receives voluntary donations from attendants at the services.

The CIO has no outstanding guarantees to third parties no any debts secured on the asstes of the CIO

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.

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