2022-03-31-accounts

ROYAL PRIESTHOOD CHURCH

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31[ST] MARCH 2022

CHARITY NUMBER: 1195965

ROYAL PRIESTHOOD CHURCH 1 SALAMANCA WAY COLCHESTER CO2 9GB

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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ROYAL PRIESTHOOD CHURCH

TRUSTEES’ REPORT YEAR ENDED 31[ST] MARCH 2022

The trustees are pleased to present their report for the year ended 31[st] March 2022 for the charity, Royal Priesthood Church with charity number 1195965.

The Trustees of the charity are: Akinwale Babatunde Laosun Folasade Olubukola Ayankogbe Dr Akinwale Akintomide Taiye - Akinsun

The principal address of the charity is : 1 Salamanca Way Colchester

CO2 9GB

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Charity governing document is a CIO – Foundation Constitution registered 29[th] September 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

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FINANCIAL REVIEW

The income of the charity is above £6,000. This is a good 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 rent of its building that it uses for worship services.

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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 4[th] May 2022 and signed on their behalf by:

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ROYAL PRIESTHOOD CHURCH

ACCOUNTS FOR THE YEAR ENDED 31st March 2022

**1 **	Receipts & Payments Account (General	Purpose Fund)
	Income Receipts	£/ 2022
	Tithes and Offerings	6341
	Interest
	Total Receipts	6341
	Direct Charitable Expenditure
	Music Services	620
	Hire of Hall	2319
	Transport	300
	Welfare	200
	Conference costs	1150
	Professional fees	480
	Supplies	300
	Ministers expenses	600
	Benevolence giving	300
		6269
	Other Expenditure
	Equipment	0
		0
	Total Payments	6269
	Net Receipts/(Payments) for the year	72
	Cash Funds brought forward	1861
	Cash Funds at the end of the year	1933

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ROYAL PRIESTHOOD CHURCH

**2 **	Statements of Assets and Liabilities at 31st March 2022	Statements of Assets and Liabilities at 31st March 2022
	Monetary Assets
	Cash Funds	Unrestricted Funds
		£/2022
		£
	Cash at hand and in bank	1933
	Total Cash Funds	1933
	Assets Retained for the
	Charity's Own use
	Non-monetary Assets and Liabilities
	Musical Instruments	328
	Equipments	499
	Fixtures & Fittings
		827
	Liabilities
	Bookkeeping	360
	NET ASSETS	2400

These accounts were approved by the trustees and signed on their behalf by: Folasade Ayankogbe

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ROYAL PRIESTHOOD CHURCH

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31st March 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.

Depreciation

Depreciation is calculated at 20% reducing balance method.

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