2024-01-31-accounts - Success Temple

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SUCCESS TEMPLE

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31[st] JANUARY 2024

CHARITY NUMBER: 1198449

SUCCESS TEMPLE 69 STAMFORD AVENUE SPRINGFIELD MILTON KEYNES MK6 3LD

INDEX Page Legal & Administrative Details 1 Trustee’s Report 2-3 Independent Examiner’s Report 4 Statement of Financial Activities 5 Balance Sheet 6 Notes on the financial Statements 7 - 10

SUCCESS TEMPLE

LEGAL & ADMINISTRATIVE DETAILS YEAR ENDED 31[ST] JANUARY 2024

ADDRESS FOR CORRESPONDENCE

69 STAMFORD AVENUE SPRINGFIELD MILTON KEYNES MK6 3LD

REGISTERED CHARITY NUMBER

1198449

GOVERNING DOCUMENT

CONSTITUTION ADOPTED 4[TH] JANUARY 2011.

TRUSTEES/ DIRECTORS

MR PETER BAFFOE

REV DR CLINT-OSWALD SAFO-BUABEN MRS TRUDY-WHITE ACHEAMPONG MICHAEL OPOKU BOATENG

PRINCIPAL BANKERS

NATWEST BANK 501 SILBURY ROAD BLVD MILTON KEYNES MK9 3ER

INDEPENDENT EXAMINER

FRESH FIRE ORGANISATION GENERATOR BUSINESS CENTRE 95 MILES ROAD MITCHAM CR4 3FH

SUCCESS TEMPLE

TRUSTEES’ REPORT YEAR ENDED 31[ST] JANUARY 2024

The trustees are pleased to present their report for the year ended 31[st] January 2024 for the charity Success Temple with charity number 1198449

The Trustees of the charity are: Mr Peter Baffoe

Rev Dr Clint – Oswald Safo- Buaben Mrs Trudy- White Acheampong Mr Michael Opoku Boateng

The principal address of the charity is : 69 StamfordAvenue Springfield Milton Keynes MK6 3LD

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Charity governing document is a constitution that was adopted 4[th] January 2011.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 charity continues to host its services and meetings in its new premises.

FINANCIAL REVIEW

The income of the charity is above £41000. 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 was spent on acquiring and renovating new property for its worship services.

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:

Select suitable accounting policies and apply them consistently.
Make judgements and estimates that are reasonable and prudent.
State whether the applicable accounting standards have been followed.
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 9th October 2024 and signed on their behalf by:

Independent Examiner’s Report To the Trustees

SUCCESS TEMPLE

I report on the accounts of the church for the year ended 31[st] January 2024 set out on the following pages which have been prepared on the basis of the accounting policies shown in the corresponding pages.

Respective responsibilities of trustees and examiner

The trustees of the church are responsible for the preparation of accounts: they consider that the audit requirement under section 144(2) of the Charities Act 2011 (the 2011 Act),does not apply. It is my responsibility to :

Examine the accounts under section 145 of the 2011 Act.
Follow the procedures laid down in the General Directions given by the Charity Commissioners made under section 145(5)(b) of the 2011 Act.
State whether particular matters have come to my attention.

Basis of Independent examiner’s report

My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the church and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts.

Independent examiner’s statement

In the course of my examination, no matter has come to my attention;

(1) which gives me reasonable cause to believe that, in any material aspect, the trustees have not met the requirements to ensure that:
proper accounting records are kept( in accordance with section 130 of the 2011 Act
accounts are prepared which agree with the accounting records and comply with the accounting requirements of the 2011 Act: or
(2) to which , in my opinion , attention should be drawn in order to enable a proper understanding of the accounts to be reached.

CHUKS AJUKA BSc(Man), FICB PM.Dip FRESH FIRE ORGANISATION 95 Miles Road Mitcham Surrey CR4 3FH

Statement of Financial Activities for the year ended 31st January 2024

	Unrestricted	Unrestricted	Total Funds	Total Funds
	Funds		2024	2023
Incoming ResourcesNote	£		£	£
from generated funds
Donations and Legacie	2	41682	41682	38960
Investment income	3	0	0	0
	___ ___ ______
		41682	41682	38960
Other Income	______
Total Incoming		41682	41682	38960
Resources
	______
Resources Expended
Charitable activities in furtherance of objectives
Charitable Activities	6	31,455	31,455	20,856
Other	4	0	0	18104
Total Resources		31,455	31,455	38960
Expended
Net movement in funds		10,227	10,227	0
Reconciliation of Funds
Total Funds brought forward				0
Total Funds carried forward		10,227	10,227	0

The above funds are all classed as to purpose All movements of funds and all recognised gains and losses are included above.

The notes on the accounts form part of these accounts.

SUCCESS TEMPLE Balance Sheet as at 31st January 2024

Note 2024 Fixed Assets £ Tangible fixed assets 5 588021 _ 588021 _ Current Assets Cash at bank and 3098 in hand Debtors & prepayments 0 3098 Creditors:amounts falling due within one year Creditors & accruals 8 18104 _ Net Current Assets -15006 _ Creditors:amounts fallng due after one year Creditors 9 562788 Net Assets 10227 Unrestricted Funds 10227 _ TOTAL FUNDS 10227 _		2023 588021
	__	_ 588021
	__	_ 2992 0
		2992 18104
	__	_ -15112
	__	_ 572909 0 0
		_ 0 _

Approved by the trustees on 9th October 2024 and signed on their behalf by :

The notes on these accounts form part of these accounts

SUCCESS TEMPLE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31[ST] JANUARY 2024

1) Accounting Policies

These accounts have been prepared under the historic cost convention with items Recognised at cost or transaction values otherwise stated in the relevant note(s) to These accounts. The accounts have been prepared in accordance with: The 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 of Ireland (FRS102) issued on 16 July 2014.

1.1 Going Concern: The accounts are prepared on a going concern basis. 1.2 The accounts present a true and fair view and no change have been made to the accounting policies adopted.

1.3 No changes to the accounting estimates have occurred in the reporting period

1.5 No material prior year error have been identified in the reporting period.

Recognition of Income

These are included in the Statement of Financial Activities (SOFA) when:

The charity becomes entitled to resources;
It is more likely than not that the trustees will receive the resources;
The monetary value can be measured with sufficient reliability.

Grants and Donations

Grants and Donations are only included in the SOFA when the general income recognition criteria are met (5.10 to 512 FRS102 SORP)

Tax reclaim on donations and gifts

Gift Aid receivable is included in the income when there is a valid declaration from the donor. Any gift aid amount recovered on a donation is considered to be part of that gift and is treated in addition to the same fund as the initial donation unless the donor or the terms of the appeal have specified otherwise.

EXPENDITURE AND LIABILITIES

Liability Recognition

Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out resources and the amount of the obligation can be measured with reasonable certainty.

Grants and Support Costs

Support costs have been allocated between the governance costs and other support. Governance costs comprise all costs involving public accountability of the charity and its compliance with regulation and good practice.

SUCCESS TEMPLE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31[ST] JANUARY 2024

Creditors

The charity has creditors which are measured at settlement amounts less any trade discounts.

ASSETS

Tangible Fixed Assets for use by the charity

They are capitalised if they can be used for more than one year. They are valued at cost. The depreciation is calculated at 20% reducing balance method.

Debtors

Debtors are measured on initial recognition at settlement amount. Subsequently they are measured at cash.

SUCCESS TEMPLE

Notes to the accounts for year ended 31st January 2024

Voluntary Income/ Other Income

	Unrestricted	Unrestricted	Unrestricted	Total funds	Total funds
	Funds			2024		2023
Church collections	£			£	£
Tithes & Offerings		41682		41682		38960
	______
Total		41682		41682		38960
	______
Investment income
	Unrestricted			Total funds
	Funds £			2024/£	2023/£
Bank Interest		0			0	0
Cost of generating	funds		amount £/2024		amount £/2023
Missions			0			0
Grants to individuals<£1000			0			0
Speakers expenses			0			0
Charity donation			0			18104
					___
Total			0			18104
Tangible Fixed Assets
	Land		Instrument	Minibus	Equipment Fix& Fitt			Total 2024
Cost	£		£	£	£	£		£
At 01/02/2023		588021	0		0	0	0	588021
Additions		0	0		0	0	0	0
At 31/01/2024		588021	0		0	0	0	588021
Depreciation
At 01/02/2023		0	0		0	0	0	0
charge for the year		0	0		0	0	0	0
At 31/01/2024		0	0		0	0	0	0
NBV 31/01/2024		588021	0		0	0	0	588021
NBV 01/02/2023		588021	0		0	0	0	588021
					9

SUCCESS TEMPLE Notes to the accounts for year ended 31st January 2024

Cost of Activities in	furtherance of Charity's Objectives	furtherance of Charity's Objectives
	2024/£	2023/£
Legal & Professional		4685
Bank Interest	31561	16171
Card services
Cleaning
Events
Travel
Salary
Rates
Light & Heat
Property costs
Refreshments
Decoration
Repairs & Maintenance
Professional fees
Depreciation
Bank charges
Insurance
Welfare
Total	31561	20856

Trustee Remuneration

All work was undertaken by volunteers. No trustee received any remuneration from the organisation.

8	Credtors: amounts falling due within one year	2024/£	2023/£
	Creditors	18104	18104
	Independent Examination	0
	Total	18104	18104
9	Creditors: amounts falling after one year
	Mortgage	562788	572909