Chirity nunbber: 1198609 CELEBRATION CHURCH INTERNATIONAL CIO TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
CELEBRATION CHURCH INfERNATIONALCIO Referente and dministrtive dellJs oftheCb•rity, itsTrnxltts and xdvi5ers Trwstee$' ptrrt Indendent auditors, report ott the fimantil stslements Staterne•t of fiDneial ctivitks 12-15 16 1311tesheet 17 ststemetht of eash flo 18 Notss to the fi01 st*t¢ments 1937
CELEBRATION CHiIRCH INTERNATIONAL CIO REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY AND ITS TRusfEES FOR THE YEAR ENDED 30 JUNE 21124 Trust$ Pastor Pet•r Joseph Uslkpo Pastor Oyinkan$ola Esther Odunlaml Oluwapeluml Oluwadamilola Aklnwande RIgned 21st May 2024 Okeogh•ne God$wlll Mba AJok8 Emek•ng Appolnted 8th June 2024 Charlty reglstsred numb•r 1198609 Prlnclpal office 167.169 Groat Portland Str9•( 5th Floor London W1W SPF Chl•f •x•cutlvo offlc•r Putor Peter Jos•ph UsSkpo Independent audltors Stephen Mlchael As8oclat•8 Chart•rgd Certlflod A¢¢ountsnts Statutory Audltors 201 Borough Hlgh Str••t London SE11JA Accountants Avlnu Consumng Llmli•d 85 Great Portland Strgot London W1W 7LT Bankws Lloyd$ 25 Gr•8ham Strwt London EC2V 7H 31Page
CELEBRATION CIIURCH INTERNATIONAL CIO TRUSTEFS. REPORT FORIIIE YEAR ENDED3(I JUNE 2024 The Trustees present their annual rewt together with the financ4al sta18ments of the Celetjration Church Inlemolional for the year 1 July 2023 10 30 Junè 2024. The Tnjstees confirm that Ihg report and finarKial 8t81mlts of the Charity havo boon prnpared In awrdance wSlh the accounting polid8s sel out Sn note 1 to the 8CcOls and compty with Iha goveming doojmenl ol the Charity. the Chanlies Act 2011. and P£counting and Reporting by Charities.. Slalemenl of Récommended Practice apF4icable lo eharilies prepartng their ae¢ounts in aceordance with the Financ181 Reporting Standard appllcable In the UK 8rKI ReplIC of Ireland (FRS1021 {effeciNe 1 January 2019}. Roferen and adminlslrallve Infomwtlon 8et cxrt on page 1 lorn part of thi5 report. ObJ•ctlve• •nd actlvltl•8 •. Poll¢l•s and obJ•¢tlv The obJ•cts of tho Charfty ar•: Al To advance thè Christian Rdigion for the b¢nèfil of the public In the Unrted Kingdom elsewhere In accordance with the drtlrines $01 In Hcly 8itAe. thrrwh: l. The holdlng of prayer meetings: broadcasbr4J of Christian messages of an evangelistlc and leathlng nature; and producing andlor dislribub'ng literature lo enllghten others about the Christian faith. ii. The provision of pastoral carv and carrying out gvan901istlc and outroach WO in thè eommunity. Bl Tho relief of finanaal hardship p4Mng P80F48 vthhin the Church or th8 98ographlcal c4)mmunity in which it operates and any part thift the United Kingdom. thrOh.. . Provldlng ffjllef and as$l$tance to 18mlllgs and people In need of ffinanryal sport, ii. Providing support lo resl(Jonts wtthln London who are wclims of natural d18aster by supplylng them th food and basic needs: 41Page
CELEBRATION CHURCH I[RIATIONAL CIO TRUSTELS, REPORT(CONIINUED) FOR THE YEAR ENDED30 JUNE 2024 ObjeGtlves and actfvities (Continued) C} To promoto other charitable athits.es assolaaled Mth the Celebralion Church for the benefrt of the community In London. United Kingdom and ultim8tely W0dthde. In setb'ng objectives and planning for tities. the Trustees have given due ccmsideratM)n lo general guidance pub"shed by the Charity Ccmnmission relating to public benefft. induding the guidance 'Publi¢ benefit.. wnning a charity {PB2)' and in parbcular its supplementary public gumlance on Ihe advancement of rel10n for the public benefit. b. Strategies for achievlng obpthes We offer 8 place of worshlp to hold prayer meetings, teachings and vari¢JJs prograrnmes for the general public and our existing members. We have the Child'S church. Whe we nurture chlldren and young peorAe lo follow Ihe teachings of Jesus Christ arKI guide them lo gn)w into responsible future leaders. The adutts are trained through a membership dass and other training offered for developing arbd building spiritual strength and stsbility In them. Our mison is lo equip every adult the work of the kingdom of God. and lo make a positive impact in their families and communities. We broJcasl our teachings and seThices on so¢ media where we reach more people online in addition lo th¢)se attendiThJ the place of worship. Several r1 are recorded on audic4video reujrdings in order to give out for free to all vi51tors and especialy new members who want to grow in their spiritual lives. We also produce tracts and publish ikn)ks f¢ythe benefit ofthe public and church membars. These are dislributod mainly during outreachlevangelism on the streets, and in thwch. to church mewnbers and wsitors. We also have all Ihe above for children, who are spec4alty trained and nurtured as Celeb lfjds. We provide Pastoral care for individuds and families are our members. visitors from the public or other ruest we receive nee(fing supp)rt. We offer spinlual ¢xNJnselling and praye for those experiencing emotional & psychological thallenges. We provide them th the necessary information as M11 as possible and refer them to other organisations and agencies that will further meet their needs. We go on per80nal v4sits to members are bereaved. sfick in the hOstal or experienung trauma. to express our bve. care and mmfortlng arms. Those wh) are Lebrating new births. marriages. elc. are also supported as much as poSsie. We rglieve finanal hardship for members or Conneed peWe who sk our 5UPPOrt. Young people wilhin th church have reiVed significant physical support food and paying for Iheir aMmOdation within our resources, In the interim. As a church. we wll arise to offer a5SiStance in any forni of unseen (arMS1anCeS that may ¢)ccur in all communibes where we are located in ts United As a church, we 711 artse to offer assistance in any form of unseen cin>Jmstms that may occur in the community we are loGated London. We will promote other charitable actiwlies associated wlh the purpose of CelebratiM Church. These include working in partnership wth (x)laboration with other Churches, Charities, Schcols and govemmental agencies thal wll serve the interest of our men*ws and immediate communty. 51Page
CELEBRATION CHURCH INTERNAnof4AL CIO TRUSTEES, REPORT (CONfiNUED) FOR THE YEAR ENDED30 JUNE 2 ObJoctiv•s and acllvlties (conllnu•d} c. Activitles undertaken to achi•vo obiactive$ Promding a place of worship Pastoral care. outreach Providing general wetfare and financ4al support to those in ne8d cOnferenS & Events Media AL*vities. d. Volunteers The charty is grateful for the unstintiTrJ efforts of its vobJnleefS who are Involved in seryice pn)vision on a weekly basis. 11 is estimated that over 52.CQO volunteer hcyJrs across 5 Campuses were provided during the year. If this is conservatively valued at £11.50 an hour. the vdunteer effort am(yJnts to over £598,000. The pastors of eath campuslbranch act as volunte8r cOdinal0Ts for Ihe (4)arity to ensure that the best value is derNed from the steding efforts of wr vdunleets. e. Main actlvltlos undertaken to further tho Charlty's purposes for the public benefit Celebration Church Intemational ests to adVae the Christian farih for benefit of the entire public in the United Kingdom Ihrough the broadcasting of Chrislian messw and musiG hokling prayer meelings and ML more. AGhlevemsnts and p•rforniance a. Key perforn)ance indlcators Our key perf0mnCe indicators are the numberof¢xww y are able to establish across the United Kingdom aswell as the numberof peoplewtho attd the church fthe firsttime and getconverted into becoming members of the church. 61Page
CELEBRATION CHURCH INfERNATIONAL CIO TRUSTEES. REPORT (CO]Yll]¥UED) FOR THE YEAR ENDED30 JUNE 2024 hlevements and perforniancg (Continued) This year, the church was able lo plant one rn0 MpuS in Soulh East London. Ajso. kne Cell Churth initiative was started. which aims lo ach more people who are spread arxos5 Ihe United Krngdom, and are unable lo make it lo any of our campuses every Sunday due lo the distsnce. This initiative allows members who live in cities or towns farfrom where we have established campuses. to rneettogether every Sunday to worship together and have a church eXpeen on Sundays. Our cell thurches are I(ted in MdlesbrOUgh, Coventry, Hull, Dundee, Newcasue. Leeds, and Wales. The membership ofthe chur( also in(xeased. b. Revlew of actlvlties Amor@st all the various acbwties the churt is invofved in, bekw is a brief summary outlilling a selection of the different activities the churth and leade have activety p8rbrApaled in.. Reboot Camp.. An annual camp meeting of celebration church global. where all celebration thurch campuses around the wodd c}verge lo pray, study and wc¥ship in preparation for the new year. Refresh: A mrmtNy prayer meeting which takes ptace at the mnth in all &wnpuses across England. Hangout: This is an event that happens at srerxfic til5 ofthe year. for mmbers of the church lo o)me together as a form of fellowship arKI a way to laY as well as boTrJ over f¢xyJ and games. IAlorship Tour: This was a worship meeting that took tA8(E in Coventry and Hull during the year, for members in these locations lo me8t together for a time of worship in s(¥ys and prayer Weekly evangelism: As a church. we go out io weath Ihe goyl to people on a weekly basis. Algorithm: This 15 a corporate event that look pla On this year. to help members of the thureh galn more knovAedge on how to apply for jobs. scale professiondty and succeed in the c(w)rate wot1d. MAP M¢etlngs: This is a rnonthly Meet and Pray evenl. where members who live in close proximity across the UK come togeth9r a time of fdlowthp. This meeting tskes place in eath duster once a mnth. RISE: The pastcKate and leaders of each camws make a decision for all members in Ihat carrf)US to meet together for a vigil, themed 'RISE' to spend the night in wayers. Ovorture: This is an annual ting vknich happerts aD$ all campuses on the 31st of L)ecember into thg 1st of January. The purp)se is to fellhIp arKI way 109ether into every new year. 71Page
CELEBRATION CHiJRCH IprrEP24ATIONAL CIO TRLStEES' REPORT (COPalNUED} FOR THE yFAREDED311 JiJNE 2024 c. InveStmt pollcy and performance The trustees have decided that at present. funds should be retained in Banks and PayPal, an ClIne paynEnl system. Any ch8r¥Je in such bankirwj arrangements shcwld be agreed by the trustees. Flnanclal rèvlew a. Going coneern After making appropriate errfjuiries, the Trustees have a reasonable expectation that the Charity has adequate resources to conkn.nue in operational exislerKe for Ihe foreseeable ftjture. For this reason, they continue lo adopt the going Concem basis in preparing the finanL¥al ststem8nts. Further details regarding Ihe adoption of Ihe going concem basis can be found in the a¢Unting poiiaes. b. Re$¢rv•s poli The Iruslees have established a pdicy %thereby Ihe unrestn.cted fuThls MmItted or invested in tangible fixed assets {'Ihe free reserves,) held by the church should be three months of annual exp&nditur9. Ai this level, thtr trustees feel that they would be able to c¥)ntinve the current activities of the church in the event of a significant drop in fvndiThJ. The charity's free reseNes amount to £363,717 in 202412023- £84.877). whith exceeds the target levd based on average annual expenditu. ¢. Rlsk management The Trustees have awssed the major risks to 1th the charity is exF#)5e(l. in particular those relaled lo Ihe operations and finances of the charrty. and are satisfied that systems are in aCe lo miligate our exposure lo the major risks. d. Princlpal fundlng This is provided mainly through v0ntsry tithes and offerlngs by th& churth ff*mbers. Pledgesldonations are also taken fef specrfic projects. 81Page
CELEBRATION CHURCH ImRNATIONAL CIO TRUSTEES. REPORT {CONnNUED) FOR THE YEAR ENDED JUh'E 2024 Structure. goveman¢e and managemgnl a. Constitution C8lebr8tion Church Inlemational CIO is a registered charity. numt*r 1198609. Is rK)nstituled by the Charity b. Methods of appointm•nt or ol•ctlon of Trust The management of the Charity is ts reSnSibIlity of the TnJ5tees who are elected and ciwpted under tho lem)s of the CIO Model Constilubon. c. Oryanlsational structurg and dec1s1onk(ng pollcles The church is organised $0 that th& lrnstees nwt rg3ularly to manage its affairs. The Ex9culiv6 Pastor manages the day-t¢>day administratton of the r¢h. d. Pollcles adopted for the Inductlon and tralnlng of Trustees Tho induction proeoss for any appointed of th8 Trusi6es COmPfiSeS an initial meeting with the Chair and other Trustees. folkmd by a series of short meetin9S Wth the Minisler in Charge on the powers and reswnsibilities of the Trustees. e. Pay poli¢y for koy managoment pgrsonnel The trustees CA)nsider that truslees and the eXlIve pastor comrxise the key management personnel of the charity in charge of direciing and contrdling. wnning, and operatiThJ th8 Trust on a day-t(>day basis. All Iruslees give their lime free in their capauty as trustees. The pay of the charivs senK)r staff is delemilned tythe trustees and is typicalty increased lo accounl for Inflation, based on th8 latest Consumer Pri Index. Ptans are in place to benchmath this remuneration against similar- sized charities in the future. 91Page
CELEBRATION CHURCH lfERNATIONAL CIO FOR THE YEAR ENDED 30 JUNE 21n4 Strucbjrej govern8net attd tll*ttAVm¢nt (toRtIDwed) l. Plans for firture periods The d)urch continues lo eW¢x8 varbous ways of sweading th8 9)91 of Christ In an effective manner. The Charity is also looking to grow in membership and continue lo develop its rrembers lo make a life changing impact in society. IOIPage
CELEBBATEON CHURCH MERNATIONAL CIO STATEMEKf OF TRUSTEES, RE8PONSIBILmES The Trustees are reswnsible for tKeparing the Tmstees, rap and the finaroal statements in a¢dance with applicable law and Unibj lfjrvJdom ACcoUTrj Standards (Unrted lfjngthm Generally Accepted Accounting Practice). The184V applicat4e to charthes in England & Wales fequires the Trusloes to rryare financA81 statemènts for &qch nancial year %thich give a tsije and fair Mew of the state of affairs of the Charity and of its incoming resources and apF4ication of reS(r. incJudirwJ rts ir#>)me and eyrkyiture, for that pericJ. In preparing these financtal statements, the Trustees are r&]uiYed to: sefeGt suitatAe eK£ountirwJ p)k¥es aThY tt18n aty them obseNe the MettrS and prinoples of the Charities SORP (FRS 1021,. make Ijgments and rnntirJ eslimates Ihat are reascmiable arKI FWLKJen( st8te thether applic)te UK Ac(y)JntiThJ StaThJards (FRS 1021 have been followgd, subject to any material deparbjres disclosed arKI exrAatned in the finan¢ial statements.. prepare the financaal ststements on the wng eoncem basis unlS it is inapFxwate to presume that the Charity wll c(tinUe in business. The Trustees are responsible for keeping ad4uate aLXX)unting reLX)rds that are sufficlent to show and explain the Charivs transacli¢y)s and wth reasonable raLY al any time the fknanaal position of the Charity and enable them lo ensure that the finan¢ial atements comply wrth the Charities Act 2011, the Charity IAc¢ounts arKI Ret)rts} R8gulations 2CA)8 and ts provIsM of Ihe Trust deed. They are also responSie for safegu8rdit¥J the assets of the Charity and hence for tang reable steps for the wev8nlion and detIOn of fraud aThl other irregularllies. Disdosurg of inforniatlon to audttors Each of the pers( who aro Tfustees at the when this Tn&%tees' rerth aprKoved has confirmed that.. 50 far as that Twstee Is aware. there ts rm) relevant aJIt inforrnation of whth the drI$ 8uditOFS are unaware, and that Twslee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit fOr[9t10n arKI to establish that the chariws audttLYS are aware of that informaticfft. The auditor5, Stephen Mthael Awxlats, have IrKficaI tsir wTrironess to continue in offits. The designated Trustees wll wcy)se a nM)tion reapwinting the audttors at a meeting ofthe Trustees. Approved by order ofthe members of the of Twstees on ...2?42025 .and sbjned on their half by." Pastor Peter UsikFo PastrK (inkn30[a E¥ther Clunlami IIIPage
CEtEBRATION CItURCH INfERNATIONAL CIO INDEPENDENT AUDTfoRS' REPORT TO THE TRUST OF CELEBRATION CHURCH INTERNATIONAL OplOn We have audiled the financial statements of CeletKation Church Inlemational lthe 'charity) for the year ended 30 June 2024 which (xynprise the Statement of ffinaal aknties, the Balance sheet the Ststement of cash flows and the related notes. induding a wmmary siqnificant accounting pc4icies. The financial repcrfbrwJ framework that has been appl1 in their preparation is aprble and United Kingdom Ac(ntir@ StartdaS, irKluding FinanL?al Reporting Stsndard 102 'The Financial Rep(xting StaThJard applicable in the UK and RepU1C of Ireland, {Uniled Kingdom Generaty Accept&l knnling PractKe). The financial statements have been prepared in acconlance Wth ALxounting and Retthng by Charibe5 preparing their accounts in accordance the Finanual ReF(srbrvJ Stsndards appfKxL4è in the UK and Republic of Ireland {FRS 102} in preferen{% lo the AcccAmtirKJ and Rewrf]'ng by Charities. Stalent of Re0)M PraGtic issued on 1 Awil 2005 whith Is refwgj to in the exlant regulations tKrt has been wilhdrawn. This has been done Hi cthr the ac(x)unts to pffjwde a true and fair wew in a(yx)rdance with thg Genernlly Accepted Act(MJnting Praice eve reportirvJ peri Winning or after 1 January 2015. In our Lwinion th8 ffinanual stsknrts.. give a true fair vivw ot the state of the ch8riVs affairs as at 30 June 2024 and of its incx)miThJ resource8 aThY 8iCation of resour for the year then ended.. have been properly prepared in aOrdan wih UniteAI lQngY(Kn General AL¥%p Accounting Practice. and have been prepargj in a(d vrith the Irerrnts of the Charities 2011. Basls for opinion We cLJnducted our audit in a(rdan wilh Intemational Standards on Au(Jitsng (UK) {ISAs {UK)} and applicable law. Our responsibilities under those slandards are further descrited in the Auditors, resFM)nsitrAlities for the audit of the finanaal statements section of our reporL We are IrKlep1dent of the tharity in nce wlth the ethical requirements thal are relevanl lo our a111 of the finanoal statements in the Unrtej Kingdom. Indling the Finanrial Reporbng Council's Ethi1 Standard. have fuffilled (w other ethieal Sl$1bls in ac(x)rdance with these requirements. We believe that the autht wdence V have (rtained is suffiLient and approwe to pmwde a basis for our opinirm. ConcIlon$ relallng to golng concorn In auditirvJ the financiat statements. we have (Y)K1 that the Tn&ees' use of th8 goiTrJ con¢em basls of accounting in th8 preparati of the financaal slatements is approwbate. Based on the V•Y)rk we have Fwf0rM, we have mt identified ary material uncErtainties relating lo events or ccdi11ons that, Indivklually or collethvely. cast signifK2nt doubt on the tharitys abflity to continue as a going concem fN a period of at188s1 tffv8 thS from wlien the stateMts are auttb)nsed for Issue. 121Page
CELEB114TION CHURCH lTrffERNATIONAL CIO INDEPENDENT AUDITOILS, REPORT TO THE TRUSTELS OF CELEBRATION CHURCH INfERNATIONAL Our responsibilities and thg responsibilitiesof the Trusleeswilh resped lo going ¢4)ncem are described in the relevant sections of this rep(wl. her matter The financ¥al statements of Celebr8tion Churth International ts the pericmj ended 30 June 2023, were not audit1. Other Inf¢mwtlon The other inf0mtion o)mprises the infonnation wKILbJed in the Annual report other than Ihe financial statements and our Auditors, report Ihereon. The Tnjstees are respOble for the other infomiation contsined within th8 Annual report. Our opinion on the finawal statements does not C4)ver the other infomiaknon and, except to the extent oth¢wse explicilly staled in our report, we (kn not exKYess form of assurance condusion thergon. Our responsibility is lo read the olher inf0mtiOn aTrJ, in doing so. c4)nsKler whether the other infomiatlon is materially ineonsislenl the financial stslements or our knoYAedge oblained in the (xxw of the audit. or otherwise appears to be materially misslaled. Ir we identify suth material in(tJnsistenaes or apparent material misStatenIs, we are required lo determlne whether this gNes rise to a material misstalent in the financial statements themselves. If. based on the work we have performed, we Tr)ndude that there is a material misslalement of Ihis other information, we are requir1 to repwi that facL We have nothing to report in thls regard. Matters on whlch wg are requlred to rgport by CePtl We have nothing to repLKt in respectofthe followng matters where the Charities (Acwunt8 and Reports) Regutalions 2008 requires us lo report to you rf, in our opinn.. the infomwtion given in the Trustees. rep)rt 15 ino)nsistent In any matorial r8sF*cI wlh th8 financia slalements., or sufficient accounting racords have not been kepL ( the financial statements are rt in agreement with the acTh)untirg reoxds and retums: or we have not received all the inforrnation arKI exrAanations we require for our audiL Responslblliiies of trustses As exaIned more fulty in the Tnjslees, res[S1119S StatenI. the Trustees are responsible for the preparation of the financaal slalements which give a twe and fair wew. and for such internal o)ntrol as the Trustees delermine is necessary lo gnable the pparatIOn of financial stalements that are free from material misstatement. whelher dug lo fraud or error. 131Page
CELEBIL4TION CHURCH INfERNATIONAL CIO INDEPENDENT AuDORSy REPORT TO THE IIiUSTELS OF CELEBRATION CHURCH INTERNATIONAL In preparing the financial statements, the Trustees are responstble for assessing the charity's ability to ntinue as going concem, disdosing, as appii(able, matters related to goiThJ conrn and using the going concern basi5 of acLounling unless the Trustees either intend to liquidate the charity or to ase operations, or have no realistic 81tematfv8 but to do so. Auditors. responslbllitles for the audit of the financial statemènts We have been appointed as auditor under section 144 of the Charities Act 2011 and port in accthance with the Act and leVant regulations m or Ikgving effect Ihereunder. Our objectives ar8 lo obtain reasonable 8ssurance aboth the financkql staternents as a whole are free from material misstatement, whether due to fraud or error. and lo issue an Auditors, r8POrt thal indudes ¢JJr opinion. ReasOnae assurance is a high level of assuran, but is Th)t a guarantee that an audit conducted in accDrdance with ISAS IUKI wll aVayS detect 8 material misslalemenl when it exists. Misststemenls can arise from fraud OT error and are considered material rf. indiwdu8lly or in the aggregate. they could re89cbIY be expected to infince the ecommic decisions of users tsken on the basis of Ihese financial statements. Irwlariiies. induding fraud. are irnstancs of non4x)mpllan wilh laws and regulatM)ns. We design procedures In line wth our responsibilities. oulined above. to deleLI material misstatements in respect of irregularities. including fraud. The extent to which our [0ureS are capable of detecting irregularities. indudiThJ fraud is detsiled 10. We identified areas of laws and regulations that coukl reasonably be expected to have a materi81 effect on the financi81 statements from our sector experience through diu$$10n with the Trustees and other management (a5 fe(wired by auditing slandards). We had regar(J to L8ws and regulations in areas that directy affecl the financial stslements indLMJing finanrAal reporting and taxation islation. We considered the extent of complianc4 th those laws afKI regulations as part of our prc¢edurè on the related financial ststerrt items. With the eXPtiOn of any known or pOsSe non-complrdnce, and as required by auditir¥J standards, (1r work in Spect of these was linNted to enquiry of the Tnjstees. We communicated th)tified laws and regulation5 throughout our team and remained 8lert lo any inditstions of norFcomplIan througtKJut Ihe audit. We addressed the risk of fraud through rroagmnt overnide of cnntrois, by testing the appropriateness ofjoumal entries and other fiusbments" a&8essing whether the judgements made in making ¥counting estimates are inditIVe of a F4)lential bias; and ewdluating business rationale of any SIlficant transadions that are unusual or Cmjtside the nomial course of operalicfft. 141Page
CELEBRATION cifuRCH INTERNATIONAL CIO II¥DEPENDENf AUDITORS. REPORT TO THE TRUSTEES OF CELEBRATION CHURCH IprrERNATIONAL Our audit procedures were designed to SPOnd lo risks of material r$statement in tha financial slatemants. recognising that Ihe risk of not detecting a materiat misstaternent due to fraud is higher than the risk of rbot detecting one resulting from error. as fraud may invofve deliberdte concealment by. for example, forgery, misrepresent8tions or through collusion. There are Inrent limitslhMs in the aLKlil procedures rrfrJmied and the fvrther removed nonrycompliance laws and regulations is from the everts and transactions reflected in the finaal statements. the less likdy we are to bec£Kne aare of IL A further de8ption of our r8sponsibilibes audit of the financial Statements Is located on the Financial Rep)rting Counul's Weble al.. www.frc.org.ukJaudrtorsresFK)nsitilities. This description fomis part of our Auditors, repo Use of our report This report is m&Je solely to th8 ch8riWs trustees. as a L. in aCCanCe wth Part 4 of the Charitles (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might stale lo the charity's trustees those matters we are reqUId lo state to them in an Audito. report and for M other purp)se. To the full8st extent pem)itted by law, wa ilo not a¢(wt or assume re¥KJnsibility to anyone other Ihan the charity and its trustees, as a body. for our audit work. for thi5 repcKI, or for the we have fomMI. Stephen Michael Associales Chartered Certified Accountants Stslutory Audi 2018orough HHJh Street London SEI 1JA Date.. 2> fvn."1 20>< Stephen Michad Associates are eligik4e to ac as audito in terrr of 1212 of the Companies Act 2006. 151Page
CELEBRATION CIIURCH INfERNATIONAL CIO STATEMENT OF FINANCIAL ACTIVITtES FOR THE YEAR ENDED 30 JUNE 2024 Restricted funds 2024 Unre5trirted fund 2024 Total funds 2024 Total funds 2023 Notes INCOMING RESOURCES Donations and legacies 31143 1.430,357 1,462,$00 701.050 TOTAL INCOMING RESOURCES 32.143 1.430 357 701.050 REOURCES EXPENDED Charitable activities 52,455 1,051,099 1,103,554 616,462 TOTAL REOURCES EXPENDED 52.455 1 103.554 616,462 RECONCILIATION OF FUNDS: Total funds br(KJghl foward {30,029) 127,724 97.695 13.107 Net movement in funds (20.312) 379,258 358,946 84,588 Transfer been fvnds 52.700 (s2,7)) Totsl fijndg carrled fOard 2.359 456.641 The statsment of fittnell ctivitis ltytludes 811 g#1 •fyd losses retopised in the yur. The llote5 OD pages 19 to 37 forni of the* fi•aMi•l Jtatements 161Page
CELEBRATION CHURCH iTrrfERNATIONAL CIO BALANCE SHEET AS AT30 JUNE 2024 2024 2023 FIXED ASSEr TanglbFe Flxed Asset ,565 42,847 CURRENT ASSETS Debtors Cash al bank and In hand 10 .117 104.330 57.923 408,447 57.923 CREDITORS: duo wlthln one y•ar 11 NET CVRRENT ASSET8 TOTAL ASSEf LESS CLIRRENT UABILMES CHARITY FUNDS Re8Mcted fund8 Unr8slrScted fvnds 13 13 2.359 {30.0291 127 724 TOTAL FUNDS The finan¢ial slatements w¢r¢ approv and authorised for issue by the Tnwett and signed on their beh8Jf by: Pastor Oyinkansola Esther Odunlami Dth.. 22-2025 The Dotes on 19 to 37 form part of these 5t*t¢Jnellts 171Page
CELEBRATION CHURCH INfERNATIONAL CIO STATEME OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2024 STATEMENT OF CASH FLOWS Totsl 2024 Total 2023 Cash flows from op•ratlng actlvltle¥ Nel cash used In Operang 8dlvftle8 110237 Ca$h flo from Inve8tlng adlvhl•s Proeeeds from the 88le of tanglble fixod a888ts Purchased of tanglble flxed assets {66.830) {45,175) Net ca•h lu••d InVprovld•d by Inv88tlng actlvftl•s Caih flows from flmnclng athltl•8 Not Cash usod In fln•nclng adl¥lll•• Chang• In ca¥h and c••h èqulval•nt In th• y•ar 46.407 44.816 Cash and cash equivalents al the tinnIng of the year 57.gYJ 13,107 Cash and ush equIlents at the end ofthe year 104.330 57,923 The noteg on pagu 19 to 37 form of these fitt*ntial statsm¢•ts 181Page
CELEBIL4TION CHURCH IprfERNATIONAL CIO NOTES TO THE FINANCIAL &fATEMENfs FOR THE YEAR ENDED 30 JUNE 2024 Gener1 illfom•tioD CelebrnI Church Internfitiord is a tharitable i1w#t¢d or8anisaiion registered with the Charity Commission in En8land & W81¢s. The officc addrtts is 167-169 Great Portland StreeL5 flrKJr, Ltsndon.WIW SPF. Aeeounting lIcI 2.1 Bajls of preprAdon of finaneknl st•t¢me•l> The fin11[ statements have bEen prepknj in aecttdance with th¢ chariti SORP IFRS 102) . Aceounting and Rep)rtin8 bycharities.. Stsiemenl of Reeommertd Prnctie¢applicable iorhariiies preparingtheiraccounts in accordance with the Financial Keportin8 Stsndard applicable in the UK and Republic of ITeland (FRS 102) {¢ffective l January 2019). the Financial Reponin8 Stsndard appli¢4ble in the UK and Republi¢ ofireland (FRS 102) and the Chtriti¢5 Act 2011. The financial stath¢nts have b¢¢n prepared $ive a Irue faiv view knd have dep8rt from ihe Chtiritiej (Accounts and Repcmts) RegulatioTL5 2(N)8 ¢)nly the extent required to provide a '¢rue aTrJ fair, vi¢w. This dcparture involved following the Charities SORP (FRS 1021 published in Odober 2019 rather than the Acwuntin8 8nd ReF<Jrting by Tharities.. StskmentofRecommeThJed Practice effrxtive from l April 21K)5 which h&s since been withdrawn. Celebrdtion Church Iniernalional CIO m¢ets the d¢finilion of a publi¢ bcneftt entity under FRS 102. Assets 4nd liabilitie5 are InitilY reeognised at histri¢aE cos¢ or transaciioth value unles5 otherwise stated in the rcl¢vanl a¢eoun¢ing policy. 22 Incom¢ All income is rKo8nised once the Charity has ffltitl¢n to the incom¢ it is probable that the income will be r¢c¢ived and th¢ 0nI of InMe receivable C b2 measured reliably. 13 EXnditre ExptsKliture is recognised once there 1$ a Iwl or n$ve obli8ation to transf¢r tnoMiC ben¢fit lo a third , it 1$ probable that a transfcr of e¢onomic b¥)¢fits will be requir•J in settlemcnl and thc amount of the obliBation ¢an be measured Teliably. ExpeThJiture 15 das5ified by activity. The costs of each artivity ar¢ made up of the totsl of dired ¢05ts wld shared co4 including 5upfA)n c05ts involved in undertaking each activity. Dire¢t costs attributable to Y4 5in8le a¢¢ivity ar¢ a]located dircdly to that activity. Shu¢d costs wht¢h contribuie tornor¢ than oneAfflivity and support¢OSlswhi¢h arc not altable10 &5ingle activityare apportioned between those artiviii¢s ott a basi$ consistent with the use of res<wrces. Certtral Mff costs are t110¢¢d on the basi5 of tim¢ spent. and d¢preciation charges alloLxI on the portion of the asset's use. EXdItre thAritable &¢tivitie5 is incurr&l on d]rdY uThJert¥kin8 th¢ activities which fither the Charity's objrAivts. &s well as any assoated sup1 costs. All cxpeThliture is IrKI%1y¢ of irrecoverable VAT. 191Page
CELEBRATION CHURCH ERTIATIONAL CIO NOTES TO THE FINANCIAL STATEMENf FDR THE YEAR ENDED 30 JUNE 2024 Acco##lSDg 119 (Coned) 2A IDterts¢ rtceivbk Intmst on fuTMls held on deposht 1$ included when receivabl¢ aThJ the Am¢)unt can be rnessured reliably by the Charity: this is nonnally upon notifilon of the inrest paid or payable by the institsjtion with wlLOrn the funds are de[lted. 2.5 Tanglble fixed ¥Ju¢ts nd depr¢fi•tlo Tangible fixed Se ¢oAin8 £7CQ tt nKY¢ ue ¢•pitslised Ind rtcognisal when firture OnOMiC benefits are probable and th¢ eost cf valu¢ of the assd can bE meuur¢d reliably. Tangible fixed •s9et5 iniiiolly recognised at COSL All¢r recognitioN whdu the ¢051 model. thngible fixed ¢ts are measur¢d #t cosi less ¥ccumul&¢ed deprecialion and any a¢¢umulated impoirnient losses. All eosts incurTed ¢0 bring 4 tan8ible fixed a55Ct into its iniended working ndItion should be included in the rneastsrement of ts)sL tkFKeciation is ¢htr8ed so &ry to allo¢ the of twwibl¢ red assets le55 their residual vhlue over th¢ir estimatd live Depreci81ion is provided on the followin8 bASi8'. Motor vehicl Fixtutts and fittings Computer tyuipmeni 33Y. redjba1anCc basis 21Yh 5trnigM-line method 33% strail-line method 2.6 Debto Trade and other debtors are r¢¢o8niscd at thc s¢ulement amoth)t aft¢r any trade discount olfered. Prepaym¢n15 are valued at the amount prepAid net of any discounts du 2.7 Csh at bnk hnd Cash at bank and in har in¢ludes c&th and 5knrt-tem highly liquid inv¢stments with a thort maturity of ihr¢¢ months or less fr(n the de ofae4UiSition or i¥Ing of the d¢pJsit or similar account. 20IPage
CELEBRATION CHURCH INfERNATIONAL CIO NOTES TO THE FINANCIAL STATEMENrs FOR THE YEAR ENDED 30 JUNE 2024 2.8 L4biliti¢s and pro10$ Liabilities are rtt¢)gniwJ whffl there is an ObliglOn at the Balanre sheet date &$ a result of a p&st ¢venL it is probable that a transf of economic benefit will be required in settlemenl and the amount of the settt¢melll can be Estimated reliably. Liabilities are re¢o8nis&4 at the ammrt th the Charity anticipat&8 Èt will pay to settleth¢ de or the amount it h&8 received as thaTrca payments for the gocwh or services it must provide. Provisions are measured at the F£5t esiimateof the amowlts required to settle the obligation. Where the effect of th¢ time vut of money is rnatthal. the provision is tsed on the present vatu¢ of those amounts, disGounted at the pre-tax dIsC¢nI Tate thai reflects the risks specifi¢ th the liability. The unwinding of the di$nI is Fecognised in the Ststement of financia] aLivitie5 as a fitwKe COSL 2.9 Thn*nci¥41 instruments The Charity only has financial a&sets and financi liabilÉti¢5 ofakindthat qualify as basi¢ financi instrurnents. B&5i¢ financial instruments arc initially recOls¢d at tratjsaction Value and subsequendy measured at their sdtjement value with the exception of bank l¢)ans whi¢h are sub5equent]y mre1] at amortised cost using the ¢ffeciiv¢ intrrtSt medM)d. 2.10 Pensions The Charity op¢wates a defined Contributi( pe4Lsion s¢hem¢ and the po)sion charge repres¢nts the amounts payobl¢ by the Charity to the fund in respect of the year. 2.11 Fund a¢¢ounting Generdl fid9 are tri(l fimds which are available for use at the discretion of the Trustees in fiutheranee of the 8en¢ra] (JectIveS ofth¢ (knity and which bav¢ twt I1 desi ftjr other ptwp)se5. Restricted funds ar¢ fund8 which are to be used in aLwrdaTKe with specifi¢ restrictions imtwd by donors or whi¢h havc b¢¢n raised by thecharity for particular purposes. The costs of rdi5ing and thinistrring such funds are charged a8aitLSt the S[1[1¢ fund. The aim and use of e&h restricted fund is set out in the notrs to the fina1 5tat•nenL
CELEBRATION CHURCH INTERNATIONAL CIO NOTES TO THE FINANCIAL sfATETrr FOR THE YEAR ENDED 30 JUNE 21124 3. Incom• from donatlon and legacies Restrlcted Unrestricted funds fund 2024 2024 Total funds 2024 Voluntsry donatlons Church Collection Gift aid tsx recoverable 32.143 1.127,646 302,711 1.430 357 1.159,789 302711 1462,500 32.143 Restricted Unr•strict funds fund 2023 2023 Total funds 2023 Voluntary donations Churth Collecti 651.609 701.050 221Page
CELEBRATION CHURCH INfERNATIONAL CIO NOTES TO THE FINANCIAL STATEMEiYTS FOR THE YEAR ENDED 30 JUNE 2024 4. Analysi5 of expenditure on tharitsble arti¥iUes summary by fund type Re$trScted Unrestricted funds funds 2024 2024 Total fvnds 2024 Advancement of Chrislian Faith 1.051,099 1.103.554 Restricted Unrestrfcted funds funds 2023 2023 Total hJnd$ 2023 Aifvancemenl of Christian Faith 79.470 536.992 616.462
CELEBRATION CHURCH iTrrrERNATIONAL CIO NOTES TO THE FINANCIAL STATEMENf6 FOR YEAR ENDED 30 JUNE 2024 S. Analysis of expenditure by actlvities A¢tivities undertaken direcdy 2024 Support Total funds 2024 2024 AdVaement of Christian Faith 552.519 551,035 1 103554 Actlvltles undertaken dlrectly 2023 Support costs 2023 Total lunds 2023 Aflvanc&nent of Christian Failh 344.579 271,883 616,462 241Page
CELEBRATION CHURCH ITrrrERNATIOIYAL CIO NOTES TO THE FINANCIAL STATEIKENrs FOR THE YEAR ENDED 30 JUNE 2024 AD•tysls of¢xptnditwre byAttlvltlts{e4Mtiuryed) Analy818 of dlrec¢ cost Adv•ncèmon of Chrl8tlan Falth 2024 Total Funds 2024 Staff o)sl$ Ministy 8xpen58s Oulbursl and Instrumenla118ts Evangeli8m and special evonts Charitable donations lo OrgaSaliOn$- UK Charttable donations to organlsadorn- R•st ofthe W(d 88.175 211.870 142,867 81.297 425 88,175 211.870 142,867 81,297 425 552519 552,519 Advan¢•men of Chrlstlan Faith 2023 Totsl Funds 2023 Stsff costs Minislry expense8 Outburst and inslrumentsllsts Evangelism and special events Charitable donations lo Organisati(S- Rpst of the WLvld 52,560 162,074 55,068 70,861 S2,0 162.074 55,068 70,861 4.016 25IPage
CELEBRATION CHURCH ITERNATIONAL CIO NOTFS TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED J) JUNE 2024 S. Anlysi of expendlture by iefivitiel (eontiwed) Analysls ol support costs ot Chrl$tlan Fatth 2024 Total Fund# 2024 Staff Costs Trovol arnj accommodation Ministry expenses Bank Charges Office and adnIstratIOn (Jsts Professiond fees Communication and advertlsin8 Costs Governance costs Premlses costs Depreciation (Galnlllossl on disposal of assets 23,137 23,137 108,965 52,067 1.212 5,161 7.577 22,522 15.113 299.169 16.699 108,965 52.067 1.212 5,161 7,S77 22.522 15,113 299,169 16,699 1587) (587) 551,035 551.035 261Pag¢
CELEBL4TION CHURCH IwfERNATIONAL CIO NOTLS TO THE FINANCIAL STATEMENfs FOR THE YEAR ENDED 30 Juf4E 2024 Ana118•f expenditure byae¢ivities{e•MtiDued) Allatysis of Support costs (Contintyed) Athiancement ol Christlan Faith 2023 Total Funds 2023 Travel and accommc*JatKJn Ministry expenses Bank Charges Office and adnNnistration o)sts Professional fees Communication and advertising costs )vemance costs Premises costs Depreciation 79.435 55,616 2.208 6.221 7,687 3.716 3,380 111.292 2,328 79,435 55.616 2.208 6.221 7.687 3.716 3,380 111,292 2.328 271.883 271,883
CELEBRATIof4 CHURCH INTERP4ATIONAL CIO NOTES TO THE FINAIYCIAL sfATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 6. Audltors. and Indèpondgnt oxamlnevs remuneratlon Audltors. r•muner•tloTr 2024 2023 Fees payable to the Charitys audit¢y for Ihe audit of the Charws annual accounts 6,480 Fees payable to the Charitys audrtor in resFttt ot All non-audit services rt induded above Independent oxaminerfs romuneratlon 2024 2023 Fees payable for the indepent examination of the chantys annual ac¢>)unts 500 Fees payable to the Chariws independent examiner n respe(1 of: A¢¢ountancy $8rMcos 281Page
CELEBK4TION CHi<cH ITrrrER14ATIONAL CIO NOTES TO THE FINANCIAL SrATEMErrS FOR THE YEAR ENDED 30 JUNE 2024 7. Stsff c(Ksts 2024 2023 Wages and salaries Socid Security costs Contribullon to defined Penn sd*mes 103,779 5.286 4.494 113.559 51.000 1.560 52,560 The average numberof pers($ ¢mployed by the charity during theyear w8s &s follows.. 2024 No. 2023 Pastors Church admlnistration The nUMr of employees whose employec befits (excluding anployer pth5ion costs) exceeded £60.000 w&$ O (21ll3.. 0). 291Page
CELEBRATION CHURCH INfKRNATIONAL CIO N(¥TES TO THE FINANCIAL STATEMENrs FOR 7HE YEAR ENDED JO JiE 2024 8. Trustees. and expettses During the year, one or more Trusterf has been paid remuneration or has rtt£iYed othu benefits from tn employment with the Charity for his p05t as the chur¢h mirti#LY which is authoriTrJ in the constituti(. The value of Trt. refflunemion and other bertefits w&$ as follow$'. 30 Juno 2024 30 June 2023 PastOT Peter Joseph Usikpo Remunerati paid Pension contributions paKJ 36,Ll 1,440 37,440 42,(X)O 1,2C 43,2 During the yujr ended 311 JuTh¢ 2021 no Trus1¢¢ expeDyes have be ineonyd (2023- NILI 30IPage
CELEB114TION CHURCH INTERNATiof4AL CIO NOTES TO THE FINANCIAL STATEMEN13 FOR THE YEAR ENDED 30 JUNE 224 9. Tanglble fixed ass•ts Motor Flxture and Vehicles Fittings 2024 2024 Totsl 2024 Cost or valuatlon Al 1 July 2023 Additions Disposais At 30 June 2024 41.675 45,175 66. 66,830 13.5001 108,505 108.505 (3,5(M)) Depreciation Ai 1 July 2023 Charge for the Period Disposals At 30 June 2024 (449) 1638) 1.087 11,8791 (2.3281 (16.0611 (16,6991 1.087 17.940 17,940 Netbook value AI 30 June 2024 .565 90,565 At 30 June 2023 3,051 39.796 42.847 10. Debtors 2024 2023 Due within one year Prepayments Tax recoverable 1.406 304,117
CELEBRATION CHURCH INfERNATIONAL CIO NOTES TO THE FINANCIAL STATEMEN15 FOR THE YEAR ENDED 311 JUNE 2024 11. Creditors: Amounts fairing due withkn one year 2024 2023 Trade Creditors Other taxation and yjcial security Penslon fijnd Payable Other creditors Accruals and deferred Intome 29,898 1.914 657 (2401 1,315 602 9.300 42.371 3,075 12. financial Instruments 2024 2023 rinan¢i•l assets Financial assets measured at fair value through income and expenditure 104.330 57.923 Financial assets measured at fair value through Income and expenditure comprise bank and cash balances. 321Page
CELEBRATION CHURCH INTERNATIONAL CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 13. Stst•menl of lund$ Statsmont of fund8 £urr•nt y8ar Balance at 1 July 2023 Tot1 2024 lTh¢om• Expendrtur Trnnsf•T Unrostrfcted fund8 General Funds 127.724 1,430.357 11.051.099) 152.7(KJl 454.282 Restrlrted funds Rent lund 7.049 (7.0491 Seed churth project furyl 22.671 24.688 (45,OfKI) 2,359 Welfare fund (52,7CQI (4061 52.700 Total ol funds 97.695 1.462.5(M) {1.103.5541 456,641 Statsmgnt of funds +rlor yr Balance at 13 Aprfl 2023 Total 2023 In¢om• Expendltur Unrestrletgd funds General FurKIs 13.107 651.609 (536.9921 127.724 Restrlcted fvnd5 Seed church proieL fund Welfare fund 46.525 2,916 (23,8541 155.6161 22,671 152,700) 9.470 30.029 Total ol lunds 13.107 701,050 {616.462} 97,695 331Page
CELEBRATION CHURCH INTERNATIONAL CIO NOIES TO IHE FMNCIAL STATEMENfs FOR THE YEAR ENDED 30 JUNE 2024 13. Statemènt of funds IC¢)ntlnuod) Seed church project fund represents unexpended donaiions towards plantln8 new Celebration Church ¢ampuseslbranches. The transfer of £52.700 from ge[al fund to welfare is to &Jju8t for Inca>rrect allocation of expenditure to the fund in tho prevM)us yoar. 14.Summary of funds- curreffl year 1Juty 2023 30 Jun• 2024 Incom• Expendltur Trnnsfor Unreslri¢ted funds Rèslricled funds 127.724 (30.0291 1,430,357 11.051,0991 32.143 {52.455) 152.700) 454,282 52,700 2.359 1103 554 Summary of fvnds- prlor vear Balance al 13 Aprfl 2023 8alan¢• at 30 June 2023 Incom eXndItUr Unreslrlcted fvnds Rtricted funds 13,107 651,609 49.441 701.050 (536,9921 179.4701 1616,462} 127.724 130,0291 97,695 13.107 341Page
CELEBRATION CHURCH wfERNATIONAL CIO NOTES TO THE FINANCIAL STAIEMEMfs FOR IHE YEAR ENDED 30 JUNE 2tr24 1& Analys18 of nel ass•ts bgiwe•n fund• Analysls of not assets betwoen funds •curr•nt year Re5trkted funds 2024 Unrestrlcted fund 2024 Total funds 2024 Tan9ibl8 fixed assets Current assets Credltors due wlthln one year 90,565 406.088 90,565 408,447 42,371 2,359 Total 2,359 454,282 456,641 Analys1• of net Js••ts betw•on fvnd• 4>rlor y••r Restrlcted funds 2023 Unrestricted fund 2023 Total funds 2023 T•nglble a&8ets Current assets Credltors due wr¢hin one year 42,847 87,952 42,847 57,923 3,0751 130,0291 Total 130.0291 127.724 97,695 351Page
CELEBRATION CHURCH ifaERNATIONAL CIO NOTES TO THE FINANCIAL STATFMEKfs FOR THE YEAR ENDED 30 JUNE 2024 16.Retondllatlon of net mtyement in lunds to net cash trlow from operatlng artlvitles Total 2024 Totsl 2023 Net inccth8 for the peritxl (05 per Stotom8nl of Fina181 AfAivibg$1 358.946 Adlustments for: Depr¢cialion charges Increase In debtors Increase Ildecrea5el In creditors L055llprofftl on Sale ol fixed ssets 16,699 (304,117) 39.296 2,328 3,075 ($87} N•t ca•h provlded by op•ratlng acllvltS•8 110.237 89.991 361Page
CELEBRATION CHURCIt INfERNATIONAL CIO NOTES TO THE FINANCIAL STATEMEfffs FOR THE YEAR Eh'DED 30 JUNE 2024 17. Analysis of cash and ¢ash equivalents Total 2024 Total 2023 Cash at bank and in hand 104.330 57,923 Total cash and Cash equlvalerrts 104,330 57,923 I& Anxlysts ofchanges in net debt Atl A130 Cash flov4s July 2023 June 2024 Cash at bank and in hand Debt due within 1 year 57.923 46.407 104.330 3.075 39.296 7.111 61.959 19. PtnJioTr comMitellts The charity operat¢s a defjneo ntribull0n Fajsion sthem¢. The assets ofthe scherne are he]d sepaTrtely from thos¢ of the charity in an inthpendently adminr5tered fimd. The pension cost L represents contributions payable by the charity to tht fvnd and amounted to £4,494 {20£1.560). 211. Related prty tT811$4etio 371Page