2023-10-31-accounts - Church Of Salvation (Oke-Igbala)

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Charity number 1199610

CHURCH OF SALVATION (OKE-IGBALA) Report and Accounts

31 October 2023

CHURCH OF SALVATION (OKE-IGBALA) Charity number 1199610

Charity Activities

The charity's principal activity during the year continued to be propagation of the gospel and contributing to the community.

Trustees

The following persons served as trustees during the year:

Mrs Elizabeth Akinkunmi Mr Dele Amure Mr Casey Duncan Mrs Elizabeth Adebisi Mr Adetokunbo Duncan

This report was approved by the trustees on 15 August 2024 and signed on its behalf.

Adetokunbo Duncan

Chairman

CHURCH OF SALVATION (OKE-IGBALA)

STATEMENT OF FINANCIAL ACTIVITIES

For the year ended 31 October 2023

Note Incoming Resources Incoming resources from generated funds: Voluntary donations 3 Total incoming resources Resources Expended Administrative Expenses 4 Charitable activities Governance Cost 5 Total resources expended Net incoming resources / (resources expended) before transfers Transfers between Funds Net movement of funds in year Net income / expenditure for the year Total Funds brought forward Total Funds at 31 October 2023 9	Restricted Funds 2023 £ - - - - - - - - - - - -	Unrestricted Total Funds Funds 2023 2023 £ £ 13,202 13,202 13,202 13,202 (12,442) (12,442) - - (600) (600) (13,042) (13,042) - - - - 160 160 160 160 - - 160 160

CHURCH OF SALVATION (OKE-IGBALA)

STATEMENT OF FINANCIAL ACTIVITIES

For the year ended 31 October 2023

Note Current Assets Debtors 7 Investments held as current assets 7 Cash at Bank and in Hand 7 Creditors:Amounts falling due 8 within one year Net Current Assets Net Assets Charity Funds Restricted Funds Unrestricted Funds 9	£ - - 760	£ - - 760
		760 600
		160
		- 160
		160

CHURCH OF SALVATION (OKE-IGBALA)

Notes to the Financial Statements

For the year ended 31 October 2023

Note 1 Basis of preparation

1.1 Basis of accounting

These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless 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 (FRS 102) issued on 16 July 2014

1.2 Change of accounting policy

The accounts present a true and fair view and the accounting policies adopted are those outlined in note { 1.1 }.

Note 2 Accounting policies

2.1 INCOME

Recognition of	These are included in the Statement of Financial Activities (SoFA) when:
income
	• the charity becomes entitled to the resources;
	· it is more likely than not that the trustees will receive the resources; and
	• the monetary value can be measured with sufficient reliability.
Offsetting	There has been no offsetting of assets and liabilities, or income and expenses, unless required or permitted by the FRS 102 SORP or FRS 102.
Grants and	Grants and donations are only included in the SoFA when the general income recognition criteria are met.
donations
	In the case of performance related grants, income must only be recognised to the extent that the charity has provided
	the specified goods or services as entitlement to the grant only occurs when the performance related conditions are met
	.
Legacies	Legacies are included in the SOFA when receipt is probable, that is, when there has been grant of probate, the
	executors have established that there are sufficient assets in the estate and any conditions attached to the legacy are
	either within the control of the charity or have been met.
Government grants	The charity has received government grants in the reporting period
Tax reclaims on donations and gifts	Gift Aid receivable is included in 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 as an addition to the same fund as the initial donation unless the donor or the terms of the appeal have specified otherwise.
Contractual
income and	This is only included in the SoFA once the charity has provided the related goods or services or met the performance
performance	related conditions.
related grants
	Donated goods are measured at fair value (the amount for which the asset could be exchanged) unless impractical to
Donated goods	do so.
	The cost of any stock of goods donated for distribution to beneficiaries is deemed to be the fair value of those gifts at
	the time of their receipt and they are recognised on receipt. In the reporting period in which the stocks are distributed,
	they are recognised as an expense at the carrying amount of the stocks at distribution.
	Donated goods for resale are measured at fair value on initial recognition, which is the expected proceeds from sale
	less the expected costs of sale, and recognised in 'Income from other trading activities' with the corresponding stock
	recognised in the balance sheet. On its sale the value of stock is charged against 'Income from other trading activities'
	and the proceeds from sale are also recognised as 'Income from other trading activities'.
	Goods donated for on-going use by the charity are recognised as tangible fixed assets and included in the SoFA as
	incoming resources when receivable.

Gifts in kind for use by the charity are included in the SoFA as income from donations when receivable.

Donated services	Donated services and facilities are included in the SOFA when received at the value of the gift to the charity provided
and facilities	the value of the gift can be measured reliably.
	Donated services and facilities that are consumed immediately are recognised as income with an equivalent amount
	recognised as an expense under the appropriate heading in the SOFA.
Support costs	The charity has incurred expenditure on support costs.
Volunteer help	The value of any voluntary help received is not included in the accounts but is described in the trustees’ annual report.
Income from
interest, royalties	This is included in the accounts when receipt is probable and the amount receivable can be measured reliably.
and dividends
Income from
membership	Membership subscriptions received in the nature of a gift are recognised in Donations and Legacies.
subscriptions
	Membership subscriptions which gives a member the right to buy services or other benefits are recognised as income
	earned from the provision of goods and services as income from charitable activities.
Settlement of	Insurance claims are only included in the SoFA when the general income recognition criteria are met (5.10 to 5.12 FRS
insurance claims	102 SORP) and are included as an item of other income in the SoFA.
Investment gains	This includes any realised or unrealised gains or losses on the sale of investments and any gain or loss resulting from
and losses	revaluing investments to market value at the end of the year.
2.2 EXPENDITURE	AND LIABILITIES
Liability	Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the
recognition	charity to pay out resources and the amount of the obligation can be measured with reasonable certainty.
Governance and	Support costs have been allocated between governance costs and other support. Governance costs comprise all costs
support costs	involving public accountability of the charity and its compliance with regulation and good practice.
	Support costs include central functions and have been allocated to activity cost categories on a basis consistent with
	the use of resources, eg allocating property costs by floor areas, or per capita, staff costs by the time spent and other
	costs by their usage.
Grants with	Where the charity gives a grant with conditions for its payment being a specific level of service or output to be provided,
performance	such grants are only recognised in the SoFA once the recipient of the grant has provided the specified service or output.
conditions
Grants payable	Where there are no conditions attaching to the grant that enables the donor charity to realistically avoid the
without	commitment, a liability for the full funding obligation must be recognised.
performance
conditions
Redundancy cost	The charity made no redundancy payments during the reporting period.
Deferred income	No material item of deferred income has been included in the accounts.
Creditors	The charity has creditors which are measured at settlement amounts less any trade discounts
Provisions for	A liability is measured on recognition at its historical cost and then subsequently measured at the best estimate of the
liabilities	amount required to settle the obligation at the reporting date
Basic financial	The charity accounts for basic financial instruments on initial recognition as per paragraph 10.7 FRS 102 SORP.
instruments	Subsequent measurement is as per paragraphs 11.17 to 11.19, FRS 102 SORP.

2.3 ASSETS

Tangible fixed These are capitalised if they can be used for more than one year, and cost at least assets for use by They are valued at cost. charity The depreciation rates and methods used are disclosed in note 7. Intangible fixed The charity has intangible fixed assets, that is, non-monetary assets that do not have physical substance but are assets identifiable and are controlled by the charity through custody or legal rights. The amortisation rates and methods used are disclosed in note 15

assets	identifiable and are controlled by the charity through are disclosed in note 15	custody or legal rights. The	amortisation rates an	d methods used
	They are valued at cost.
Investments	Fixed asset investments in quoted shares, traded bonds and similar investments are valued at initially			at cost and
	subsequently at fair value (their market value) at the year end. The same treatment is applied to unlisted investments
	unless fair value cannot be measured reliably in which case it is measured at cost less impairment.
	Investments held for resale or pending their sale and	cash and cash equivalents	with a maturity date of less than 1 year
	are treated as current asset investments
Stocks and work in	Stocks held for sale as part of non-charitable trade are measured at the lower or		cost or net realisable	value.
progress
	Goods or services provided as part of a charitable activity are measured at net realisable value based			on the service
	potential provided by items of stock.
	Work in progress is valued at cost less any foreseeable loss that is likely to occur on the contract.
Debtors	Debtors (including trade debtors and loans receivable) are measured on initial recognition at settlement amount after
	any trade discounts or amount advanced by the charity. Subsequently, they are		measured at the cash or other
	consideration expected to be received.
3	Voluntary Income
		Restricted Unrestricted		Total
		Funds	Funds	Funds
		2023	2023	2023
		£	£	£
	Donation	-	13,202	13,202
		-	13,202	13,202
4	Analysis of charitable expenditure
			Direct
			Charitable	2023
			Activities	Total
			£	£
	Refreshment		-	-
	Insurance		-	-
	Rent & Rates		4,542	4,542
	Repairs & Maintenance		7,900	7,900
	Equipment Expensed		-	-
	Salaries & Wages		-	-
	Motor expenses		-	-
	Donation		-	-
	Professional fees		-	-
	Software		-	-
			12,442	12,442

5 Net Incoming / (outgoing) resources

This is stated after charging:

----- Start of picture text -----
2023
£
Depreciation of tangible fixed assets
Accountant's remuneration 600
600
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6 Taxation

The organisation is a registered charity and no provision is considered necessary for taxation.

7[Debtors: (][Falling due within one year] [)]

Due within one year: 2023 £ Debtors - - Prepayments -

8[Creditors: ][(Falling due within one year)]

Property payment due Loan for the property Accruals	2023 £ - - 600
	600

9 Statement of funds

Statement of funds
Unrestricted Funds General Funds Restricted Funds Fund Raising Other Total Funds	Brought Incoming Forward Resources £ £ - 13,202 - - - -	Resources Expended £ 13,042 - - 13,042	Carried Forward £ 160
			- -
	- 13,202		160

Independent Examiner’s report to the trustees of Church of Salvation (Oke-Igbala)

I report on the accounts for the year ended 31 October 2023 which are set out on pages 2 to 10.

Respective The charity's trustees are responsible for the preparation of the accounts. The charity’s trustees/directors consider that an audit is not required for this year under section 43(2) of the Charities Act 1993 (the 1993 responsibilities Act) and that an independent examination is needed. It is my responsibility to: of trustees/Direct • examine the accounts under section 43 of the 1993 Act, ors and • to follow the procedures laid down in the general Directions given by the Charity Commission (under examiner section 43(7)(b) of the 1993 Act, and

to state whether particular matters have come to my attention.

Basis of My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the independent accounts presented with those records. It also includes consideration of any unusual items or examiner’s disclosures in the accounts, and seeking explanations from the trustees/directors concerning any such statement matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.

Independent In connection with my examination, no matter has come to my attention examiner's 1. which gives me reasonable cause to believe that in, any material respect, the requirements: statement • to keep accounting records in accordance with section 41 of the 1993 Act; and

to prepare accounts which accord with the accounting records and comply with the accounting
requirements of the 1993 Act

have not been met ; or

to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

15 August 2024

Olusola Olalekan Shokunbi FCCA

Paul Victoria Accountants

2nd Floor, 134 South street, Romford, Essex RM1 1TE