8elievers Worship Centre IA Charitable Incorporated Organisationl Annual Report 3nd Financial Statements For the year ended 31 March 2024 Charitable Incorporated Organisation Number.. 1202143 Believers Worship Centre Trustees, Annual Report and Financial Statements for the year ended 31 March 2024 Contents Page Trustees, Annual Report Independent Examiner's Report statement of Financial Activities Balance Sheet Notes to the Financial Statements 9-12 Believers Worship Centre Tru5tee5' Annual Report for the year ended 31 March 2024 The Trustees of the Charity present their Annual Report and Accounts for the year ended 31 March 2024. l. Reference and Administrative Details Name of Charitv.. Believers Worship Centre Charitable Incorporated Organisation Number.. 1202143 Registered & Operational Office.. Capital Office 124-128 City R03d LONDON ECIV 2NX Bankers.. Unity Trust Bank 4 Bridley Place 8irmingham 81218 Accountants.. Samuel & Associates 36 Charcroft Gardens Enfield Middlesex EN3 7HA The trustees who served during the period to the date of this report are.. Mr Kwa51 Boahen Mr Jones Yaw Opoku Mr justice Opoku Boatemaa Mr Augustus Frimpong-oonkor Mr 5amuol Owusu Ouarte Mr Fred Atta Mr Thomas Denteh Chair Trustee Tru51ee Trustee Trustoe Trusteè Trustee Elected 12.02.2023 Elected 21.01.2024 Elected 21.03.2023 Elected 20.03.2023 Elected 20.03.2023 Elected 12.03.2023 Elected 12.02.2023 Page 1 Believers Worship Centre Tru5tees' Annual Report for the year ended 31 March 2024 Z. Structure, Governance and Management Governing Document Believers Worship Centre IBWCI is an As50ciJlion model Charitable Incorporated Organisation ICIOI, registered on 02 March 2023. The charity is governed by ils Constitution 3nd the Trustees bear ultimate responsibility for the management ol the administration of the charity. Organi5ational Structure BWC is governed by its Executive Committee which is responsible for setting the strategic direction and policies of the charity. The Executive Committee carry the ultimate responsibility for the conduct of BWC and for ensuring that the charity satisfies its legal and contractual obligations. Trustees meet every three months and delegate the day-to-day operations of the organisation to senior management. Appointment and induction of Trustees The tru5tee5 above are the first trustee5 of the charity. Upon their appointment, the charity organ15ed a training day-out lor them. The training was delivered by the accountant and covered rhe constitution, the role of trustees, and the reporting requirements of tho Charity Commission. Public Benefit The Tru5tee5 take into account the guidance of the Charity Commi5510n on Public Benefit. We provide public benefit principally In the provision of a Place of Worship with regular services opon to all members of the public. We seek to contribute to the moral arid spiritual education ol children and young people and to engage with and promote self-worth in those who have SLJflered Social exclusion. We seek to fulfil our charitable objectives in the advancement of Christianity and in supporting those in need, Major risks Trustees recoÈni5e that any major risk5 to which the charity is exposed need to be reviewed and systems put tn place to mitigato ihose riskp Included In external risks is that ol the loss of funding. At present. the main source ol funding for the charity are the donations from the congregation and members. P2ge 2 Believers Worship Centre Trustees, Annual Report lor the year ended 31 March 2024 This is a new charity, and the trustees would endeavour to create area5 of interest for the young people in the church so as to start projects that are funded by extern31 funding bodies. Internally, procedures have been put in place to re501ve any conflicts arllong the members ol the congregation as it is a recognised fact that conflicts break up congregations. 3. Objectives and Activities Objects The objects of the charity are.. To advance the Christian Faith for the benefit of the public throughout England & Wales in accordance with the Statement of Faith by providing facilities for Christian worship, prayer and fellowship, religious education, outreach and pastoral care in the local communitv. 4. The Activitie5 and Achievements of the Charity Providin facilities for Christian Worshi Pr er and Fellowshi The charity operates at following centres in England.. l. London, average attendants 65 2. Wembley, average attendants 30 Birmingham, averagc attendant5 35 4. Lulon. average attendants 20 S. CovLritry, 4veragc atrendant5 17 6. Nottingham, average attendants 10 7. Manchester Wiggan. average attendants 8 8. Milton Keynes, average attendants 10 Page 3 8elievers Worship Centre Trustees, Annual Report for the year ended 31 March 2024 Reli ious Education Children's programme. The designated teams responsible for the children's programme have been charged to speed up on their setup and to run an activity to benefit the children in our community. The organi5ers report Indicates they are in touch with various drummer and singing groups who will be teaching and help to run the weekly activities depending on our budget and their availabilities. Outreach and Pastoral Care in the local communit This is a young church and ha5 not yet started doing Dutreach and pastoral care in the community, but plans are beinE put in place for doing 50 in the near future. 5. Financial Review The financial results for 2024 reflect a healthy financial condition with a robust ending surplus, primarily driven by effective income generation 5tr3tegies and adequate expenditure management. Building on the strategic management of resources will be essenti31 to Sustain and enhance financi31 performance in future vears. Th15 report provides a foundational analysis to guide strategic decisions and financial planning for subsequent periods. The data point to a solid base from which the church can continue to operate and expand Its activities. The positive cash flow, particularly the surplus achieved, underscores the church's capability to meet it5 financial obligations while 3150 investir)g in growth opportunitie5. Moving forward, it will be crucial to continue refining budgeting practices and exploring new revenue streams to ensure fin3n¢ial stability and resilience against potential economic shifts. The church is stable lin3ncially, with positive cash flows from operations. However, addressing income volatility, high rent expenses, and supporting smaller branchos will be critical to sustaining and improving the church's financial health. Proactive planning, cost control, and Innovative fundraising approaches will help leverage available opportunities while mitigating existing ch311enges. Page 4 Believers Worship Centre Tru5tees' Annual Report for the year ended 31 March 2024 6. Future Plans Enhanced Fundraising Strategies.. The church could explore additional lundraisin activities, such as special events, online donation platforms, or partnership initiatives to boost income across branches, especially those with lower contributions. Cost Optimisation.. Rent costs are a significant expenditure. The church cou5d reduce operational costs by exploring shared spaces, renegotiating lease terms, or consolidating underutilized facilities. Focu5 on Smaller Branches: Targeted support for underperforming branches le.g.. Covenrry and Milton Keynes) throLJgh resource allocation, leadership training. and outreach Initiatives could help improve their financial contributions. Comrnunity Engagement.. Increasing community engagement through outreach programs, workshops, or social events could boost attendance and increase offerings acr055 all branches. Opportunities Identified include.. Strategit Financial Planning.. The church can leverage its strong financial months by planning major expenditures during or just after these periods. This approach could help maintain a steady cash flow and avoid shortfalls during leaner month5. Expansion of Revenue Streams.. Exploring additional avenues for revenue, such a5 hosting corrmunity events, renting out church facilities, or establishing partnerships with local businesses, could help diversify income sources and stabilize financial performance throughout the year. Community Engagement Init13tives.' By capitalizing on the periods of high income. the church could fund more community outreach programs, which not only Fulfil its mission but potentially bring in new members and, consequently, additional tithe5 and offering5. By order of the Board Kwasi Boahen Chair 26 January 2025 Page S Independent Examiner's Report to the Trustees of Believers Worship Centre I report to the trustees on my examination of the accounts of the above charity lor the year ended 31st March 2024. Respective Responsibilities of Trustees and Examiner A5 the charity's trustees, you are responsible for the preparation of the accounts In accordance with the requirements of the Ch3rities Act 20111"the Act"). I report in respect of my examination of the Charity's accounts carried out under section 145 01 the 2011 Act and in carrying out my examination, I have followed all the applicable Direction5 given by the Charity Commission under section 14515llbl of the Act. Independent examinerfs statement The charity'5 gr055 income did not exceed £250,000 and l am qualified to undertake the examination by being a qualified member of The A550Clation of Charted Certified Accountants IACCAI. I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect.. the accounting records were not kept in accordance with section 130 of the Charities Act., or the accounts did not accord with the accounting records.. or the accounts did not comply with the applicable requirements concerning the form and content of accounts set out In the Charitie5 (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and lair, view which is not a matter C0115idered aE part of an independent ox3min3tion. I have no concerns and have come across no other matters In connection with the examination to which attention should be drawn in this report in Order to enable a proper understanding of the account5 to be reached. Samuel K. Tsipotey. FCCA, Msc Page 6 Believers Worshsp Centre Trustees, Annual Report for the year ended 31 March 2024 Statement of Financial Activities Ilncorporating an Income and Expenditure Account) For the year ended 31 March 2024 Notes Unrestricted 2024 Total Income and endowment5 Donations and legacies 66.245 66,245 Income from charitable activities 39,472 39,472 Total Income and endowments 105.717 105.717 Expenditure Expenditure on charitable activities 26,338 26,338 Total expenditure 26.338 26,338 Net incomellexpenditurel for the year 80,008 80,008 Retontiliation of funds Total funds brought fonmard Total funds carried forward 80,008 80,008 Page 7 Believers Worship Centre Tru5tee5' Annual Report foi the year ended 31 March 2024 Balance Sheet As at 31 March 2024 Notes Unrestricted 2024 Total Current assets Cash at bank and in hand 81,508 81,508 Current liabilities Accrued expenses i i.sooi 11,5001 Net current a55ets 80,008 80,008 Net a5set5 80,008 80,008 The financial statements hBve been prepared in accordance with the Statement of Recommended Practice.. Accounting and Reporting by Charities issueLI in March 2005. The Trustees acknowledge their responsibilities for.. ensuring that the company keeps accoLJnting records preparing account5 which give a Irue and fair view of the stale of affairs of the Clo as at 31 March 2024 and ol its results for the year then ended. The financial statements were approved by the Trustee5 on 26 january 2025 and signed on their bL,half by lones Yaw Opoku Trust CIO number 1202143 Page 8 8elievers Worship Centre Trustees, Annual Report for the year ended 31 March 2024 Notes to the accounts l. Accounting Policie5 The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year. Basis of Preparation The financial statoments have been prepared under the historical cost convention in accordance with applicable accounting standards and the Statement of RecDmmended Practice ISORPI.. Accounting and Reporting by Charitie5, issued in March 2005. bl Charity Status The charity is a Charitable Incorporated Organ15ation ICIOI. The members of the charity include the trustees who are 3150 ordinary members and named on page In the event of the charity beinE wound up. the liability of members is nil. Fund Accounting Unrestricted Funds comprise accumulated surpluses and deficits on general funds that are available for use at the discretion of the Trustees in furtherance of the Charity's objects and that have not been designated for other purposes. Restricted Funds are funds subject to restrictions on their expenditure imposed by the donor or through the term5 of an appeal. dl Incoming Resources Recognition of Incoming Resources These are Included In the Siatoment ol Financial Activities ISOFAI when the charity becomes entitled to the resources the trustees are virtually certain they will receive the re50urces,' and the monetary valLJe can be measured with sufficient reliabilitv. Resources Expended Recognition of Expend¥ture and Liabilities Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources. Expenditure is recognised on an accruals basis a5 a liability is incurred. Page 9 Believers Worship Centre Trustees, Annual Report for the year ended 31 March 2024 Notes to the accounts Costs of Charitable A¢tiviiles These comprise those costs incurred by the charity in the delivery of its activities and services lor its beneficiaries. They include both costs that can be directly allocated to the charity's activities and costs of an indirect nature neces$6ry to support these activities. Governance Costs These are the costs associated with the governance arrangements of the charity. They include the costs ol the preparation and examination of stalulory accounts, trustees, meetings and the costs ol any legal advice given to trustees on governance or constitutional matters. All costs are charged between the expenditure categories of the Statement of Financial Activities on a basi5 designed to reflect the use of the resource. Costs relaiing to a particular activity lor project) ère allocated directly,- others are apportioned on an appropriate basis. Volunteer Help The value ol any voluntary help feceived 15 not included in the accounts but is described in the trustees, annual report, where material. Page 10 Believers Worship Centre Tru5tee5' Annual Report for the year ended 31 March 2024 Notes to the accounts 2. Donations and legacies Unrestricted Voluntary income Donation from BWC CIC 65,000 1,245 629 Welfare donations Donation from Welfare Fund Total 66,245 3. Income from charitable activities Tithes 565 Offering5 Thanksgiving Total 38,757 150 39,472 Page 11 Believers Worship Centre Tru5tee5' Annual Report for the year ended 31 March 2024 Notes to the accounts 4. Charitable expenditure Direct charitable expenditure.. Bereavement assistance Hall hire 6,433 17,164 23,597 Support cost5 Telephone Bank charges 259 193 451 Governance costs Independent examination fees Trustee training I,soo 790 Z,290 Total charitable expenditure 26,338 S. Cash at bank and in hand Includes a balance of £24,432 belonging to the Members Welfare Fund Page 12