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2024-12-31-accounts

CHRIST TREASURE CENTRE, MANCHESTER

ANNUAL ACCOUNTS For the year ended 31 December 2024

CHARITY NO 1202457

KAYAJ&CO LTD Chartered Accountants 34 Padbury Way Bolton Manchester BL2 5DQ

CHRIST TREASURE CENTRE, MANCHESTER

CONTENTS

Administrative details of the charity 1
Trustees' Report 2-5
Independent Examiners Report 6
Statement of Financial Activities 7
Balance Sheet 8
Notes to the Financial Statements 9-11

CHRIST TREASURE CENTRE, MANCHESTER

ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024

General Overseer Temitope Samuel Aladenusi Trustees Emmanuel Aladenusi Folakemi Aladenusi Olubukonla Fadumila Minister In Charge Femi Fadumila Charity registration no 1202457 Principal Office 2 Meadow Walk, BL4 0AF, Farnworth Bolton Independent Examiner Kayode Idowu KAYAJ&CO LTD Chartered Accountants 34 Padbury Way Bolton Manchester BL2 5DQ Banker The co-operative bank

Page 1

CHRIST TREASURE CENTRE, MANCHESTER

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

The Trustees present their annual report together with the financial statements of CHRIST TREASURE CENTRE, Manchester (the charity) for the year ended 31 December 2024. The Trustees confirm that the

annual report and financial statement of the charity comply with the current statutory requirement, the requirement of the charity's governing document and the provisions of the Statement of the Recommended Practice (SORP) "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 16 July 2014.

STRUCTURE, GOVERNANCE AND MANAGEMENT

A. CONSTITUTION

The Church is constituted under a Trust Deed dated 11 March 2023

B. METHOD OF APPOINTMENT OR ELECTION OF TRUSTEES

The mangement of the Charity is the responsibility of the Trustess who are appointed and co-opted under the Trustee deed.

C. POLICIES ADOPTED FOR THE INDUCTION AND TRAINING OF TRUSTEES

The induction process for any newly appointed member of the Trustees comprises an initial meeting with the Chairman and other Trustees, follow by a series of short meetings with the Minister in Charge on the power and responsibilities of the Trustees.

D. ORGANISATIONAL STRUCTURE AND DECISION MAKING

The Church is organised so that the trustees meet regularly to manage its affairs. The day-to-day administration of the Church is managed by the parish Pastor and volunteers.

E. RELATED PARTY RELATIONSHIPS

CHRIST TREASURE CENTRE, Manchester is a member of Christ Treasure Centre which has parishes all over the world. The centre's relationship with other parishes is governed by an "Agreement for Common Purposes".

F. RISK MANAGEMENT

The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity, and are satisfied that systems and procedures are in place to mitigate our exposure to the major risks.

G. GRANT MAKING POLICY

The Church supports visiting ministers of the gospel both within and outside the United Kingdom. Support is also given to the Central Office.

The Church supports other charities and missionary that shares its objects in advancement of Christian faith and relief of poverty. The Church gives occasional grants to congregational members who are in need.

Page 2

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

OBJECTIVES AND ACTIVITIES

A. POLICIES AND OBJECTIVES

The objectives of the church are:

The advancement of the Christian faith worldwide The relief of poverty.

Each year our trustees review our objectives and activities to ensure they continue to reflect our aims. In carrying out this review the trustees have considered the Charity Commision's general guaidance on public benefit and in particular its supplementary public guidance on the advancement of religion for the public benefit.

B.STRATEGIES FOR ACHIEVING OBJECTIVES

The Church has adopted the following strategies for achieving the above objectives:

C. ACTIVITIES FOR ACHIEVING OBJECTIVES

The main activities of the church are as follows:

D. VOLUNTEER MANAGEMENT

The Church is grateful for the unstinting efforts of its volunteers who are involved in service provision, office work and administration.

E. INVESTMENT POLICY AND PERFORMANCE

The trustees have decided that at present, fund should be retained in bank. Any change in such banking arrangements should be agreed by the board. As far as possible, funds will be retained in interest bearing accounts.

F. VULNERABLE BENEFICIARIES

The Church works with vulnerable groups including children and make sure users are safe and protected from harm. Volunteers, employees and trustees have the right checks and assessments before they can work with the church. Safeguards are in place to protect vulnerable people from abuse, and prevent abuse happening in the first place.

G. CONFLICT OF INTERESTS

No trustee is in a position where their duty as a trustee will conflict with any personal interest they may have.

H. COMPLAINTS HANDLING

We are committed to ensuring that people have all necessary support required to make a complaint. Complaints are accepted verbally or in writing, and can be formal or informal. Anyone wishing to make a complaint will be provided with a Complaints Handling Statement, which summarises how a complaint about our service can be made.

Page 3

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

ACHIEVEMENTS AND PERFORMANCE

A. REVIEW OF ACTIVITIES

The Church undertook the following activities:

  1. Prayer Conference

  2. Monthly Evangelism

  3. Community Activities

  4. Charitable Activities

  5. Poverty Alleviation Activities

Page 4

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

FINANCIAL REVIEW

A. RESERVE POLICY

The church continues to grow in 2024 financial year, the previous financial year saw donations from various source to help the church start. Income in 2024 is mainly donations from members which continue to grow as the year progresses The reporting surplus for the year is £4,884 and net assets of £16,450

The Trustees have established a policy whereby the unrestricted funds not committed or invested in tangible fixed assets ("the free reserves") held by the church should be 3 months of annual expenditure. At this level, the trustees feel that they would be able to continue the current activities of the church in the event of a significant drop in funding.

B. PRINCIPAL FUNDING

This is provided mainly through voluntary tithes and offerings by the church members.

PLANS FOR THE FUTURE

A. FUTURE DEVELOPMENTS

We are hoping to acquire a building of our own and we are also praying that God will help us establish another parish with its own place of worship. We would also like to establish a well-equiped children's church within the parish so that the children can be in a comfortable enviroment, train the volunteers and ministers through various courses and seminars.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for lacking reasonable steps for the prevention and detection of fraud and other irregularities.

The report was approved by the Trustees on the ---- ------------- 2025 and signed on their behalf by:

Emmanuel Aladenusi

Page 5

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

I report on the accounts for the year ended 31 December 2024 set out on pages 7 to 11

Respective responsibilities of trustees and examiner

The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this period (under Section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is required.

It is my responsibility to:

Basis of the Independent examiner's report

My examination was carried out in accordance with the General Directions given by the Charity Commision. An examination include a review of the accounting records kept by the charity 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 the trustees concerning any such 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 statements below.

Independent examiner's statement

In connection with my examination, no matter has come to my attention:

(1) which gives me reasonable cause to believe that, in any material respect, the requirements

have not been met; or

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

Kayode Idowu

KAYAJ&CO Ltd Chartered Accountants 34 Padbury Way Bolton BL2 5DQ

Page 6

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 12 2023

Notes 2024 2023
Unrestricted Unrestricted
Funds Funds
£ £
INCOME RESOURCES
Incoming resources from generated funds
Voluntary Income 2 16,159 25,917
Total Incoming resources 16,159 25,917
RESOURCES EXPENDED
Charitable activities
Resources expended on charitable activities 3 508 640
Governance costs 4 10,767 13,711
11,275 14,351
Surplus/(deficit) for the year 4,884 11,566

Page 7

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 12 2024

BALANCE SHEET AS AT 31 DECEMBER 2024

Notes 2024 2023
Unrestricted Unrestricted
Funds Funds
£ £
FIXED ASSETS
Tangible assets 1,910 2,546
CURRENT ASSETS
Cash at bank 6,790
4,570
Debtors 6 8,200
5,000
14,990 9,570
CREDITORS
Amounts falling due within one year 7 -450 -550
NET CURRENT ASSETS 14,540 9,020
TOTAL ASSETS LESS CURRENT LIABILITIES 16,450 11,566
CREDITORS
Amounts falling due after more than one year 0 0
NETS ASSETS 16,450 11,566
FUNDS
Unrestricted funds:
General fund 16,450 11,566
TOTAL FUNDS 16,450 11,566

The financial statements were approved by the Board of Trustees on the ---- -------------- 2025 and were signed on its behalf by:

ON BEHALF OF THE BOARD:

Emmanuel Aladenusi

Trustee

Page 8

2

CHRIST TREASURE CENTRE, MANCHESTER

Notes to the Financial Statements 31 December 2024

1. ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the statement of recommended practice: Accounting and Reporting by charities preparing their accounts in accordance with the Financial Reporting applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and with Charities Act 2011

Incoming resources

All incoming resources are included on the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quatified with reasonable accuracy.

Resources expended

Expenditure is accounted for an accruals basis and has been classified under the headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Taxation

The charity is exempt from tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discrection of the trustees.

Restricted funds can only be used for particular restricted purpose within the object of the charity Restriction arises when specified by the donor or when funds are raised for particular restricted purpose.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

VOLUNTARY INCOME

Total Donation received (Tithe, offering and Thanksgiving)
Gift aid reclaim on donation
Bank Interest received
Other donation outside above		 2024
2023
£
£
12,861
13,254
3,200
5,000
28
2
70
7,661
16,159
25,917

Page 9

4

CHRIST TREASURE CENTRE, MANCHESTER

Notes to the Financial Statements 31 December 2024

3

CHARITABLE ACTIVITIES COSTS

Direct Costs

Donations
Honorarium
Welfare
WEM
Resources expended on charitable activities
GOVERNANCE COSTS
Rent & Rates
Postage & stationery
Accountancy fees
Professional charges
Advertising & Marketing
Training
Travel & Accomodation
Telephone & Fax
Software
Instruments/ Computer equipment
Depreciation
Pastoral expenses		 2024
2023
£
£
100
150
-
358
540
-
508
640
2024
2023
£
£
4,150
6,074
208
1,062
450
400
3,519
3,980
21
18
15
535
50
990
191
258
440
637
637
844
10,767
13,711

5 .

TRUSTEE'S REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2024.

There were no trustees expenses paid in the year ended 31 December 2024.

Page 10

6 .

7 .

8 .

CHRIST TREASURE CENTRE, MANCHESTER

Notes to the Financial Statements 31 December 2024

DEBTORS
Gift aid reclaim
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Accrued Accountancy fee 2024		 2024
2023
£
£
3200
5,000		 2024
2023
£
£
3200
5,000
3,200 5,000
2024
£450
£450

TANGIBLE ASSETS

COST
At 1 January 2024
Cost in year
Addition
At 31 Dec 2024
DEPRECIATION
At 1 January 2024
For the year
Addition
At 31 Dec 2024
At Dec 2024		 Equipment
£
-
2,546
-
2,546
-
637
-
637
1,909		 Total
£
-
2,546
-
2,546
-
637
-
637
1,909

MOVEMENT IN FUNDS

As at Surplus/(def Closing 31/12/2023 icit) in year Balance Unrestricted funds £ General fund 11,566 4,884 16,450

Page 11