WELLSPRING OF GRACE CHURCH INTERNATIONAL
REPORTS
AND
FINANCIAL STATEMENTS
ACCOUNTS FOR THE PERIOD ENDED 31 DECEMBER 2023
ATS Accountants Ltd Globe House, Moss Bridge Road Rochdale OL16 5EB
WELLSPRING OF GRACE CHURCH INTERNATIONAL
ACCOUNTS FOR THE PERIOD ENDED 31 DECEMBER 2023
| CONTENTS | |
|---|---|
| PAGE | |
| GENERAL | 1 |
| REPORT OF THE OFFICERS | 2 |
| BALANCE SHEET | 3 |
| INCOME AND EXPENDITURE ACCOUNT | 4 |
| NOTES FORMING PARTS OF THE ACCOUNTS | 5-7 |
GENERAL
Registered Charity Number 1202793
ADDRESS
Oasis Academy Oldham Hollins Road Oldham OL8 4JZ
TRUSTEES
Mr. Samson Uhunoma Chair Mr. Joy Eguakun Trustee Mr. Ruth Uhunoma Trustee Mr. Kudakwashe Muduma Trustee
ACCOUNTANT
ATS Accountants Ltd Globe House, Globe Park, Moss Bridge Road, Rochdale OL16 5EB
BANKERS
Lloyds Bank Victoria Branch 58 Yorkshire Street Rochdale OL16 1JP
WELLSPRING OF GRACE CHURCH INTERNATIONAL
1
REPORT OF THE OFFICERS
ACCOUNTS FOR THE PERIOD ENDED 31 DECEMBER 2023
The Honorary Officers present their report on the affairs of the Wellspring Of Grace Church International together with The Officers have, as required by the Charity Act prepared financial statements for the year ended 31 December 2023 which The Charity has been keeping proper accounting records which disclose with reasonable accuracy at any time the financial statements comply with, as applicable, the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015).
The recent activities organised by Wellspring Of Grace Church International are for the children and adults in our community, focusing on the children's gathering at the church, one-on-one counselling services, musical events, and community clean-up initiatives.
The principal activities of the charity areas follows: organising children’s sessions, counselling sessions, musical parties, and a community clean-up initiative.
ACCOUNTANTS
The Officers will place a resolution before the annual general meeting to continue the appointment of ATS Accountants Ltd as accountants of the Charity.
By order of the board
.……………...................................................
Samson Uhunoma, Chair
Date: 28/10/2024
2
WELLSPRING OF GRACE CHURCH INTERNATIONAL
ACOUNTS FOR THE PERIOD ENDED 31 DECEMBER 2023 BALANCE SHEET AS AT 31 DECEMBER 2023
| Fixed assets Note s Tangible assets Current assets Debtors and Prepayments Cash at Bank & in Hand 2 Net current assets Creditors: Amounts falling due within one year Interest Free Loan Other Creditors Net Assets Funds Unrestricted Funds Balance brought forward Prior Year Adjustment Surplus for the year Revaluation Reserve Balance Carried Forward |
£ - 5,601 |
2023 £ - - (350) |
|---|---|---|
| 5,251 | ||
| 5,251 - - 5,251 - |
||
| 5,251 |
The financial statements were approved by the board of officers and signed on behalf of the officers by:
....................................................
Samson Uhunoma (Chair)
3
Date:
The accompanying notes form an integral part of these accounts.
WELLSPRING OF GRACE CHURCH INTERNATIONAL
ACCOUNTS FOR THE PERIOD ENDED 31 DECEMBER 2023 INCOME AND EXPENDITURE ACCOUNT
| Note s Income 3 Donations and Gifts Other Income Less: Fundraising Expenses Less: Admin Expenses 4 Surplus on Ordinary Activities for the year Surplus Brought Forward Prior Year Adjustment Surplus Carried Forward |
£ - 7,771 |
2023 £ 13,022 |
|---|---|---|
| 13,022 (7,771) |
||
| 5,251 - |
||
| 5,251 |
The charity has no recognised gains or losses other than those shown in the Income and Expenditure Account for the above
4
The accompanying notes form an integral part of these accounts.
WELLSPRING OF GRACE CHURCH INTERNATIONAL
ACCOUNTS FOR THE PERIOD ENDED 31 DECEMBER 2023 RECONCILIATION AND ANALYSIS OF MOVEMENTS ON THE FUNDS
| 2023 | Delete | ||
|---|---|---|---|
| Unrestricted Funds Unrestricted and Restricted Funds |
Unrestricted and Restricted Funds | ||
| General Designated |
Total | ||
| £ | £ | £ | |
| Income (Donations, | |||
| Gifts and Others) | 13,022 | 13,022 | |
| Interest Free Loans | - | - | - |
| Other Loans | - | - | - |
| 13,022 | - | 13,022 | |
| Opening Value of | |||
| Funds | 0, | - | 0 |
| Funds Available for | |||
| Use | 13,022 | 13,022 | |
| Funds Used: | |||
| Admin Expenditure | (7,421) | (7,421) | |
| Closing Value of | 5,601 | - | 5,601 |
| Funds | |||
| Balance at Bank | 5,601 | 5,601 | |
| Account 1 | |||
| Funds in Hand | 5,601 |
5
WELLSPRING OF GRACE CHURCH INTERNATIONAL
ACCOUNTS FOR THE PERIOD ENDED 31 DECEMBER 2023 NOTES TO THE ACCOUNTS
1. STATEMENT OF ACCOUNTING POLICIES
The principal accounting policies of the Charity are set out below:
a) The Accounts are prepared under historical cost convention.
b) Tangible fixed assets
Tangible Fixed Assets are stated at cost and depreciated over their expected lives or anticipated length of use by the Charity in order to write off the cost less estimated residual value. In the opinion of the charity officers, current value is more than its cost. Therefore, no depreciation is provided.
Land & Building 0% Straight Line Fixtures and fittings 15% Reducing Balance Motor vehicles 20% Reducing Balance
c) Income
Income comprises the value of Donations and Gifts, sponsors, Tax refunds as well as Interest on Bank Account and VAT where appropriate.
d) Expenditure
The expenses are inclusive of VAT where appropriate.
2. CASH IN HAND AND AT BANK
| Cash in hand Cash at Bank 1 |
2024 £ - 5,601 |
|---|---|
| 5,601 |
3. INCOME
| . INCOME | |
|---|---|
| Donations & Gifts Donations Total Income |
2023 £ 5,601 |
| 5,601 |
7
WELLSPRING OF GRACE CHURCH INTERNATIONAL
ACCOUNTS FOR THE PERIOD ENDED 31 DECEMBER 2023 NOTES TO THE ACCOUNTS
4. ADMINISTRATIVE EXPENSES
2023 (£)
| Accountancy Fees App & Website Expenses Charitable Donations Legal & Professional Fees Rent Stationery and Printing Sundry Travelling |
350 1,257 995 1,600 3,404 124 1 40 |
|---|---|
| 7,771 |
9