WELLSPRING OF GRACE CHURCH INTERNATIONAL
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
Registered Charity Charity number 1202793
ATS Accountants Ltd Globe House, Moss Bridge Road Rochdale OL16 5EB
WELLSPRING OF GRACE CHURCH INTERNATIONAL
ACCOUNTS FOR THE PERIOD ENDED 31 DECEMBER 2024
| 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
Hollins Methodist Church Mill Gate OLDHAM OL8 4JU
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
1
WELLSPRING OF GRACE CHURCH INTERNATIONAL REPORT OF THE OFFICERS
ACCOUNTS FOR THE PERIOD ENDED 31 DECEMBER 2024
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 2024 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, oneon-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: 28/03/2025
2
WELLSPRING OF GRACE CHURCH INTERNATIONAL ACOUNTS FOR THE PERIOD ENDED 31 DECEMBER 2024 BALANCE SHEET AS AT 31 DECEMBER 2024
| Fixed assets Notes Tangible assets Current assets Debtors and Prepayments Cash at Bank & in Hand 2 Net current assets Creditors: Amounts falling due within one year Other Creditors Net Assets Funds Unrestricted Funds Balance brought forward Prior Year Adjustment Surplus for the year Revaluation Reserve Balance Carried Forward |
£ - 7,645 |
2024 £ - (350) 7,295 7,295 5,251 - 2,044 - 7,295 |
2023 £ - 5,601 (350) |
|---|---|---|---|
| 5251 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)
Date: 28/03/2025
The accompanying notes form an integral part of these accounts.
3
WELLSPRING OF GRACE CHURCH INTERNATIONAL ACCOUNTS FOR THE PERIOD ENDED 31 DECEMBER 2024 INCOME AND EXPENDITURE ACCOUNT
| Notes 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 |
£ - 6,963 |
2024 £ 9,006 9,006 (6,963) 2,044 5,251 7,295 |
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
The accompanying notes form an integral part of these accounts.
4
WELLSPRING OF GRACE CHURCH INTERNATIONAL
ACCOUNTS FOR THE PERIOD ENDED 31 DECEMBER 2024 RECONCILIATION AND ANALYSIS OF MOVEMENTS ON THE FUNDS
| Unrestricted Funds Income (Donations, Gifts and Others) Interest Free Loans Other Loans Opening Value of Funds Funds Available for Use Funds Used: Admin Expenditure Closing Value of Funds Balance at Bank Account 1 Funds in Hand |
2024 Unrestricted Funds 2023 Prior Year Funds General £ Designated £ Total £ Total £ 9,006 9,006 13,022 - - - - - - - - 9,006 - 9,006 13,022 5,251 - 5,251 - 14,257 14,257 13,022 (6,963) (6,963) (7,771) 7,295 - 7,295 5,251 7,645 7,645 5,601 7,645 5,601 |
|---|---|
| 9,006 - 5,251 - |
|
| 14,257 (6,963) |
|
| 7,295 - |
|
| 7,645 |
5
WELLSPRING OF GRACE CHURCH INTERNATIONAL
ACCOUNTS FOR THE PERIOD ENDED 31 DECEMBER 2024 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 . INCOME Donations & Gifts Donations Total Income |
2024 £ - 7,645 7,645 2024 £ 9,006 |
2023 £ - 5,601 5,601 2023 £ 13,022 13,022 |
2023 £ - 5,601 5,601 2023 £ 13,022 13,022 |
|
|---|---|---|---|---|
| 9,006 | 13,022 |
3. INCOME
6
WELLSPRING OF GRACE CHURCH INTERNATIONAL
ACCOUNTS FOR THE PERIOD ENDED 31 DECEMBER 2024 NOTES TO THE ACCOUNTS
4. ADMINISTRATIVE EXPENSES
Accountancy Fees App & Website Expenses Charitable Donations Legal & Professional Fees Rent Subscription Stationery and Printing Sundry Telephone and Fax Travelling |
2024 (£) 350 1,280 2,376 180 2,079 31 292 - 27 128 6,963 |
2023(£) 350 1,257 995 1,600 3,404 - 124 1 40 |
|---|---|---|
| 7,771 |
7