Charity registration number: 1209775
AGAPE PAYER FELLOWSHIP TRUSTEES' REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD 28 AUGUST 2024 TO 30 JUNE 2025
TaxAssist Accountants Enfield
Agape Payer Fellowship Contents
| Page | |
|---|---|
| Trustees' Report | 1—3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Statement of Financial Position | 6 |
| Notes to the Financial Statements | 7—9 |
| The following pages do not form part of the statutory accounts: | |
| Detailed Statement of Financial Activities | 10 |
Agape Payer Fellowship
Trustees' Report For the Period 28 August 2024 to 30 June 2025
The trustees present their report and the financial statements for the period ended 30 June 2025.
Objectives and Activities
Aims and Objectives
The object of the CIO is the advancement of the Christian Faith, in particular (but without limitation) by providing prayer sessions, retreats and Christian teaching.
Public Benefit
The charity has created a safe space for youths’ voices to be heard in the public sphere thereby building their professional and academic standing in the community.
The charity helps in the counselling of individuals and couples to overcome challenging situations and helps them to become better citizens in the process.
The charity also helps to donate free food to the less privileged in the community through its Homeless Feeding programme. The trustees confirm that they have complied with the requirements of Section 17 of the Charities Act 2011 to have due regard to the Charity Commission’s guidance on public benefit.
The trustees confirm that they have complied with the requirements of Section 17 of the Charities Act 2011 to have due regard to the Charity Commission’s guidance on public benefit.
Achievements and Performance
Main Achievements
To further the above objects and vision, the charity's main activities and achievements were as follows:
We are an association of Christians from various churches in London/Greater London working together for a particular purpose to empower each other, to share life changing and mental health information using biblical principles.
We create a safe space for youth’s voice to be heard in the public sphere thereby building their professional and academic standing in the community.
We build relationships with adults/youths in the local community by having a bi-monthly meeting (physical and via Zoom) where they can exchange ideas and encourage each other to live decent lifestyles and become upstanding citizens of the country at large.
Our goal is to equip youths and adults in Harrow and London at large to love and care for each other in the same spirit that Christ loves and cares for us.
We meet every Tuesdays, one Friday a month and one Saturday a month.
Financial Review
Financial Position
The year till June 2025 witnessed the slow but steady growth of the UK economy as the nation continued to recover from the impact of the global corona virus pandemic that plagued the world from 2020 to 2022. Key developments included the Bank of England’s reduction in interest rates, initiatives aimed at improving public sector efficiency, a projected rise in unemployment through mid2025 reaching its highest since 2015 with forecasts suggesting it would remain elevated, and continued debate over fiscal policy. These factors culminated in the Autumn Budget 2024, which introduced tighter spending controls and an increased emphasis on value for money. Meanwhile, the financial sector remained broadly stable, though it continued to face challenges related to subdued corporate credit demand. Overall, the period was characterised by efforts to maintain fiscal discipline, support economic recovery through interest rate reductions, and respond to rising unemployment, within a broadly stable yet low-growth economic environment.
That said, the impact of the cost-of-living crises continues to linger as the cost of everyday items such as food and household utilities are rising much faster that the incomes of the average UK households. The made the environment quite difficult and challenging to operate in. Notwithstanding this, the CIO was able to carry out its objectives for the year by equipping youths and adults to love and care for each other in the same spirit that Christ loves and cares for us.
The CIO was able to organise activities and events and meetings to promote its objectives such as:
- Homeless Feeding: which is the weekly feeding of homeless individuals with Greater London and especially within the Borough of Harrow.
...CONTINUED
Page 1
Agape Payer Fellowship Trustees' Report (continued) For the Period 28 August 2024 to 30 June 2025
Financial Position - continued
-
Tuesday Prayer for Nations: a weekly event where prayers are held for nations of the world.
-
Daily Prayer Sessions: prayers and intercessions are held on zoom on a daily basis.
-
Monthly Night Vigils: one Friday every month to offer prayers.
-
Teachings: The community is taught about Biblical principles and how these can be applied in our daily lives to enable individuals to become better Christian and citizens to the nation.
Donations were received from members which enabled the CIO to carry out its activities for the year.
Funds held prior to incorporation and transferred on formation
Prior to incorporation on 1 July 2024, funds were raised by the promoters and held on trust for charitable purposes pending the establishment of a formal charitable structure. Certain funds raised during this period were subject to donor restrictions as to their use, while other funds were unrestricted. On incorporation, the trustees formally accepted responsibility for these funds and the associated obligations to apply restricted funds in accordance with donor intentions.
The funds held on trust prior to incorporation were transferred to the charity on formation and are recognised in the financial statements as opening funds on incorporation, analysed between restricted and unrestricted funds according to the original donor restrictions. In accordance with the Charities SORP (FRS 102), no income or expenditure relating to the pre incorporation period has been recognised in the Statement of Financial Activities.
Reserves Policy
The Trustees aim to maintain free reserves in unrestricted funds at a level which equates to approximately three months of unrestricted charitable expenditure. The trustees consider that this level will provide sufficient funds to ensure that support and governance costs are covered. The Trustees consider that a level of three months is sufficient given the flexibility afforded by the general funds in the case of urgent need.
The balance held as unrestricted funds at 30 June was £123,474, of which £119,664 are regarded as free reserves, after allowing for funds tied up in tangible fixed assets. Actual three-month cash payments totalled £8,100. The current level of reserves is therefore higher than is needed.
The Trustees consider the reserve requirements of the restricted Building Fund separately. The income from the restricted Building Fund is generated from donations towards the acquiring of a building for the CIO. The funds retained at 30 June were £881,305 against an annual spend of £0. The current level of reserves is therefore higher than is needed.
Reference and Administrative Details
Trustees
Mrs Morenike Fambegbe - Chair (appointed 28/08/2024) Mr Adegboyega Lawal - Trustee (appointed 28/08/2024) Mr Ademola Sule - Trustee (appointed 28/08/2024) Mr Abi Godchaser - Trustee (appointed 28/08/2024)
Charity Number
1209775
Principal Address
Capital Office 124 -128 City Road London EC1V 2NX
Independent Examiner
Shayo Badejo TaxAssist Accountants Enfield TaxAssist Accountants Enfield 51 Church Street Enfield EN2 6AN
Page 2
Agape Payer Fellowship Trustees' Report (continued) For the Period 28 August 2024 to 30 June 2025
The trustees' report was approved by the board of trustees and signed on its behalf by:
Mr Adegboyega Lawal Trustee 28/04/2026
Page 3
Agape Payer Fellowship Independent Examiner's Report to the Trustees of Agape Payer Fellowship For the Period 28 August 2024 to 30 June 2025
I report to the trustees on my examination of the accounts of Agape Payer Fellowship (the Trust) for the period ended 30 June 2025.
Responsibilities and Basis of Report
As the charity trustees of the Trust, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).
I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent Examiner's Statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and contents of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view' which is not a matter considered as part of an independent examination.
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 accounts to be reached.
Shayo Badejo FFA FIPA TaxAssist Accountants Enfield 28/04/2026 51 Church Street Enfield EN2 6AN
Page 4
Agape Payer Fellowship Statement of Financial Activities For the Period 28 August 2024 to 30 June 2025
| Notes INCOME AND ENDOWMENTS FROM: Donations and legacies 3 Investments 4 EXPENDITURE ON: Raising funds 5 NET INCOME NET MOVEMENT IN FUNDS RECONCILIATION OF FUNDS: Total funds brought forward TOTAL FUNDS CARRIED FORWARD 10 The notes on pages 7 to 9 form part of these financial statements. |
Unrestricted funds £ 154,071 1,712 |
Restricted funds £ 79,631 - |
30 June 2025 Total funds £ 233,702 1,712 |
|---|---|---|---|
| 155,783 | 79,631 |
235,414 |
|
| (32,309) | - |
(32,309) | |
| 123,474 | 79,631 |
203,105 |
|
| 123,474 - |
79,631 - |
203,105 - |
|
| 123,474 | 881,305 |
1,004,779 |
|
Page 5
Agape Payer Fellowship Statement of Financial Position As At 30 June 2025
| Notes FIXED ASSETS Tangible Assets 8 CURRENT ASSETS Cash at bank and in hand Creditors: Amounts Falling Due Within One Year 9 NET CURRENT ASSETS (LIABILITIES) TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS OF THE CHARITY Restricted Funds Unrestricted Funds TOTAL FUNDS 10 On behalf of the board |
Unrestricted funds £ 3,810 |
Restricted funds £ - |
30 June 2025 Total funds £ 3,810 |
|---|---|---|---|
| 3,810 122,664 |
- 881,305 |
3,810 1,003,969 |
|
| 122,664 (3,000) |
881,305 - |
1,003,969 (3,000 ) |
|
| 119,664 | 881,305 |
1,000,969 |
|
| 123,474 | 881,305 |
1,004,779 |
|
| 123,474 | 881,305 |
1,004,779 |
|
| 881,305 123,474 |
|||
| 1,004,779 | |||
Mr Adegboyega Lawal Trustee 28/04/2026 The notes on pages 7 to 9 form part of these financial statements.
Page 6
Agape Payer Fellowship Notes to the Financial Statements For the Period 28 August 2024 to 30 June 2025
1. General Information
Agape Payer Fellowship is a charitable incorporated organisation registered with the Charity Commission, registered charity number 1209775. The principal address is Capital Office, 124 -128 City Road, London, EC1V 2NX.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) "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 2019)", Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities Act 2011.
The charity is a Public Benefit Entity as defined by FRS 102.
2.2. Incoming Resources
All incoming resources are included in the Statement of Financial Activities (SOFA) when the CIO is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably, and it is probable that the income will be received.
For donations to be recognised the CIO will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained, then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the CIO and it is probable that they will be fulfilled.
Where the donated good is a fixed asset, it is measured at fair value, unless it is impractical to measure this reliably, in which case the cost of the item to the donor should be used. The gain is recognised as income from donations and a corresponding amount is included in the appropriate fixed asset class and depreciated over the useful economic life in accordance with the CIO’s accounting policies.
On receipt, donated professional services and facilities are recognised on the basis of the value of the gift to the CIO which is the amount it would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.
2.3. Resources Expended
All expenditure is accounted for on an accrual basis and has been classified under headings that aggregate all costs related to that category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:
-
Costs of raising funds.
-
Expenditure on charitable activities, which includes costs in furtherance of the CIO's objectives and costs to support those activities.
Support costs are those that assist the work of the CIO but do not directly represent charitable activities and include office costs and governance costs. They are incurred directly in support of expenditure on the objects of the CIO and include project management. Where support costs cannot be directly attributed to particular headings, they have been allocated to expenditure on charitable activities on a basis consistent with the use of resources.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Freehold | N/A |
|---|---|
| Leasehold | N/A |
| Plant & Machinery | N/A |
| Motor Vehicles | N/A |
| Fixtures & Fittings | 20% Straight Line |
| Computer Equipment | N/A |
Page 7
Agape Payer Fellowship Notes to the Financial Statements (continued) For the Period 28 August 2024 to 30 June 2025
2.5. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
3. Income from Donations and Legacies
| . Income from Donations and Legacies | ||||
|---|---|---|---|---|
| Donations and gifts . Investment Income Bank interest receivable . Analysis of Expenditure Raising funds . Support Costs Premises expenses General administration Governance costs |
Unrestricted funds £ 154,071 |
Restricted funds £ 79,631 |
30 June 2025 Total funds £ 233,702 |
|
| 30 June 2025 Unrestricted funds £ 1,712 30 June 2025 Support costs (see note6) £ 32,309 30 June 2025 Raising funds £ 21,410 7,899 3,000 32,309 |
30 June 2025 Unrestricted funds £ 1,712 |
4. Investment Income
5. Analysis of Expenditure
6. Support Costs
7. Average Number of Employees
Average number of employees during the period was: NIL
The success of the CIO is heavily dependent on the commitment and efforts of its volunteers. Volunteers are involved in all aspects of our operations.
Nature of Services: Volunteers assist with program delivery, fundraising events, governance (Trustees), and administrative tasks.
Extent of Services: During the year ended 30 June, approximately 30 volunteers contributed an estimated 1000 hours of their time. The CIO estimates the fair value of this time to be approximately £360,000 which is not reflected in the Statement of Activities.
Impact: The CIO relies on these services to connect with the community in the provision of its yearly objectives.
Page 8
Agape Payer Fellowship Notes to the Financial Statements (continued) For the Period 28 August 2024 to 30 June 2025
8. Tangible Assets
| Cost As at 28 August 2024 Additions As at 30 June 2025 Net Book Value As at 30 June 2025 As at 28 August 2024 |
Fixtures & Fittings £ - 3,810 |
|---|---|
| 3,810 | |
| 3,810 | |
| - |
9. Creditors: Amounts Falling Due Within One Year
| . Creditors: Amounts Falling Due Within One Year | |
|---|---|
| 30 June | |
| 2025 | |
| £ | |
| Accruals and deferred income | 3,000 |
10. Movement in Funds
| 0. Movement in Funds | |||||
|---|---|---|---|---|---|
| Unrestricted funds General: General unrestricted fund Restricted funds Building Fund Total funds |
As at 28 August 2024 £ - - |
Income £ 155,783 79,631 |
Expenditure £ (32,309) - |
Funds Transferred on incorporation £ - 801,674 |
As at 30 June 2025 £ 123,474 881,305 |
| - | 235,414 | (32,309) | 801,674 |
1,004,779 |
The charity was incorporated on 28 August 2024. Prior to incorporation, funds were raised by the promoters and held on trust for ‑ charitable purposes pending the establishment of the incorporated charity. Certain of these funds were subject to donor imposed restrictions.
On incorporation, the trustees formally accepted responsibility for these funds and for the obligation to apply restricted funds in accordance with donor intentions. In accordance with the Charities Statement of Recommended Practice (FRS 102), these amounts are recognised as opening funds on incorporation and are included directly within restricted and unrestricted funds in the balance ‑ sheet. No income or expenditure relating to the pre incorporation period has been recognised in the Statement of Financial Activities.
The funds transferred on incorporation do not represent income of the charity nor a transfer between existing funds, but reflect funds held on trust prior to incorporation and recognised as opening funds of the incorporated charity.
11. Transactions with Trustees
None of the trustees received any remuneration or any other benefits from an employment with the charity or a related entity during the current year.
No trustee expenses have been incurred.
Page 9 Agape Payer Fellowship
Detailed Statement of Financial Activities For the Period 28 August 2024 to 30 June 2025
| INCOME AND ENDOWMENTS FROM: Donations and legacies Donations from individuals Investments Bank interest receivable EXPENDITURE ON: Raising funds Rent Computer software costs Computer and IT consumables Insurance Professional fees Subscriptions Bank charges Other office costs Professional fees NET INCOME |
30 June 2025 Total funds £ 233,702 |
|---|---|
| 233,702 1,712 |
|
| 1,712 | |
| 235,414 (21,410) (47) (66) (9) (3,580) (972) (20) (3,205) (3,000) |
|
| (32,309) | |
| (32,309) | |
| 203,105 |