REGISTERED CHARITY NUMBER: 803740
CELESTIAL CHURCH OF CHRIST EDWARD STREET PARISH
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
CELESTIAL CHURCH OF CHRIST EDWARD STREET PARISH
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
| Page | |
|---|---|
| Report of the Trustees | 1 to 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Financial Statements | 7 to 12 |
| Detailed Statement of Financial Activities | 13 to 14 |
CELESTIAL CHURCH OF CHRIST EDWARD STREET PARISH
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021
The trustees present their report with the financial statements of the charity for the year ended 31 December 2021. The trustees have adopted the provisions of 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).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The Church is established for charitable purposes, its objects being to advance religion in accordance with the Christian faith and for such other purposes as are recognised by English law as charitable.
The Charity advances the Christian faith by the: -:
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❖ Provision of a place of worship for registered members and the community.
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❖ Provision of devotional services of Christian faith on every Sunday, Fridays and Wednesdays. Also 1st Thursday of each month which feature sermons, choir music and free will thanksgiving during the course of the services.
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❖ Provision of Sunday school for Children up to 17 years old within the church premises on Sunday.
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❖ Provision of Bible Class and Bible study forum on every Tuesday of the Month.
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❖ Provision of night vigil prayers session for the members twice weekly.
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❖ Engage in fund raising events from time to time within the community, particularly at annual harvest thanksgiving services which takes place every 1st Sunday in June and September of each year.
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❖ Support the community on local initiatives on child and elderly, crime prevention and people in need.
Public benefit
The trustees confirm their compliance with the duty to have due regards to the public benefit guidance published by the Charity Commission when reviewing the Charity's aims and objectives and in planning future activities. As a matter of policy, the charity opens its doors to the general public on all days of worship and activity
ACHIEVEMENT AND PERFORMANCE Charitable activities
During the year, the church continued to function to the satisfaction of the trustees.
As at the date of this report all Church services were held at the St Marks Centre. Attendance during the year was severely impacted by the various periods of national lock-downs due to the Corona Virus pandemic. Weekly night vigils and monthly revivals continued to feature prominently in the church's calendar.
The church held its annual thanks-giving harvest for both children and adults during the summer. Mothers' day and Father's Day celebrations were also observed at the church during the year.
The church held special programmes during Christmas where gifts were distributed to the homeless and the needy in the neighbourhood of the church.
The church took seriously its social responsibility and made charitable donations to some charitable organisations, including the Macmillan Cancer Research, Girl Child, Great Ormond Street Hospital and the Sickle cell charity.
The trustees wish to acknowledge the contribution of volunteers who have contributed to the running of the church.
FINANCIAL REVIEW
Financial position
Donations and church collections recovered very well as compared to the previous year. The previous year was adversely impacted by the corona virus pandemic and the national lockdowns.
The trustees are determined to keep within budget and will continue to examine ways to increase income as well as savings in costs.
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CELESTIAL CHURCH OF CHRIST EDWARD STREET PARISH
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021
FINANCIAL REVIEW Reserves policy
The Trustees are always working toward maintaining a minimum reserve of £150,000 which will be the amount that will keep the charity working for twelve months without any income.
Fundraising activities
Several fundraising activities took place during the year. This resulted in free will offerings being received to the satisfaction of the trustees.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
A review of the potential risks that are faced by the charity has been undertaken. These are seen to be in the area of financial controls. Appropriate and reasonable systems are in place to cover foreseeable eventualities. Further reviews will be undertaken from time to time.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
803740
Principal address
ST MARK'S CENTRE EDWARD STREET LONDON SE14 6DX
Trustees
A OKE A LAWRENCE S ADEBAYO J ROTIMI O FALANA J ADEGOKE O ALABI
Bankers
NATIONAL WESTMINSTER BANK PLC 65 PECKHAM HIGH STREET LONDON SE15 5RH
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CELESTIAL CHURCH OF CHRIST EDWARD STREET PARISH
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021
Approved by order of the board of trustees on 24th April 2022 and signed on its behalf by:
J ADEGOKE - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF CELESTIAL CHURCH OF CHRIST EDWARD STREET PARISH
Independent examiner's report to the trustees of Celestial Church of Christ Edward Street Parish
I report to the charity trustees on my examination of the accounts of Celestial Church of Christ Edward Street Parish (the Trust) for the year ended 31 December 2021.
Responsibilities and basis of report
As the charity trustees 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 Act and in carrying out my examination I have followed all 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:
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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 content 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.
E H TURKSON, A C M A Hesse Armah 456 High Road Leyton London E10 6QE
24th April 2022
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CELESTIAL CHURCH OF CHRIST
EDWARD STREET PARISH
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies Other Income 2 Investment income 3 Total EXPENDITURE ON Charitable activities 4 Charitable Activities Governance Costs Total Profit on disposal of Motor Vehicle NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2021 Unrestricted funds £ 107,948 250 53,824 162,022 2,459 155,929 158,388 6,669 10,303 1,437,540 1,447,843 |
2020 Total funds £ 61,433 - 58,137 119,570 72,779 13,244 86,023 - 33,547 1,403,993 1,437,540 |
|---|---|---|
The notes form part of these financial statements
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CELESTIAL CHURCH OF CHRIST
EDWARD STREET PARISH
BALANCE SHEET 31 DECEMBER 2021
| Notes FIXED ASSETS Tangible assets 9 Investment property 10 CURRENT ASSETS Cash at bank and in hand CREDITORS Amounts falling due within one year 11 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 12 Unrestricted funds: General fund TOTAL FUNDS |
2021 Unrestricted funds £ 186,378 1,010,000 1,196,378 252,665 (1,200) 251,465 1,447,843 1,447,843 1,447,843 1,447,843 |
2020 Total funds £ 203,775 1,010,000 1,213,775 224,965 (1,200) 223,765 1,437,540 1,437,540 1,437,540 1,437,540 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 24th April 2022 and were signed on its behalf by:
J ADEGOKE - Trustee
O FALANA - Trustee
The notes form part of these financial statements
Page 6
CELESTIAL CHURCH OF CHRIST EDWARD STREET PARISH
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements have been prepared in accordance with the Statement of Recommended Practice: 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 on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2015.
"The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view'. This departure has involved following 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 on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received, and the amount can be measured reliably.
Rental Income.
Rent income from investment property is recognised based on rent receivable in the period.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost 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.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold Land - 0% Freehold Building - 2% on cost Plant and machinery - 20% on reducing balance Fixtures and fittings - 20% on reducing balance
Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.
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 discretion of the trustees.
Restricted funds can only be used for restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
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CELESTIAL CHURCH OF CHRIST EDWARD STREET PARISH
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021
2. OTHER INCOME
| Sundry Income 3. INVESTMENT INCOME Rents received 4. CHARITABLE ACTIVITIES COSTS Charitable Activities Governance Costs 5. DIRECT COSTS OF CHARITABLE ACTIVITIES Staff costs Water and rates Insurances Light and heat Welfare and consumables Gifts and donations Travelling and transport Security and maintenance Repairs and renewals Cleaning expenses Choir expenses Spiritual Items Functions and Events Visiting Clergy Sunday School Bible Class Pastoral fund Interest payable and similar charges |
Direct Costs (see note 5) £ 2,459 134,679 137,138 |
2021 £ 250 2021 £ 53,824 Support costs (see note 6) £ - 21,250 21,250 2021 £ 8,400 1,189 7,150 8,045 5,521 3,700 781 1,316 63,538 385 3,560 184 29,380 530 - - 2,000 1,459 137,138 |
2020 £ - 2020 £ 58,137 Totals £ 2,459 155,929 158,388 2020 £ 8,400 459 6,904 10,284 4,828 7,067 2,082 2,100 8,090 1,904 3,640 528 1,000 850 511 350 - 1,642 60,639 |
|---|---|---|---|
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CELESTIAL CHURCH OF CHRIST EDWARD STREET PARISH
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021
6. SUPPORT COSTS
| SUPPORT COSTS | |||
|---|---|---|---|
| Governance | |||
| Management | costs | Totals | |
| £ | £ | £ | |
| Governance Costs | 11,755 | 9,495 | 21,250 |
| Support costs, included in the above, are as follows: | |||
| Management |
| SUPPORT COSTS | |
|---|---|
| Governance Management costs £ £ Governance Costs 11,755 9,495 Support costs, included in the above, are as follows: Management |
Totals £ 21,250 |
| 2021 2020 Governance Total Costs activities £ £ Telephone 1,108 862 Postage and stationery 168 445 Investment Exp-Estate Agent 7,874 3,000 Investment Expenses-Repairs 2,605 7,833 11,755 12,140 Governance costs 2021 2020 Governance Total Costs activities £ £ Accountant's Remuneration 1,000 1,200 Depreciation of tangible fixed assets 8,495 12,044 9,495 13,244 |
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2021 nor for the year ended 31 December 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2021 nor for the year ended 31 December 2020.
8. STAFF COSTS
| STAFF COSTS | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Wages and salaries | 8,400 | 8,400 |
| 8,400 | 8,400 |
No employees received emoluments more than £60,000.
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CELESTIAL CHURCH OF CHRIST EDWARD STREET PARISH
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021
9. TANGIBLE FIXED ASSETS
| COST At 1 January 2021 Additions Disposals At 31 December 2021 DEPRECIATION At 1 January 2021 Charge for year Eliminated on disposal At 31 December 2021 NET BOOK VALUE At 31 December 2021 At 31 December 2020 |
Freehold property £ 210,000 - - 210,000 41,600 3,200 - 44,800 165,200 168,400 |
Plant and machinery £ 52,247 1,224 - 53,471 37,397 3,215 - 40,612 12,859 14,850 |
Fixtures and fittings £ 33,794 - - 33,794 23,395 2,080 - 25,475 8,319 10,399 |
Motor vehicles £ 24,720 - (24,720) - 14,594 - (14,594) - - 10,126 |
Totals £ 320,761 1,224 (24,720) 297,265 116,986 8,495 (14,594) 110,887 186,378 203,775 |
|---|---|---|---|---|---|
Included in cost or valuation of land and buildings is freehold land of £50,000 (2020 - £50,000) which is not depreciated.
10. INVESTMENT PROPERTY
£ FAIR VALUE At 1 January 2021 and 31 December 2021 1,010,000 NET BOOK VALUE At 31 December 2021 1,010,000 At 31 December 2020 1,010,000
The trustees believe that the market value of the Investment Property is more than £2,500,000. The Trustees are yet to instruct a professional valuation of the property. The most recent valuation was as at 31 December 2016.
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CELESTIAL CHURCH OF CHRIST EDWARD STREET PARISH
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021
11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Other creditors 12. MOVEMENT IN FUNDS |
2021 £ 1,200 |
2020 £ 1,200 |
|---|---|---|
| Unrestricted funds General fund TOTAL FUNDS Net movement in funds, included in the above are Unrestricted funds General fund TOTAL FUNDS |
as follows: Incoming resources £ 162,022 162,022 |
At 1.1.21 £ 1,437,540 1,437,540 Resources expended £ (158,388) (158,388) |
Net movement in funds £ 10,303 10,303 Gains and losses £ 6,669 6,669 |
At 31.12.21 £ 1,447,843 1,447,843 Movement in funds £ 10,303 10,303 |
|
|---|---|---|---|---|---|
Comparatives for movement in funds
| Unrestricted funds General fund TOTAL FUNDS Comparative net movement in funds, included in the above are a Unrestricted funds General fund TOTAL FUNDS |
At 1.1.20 £ 1,403,993 1,403,993 s follows: Incoming resources £ 119,570 119,570 |
Net movement in funds £ 33,547 33,547 Resources expended £ (86,023) (86,023) |
At 31.12.20 £ 1,437,540 1,437,540 Movement in funds £ 33,547 33,547 |
|
|---|---|---|---|---|
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CELESTIAL CHURCH OF CHRIST EDWARD STREET PARISH
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021
12. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1.1.20 £ 1,403,993 1,403,993 |
Net movement in funds £ 43,850 43,850 |
At 31.12.21 £ 1,447,843 1,447,843 |
|---|---|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 281,592 281,592 |
Resources expended £ (244,411) (244,411) |
Gains and Movement losses in funds £ £ 6,669 43,850 6,669 43,850 |
|---|---|---|---|
13. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2021.
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CELESTIAL CHURCH OF CHRIST EDWARD STREET PARISH
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021
| INCOME AND ENDOWMENTS Donations and legacies Donations and collections Other trading activities Sundry Income Investment income Rents received Total incoming resources EXPENDITURE Charitable activities Salaries and wages Water and rates Insurances Light and heat Welfare and consumables Gifts and donations Travelling and transport Security and maintenance Repairs and renewals Cleaning expenses Choir expenses Spiritual Items Functions and Events Visiting Clergy Sunday School Bible Class Pastoral fund Bank interest and charges Hire purchase Support costs Management Telephone Postage and stationery Investment Exp-Estate Agent Investment Expenses-Repairs Governance costs Accountant's Remuneration Carried forward |
2021 £ 107,948 250 53,824 162,022 8,400 1,189 7,150 8,045 5,521 3,700 781 1,316 63,538 385 3,560 184 29,380 530 - - 2,000 1,459 - 137,138 1,108 168 7,874 2,605 11,755 1,000 1,000 |
2020 £ 61,433 - 58,137 119,570 8,400 459 6,904 10,284 4,828 7,067 2,082 2,100 8,090 1,904 3,640 528 1,000 850 511 350 - 1,156 486 60,639 862 445 3,000 7,833 12,140 1,200 1,200 |
|---|---|---|
This page does not form part of the statutory financial statements
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CELESTIAL CHURCH OF CHRIST EDWARD STREET PARISH
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021
| Governance costs Brought forward Freehold property Plant and machinery Fixtures and fittings Motor vehicles Total resources expended Net income before gains and losses Realised recognised gains and losses Realised gains/(losses) on fixed asset Net income |
2021 £ 1,000 3,200 3,215 2,080 - 9,495 158,388 3,634 6,669 10,303 |
2020 £ 1,200 3,200 3,713 2,600 2,531 13,244 86,023 33,547 - 33,547 |
|---|---|---|
This page does not form part of the statutory financial statements
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