**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: -:
- ❖ Provision of a place of worship for registered members and the community.
- ❖ 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.
- ❖ Provision of Sunday school for Children up to 17 years old within the church premises on Sunday.
- ❖ Provision of Bible Class and Bible study forum on every Tuesday of the Month.
- ❖ Provision of night vigil prayers session for the members twice weekly.
- ❖ 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.
- ❖ 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.
Page 1
**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
Page 2
**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
Page 3
## **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:
1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
3. 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
Page 4
## **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
Page 5
**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.
Page 7
**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|
|---|---|---|---|
Page 8
**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.
Page 9
**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.
Page 10
**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|
|---|---|---|---|---|
||||||
||||||
Page 11
**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.
Page 12
## **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
Page 13
## **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
Page 14