**REGISTERED CHARITY NUMBER: 803740**
## **CELESTIAL CHURCH OF CHRIST EDWARD STREET PARISH**
## **REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 DECEMBER 2023**
**CELESTIAL CHURCH OF CHRIST EDWARD STREET PARISH**
## **CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
||**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 13|
|**Detailed Statement of Financial Activities**|14 to 15|
## **CELESTIAL CHURCH OF CHRIST EDWARD STREET PARISH**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023**
The trustees present their report with the financial statements of the charity for the year ended 31 December 2023. 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 was established for charitable purposes, its object being to advance religion in accordance with the Christian faith and for other purposes recognised by English law as charitable.
The Church advances the Christian faith by the: -
- The provision of a place of worship for members and the community.
- The provision of devotional services of Christian faith every Sunday, Friday, and Wednesday and also on the first Thursday of each month. The services feature sermons, music, and thanksgiving.
- The provision of a Sunday School for Children up to 17 years old.
- The Provision of a Bible Class and Bible study on Tuesdays.
- The Provision of night vigil prayer sessions for the members twice weekly.
- Engaging in fundraising events from time to time within the community, particularly at annual harvest thanksgiving services, which take place every 1st Sunday in June and September of each year.
- Support the community on local initiatives for children and the elderly, crime prevention, and people in need.
## **Public benefit**
The trustees confirm their compliance with their duty to have due regard 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 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 of the date of this report, all Church services were held at the St Marks Centre. Weekly night vigils and monthly revivals continued to feature prominently in the church's calendar.
The church held its annual Thanksgiving harvest for both children and adults during the summer of 2023. Mothers' Day and Father's Day celebrations were also observed at the church during the year.
The church held special programmes during the Christmas season 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 continue to recover well during the year.
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 2023**
## **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**
S Adebayo O Alabi A Sijuade O D Ojogbede J Iroro C O Omoruan O O L Laniyan H Oke A Abiodun V Akingboye E Agiri
Page 2
**CELESTIAL CHURCH OF CHRIST EDWARD STREET PARISH**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023**
## **REFERENCE AND ADMINISTRATIVE DETAILS Bankers**
National Westminster Bank Plc 65 Peckham High Street London SE15 5RH
Approved by order of the board of trustees on 23 June 2024 and signed on its behalf by:
O Alabi - 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 2023.
## **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 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
Date: 23 JUNE 2024
Page 4
## **CELESTIAL CHURCH OF CHRIST EDWARD STREET PARISH**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023**
|Notes
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
Investment Income
2
**Total**
**EXPENDITURE ON**
Raising funds
**Charitable activities**
3
Charitable Activities
Governance Costs
**Total**
**NET INCOME**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|2023
Unrestricted
funds
£
131,889
56,496
188,385
11,733
104,694
1,350
117,777
70,608
1,535,216
1,605,824|2022
Total
funds
£
115,875
62,793|
|---|---|---|
|||178,668|
|||10,456
68,955
11,884|
|||91,295|
|||87,373
1,447,843|
|||1,535,216|
The notes form part of these financial statements
Page 5
## **CELESTIAL CHURCH OF CHRIST EDWARD STREET PARISH**
## **BALANCE SHEET 31 DECEMBER 2023**
|Notes
**FIXED ASSETS**
Tangible assets
8
Investment property
9
**CURRENT ASSETS**
Cash at bank and in hand
**CREDITORS**
Amounts falling due within one year
10
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**NET ASSETS**
**FUNDS**
11
Unrestricted funds:
General fund
**TOTAL FUNDS**|2023
Unrestricted
funds
£
208,929
1,010,000
1,218,929
388,245
(1,350)
386,895
1,605,824
1,605,824
1,605,824
1,605,824|2022
Total
funds
£
178,942
1,010,000
1,188,942
347,523
(1,249)
346,274
1,535,216
1,535,216
1,535,216
1,535,216|
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 23 June 2024 and were signed on its behalf by:
A Sijuade - Trustee
O Alabi - 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 2023**
## **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 on the basis of 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 particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular 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 2023**
## **2. INVESTMENT INCOME**
|Rents received
**3.**
**CHARITABLE ACTIVITIES COSTS**
Charitable Activities
Governance Costs
**4.**
**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
Pastoral fund
Honorariums
Interest payable and similar charges|Direct
Costs (see
note 4)
£
92,591
-
92,591|2023
£
56,496
Support
costs (see
note 5)
£
12,103
1,350
13,453
2023
£
9,000
873
10,049
12,293
2,280
7,100
2,347
1,515
5,998
2,977
12,864
3,700
18,090
-
1,500
-
-
2,005
92,591|2022
£
62,793
Totals
£
104,694
1,350
106,044
2022
£
8,400
652
8,282
12,209
4,774
3,286
950
1,490
2,682
2,437
6,564
103
9,947
660
215
3,400
1,300
1,925
69,276|
|---|---|---|---|
|||||
|||||
Page 8
## **CELESTIAL CHURCH OF CHRIST EDWARD STREET PARISH**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023**
## **5. SUPPORT COSTS**
|**SUPPORT COSTS**||
|---|---|
|Governance
Management
costs
£
£
Investment management costs
11,733
-
Charitable Activities
5,515
6,588
Governance Costs
-
1,350
17,248
7,938|Totals
£
11,733
12,103
1,350|
||25,186|
Support costs, included in the above, are as follows:
## **Management**
|**Management**|||||
|---|---|---|---|---|
||||2023|2022|
||Investment||||
||management|Charitable|Total|Total|
||costs|Activities|Activities|Activities|
||£|£|£|£|
|Telephone|-|1,610|1,610|1,314|
|Postage and stationery|-|1,766|1,766|79|
|Investment Exp-Estate Agent|3,983|-|3,983|5,236|
|Investment Expenses-Repairs|4,773|2,139|6,912|5,220|
|Investment Exp. Insurance|2,977|-|2,977|-|
||11,733|5,515|17,248|11,849|
|**Governance costs**|||||
||||2023|2022|
||Charitable|Governance|Total|Total|
||Activities|Costs|Activities|Activities|
||£|£|£|£|
|Sundries|-|-|-|184|
|Legal Expenses|-|-|-|1,500|
|Accountant's Remuneration|-|1,350|1,350|1,050|
|Depreciation of tangible fixed assets|6,588|-|6,588|7,436|
||6,588|1,350|7,938|10,170|
## **Governance costs**
Page 9
**CELESTIAL CHURCH OF CHRIST EDWARD STREET PARISH**
## **NOTES TO THE FINANCIAL STATEMENTS - continued**
## **FOR THE YEAR ENDED 31 DECEMBER 2023**
## **6. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022.
## **7. STAFF COSTS**
|**STAFF COSTS**|||
|---|---|---|
||2023|2022|
||£|£|
|Wages and salaries|9,000|8,400|
||9,000|8,400|
No employees received emoluments in excess of £60,000.
## **8. TANGIBLE FIXED ASSETS**
|**COST**
At 1 January 2023
Additions
At 31 December 2023
**DEPRECIATION**
At 1 January 2023
Charge for year
At 31 December 2023
**NET BOOK VALUE**
At 31 December 2023
At 31 December 2022|Freehold
property
£
210,000
-
210,000
48,000
3,200
51,200
158,800
162,000|Plant and
machinery
£
53,470
36,576
90,046
43,183
2,058
45,241
44,805
10,287|Fixtures
and
fittings
£
33,794
-
33,794
27,139
1,331
28,470
5,324
6,655|Totals
£
297,264
36,576|
|---|---|---|---|---|
|||||333,840|
|||||118,322
6,589|
|||||124,911|
|||||208,929|
|||||178,942|
Included in cost or valuation of land and buildings is freehold land of £50,000 (2022 - £50,000) which is not depreciated.
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 2023**
|**9.**
**INVESTMENT PROPERTY**
**FAIR VALUE**
At 1 January 2023
and 31 December 2023
**NET BOOK VALUE**
At 31 December 2023
At 31 December 2022
**10.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Other creditors
**11.**
**MOVEMENT IN FUNDS**
At 1.1.23
£
**Unrestricted funds**
General fund
1,535,216
**TOTAL FUNDS**
1,535,216
Net movement in funds, included in the above are as follows:
Incoming
resources
£
**Unrestricted funds**
General fund
188,385
**TOTAL FUNDS**
188,385||2023
£
1,350
Net
movement
in funds
£
70,608
70,608
Resources
expended
£
(117,777)
(117,777)|£
1,010,000
1,010,000
1,010,000
2022
£
1,249
At
31.12.23
£
1,605,824
1,605,824
Movement
in funds
£
70,608
70,608|
|---|---|---|---|
|||||
|||||
Page 11
## **CELESTIAL CHURCH OF CHRIST EDWARD STREET PARISH**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023**
## **11. MOVEMENT IN FUNDS - continued**
## **Comparatives for movement in funds**
|**Unrestricted funds**
General fund
**TOTAL FUNDS**|At 1.1.22
£
1,447,843
1,447,843|Net
movement
in funds
£
87,373
87,373|At
31.12.22
£
1,535,216
1,535,216|
|---|---|---|---|
Comparative net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
**TOTAL FUNDS**|Incoming
resources
£
178,668
178,668|Resources
Movement
expended
in funds
£
£
(91,295)
87,373
(91,295)
87,373|
|---|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
|**Unrestricted funds**
General fund
**TOTAL FUNDS**|At 1.1.22
£
1,447,843
1,447,843|Net
movement
in funds
£
157,981
157,981|At
31.12.23
£
1,605,824
1,605,824|
|---|---|---|---|
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
£
367,053
367,053|Resources
Movement
expended
in funds
£
£
(209,072)
157,981
(209,072)
157,981|
|---|---|---|
Page 12
## **CELESTIAL CHURCH OF CHRIST EDWARD STREET PARISH**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023**
## **12. RELATED PARTY DISCLOSURES**
There were no related party transactions for the year ended 31 December 2023.
Page 13
## **CELESTIAL CHURCH OF CHRIST EDWARD STREET PARISH**
## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023**
|**INCOME AND ENDOWMENTS**
**Donations and legacies**
Donations and collections
**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
Pastoral fund
Honorariums
Bank interest and charges
**Support costs**
**Management**
Telephone
Postage and stationery
Investment Exp-Estate Agent
Investment Expenses-Repairs
Investment Exp. Insurance|2023
£
131,889
56,496
188,385
9,000
873
10,049
12,293
2,280
7,100
2,347
1,515
5,998
2,977
12,864
3,700
18,090
-
1,500
-
-
2,005
92,591
1,610
1,766
3,983
6,912
2,977
17,248|2022
£
115,875
62,793|
|---|---|---|
|||178,668
8,400
652
8,282
12,209
4,774
3,286
950
1,490
2,682
2,437
6,564
103
9,947
660
215
3,400
1,300
1,925|
|||69,276
1,314
79
5,236
5,220
-|
|||11,849|
This page does not form part of the statutory financial statements
Page 14
## **CELESTIAL CHURCH OF CHRIST EDWARD STREET PARISH**
## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023**
|**DETAILED STATEMENT OF FINANCIAL ACTIVITIES**
**FOR THE YEAR ENDED 31 DECEMBER 2023**|||
|---|---|---|
|**Management**
**Governance costs**
Sundries
Legal Expenses
Accountant's Remuneration
Freehold property
Plant and machinery
Fixtures and fittings
Total resources expended
**Net income**|2023
£
-
-
1,350
3,200
2,057
1,331
7,938
117,777
70,608|2022
£
184
1,500
1,050
3,200
2,572
1,664|
|||10,170|
|||91,295|
|||87,373|
This page does not form part of the statutory financial statements
Page 15