| Legal and administrative | information | information | |
|---|---|---|---|
| Report ofthe Trustees | 2-7 | ||
| Report ofthe auditors | 8-11 | ||
| Statement offinancial | activities | 12 | |
| Balance sheet | 13 | ||
| Notes to the financial statements | 14-18 | ||
| Detailed Income and expenditure | accounts | 19-20 |
| Trustees: | Deborah Adeshina | |
|---|---|---|
| Oluwakayode Adewumi |
||
| James Bamigboye | ||
| Edward Edumijeke | ||
| Richard Shoyoye | ||
| Tonye Eke | ||
| Registered once: | 506 - 510Old Kent Road | |
| Bermondsey | ||
| London | ||
| SE15BA | ||
| Charity number: | 1004343 | |
| Auditors | Fairman Hams | |
| Chartered Accountants | and Registered Auditors | |
| 1Landor Road | ||
| London | ||
| SW99RX | ||
| Bankers: | Barclays Bank Plc | |
| HSBCBank Plc | ||
| Santander Bank Plc | ||
| Lloyds Bank Plc | ||
| Natwest Bank |
| Unrestricted | Restricted | 2020 | 2019 | |||
|---|---|---|---|---|---|---|
| hands | Ands | Total | Total | |||
| Notes | ||||||
| INCOMING RESOURCES | ||||||
| Donations, tithes and offerings |
3 | 1,226,065 | 1,226,065 | 1,399,807 | ||
| Special fund raising - building project | 3 | 169,673 | 169,673 | 356,003 | ||
| Gift aid receivable | 3 | 174,621 | 174,621 | 496,974 | ||
| Sundrv income | 3 | 480 | 480 | 24,125 | ||
| Interest receivable | 4 | 765 | 765 | :1,769 | ||
| Total incoming resources | 1,571,605 | 1,571,605 | 2,278,678 | |||
| RESOURCES EXPENDED | ||||||
| (Costs ofactivities infurtherance | ofthe | |||||
| objects ofthe charity) | ||||||
| Direct Charitable activities |
591,941 | 591,941 | 1,283,633 | |||
| Management and Support activities |
424,750 | 424,750 | 644,306 | |||
| Governance costs |
95,315 | 95,315 | 55,497 | |||
| Finance ccots | 33„R52. | 33,852 | 349,487 | |||
| Total resources expended | 1,143,857 | 1,143,857 | 2,132,923 | |||
| Movement in hands for the period | 427,747 | 427,747 | 145,755 | |||
| Total funds brought forward | 3,351,677 | 3,351,677 | 3,205,922 | |||
| Net movement in funds for the |
period | 3,779,424 | 3,779,424 | 3,351,677 | ||
| Funds tnuasfer | 3,079,140) | 3,079,140) | ||||
| Total Funds asat31December | 2020 | 700,284 | 700,284 | 3,351,677 |
| Notes | |||||||
|---|---|---|---|---|---|---|---|
| FIXEDASSETS | |||||||
| Tangible assets | 355,597 | 35,530 | 391,127 | 4,486,180 | |||
| Current assets | |||||||
| Stock | 9 | 5,266 | 5,266 | 7,741 | |||
| Debtors and prepayments | 10 | 25,100 | 25,100 | 130,679 | |||
| Cash atbank and in hand | 106,340 | 484,368 | 590,708 | 767,771 | |||
| 136,706 | 484,368 | 621,074 | 905,591 | ||||
| Creditors: amounts | falling due | ||||||
| within | one year | 10 | (121,508) | (121,508) | (186,495) | ||
| Net current assets | 15,198 | 484,368 | 499,566 | 719„096 | |||
| Total assets less current | liabilities | 370,795 | 519+98 | $90,693 | 5/AS+76 | ||
| Creditors: amounts | falling due after | ||||||
| more than one year | 12 | (190,409) | (190,409) | (1,853,599) | |||
| Net assets | 180,386 | 519,898 | 700,284 | 3,351„677 | |||
| Financed by: Funds |
15 | 180,386 | 519,898 | 700,284 | 3,351,677 | ||
| Total hmds | 180,386 | 519,898 | 700,284 | 3,351.677 | |||
| The financial statements | were approved by the Board of Trustees on ~ ~ | Y4/4 ~~2021 and | |||||
| were signed on its behalf | by: |
| Land and buildings | 2% | cost/valuation |
|---|---|---|
| Plant and machinery | 25% | reducing balance |
| Fixtures and fittings | 25% | reducing balance |
| Motor vehicles | 25% | reducing balance |
| Computer and other equipment |
25% | reducing balance |
| hmkk. | Phn~ | M~+Lr. | ||||
|---|---|---|---|---|---|---|
| ~buQ luge | ~machine | Litthgg | v~ehld | equi | ment | |
| Qgg Balances b/f |
5,942,226 | 105,760 | 71,600 | 19,585 | 184,552 | |
| Additions | 16,443 | |||||
| Elimination/Disposal | (5,614,345) | |||||
| Balances c/f | 327,881 | 105,760 | 71,600 | 19,585 | 200,995 | |
| Ealamcebà | %,6M/AS | 44949 | M.;510 | |||
| Elimination/Disposal | (1,551,719) | |||||
| Charge for the year | 6,205 | 5,433 | 6,663 | 699 | 29,871 | |
| Balances c/f | 64,751 | 89,462 | 51,612 | 17,488 | 111,381 | |
| Net boo value |
||||||
| At 31/12/2020 | 263,130 | 16,298 | 19,988 | 2,097 | 89,614 | |
| AZ9A'23~%9 | 499i' 5@i' | 2$,9i& | 95,594 | 9729 | 225,304 |
| Tangible fixed assets -cont'd | ~1 | |
|---|---|---|
| All assets are heldfor charitable purposes | ~To | Total |
| ~C | S | |
| Balances b/f | 6,323,722 | 6,262, 292 |
| Additions | 16,443 | 61,430 |
| Elimination/Disposal | (5,614,345 | |
| Balances c/f | 725,821 | 6,323,722 |
| kccmlÃRktbcct | ||
| Balance b/f | 1,837,542 | 1,667,291 |
| Elimination/Disposal | (1,551,719) | |
| Charge for the year 3hdances elf |
48,871 33~94 |
170,251 3,X~7,.542 |
| Net book value | 391,127 | 4,486,180 |
| Severed debts | ~1 |
|---|---|
| Bank overdndt | 1,465,477 |
| Balances at | MovementinResources/funds | MovementinResources/funds | Balances at | ||
|---|---|---|---|---|---|
| 01/01/2020 | I~nconnn | O~ut oin | 31/12/2020 | ||
| Unrestricted | funds | 2,260,287 | 1,571,605 | (3,404,145) | 427,747 |
| Restricted funds | 1,091,390 | 818,853 | 272,537 | ||
| 3,351,677 | 1,571,605 | 4,222,998 | 700,284 | ||
| 2020 | 2~01 | ||||
| Represented Fixed Assets |
by: | 391,127 | 4,486,1.86 | ||
| Current Assets | 621,074 | 905,591 | |||
| Liabilities | 311,917 | 2,040,694 | |||
| 700,284 | 3,351,677 |
| Donations, tithes and offerings: - Unrestricted |
Donations, tithes and offerings: - Unrestricted |
1+26,065 | 1+99+07 | ||
|---|---|---|---|---|---|
| Other income | |||||
| Interest receivable | 765 | 1,769 | |||
| Gift aid | 174,621 | 496,974 | |||
| Building fund &,other -designated Sundry income |
169,673 480 |
345,539 | 356,003 24,125 |
878,871 | |
| 1,571,605 | 2,278,678 | ||||
| EXPENDITURE | |||||
| Direct Charitable | Costs: | ||||
| Wages | 277,682 | 350,051 | |||
| Rent and rates | 51,864 | 156,187 | |||
| Honorarium | 17,907 | 49,949 | |||
| Travel and subsistence | 6,476 | 35,355 | |||
| Evangelism | 2,464 | 40,245 | |||
| Welfare support | 50,520 | 58,852 | |||
| Tralnlng | 19,685 | 33,912 | |||
| Pensions | 39,203 | 38,091 | |||
| Outreach work | 8,353 | 48,836 | |||
| Conferences and Meetings |
18,969 | 77,670 | |||
| Missions | 38,792 | 62,930 | |||
| Ministry and Awards expenses | 158 | 981 | |||
| Sponsorship | 1,569 | 5,421 | |||
| Printing and Reproduction |
9,879 | 10,487 | |||
| TV, Airtime 8r.publicity |
32,502 | 34,491 | |||
| Gift and Donations | 15,918 | 280,175 | |||
| 591,941 | 1,283,633 | ||||
| Managensent 4Support | |||||
| Wages | 119,007 | 150,022 | |||
| Rent and rates | 29,906 | 27,562 | |||
| Insurance | 24,914 | 20,739 | |||
| Light and Heat | 49,062 | 36,723 | |||
| Telephone | 15,436 | 20,084 | |||
| Postage and stationery | 4,901 | 9,912 | |||
| Equipment hire |
2,487 | 1,228 | |||
| Repairs and renewals | 60,523 | 85,356 | |||
| 306+35 | 351,626 | ||||
| Balances carried forward | 898,176 | 1,571,605 | 1,635,258 | 2,278,678 |
| Balances brought forward | 898,176 | 1,571,605 | 1,635,258 | 2,278,678 | |
|---|---|---|---|---|---|
| Mawcgemeat ASeyyoct | -coat'4 | ||||
| Office and general admin | 13,305 | 16,312 | |||
| Computer and equipment |
expenses | 15,315 | 8,750 | ||
| Security Expenses | 1,843 | 744 | |||
| Musicians expenses | 24,566 | 77,882 | |||
| Subscriptions | 13,281 | 4,968 | |||
| Hospitality and office expenses |
1,334 | 9,619 | |||
| Motor Vehicle Expenses | 4,155 | ||||
| Depreciation - Freehold Property | 6,205 | 118,845 | |||
| Depreciation - Plant and | Machinery | 5,433 | 7,243 | ||
| Depreciation - Fixture 8c | Furnitures | 6,663 | 8,884 | ||
| Depreciation - Motor Vehicles | 699 | 932 | |||
| Depieciation - Computer | Equipment | 29,871 | 34,347 | ||
| 118,515 | 292,680 | ||||
| Governance costs: | |||||
| Legal 4Professional | 85,815 | 45,997 | |||
| Auditor's remuneration |
6,500 | 6,500 | |||
| Accountancy fees |
3,000 | 3,000 | |||
| 95,315 | 55,497 | ||||
| Finance Costs: | |||||
| Bank charges | 3,686 | 32,827 | |||
| Mortgage interests | 28,166 | 116,660 | |||
| 31,852 | 149,487 | ||||
| 1,143,857 | 2,132,923 | ||||
| Surplus for the period | 427,747 | 145,755 |