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2021-03-31-accounts

Charity number: 1016583

GLORY HOUSE

Report of the Trustees and Unaudited Financial Statements

For the year ended 31 March 2021

GLORY HOUSE Contents Page For the year ended 31 March 2021

Report of the Trustees 1 to 4
Independent Examiner's Report to the Trustees 5
Statement of Financial Activities 6
Statement of Financial Position 7
Notes to the Financial Statements 8 to 12
Detailed Statement of Financial Activities 13 to 14

GLORY HOUSE Report of the Trustees

For the year ended 31 March 2021

The Trustees have pleasure in presenting their report and the financial statements for the charity for the year ended 31 March 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 the Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The Trustees have confirmed that they have complied with their duties under Section 4 of the Charity Act 2006 to have due regard for the Public benefit. In planning our activities, the Board of Trustees has given careful consideration to the charity commissions general guidance on public benefit and in particular, to its supplementary public benefit guidance on advancing religious education.

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GLORY HOUSE Report of the Trustees Continued

For the year ended 31 March 2021

ACHIEVEMENTS AND PERFORMANCE

Achievements against objectives

Volunteers

The Trustees join the Management Team to appreciate the inumerable hours and unquantifiable efforts of many of our members who do not only volunteer their time and skills to provide diverse services regularly, but are also committed to other activities that may arise from time to time in the church. The church has a volunteer coordinator to ensure that best value is derived from the sterling efforts of our volunteers.

Achievement and Performance

Charitable activities

Achievements and performances of the Church within this period'' (April 2019 - March 2020)

Achievements and performances of the Church within this period''

The accounting year April 2020 to March 2021 falls directly within the time heavily affected by COVID-19 pandemic. Like many organisations, our church activities and gatherings had to be closed down due to lockdowns and safe distances.

The church made a number of adjustments by broadcasting services online, which includes the

-Sunday services

-Adult service 10.30am-12noon (YT, FB, GHApp etc.)

-Teens Church (ROC) 11.30am-12.15pm (Zoom)

-Children's ministry 12.00noon-13.00pm (YouTube)

-Mid-week meetings -Wed. Word Services 7.00pm-7.45pm

-Tue. Prayer Hour 7.00pm-7.45pm

-GH Love Centres also started virtual meetings every fortnight via zoom on Sundays & Monthly virtual Prayer meetings on Fridays. The number of actively meeting Love Centres dropped 3 at the end of March 2021.

-GH Academy courses did not hold during the year.

-Special online seminars and events held to Motivation personal growth; Build a Resilient Family; Mental health (Prosperity of the Soul); Equipped Parents on supporting their children's Education.

-Money matters addressed the impact of COVID on finances and employment. It featured Investments, Insurance, financial management and entrepreneurship.

-Our Special health talk on COVID-19 Vaccination was a major event to encourage the BAME community to be vaccinated featured specialists in the field virology.

-A live (online) Concert was hosted by the charity.

-Organised Special 21Days of Prayers conducted online with invited guest ministers: Dr. Cindy Trimm, Rev. Victor Adeyemi, Apostle Busola Jegede etc.

-Donation of food packs to a number of families within the church and in the community via the Hand of Love ministry. Small cash gifts were made where families are in financial need or where food couldn't be delivered.

-The Pastoral Ministry engaged in hospital & home visits, baby dedication, and pastoral counselling sessions. There were

1.Weddings Nil

2.Child dedication Nil

3.Baby Naming (online) 06

4.Funeral service 05

5.Believer's class. Nil

6.Before I Do (BID class) Nil

7.Premarital counselling 02

-The Charity supported mission trips around the world for leadership training and church growth endeavours.

-The Charity continued to support the church plants in Nigeria.

-The Charity continues its relationships with the services of NatWest's Human Resource section called "Mentors'. This has helped the charity to adhere to the correct legalities.

-The charity continues to seek for new premises and engaged the services of IXO

-The existing contract for the sale of 2 Tabernacle Avenue exchanged on 17th Nov. 2017 was reviewed and Completion was

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GLORY HOUSE Report of the Trustees Continued

For the year ended 31 March 2021

extended till 17th Nov. 2022.

FINANCIAL REVIEW

The net income for the year amounted to a surplus of £921, 2020 was a deficit of (£43,256) all of which was attributable to general reserves

Reserves

It is the policy of the Church to maintain unrestrictesd funds, which are the free reserves of the chairty, at a level which equates to at least 3 months of unrestricted expenditure which amounted to £150050 for the current year.This provides sufficient funds to cover management, adminstration and support costs and to respond to emergencies, which may arise from time to time. At the year-end the free reserves represented by the Net Current Assets were £24574. It is the intention of the Trustees to build reserves to the right level over the next few years

Principal funding sources

The Church members continued to be the main source of income in form of donations and gifts to the Church.

Investment policy and objectives

Aside from retaining a prudent amount in the current account, most of the charity's liquid funds are in a deposit account which is available under short notice for use. The trustees do not consider long term investments as prudent because the funds are needed for use on a continuos basis on projects.

Future Developments

The Charity will continue to build and grow its operations in developing its members whilst continuing to build and fester within the community. The Charity continued the search for another property that would be better suited to meet the need to expand its operations. We will focus on building our international and domestic branches and work towards a structure of continued growth in planting churches domestically and abroad. The charity will be investing more strategically in the community, through different schemes and outreaches

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes an unincorporated charity.

The organisation is a charity and governed by a Trust Deed, made on 10th June 1992 and supplementary deed made on 24th June 2003.

Recruitment and appointment of trustees

There were no new trustees appointed during the year.

REFERENCE AND ADMINISTRATIVE INFORMATION

Name of Charity GLORY HOUSE Charity registration number 1016583 Principal address 2 Tabernacle Avenue Plaistow London E13 8EG

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GLORY HOUSE Report of the Trustees Continued For the year ended 31 March 2021

Trustees

The trustees and officers serving during the year and since the year end were as follows:

Independent examiner

Mrs Omotara Talabi Mr Ayodeji Charles Fadebiyi Mr Akintunde Akinola Sofola Mr Kwaku Ofori Boateng Mr Henry Oluwakayode O Ogundana CHRIS ATKINS SERVICES ONE LIMITED OFFICE 310, ACCESS SELF STORAGE UNIT 1, MERIDIAN TRADING ESTATE 20, BUGBY'S WAY LONDON SE7 7SF

Approved by the Board of Trustees and signed on its behalf by

............................................................................. 14 April 2022 Mrs Omotara Talabi

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GLORY HOUSE Independent Examiners Report to the Trustees

For the year ended 31 March 2021

I report to the trustees on my examination of the accounts of the charity for the year ended 31 March 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 2011 Act').

I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiners statement

Since the Charity's gross income exceeded £250,000, your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination by virtue of my membership of , which is one of the listed bodies.

I have completed my examination. I confirm that no 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 Charity as required by section 130 of the 2011 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.

CHRIS ATKINS SERVICES ONE LIMITED OFFICE 310, ACCESS SELF STORAGE UNIT 1, MERIDIAN TRADING ESTATE 20, BUGBY'S WAY LONDON SE7 7SF

14 April 2022

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GLORY HOUSE Statement of Financial Activities

For the year ended 31 March 2021

Notes
Income and endowments from:
Donations and legacies
2
Investments
3
Bank interest receivable
Other income
4
Other income 1
Total
Expenditure on:
Raising funds
5
Costs of generating donations
and legacies
Charitable activities
6/7
Evangelism & Missions
Other expenditure
Total
Net income/expenditure
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Unrestricted
funds
£
601,120
1
-
601,121
(4,148)
(596,052)
-
(600,200)
921
1,878,347
1,879,268		 2020
£
633,255
36
25,786
659,077
(7,232)
(688,601)
(6,500)
(702,333)
(43,256)
1,920,336
1,877,080

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GLORY HOUSE Statement of Financial Position

As at 31 March 2021

Notes 2021 2020
£ £
Fixed assets
Tangible assets 12 1,927,901 1,971,213
1,927,901 1,971,213
Current assets
Cash at bank and in hand 50,420 32,858
50,420 32,858
Creditors: amounts falling due within one year 13 (25,846) (43,287)
Net current assets 24,574 (10,429)
Total assets less current liabilities 1,952,475 1,960,784
Creditors: amounts falling due after more than one year 14 (73,207) (82,437)
Net assets 1,879,268 1,878,347
The funds of the charity
Unrestricted income funds 15 1,879,268 1,878,347
Total funds 1,879,268 1,878,347

The financial statements were approved and authorised for issue by the Board and signed on its behalf by:

Mrs Omotara Talabi Trustee

14 April 2022

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GLORY HOUSE Notes to the Financial Statements

For the year ended 31 March 2021

1. Accounting Policies

Basis of accounting

The financial statements have been prepared under the historical cost convention, except for investments which are included at market value and the revaluation of certain fixed assets and 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 (FRS 102), and the Charities Act 2011.

GLORY HOUSE meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

Incoming resources

All incoming resources are included in the statement of financial activities when the Charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:

Resources expended

Liabilities are recognised as resources expended when there is a legal or constructive obligation committing the Charity to the expenditure:

Tangible fixed assets

Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:

Land and Buildings 2% Straight line Computer Equipment 20% Straight line Fixtures and Fittings 4% Straight line

2. Income from donations and legacies

Unrestricted funds
Donations received
Grants received		 2020
2021
£
£
633,255
392,524
-
208,596
633,255
601,120

3. Investment income

Unrestricted funds
Bank interest receivable		 2021
£
1
1		 2020
£
36
36

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GLORY HOUSE Notes to the Financial Statements Continued

For the year ended 31 March 2021

4. Other income

Other income 1
5. Expenditure on generating donations and legacies
Unrestricted funds
Support costs
6. Costs of charitable activities by fund type
Unrestricted funds
Evangelism & Missions
7. Costs of charitable activities by activity type
Activities undertaken directly
Evangelism & Missions
8. Analysis of support costs
Voluntary Income
Finance		 2021
£
-
-
2021
£
4,148
4,148
2021
£
596,052
2021
£
596,052
2021
£
4,148		 2020
£
25,786
25,786
2020
£
7,232
7,232
2020
£
688,601
2020
£
688,601
2020
£
7,232

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GLORY HOUSE Notes to the Financial Statements Continued

For the year ended 31 March 2021

9. Net income/(expenditure) for the year

This is stated after charging/(crediting):

This is stated after charging/(crediting):
2021 2020
£ £
Depreciation of owned fixed assets 48,162 48,794
Staff pension contributions 6,744 6,839

10. Staff costs and emoluments

Total staff costs for the year ended 31 March 2021 were:

Salaries and wages
Social security costs
Pension costs		 2021
£
286,182
24,583
6,744
317,509		 2020
£
289,246
26,200
6,839
322,285

11. Comparative for the Statement of Financial Activities

The comparative year values on the Statement of Financial Activites are for unrestricted funds.

12. Tangible fixed assets

Cost or valuation
At 01 April 2020
Additions
At 31 March 2021
Depreciation
At 01 April 2020
Charge for year
At 31 March 2021
Net book values
At 31 March 2021
At 31 March 2020		 Land and
Buildings
£
2,039,067
-
2,039,067
391,787
32,946
424,733
1,614,334
1,647,280		 Fixtures and
Fittings
£
900,216
-
900,216
584,340
12,636
596,976
303,240
315,876		 Computer
Equipment
£
27,837
4,852
32,689
19,780
2,582
22,362
10,327
8,057		 Total
£
2,967,120
4,852
2,971,972
995,907
48,164
1,044,071
1,927,901
1,971,213

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For the year ended 31 March 2021

GLORY HOUSE Notes to the Financial Statements Continued

13. Creditors: amounts falling due within one year

2021 2020
£ £
Trade creditors 6,168 10,478
Other creditors 7,178 15,676
Accruals and deferred income 12,500 17,133
25,846 43,287
14. Creditors: amounts falling due after more than one year
2021 2020
£ £
Loans and overdrafts 73,207 82,437
73,207 82,437
15. Movement in funds
Unrestricted Funds
Balance at Incoming Outgoing Transfers Balance at
01/04/2020 resources resources 31/03/2021
£ £ £ £ £
General
General 1,878,347 601,121 (600,200) - 1,879,268
1,878,347 601,121 (600,200) - 1,879,268
Unrestricted Funds - Previous year
Balance at Incoming Outgoing Transfers Balance at
01/04/2019 resources resources 31/03/2020
£ £ £ £ £
General
General 1,920,336 659,077 (702,333) 1,267 1,878,347
1,920,336 659,077 (702,333) 1,267 1,878,347

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GLORY HOUSE Notes to the Financial Statements Continued

For the year ended 31 March 2021

Purpose of unrestricted Funds

General

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.

16. Analysis of net assets between funds

Tangible Net current Creditors > Net Assets
fixed assets assets / one year
(liabilities)
£ £ £ £
Unrestricted funds
General
General 1,927,901 24,574 (73,207) 1,879,268
1,927,901 24,574 (73,207) 1,879,268
Previous year
Tangible Net current Creditors > Net Assets
fixed assets assets / one year
(liabilities)
£ £ £ £
Unrestricted funds
General
General 1,971,213 (10,429) (82,437) 1,878,347
1,971,213 (10,429) (82,437) 1,878,347

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GLORY HOUSE Detailed Statement of Financial Activities

For the year ended 31 March 2021

INCOME AND ENDOWMENT
Donations and legacies
Donations
Building Fund
Gift Aid
Media Funds
Cjrs Grants Received
Investments
Bank Interest Receivable
Other income
Rental Income
Total incoming resources
EXPENDITURE
Charitable activities
Staff Costs - Wages & Salaries
Staff Costs - Social Security Costs
Staff Costs - Pension Contributions
Depreciation - Owned Assets
Rates & Water
Light & Heat
Telephone
Licenses & Subscriptions
Travel & Subsistence
Media Ministry Expenses
Health & Safety
Legal & Professional Fees
Security
Insurance
Postage & Stationery
Equipment Hire
Volunteer Expenses
Welfare & Support
Honorarium
Evangelism And Missions
Website Cost
Sundry Expenses
Gift To Mission
Repair & Maintenance
Hands Of Love
Software Cost
Casual Workers
Mission
Pastoral Allowance		 £
2021
331,952
8,970
38,855
12,747
208,596
601,120
1
1
-
-
601,121
(286,182)
(24,583)
(6,744)
(48,162)
(3,941)
(15,780)
(21,922)
-
-
(1,144)
(11,984)
(18,051)
(11,144)
(9,546)
(333)
(2,054)
-
(9,722)
(6,600)
(25,488)
(3,941)
(413)
(7,800)
(753)
(950)
(1,599)
-
(750)
(69,966)		 £
2020
507,873
32,590
70,058
22,734
-
633,255
36
36
25,786
25,786
659,077
(289,246)
(26,200)
(6,839)
(48,794)
(1,633)
(14,518)
(25,739)
(158)
(545)
(16,611)
(22,579)
(15,519)
(37,479)
(8,949)
(4,582)
(3,834)
(1,186)
(11,949)
(62,000)
(45,110)
(2,427)
(526)
(12,250)
(6,147)
(10,204)
(760)
(3,338)
(9,479)
-

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This page does not form part of the statutory financial statements

GLORY HOUSE Detailed Statement of Financial Activities Continued

For the year ended 31 March 2021

Accountancy Fees
Other
Accountancy& Legal Fees
SUPPORT COSTS
Finance
Bank Charges
Other Charges
Total resources expended
Net Income		 (6,500)
(596,052)
-
-
(1,649)
(2,499)
(4,148)
(600,200)
921		 -
(688,601)
(6,500)
(6,500)
(855)
(6,377)
(7,232)
(702,333)
(43,256)

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This page does not form part of the statutory financial statements