Charity number: 1016583
GLORY HOUSE
Report of the Trustees and Unaudited Financial Statements
For the year ended 31 March 2022
GLORY HOUSE Contents Page For the year ended 31 March 2022
| 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 2022
The Trustees have pleasure in presenting their report and the financial statements for the charity for the year ended 31 March 2022. 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 2022
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.
Achievements and performances of the Church within this period''
The accounting year April 2021 to March 2022 falls within the COVID-19 pandemic when our church activities and gatherings are gradually reopening from lockdowns, while maintaining safe distancing, face masks and hygiene practices.
The church continued broadcasting our services online, while holding onsite adult services
-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 Hour7.00pm-7.45pm
-GH Love Centres continued virtual meetings every fortnight via zoom on Sundays & once a month prayer meeting on a Friday. The number of active Love Centres is 5 at the end of March 2021.
-GH Academy courses did not hold during the year.
-Special online and on-site seminars and events held for personal growth; Thrive event to nourish couples and singles in Relationships; Women & Men's events; Evangelism training for the workplace.
-Organised series of Special Fasting and Prayers for 7days & 14Days with daily online meetings.
-A virtual concert to celebrate Easter; Family Funday with various activities - games and refreshments in October.
-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 2
2.Child dedication 14
3.Baby Naming (online)5
4.Funeral service 3
5.Believer's class. NA
6.Before I Do (BID class) NA
7.Premarital counselling 04
-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.
-Towards the end of the year, the Charity changed our Human Resource provider from NatWest Mentors to a new organization, Croner Group as a cost saving measure. Their services will help us adhere to the HR legal requirements.
-The charity found a property in Chelmsford and embarked upon due diligence by applying for planning permission. We employed the services of a number of consultants e.g., Planning Insights.
-The sale contract for 2 Tabernacle Avenue exchanged on 17th Nov. 2017 is ongoing and the completion is on 17th Nov. 2022.
-We have retained the services of ROCK Solicitors for our legal matters.
FINANCIAL REVIEW
The net income for the year amounted to a deficit of (£43819) 2021 was a surplus of £921, all of which was attributable to general reserve
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GLORY HOUSE Report of the Trustees Continued
For the year ended 31 March 2022
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 £153755 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 £12548. 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
Trustees
The trustees and officers serving during the year and since the year end were as follows:
Mrs Omotara Talabi Mr Ayodeji Charles Fadebiyi Mr Akintunde Akinola Sofola Mr Kwaku Ofori Boateng Mr Henry Oluwakayode O Ogundana
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GLORY HOUSE Report of the Trustees Continued
For the year ended 31 March 2022
Independent examiner
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
............................................................................. 08 November 2022 Mrs Omotara Talabi
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GLORY HOUSE Independent Examiners Report to the Trustees
For the year ended 31 March 2022
I report to the trustees on my examination of the accounts of the charity for the year ended 31 March 2022.
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 the Institute of Financial Accountant, 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:
-
accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
-
the accounts do not accord with those records; or
-
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
08 November 2022
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GLORY HOUSE Statement of Financial Activities
For the year ended 31 March 2022
| 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 Total Net income/expenditure Reconciliation of funds Total funds brought forward Total funds carried forward |
Unrestricted funds £ 561,666 - 9,536 571,202 (2,983) (612,038) (615,021) (43,819) 1,860,455 1,816,636 |
2021 £ 601,120 1 - |
|---|---|---|
| 601,121 | ||
| (4,148) (596,052) |
||
| (600,200) | ||
| 921 1,878,347 |
||
| 1,879,268 |
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GLORY HOUSE Statement of Financial Position
As at 31 March 2022
| Notes | 2022 | 2021 | |
|---|---|---|---|
| £ | £ | ||
| Fixed assets | |||
| Tangible assets | 12 | 1,886,953 | 1,927,901 |
| 1,886,953 | 1,927,901 | ||
| Current assets | |||
| Cash at bank and in hand | 54,277 | 50,420 | |
| 54,277 | 50,420 | ||
| Creditors: amounts falling due within one year | 13 | (41,728) | (25,846) |
| Net current assets | 12,549 | 24,574 | |
| Total assets less current liabilities | 1,899,502 | 1,952,475 | |
| Creditors: amounts falling due after more than one year | 14 | (82,866) | (73,207) |
| Net assets | 1,816,636 | 1,879,268 | |
| The funds of the charity | |||
| Unrestricted income funds | 15 | 1,816,636 | 1,879,268 |
| Total funds | 1,816,636 | 1,879,268 |
The financial statements were approved and authorised for issue by the Board and signed on its behalf by:
Mrs Omotara Talabi Trustee
08 November 2022
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GLORY HOUSE Notes to the Financial Statements
For the year ended 31 March 2022
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 (RPYName1) |
2021 2022 £ £ 392,524 460,941 208,596 100,725 601,120 561,666 |
|---|---|
3. Investment income
| Bank interest receivable | 2022 £ - - |
2021 £ 1 |
|---|---|---|
| 1 |
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GLORY HOUSE Notes to the Financial Statements Continued
For the year ended 31 March 2022
4. Other income
| Unrestricted funds 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 |
2022 £ 9,536 9,536 2022 £ 2,983 2,983 2022 £ 612,038 2022 £ 612,038 2022 £ 2,983 |
2021 £ - |
|---|---|---|
| - | ||
| 2021 £ 4,148 |
||
| 4,148 | ||
| 2021 £ 596,052 2021 £ 596,052 2021 £ 4,148 |
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GLORY HOUSE Notes to the Financial Statements Continued
For the year ended 31 March 2022
9. Net income/(expenditure) for the year
This is stated after charging/(crediting):
| This is stated after charging/(crediting): | ||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Depreciation of owned fixed assets | 47,235 | 48,162 |
| Staff pension contributions | 6,860 | 6,744 |
10. Staff costs and emoluments
Total staff costs for the year ended 31 March 2022 were:
| Salaries and wages Social security costs Pension costs Administrative Staff |
2022 £ 286,542 24,965 6,860 318,367 2022 9 9 |
2021 £ 286,182 24,583 6,744 |
|---|---|---|
| 317,509 | ||
| 2021 9 |
||
| 9 |
11. Comparative for the Statement of Financial Activities
The comparative year values on the Statement of Financial Activites are for unrestricted funds.
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GLORY HOUSE Notes to the Financial Statements Continued
For the year ended 31 March 2022
12. Tangible fixed assets
| Cost or valuation At 01 April 2021 Additions At 31 March 2022 Depreciation At 01 April 2021 Charge for year At 31 March 2022 Net book values At 31 March 2022 At 31 March 2021 |
Land and Buildings £ 2,039,067 - 2,039,067 424,733 32,287 457,020 1,582,047 1,614,334 |
Fixtures and Fittings £ 900,216 2,520 902,736 596,976 12,130 609,106 293,630 303,240 |
Computer Equipment £ 32,689 3,768 36,457 22,362 2,819 25,181 11,276 10,327 |
Total £ 2,971,972 6,288 |
|---|---|---|---|---|
| 2,978,260 | ||||
| 1,044,071 47,236 |
||||
| 1,091,307 | ||||
| 1,886,953 | ||||
| 1,927,901 |
13. Creditors: amounts falling due within one year
| Trade creditors Other creditors Accruals and deferred income Creditors: amounts falling due after more than one year Loans and overdrafts |
2022 £ 17,195 11,533 13,000 41,728 2022 £ 82,866 82,866 |
2021 £ 6,168 7,178 12,500 |
|---|---|---|
| 25,846 | ||
| 2021 £ 73,207 |
||
| 73,207 |
14. Creditors: amounts falling due after more than one year
15. Movement in funds
Unrestricted Funds
| Unrestricted Funds | ||||
|---|---|---|---|---|
| Balance at | Incoming | Outgoing | Balance at | |
| 01/04/2021 | resources | resources | 31/03/2022 | |
| £ | £ | £ | £ | |
| General | ||||
| General | 1,860,455 | 571,202 | (615,021) | 1,816,636 |
| 1,860,455 | 571,202 | (615,021) | 1,816,636 |
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GLORY HOUSE Notes to the Financial Statements Continued
For the year ended 31 March 2022
Unrestricted Funds - Previous year
| Unrestricted Funds - Previous year | ||||
|---|---|---|---|---|
| Balance at | Incoming | Outgoing | 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 |
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 | 1,886,953 | 12,549 | (82,866) | 1,816,636 |
| 1,886,953 | 12,549 | (82,866) | 1,816,636 | |
| Previous year | ||||
| 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 |
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GLORY HOUSE Detailed Statement of Financial Activities
For the year ended 31 March 2022
| 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 Media Ministry Expenses Health & Safety Legal & Professional Fees Staff Training Security Insurance Postage & Stationery Equipment Hire 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 Accountancy Fees |
£ 2022 415,854 6,520 32,994 5,573 100,725 561,666 - - 9,536 9,536 571,202 (286,542) (24,965) (6,860) (47,235) (2,961) (21,975) (19,771) (747) (26,483) (7,789) (16,184) (1,250) (12,195) (9,046) (1,995) (2,325) (4,605) (3,170) (15,597) (2,414) (244) (6,000) (538) (200) (809) (1,850) (2,660) (62,000) (6,500) |
£ 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) (6,500) |
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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 2022
| Out Of Zion Choir SUPPORT COSTS Finance Bank Charges Other Charges Total resources expended Net Expenditure |
(17,128) (612,038) (533) (2,450) (2,983) (615,021) (43,819) |
- |
|---|---|---|
| (596,052) (1,649) (2,499) |
||
| (4,148) | ||
| (600,200) | ||
| 921 |
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This page does not form part of the statutory financial statements