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2024-06-30-accounts

Charity number: 1016583

GLORY HOUSE

Report of the Trustees and Unaudited Financial Statements

For the year ended 30 June 2024

GLORY HOUSE Contents Page For the year ended 30 June 2024

Report of the Trustees 1 to 5
Independent Examiner's Report to the Trustees 6
Statement of Financial Activities 7
Statement of Financial Position 8
Notes to the Financial Statements 9 to 14
Detailed Statement of Financial Activities 15 to 16

GLORY HOUSE Report of the Trustees For the year ended 30 June 2024

The Trustees have pleasure in presenting their report and the financial statements for the charity for the year ended 30 June 2024. 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.

ACHIEVEMENTS AND PERFORMANCE

APPRECIATION:

The Trustees join the Management Team to appreciate the innumerable hours and unquantifiable efforts of many of our members who continue to volunteer their time and skills to provide diverse services in support of the vision and mission of the church.

1 of 16

GLORY HOUSE Report of the Trustees Continued

For the year ended 30 June 2024

Achievements against objectives

ACHIEVEMENTS AND PERFORMANCE

Accomplishments within this period include

The accounting year July 2023 to June 2024 was the year to consolidate efforts post relocation of church to Chelmsford.

The church continued onsite services while also broadcasting our services online.

-Sunday services

Adult service 10.30 - 12.00 noon (live services & online broadcasts) Teens Church (ROC) 10.30 - 12.00noon Children's ministry 10.00 - 12.00noon

-Mid-week meetings

Wednesday Word Services 7.00 - 8.30 pm (monthly) Prayer Cell Meetings7.00 - 7.45 pm (3 times weekly)

-Special Programs

Christmas, New Year & Easter Services, etc. (seasonally) Community Health Outreaches (3 - 4 times a year) Visits to hospices, hospitals, etc. (occasionally)

PASTORAL CARE & TRAINING:

Glory House is actively and constantly engaged in care for congregants and members of the community

-GH Love Centers continued virtual meetings fortnightly via zoom.

-Women's Ministry, Men's Ministry events, activities & seminars

-Family Life Ministry programs, counselling, etc.in supporting families.

There were

-Weddings 2 -Child dedications 7 -Baby Naming4 -Funeral services 2 -Premarital counselling 4

OUTREACH & BENEVOLENCE:

Intentional congregational and individual GH soul winning efforts, programs and activities

-Jesus Is King (JIK) annual Easter Concert. (April 2024).

-Door-to-door community leafletting and evangelism. (March and May 2024).

-Family Funday with games involving the community and church members.

-Free Medical Outreach @ Chelmsford City Centre.

Benevolence and care to new members of GH and community outreach.

-Care and counsel for new arrivals into the UK.

PROPERTY & DEVELOPMENT MATTERS:

There are significant maintenance works, repairs and upgrades on the property that were unavoidable. Prominent amongst

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GLORY HOUSE Report of the Trustees Continued

For the year ended 30 June 2024

these are

-Central heating & air conditioning units

-Maintenance, cleaning and gardening -Elevators, and -Security systems upgrade.

INCOME & INVESTMENTS:

GH to explore Spirit-led scriptural strategies to generate financial income. The following are immediate measures deployed.

-Ongoing short lets of two-bed flat (managed by independent company).

-Office space and Boardroom rentals.

-Advertised meeting Hall rentals for events.

-Explore hiring out the GH buses commercially.

-GH Day-care Centre. (Proposals have been drawn up.)

In 2023, GH invested £100,000.000 into Tapetro Limited. With 100% return-on-investment (ROI) over a period of twelve calendar months, the contract was signed, in July 2023 and maturing in July 2024.

-Effective date of completion of this transaction is 17th of July 2024.

-Expected returns of £200,000 at completion.

-GH lawyers will pay-out a 25% finder's fee on behalf of GH.

-Tapetro Ltd has requested for extension to the date of completion due to delays in constructions and funding. -The services of Nneka Keazor (solicitor) were retained to handle the investment legal matters.

-GH will continue to consider investment opportunities.

MISSIONS:

As part of the aims of the church

-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. Trainings, crusades, welfare outreaches, etc.

MISCELLANEOUS MATTERS:

Between October 2023 and May 2024, the following matters have been pursued and herein are updates:

TRUSTEE: Mr. Kwaku Offorie-Boateng stepped down as a trustee. Mrs. Caroline Agbi was appointed a trustee within the financial year.

GH LONDON: GH London Services continues to hold in a rented school hall, East Lea Community School, Hilda Road, London, E16 4NN. Efforts are ongoing to find a more suitable venue.

GH CIO TRANSITION: This requires professional input and has been outsourced through the GH solicitors handling the CIO registration Sonia Clark, ROCK Solicitors.

GH BUSES: For over a year, GH provided hired bus shuttles for church volunteer workers and members shuttling between London and Chelmsford. In February 2024, we acquired two buses to stem the excess cost of hiring.

HR SUPPORT: Croner Group, continue to provide professional support ensuring adherence to the HR legal requirements.

FINANCIAL REVIEW

The net income for the year amounted to a deficit of £363,732.63, in 2023 it was a surplus of £2,792,170, all of which was attributable to general reserve.

3 of 16

GLORY HOUSE Report of the Trustees Continued

For the year ended 30 June 2024

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 one month of unrestricted expenditure which amounted to £73027 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 £47297. It is the intention of the Trustees to build reserves to the right level over the next few years

The Church has a building fund account dedicated to setting funding aside for building projects. The total amount of cash in this account at the end of this financial period is £8866.93, this is held as restricted fund for future building projects.

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 Springfield Lyons House Springfield Lyons Approach Chelmsford Business Park CM2 5LB

Trustees

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

Mrs Omotara Talabi Mr Ayodeji Charles Fadeyibi Mr Akintunde Akinola Sofola Mr Henry Oluwakayode O Ogundana Ms Caroline Agbi

4 of 16

GLORY HOUSE Report of the Trustees Continued For the year ended 30 June 2024

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

............................................................................. Mrs Omotara Talabi

16 April 2025

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GLORY HOUSE Independent Examiners Report to the Trustees

For the year ended 30 June 2024

I report to the trustees on my examination of the accounts of the charity for the year ended 30 June 2024.

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:

  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

16 April 2025

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GLORY HOUSE Statement of Financial Activities

For the year ended 30 June 2024

Notes
Income and endowments from:
Donations and legacies
2
Investments
3
Bank interest receivable
Other income
4
Gains on disposal of tangiable
fixed asset for charity's own use
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
£
500,359
3,575
-
8,660
512,594
(11,846)
(864,481)
(876,327)
(363,733)
4,608,806
4,245,073		 2023
£
797,726
1,858
3,061,072
10,560
3,871,216
(11,231)
(1,067,815)
(1,079,046)
2,792,170
1,816,636
4,608,806

7 of 16

GLORY HOUSE Statement of Financial Position

As at 30 June 2024

Notes
Fixed assets
Tangible assets
12
Investments
Current assets
13
Debtors
Cash at bank and in hand
Creditors: amounts falling due within one year
14
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more than one year
15
Net assets
The funds of the charity
Unrestricted income funds
16
Total funds		 £
2024
4,137,387
100,000
4,237,387
12,096
81,733
93,829
(46,532)
47,297
4,284,684
(39,611)
4,245,073
4,245,073
4,245,073		 £
2023
4,086,181
200,000
4,286,181
-
356,341
356,341
(33,716)
322,625
4,608,806
-
4,608,806
4,608,806
4,608,806

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

Mrs Omotara Talabi Trustee 16 April 2025

8 of 16

GLORY HOUSE Notes to the Financial Statements

For the year ended 30 June 2024

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).

Going concern

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		 2023
2024
£
£
797,726
500,359
797,726
500,359

3. Investment income

Unrestricted funds
Bank interest receivable		 2024
£
3,575
3,575		 2023
£
1,858
1,858

9 of 16

GLORY HOUSE Notes to the Financial Statements Continued

For the year ended 30 June 2024

4. Other income

ther income
Unrestricted funds
Gains on disposal of tangible
fixed asset for charity's own use
Other income 1
xpenditure on generating donations and legacies
Unrestricted funds
Support costs
osts of charitable activities by fund type
Unrestricted funds
Evangelism & Missions
osts of charitable activities by activity type
Activities undertaken directly
Evangelism & Missions
nalysis of support costs
Voluntary Income
Finance
Bank Charges
Other Charges		 2024
£
-
8,660
8,660
2024
£
11,846
11,846
2024
£
864,481
2024
£
864,481
2024
£
11,846
-
11,846		 2023
£
3,061,072
10,560
3,071,632
2023
£
11,231
11,231
2023
£
1,067,815
2023
£
1,067,815
2023
£
4,019
7,212
11,231

5. Expenditure on generating donations and legacies

6. Costs of charitable activities by fund type

7. Costs of charitable activities by activity type

8. Analysis of support costs

10 of 16

GLORY HOUSE Notes to the Financial Statements Continued

For the year ended 30 June 2024

9. Net income/(expenditure) for the year

This is stated after charging/(crediting):

This is stated after charging/(crediting):
2024 2023
£ £
Depreciation of owned fixed assets 95,282 71,183
Staff pension contributions 6,093 8,298
(Gain)/Loss on disposal of tangible fixed assets - (3,061,072)

10. Staff costs and emoluments

Total staff costs for the year ended 30 June 2024 were:

Salaries and wages
Social security costs
Pension costs
Administrative Staff		 2024
£
259,087
21,131
6,093
286,311
2024
9
9		 2023
£
342,494
26,391
8,298
377,183
2023
8
8

11. Comparative for the Statement of Financial Activities

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

11 of 16

GLORY HOUSE

Notes to the Financial Statements Continued

For the year ended 30 June 2024

12. Tangible fixed assets

Cost or valuation
At 01 July 2023
Additions
At 30 June 2024
Depreciation
At 01 July 2023
Charge for year
At 30 June 2024
Net book values
At 30 June 2024
At 30 June 2023		 Land and
Buildings
£
3,815,434
-
3,815,434
25,436
75,800
101,236
3,714,198
3,789,998		 Motor
Vehicles
£
-
120,481
120,481
-
4,906
4,906
115,575
-		 Fixtures and
Fittings
£
905,361
21,112
926,473
620,956
12,221
633,177
293,296
284,405		 Computer
Equipment
£
39,214
4,896
44,110
27,436
2,356
29,792
14,318
11,778		 Total
£
4,760,009
146,489
4,906,498
673,828
95,283
769,111
4,137,387
4,086,181

13. Debtors

Amounts due within one year:
Trade debtors		 2024
2023
£
£
12,096
-
12,096
-

14. Creditors: amounts falling due within one year

Trade creditors
Other creditors
Accruals and deferred income		 2024
£
17,195
13,337
16,000
46,532		 2023
£
17,195
8,521
8,000
33,716

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GLORY HOUSE Notes to the Financial Statements Continued

For the year ended 30 June 2024

15. Creditors: amounts falling due after more than one year

Creditors: amounts falling due after more than one year
2024
£
Other creditors
39,611
39,611
The following liabilities disclosed under creditors falling due after more than one year are secured by the charity:
Hire purchase agreements
39,611
39,611		 2023
£
-
-
-
-

16. Movement in funds

Unrestricted Funds

General
General
Unrestricted Funds - Previous year
General
General		 Balance at
01/07/2023
£
4,608,806
4,608,806
Balance at
01/04/2022
£
1,816,636
1,816,636		 Incoming
resources
£
512,594
512,594
Incoming
resources
£
3,871,216
3,871,216		 Outgoing
resources
£
(876,327)
(876,327)
Outgoing
resources
£
(1,079,046)
(1,079,046)		 Balance at
30/06/2024
£
4,245,073
4,245,073
Balance at
30/06/2023
£
4,608,806
4,608,806

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.

13 of 16

GLORY HOUSE Notes to the Financial Statements Continued

For the year ended 30 June 2024

17. Analysis of net assets between funds

Tangible Investments Net current Creditors > Net Assets
fixed assets assets / one year
(liabilities)
£ £ £ £ £
Unrestricted funds
General
General 4,137,387 100,000 47,297 (39,611) 4,245,073
4,137,387 100,000 47,297 (39,611) 4,245,073
Previous year
Tangible Investments Net current Creditors > Net Assets
fixed assets assets / one year
(liabilities)
£ £ £ £ £
Unrestricted funds
General
General 4,086,181 200,000 322,625 - 4,608,806
4,086,181 200,000 322,625 - 4,608,806

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GLORY HOUSE Detailed Statement of Financial Activities For the year ended 30 June 2024

INCOME AND ENDOWMENT
Donations and legacies
Donations
Building Fund
Gift Aid
Investments
Bank Interest Receivable
Other income
Gains On Disposal Of Tangible Fixed Asset For
Charity'S Own Use
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
Fire,Health & Safety
Legal & Professional Fees
Staff Training
Security
Insurance
Redundancy Pay
Postage & Stationery
Equipment Hire
Welfare & Support
Honorarium
Evangelism And Missions
Website Cost
Repair & Maintenance
Software Cost
Pastoral Allowance
Accountancy Fees
Out Of Zion Choir
Books & Cds
Charitable Donations		 £
2024
500,359
-
-
500,359
3,575
3,575
-
8,660
8,660
512,594
(259,087)
(21,131)
(6,093)
(95,282)
-
(56,540)
(24,105)
(2,510)
(26,354)
(17,802)
(9,010)
(11,193)
(111)
(22,798)
(8,849)
-
(7,119)
(8,478)
(26,319)
(14,900)
(26,858)
(1,423)
(15,587)
(1,553)
(50,500)
(8,000)
(41,292)
(1,349)
(2,499)		 £
2023
651,295
17,475
128,956
797,726
1,858
1,858
3,061,072
10,560
3,071,632
3,871,216
(342,494)
(26,391)
(8,298)
(71,183)
(1,797)
(47,046)
(28,965)
(3,667)
(18,849)
(36,254)
(4,501)
(48,130)
-
(22,174)
(10,266)
(20,000)
(3,317)
(24,555)
(50,349)
(11,580)
(39,850)
(720)
(16,413)
(1,439)
(98,000)
(8,000)
(36,384)
(544)
(1,903)

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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 30 June 2024

Cleaning Expenses
Removal And Re-Installation Cost
Moving Cost
Car & Van Hire
Council Tax
Building Renovation
Grounds Maintenance
Ukvi Immigration
Volunteers Expenses
Dbs
Hall Hire Expenses
Storage Cost
Service Charge
SUPPORT COSTS
Finance
Bank Charges
Other Charges
Total resources expended
Net Expenditure		 (17,807)
-
-
(17,098)
(34,784)
(14,839)
-
(439)
(2,800)
(571)
(5,599)
(268)
(3,534)
(864,481)
(11,846)
-
(11,846)
(876,327)
(363,733)		 (12,056)
(25,237)
(26,288)
-
(4,915)
(14,630)
(1,620)
-
-
-
-
-
-
(1,067,815)
(4,019)
(7,212)
(11,231)
(1,079,046)
2,792,170

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This page does not form part of the statutory financial statements