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.
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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.
- -Membership Classes, Teaching seminars held for personal growth.
-Women's Ministry, Men's Ministry events, activities & seminars
-Family Life Ministry programs, counselling, etc.in supporting families.
- -Pastoral Ministry engaged in hospital and home visits, baby dedication, and counselling sessions.
## 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.
- -Social Media strategic advertising (all year round).
Benevolence and care to new members of GH and community outreach.
-Care and counsel for new arrivals into the UK.
- -Christmas relief packages (December 2023).
- -Hand of Love meeting needs across GH Chelmsford and London.
## PROPERTY & DEVELOPMENT MATTERS:
There are significant maintenance works, repairs and upgrades on the property that were unavoidable. Prominent amongst
2 of 16
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.
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## 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