Charity no. 1048608
GLORIOUS INHERITANCE MISSION (WORLDWIDE)
REPORT AND FINANCIAL STATEMENTS
Year ended 30th June 2024
Page 1
GLORIOUS INHERITANCE MISSION (WORLDWIDE) Report of the trustees for the year ended 30th June 2024
The trustees present their annual report and financial statements of the charity for the year ended 30th June 2024
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's Constitution, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of recommended Practice applicable to charities.
Objectives and activities for the public benefit.
The purposes of the charity continue to be the advancement of the Christian religion and for the advancement of education in accordance with the Articles of Faith.
The trustees confirm that they have referred to the Charity Commission's guidance on public benefit and, in particular, the specific guidance on charities for the advancement of religion.
The trustees achieve this by separate strategies aimed at those who do not have a relationship with Jesus Christ and those who have already accepted Jesus Christ as their Lord and Saviour.
Non believers are targeted by various outreach activities based either in the local community or further afield.
For believers, the trustees endeavour to create an environment where a person's faith can be increased and matured by access to:
Regular biblical teaching Praise. Worship and Prayer meetings Provision of pastoral work Visiting and praying for the sick and infirmed
A review of our achievements and performance
2023/24 has been a year of diverse outreach and has seen our plans made in 2023 come to fruition.
We have continued to actively participate, contributing financially to the Haringey Sickle Cell and Thalassaemia Project and in practical support and counselling to families and individuals with the condition, signposting them to specialist services. GIM has participated in the Family Gospel Festival to bring awareness and educate the general public on issue of Sickle Cell among the affected communities.
GIM continues to support the Women's Refuge and on International Women's Day funded an event organised by the Refuge to bring inclusivity of women's achievements in our society.
We have organised hospital visitations to individuals who have been hospitalised. Our Counselling and Mental Health Support has been used by many who are not part of the assemblies. GIM provides counselling and support to people suffering from mental health issues and signposts them to the appropriate services (statutory and voluntary)
Page 2
GLORIOUS INHERITANCE MISSION (WORLDWIDE) Report of the trustees for the year ended 30th June 2024
A review of our achievements and performance (contd)
Our highlight has been our youth outreach and support. GIM has continued to equip and educate the young generation to be productive citizens of the United Kingdom and the world at large. We focused on music and media skills by sponsoring studio sessions for personal skills development. This has helped motivate some youth to enrol in music production and media studies at college. We are grateful to God for the opportunities. Seven of the youth members have enrolled with our Christian Workers Training Scheme and this is encouraging. A Bible College has also been started in Ghana which also has 8 students matriculated in a one-year Certificate Course in church Ministry and Theology.
Financial review
The work of the charity is entirely dependent on the voluntary offerings of people attending the various meetings that have taken place during the year.
The income of the year increased by 4.5% to £ 78,906 (2023 = £75,552). This includes amounts received under the Gift Aid system.
Risk management
The main risks faced by the trust are as follows:
a. Financial
This includes a serious decrease in the amount of income received and thereby causing the charity to be unable to meet its financial commitments. This has been mitigated by the charity receiving regular up to date financial information to enable the trustees to plan accordingly.
b. Reputational
In dealing with reputational risk, we communicate with all departments, the young, the old and the children with regard to the reputation of the charity. We ensure that there are strong and consistent enforcement of controls on governance and ministerial and legal compliance laid down by the Charity Commission. The ministerial team ensures that any reputational threats are monitored. The trustees also ensure that ethical practices are maintained in all that we do.
We ensure that we establish a continual updating of a crisis management plan with the establishment of a team to supervise this.
Page 3
GLORIOUS INHERITANCE MISSION (WORLDWIDE) Report of the trustees for the year ended 30th June 2024
Reserves Policy
The trustees aim to maintain free reserves in unrestricted funds at a level which equates to approximately three months of unrestricted charitable expenditure. The trustees consider that this level will provide sufficient funds to enable financial commitments to be met and also give them enough time to review and revise ongoing commitments should a long term decrease in income be recognised.
The level of unrestricted reserves as at 30th June 2024 was £164,783 after allowing for funds tied up in tangible fixed assets.
Three months average unrestricted expenditure totals £14,450.
The current level of reserves is therefore adequate as per the above policy.
Plans for the future
In 2024/2025, GIM plans to do better and enhance our impact on the youth who are the future of our communities, nation and world at large. We will continue to provide health awareness making use of professional expertise, and continue on the management of personal finances. GIM will still work with, and support, the work of the Haringey Sickle Cell and Thalassaemia Project to bring awareness of the condition and also support the work of other charities who may call upon us for support.
We will also develop the Workers Training Scheme into a ministerial training for would-be ministers of GIM and further the work of the Glorious Impact Bible College in Ghana.
Structure, governance and management
The organization is a registered charity, number 1048608 and is constituted under a Constitution adopted on 16th July 1995.
The charity does not raise funds from the public and seeks to continue its charitable works through the careful stewardship of the donations from members.
New trustees are appointed by the existing trustees.
Formal meetings of the trustees take place every two years with regular electronic communications between meetings. Regular discussions include the way forward, the level of reserves, risk management policies etc.
The day to day leading of the charity is delegated to the resident Bishop.
Page 4
GLORIOUS INHERITANCE MISSION (WORLDWIDE) Report of the trustees for the year ended 30th June 2024
Structure, governance and management (Contd)
New trustees are chosen from the membership after showing continuous integrity and faithfulness to the charity. Before accepting the position, the potential trustee is given copies of the Constitution, previous financial statements and meets with the existing trustees for an overview of the plans of the charity for the future. Any training requests are quantified and arranged as necessary.
Key management personnel remuneration.
The trustees consider the board of trustees and Bishop Ayensu as comprising the key management personnel of the charity in charge of directing and controlling the charity and running and operating the charity on a day to day basis. All trustees give their time freely and no trustee remuneration was paid in the year. Related party transactions are shown in Note 7.
Trustees are required to disclose all relevant interests and are required to withdraw from decisions where a conflict of interest arises.
The salary of the Bishop is reviewed annually by the board of trustees.
Reference and administrative information
Trustees
Mr Godfrey Aidoo Ms Grace Tsipotey Rev Dr Bishop M Hutton Wood Dr Esther Ayensu Ms Nancy Ababio
Bishop
Bishop K Ayensu
Principal office PO Box 25623 London N17 6ZH
Page 5
GLORIOUS INHERITANCE MISSION (WORLDWIDE) Report of the trustees for the year ended 30th June 2024
Reference and administrative information (Contd)
Independent Examiner
George Kitcher FCA Regus 15th Floor, Brunel House Cardiff CF24 0EB Bankers Barclays Bank Plc 2 Victoria Street London SW1N 0ND
Page 6
GLORIOUS INHERITANCE MISSION (WORLDWIDE) Report of the trustees for the year ended 30th June 2024
Trustees' responsibilities in relation to the financial statements
The charity trustees are responsible for preparing a trustees' annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice)
The law applicable to charities in England and Wales requires the charity trustees to prepare financial statements in each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing the financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
- observe the methods and principles in the applicable Charities SORP;
-
- make judgments and estimates that are reasonable and prudent;
-
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations and the provisions of the Constitution. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Approved by the trustees on 9th September 2024 and signed on their behalf by:
G AIDOO - Chair of Trustees
Page 7
Independent Examiner's Report to the Trustees of:
GLORIOUS INHERITANCE MISSION (WORLDWIDE)
I report on the accounts for the charity for the year ended 30th June 2024 which are set out on pages 9 to 15.
Respective responsibilities of trustees and examiner
The charity's trustees are responsible for the preparation of the accounts. The charity Trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed.
It is my responsibility to:
-
examine the accounts under section 145 of the Charities Act
-
- follow the procedures laid down in the General Directions given by the Charity Commission under section 145(5)(b) of the Charities Act, and
-
- to state whether particular matters have come to my attention
Basis of independent examiner's report
My examination was carried out in accordance with the General Direction given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as Trustees on any such matters. The procedures undertaken do not provide all the evidence that would be required by an audit, and consequently no opinion is given as to whether the accounts present a "true and fair" view and the report is limited to those matters set out in the statement below.
Independent examiner's statement
In connection with my examination, no material matters have come to my attention which gives me cause to believe that in any material respect:
-
the accounting records were not kept in accordance with section 130 of the Charities Act; or
-
the accounts did not accord with the accounting records; or
-
the accounts did 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.
George Kitcher FCA Chartered Accountant Regus, 15th Floor, Brunel House Date 20th October 2024 Cardiff CF24 0EB Page 8
GLORIOUS INHERITANCE MISSION (WORLDWIDE) Statement of Financial Activities Year ending 30th June 2024
| Restd | Un restd | Total | Total | ||
|---|---|---|---|---|---|
| Note | Funds | Funds | Funds | Funds | |
| 2024 | 2023 | ||||
| £ | £ | £ | £ | ||
| Income | 1 | ||||
| Donations | 3 | 0 | 64,325 | 64,325 | 62,379 |
| Investment Income | 4 | 0 | 1,434 | 1,434 | 382 |
| Rental Income | 0 | 13,147 | 13,147 | 12,761 | |
| TOTAL INCOME | 0 | 78,906 | 78,906 | 75,522 | |
| Expenditure | 1 | ||||
| Expenditure on charitable | |||||
| activities | 5 | 0 | 57,773 | 57,773 | 47,845 |
| TOTAL EXPENDITURE | 0 | 57,773 | 57,773 | 47,845 | |
| Net incoming/(expenditure) | 0 | 21,133 | 21,133 | 27,677 | |
| Reconciliation of funds | |||||
| Total funds brought forward | 6,941 | 287,687 | 294,628 | 266,951 | |
| Total funds carried forward | 6,941 | 308,820 | 315,761 | 294,628 |
Page 9
GLORIOUS INHERITANCE MISSION (WORLDWIDE) Balance Sheet as at 30th June 2024
| Note | Total | Prior | |
|---|---|---|---|
| Funds | Year | ||
| £ | £ | ||
| Fixed assets: | 1 | ||
| Tangible assets | 8 | 144,037 | 145,049 |
| Total fixed assets | 144,037 | 145,049 | |
| Current assets: | |||
| Debtors | 12,592 | 10,863 | |
| Cash at bank and in hand | 160,227 | 140,661 | |
| Total current assets | 9 | 172,819 | 151,524 |
| Liabilities: | |||
| Creditors falling due within | |||
| one year | 10 | -1,095 | -1,945 |
| Net Current assets | 171,724 | 149,579 | |
| Net assets | 315,761 | 294,628 | |
| The funds of the charity: | 1, 11 | ||
| Unrestricted income funds | 308,820 | 287,687 | |
| Restricted income funds | 6,941 | 6,941 | |
| Total charity funds | 315,761 | 294,628 |
The notes at pages 11 to 15 form part of these accounts
Approved by the trustees on 9th September 2024 and signed on their behalf by:
G AIDOO - Chair of Trustees
Page 10
GLORIOUS INHERITANCE MISSION (WORLDWIDE) Notes to the accounts
1. Accounting Policies
(a) Basis of preparation and assessment of going concern
The accounts (financial statements) have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities, the Charities Act 2011 and the Governing Document.
The accounts have been prepared under the historic cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.
(b) Funds structure
Restricted Funds
The restricted fund consists of interest added to the bank accounts during the year and is used to send donations to Ghana.
The unrestricted funds are available to be spent on the furthering of the objects of the charity as seen fit and proper by the trustees.
- (c) Income recognition
All income is recognised once the charity has entitlement to the income, there is sufficient certainty or receipt and so it is probable that the income will be received, and the amount of income receivable can be measured reliably.
Donations from members and other donations are recognised when received.
Income in respect of HMRC Gift aid claims is recognised when the claim has been submitted to HMRC.
Interest on funds held on deposit is included upon notification of the interest payable by the Bank.
(d) Expenditure recognition
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured quickly.
All expenditure is recognised on an accruals basis.
Page 11
GLORIOUS INHERITANCE MISSION (WORLDWIDE) Notes to the accounts
(e) Irrecoverable VAT
Irrecoverable VAT is charged against the expenditure head for which it was incurred.
(f) Governance costs
Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include the independent examination and any costs incurred relating to trustee board meetings.
(h) Charitable activities
The expenditure on charitable activities includes the governance costs and is shown in Note 5.
(i) Tangible fixed assets and depreciation
All assets costing more than £500 are capitalised and valued at historic cost. Depreciation is charged from the year of acquisition at rate of 25% pa on a reducing value basis for equipment and motor vehicles and 2% on property on a straight line basis,
(j) Pensions
At the current time the charity does not provide any pension provisions for its staff.
2. Related party transactions and trustees' expenses and remuneration
The trustees all give freely of their time and expertise without any form of remuneration or other benefit in cash or kind. There are entitled to claim any expenses. The amount of expenses paid during the year was £nil ( 2023 = £nil)
| 3. Income | 2024 | 2023 |
|---|---|---|
| £ | £ | |
| Donations | 55,250 | 56,310 |
| Gift Aid | 9,075 | 6,069 |
| Rental Income | 13,147 | 12,761 |
| 77,472 | 75,140 | |
| 4. Investment Income | ||
| 2024 | 2023 | |
| £ | £ | |
| Interest on cash deposits | 1,434 | 382 |
Page 12
GLORIOUS INHERITANCE MISSION (WORLDWIDE) Notes to the accounts
| 5.Expenditure on charitable activities | 2024 | 2023 |
|---|---|---|
| £ | £ | |
| Donations | 10,662 | 6,350 |
| Subscription | 200 | 200 |
| Wages | 0 | 0 |
| Hall Hire | 12,400 | 11,495 |
| Administration and Ministry | 4,456 | 4,209 |
| Bank and Card Charges | 140 | 0 |
| Insurance | 711 | 660 |
| Telephone, Internet, website | 3,034 | 3,011 |
| Depreciation | 7,315 | 6,594 |
| Cleaning/PPE | 0 | 0 |
| Repairs | 2,299 | 2,174 |
| Enfield Expenses | 1,340 | 958 |
| Resources | 0 | 0 |
| Professional Fees | 925 | 945 |
| Payroll Preparation | 60 | 203 |
| Travel Expenses | 0 | 0 |
| Property Expenses | 6,953 | 4,632 |
| Sundry Expenses | 0 | 0 |
| Youth and Evangelism | 7,278 | 6,414 |
| TOTAL | 57,773 | 47,845 |
| 6. Governance costs | 2024 | 2023 |
| £ | £ | |
| Independent Examination | 925 | 945 |
| Costs of meetings | 0 | 0 |
| 925 | 945 | |
| 7. Analysis of staff costs | 2024 | 2023 |
| £ | £ | |
| Salaries and wages | 0 | 0 |
| Social security costs | 0 | 0 |
| 0 | 0 |
The charity did not have any full or part time employees during the year.
Page 13
GLORIOUS INHERITANCE MISSION (WORLDWIDE) Notes to the accounts
7. Analysis of staff costs (contd)
Appreciation gifts were made to Bishop Ayensu of £ 4,500 (2023 = £1,700) and Pastor Gifty Ayensu of £2,500 (2023 = £1,000).
8. Tangible fixed assets
| 8. Tangible fixed assets | Freehold | |||
| Vehicle | **Equipment ** | Property | TOTAL | |
| £ | £ | £ | £ | |
| Cost | ||||
| At 1st July 2023 | 10,000 | 60,171 | 152,785 | 222,956 |
| Additions | 0 | 6,303 | 0 | 6,303 |
| Disposals | 0 | 0 | 0 | 0 |
| At 30th June 2024 | 10,000 | 66,474 | 152,785 | 229,259 |
| Depreciation | ||||
| At 1st July 2023 | 8,222 | 51,300 | 18,385 | 77,907 |
| Charge for the year | 444 | 3,815 | 3,056 | 7,315 |
| Eliminated on disposals | 0 | 0 | 0 | 0 |
| At 30th June 2024 | 8,666 | 55,115 | 21,441 | 85,222 |
| Net book value | ||||
| At 30th June 2024 | 1,334 | 11,359 | 131,344 | 144,037 |
| At 30th June 2023 | 1,778 | 8,871 | 134,400 | 145,049 |
| 9. Analysis of current assets | 2024 | 2023 | ||
| £ | £ | |||
| Debtors and Prepayments | 3,517 | 4,794 | ||
| Gift Aid repayment | 9,075 | 6,069 | ||
| Cash at bank | 160,227 | 140,661 | ||
| 172,819 | 151,524 | |||
| 10. Analysis of current liabilities | ||||
| 2024 | 2023 | |||
| £ | £ | |||
| Creditors under 1 year | 1,095 | 1,945 |
Page 14
GLORIOUS INHERITANCE MISSION (WORLDWIDE) Notes to the accounts
11. Restricted Funds
| ed Funds | |||
|---|---|---|---|
| TOTAL | RESTD | U/RESTD | |
| £ | £ | £ | |
| Fixed Assets | 144,037 | 0 | 144,037 |
| Current assets | 172,819 | 6,941 | 165,878 |
| Current Liabilities | -1,095 | 0 | -1,095 |
| 315,761 | 6,941 | 308,820 |
Page 15