| Contents | Page | |||
|---|---|---|---|---|
| Legal and Administrative | Information | |||
| Report ofthe | Trustees | 3-4 | ||
| Independent | Examiner's | Report | ||
| Statement of | Financial Activities | |||
| Balance Sheet | ||||
| Notes forming | part ofthe financial | statements | 8-10 |
| STATEMENT OF FINANCIAL | ACTIVITIES | ACTIVITIES | 2021 | 2021 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
| NOTE | RESTRICTED | UNRESTRICTED | TOTAL | TOTAL | |||
| INCOMING RESOURCES | |||||||
| Incoming resources from generated |
funds: | 112,432 | 112,432 | 139,868 | |||
| TOTAL INCOMING RESOURCES |
112,432 | 112,432 | 139,868 | ||||
| RESOURCES EXPENDED | |||||||
| Cost ofgenerating funds |
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| Charitable Activities |
110,690 | 110,690 | 134,405 | ||||
| Governance Costs |
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| TOTAL RESOURCES EXPENDED | 110,690 | 110,690 | 134,405 | ||||
| NET INCOME/EXPENDITURE | FOR | THE | |||||
| YEAR BEFORETRANSFER | |||||||
| 1,742 | 1,742 | 5,463 | |||||
| Gains on revaluation ofassets |
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| Net Movements in funds |
1,742 | 1,742 | 5,463 | ||||
| Total Funds Brought Forward | 185,238 | 317,341 | 502,579 | 497,16 | |||
| Total Funds Carried Forward | 185,238 | 319,083 | 504,321 | 502,579 | |||
| Restricted | 185,238 | 185,238 | 185,238 | ||||
| Unrestricted | 319,083 | 319,083 | 317,341 |
| BALANCE SHEET | Note | 2021 | 2020 |
|---|---|---|---|
| E | |||
| Fixed Assets | |||
| Tangible Assets | 159,422 | 160,232 | |
| Investments | 403,036 | 403,036 | |
| 562,458 | 563,268 | ||
| Currents Assets | |||
| Debtors & Prepayments | |||
| Cash & Bank | 3,445 | 6,893 | |
| 3,445 | 6,893 | ||
| Creditors: falling due within one year | |||
| Net Current Assets | 3,445 | 6,893 | |
| Total Assets | 565,903 | 570,161 | |
| Creditors: falling due after one year |
61,582 | 67,582 | |
| NET ASSETS | 504,321 | 502,579 | |
| INCOME FUNDS | |||
| Restricted | 185,238 | 185,238 | |
| Unrestricted | 319,083 | 317,341 | |
| TOTAL FUNDS | 504,321 | 502,579 |
| Recognition | of | These are included in the Statement of Financial Activities (SoFA) when: |
These are included in the Statement of Financial Activities (SoFA) when: |
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| income | |||||||
| ~ the charity becomes entitled to the resources. |
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| ~ it is more likely than not that the trustees will receive the resources; and |
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| ~ the monetary value can be measured with sufficient reliability. |
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| There has been no offsetting ofassets and liabilities, or income and expenses, | unless required | or | |||||
| Offsetting | permitted by the FRS 102SORP or FRS102. |
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| Grants and | Grants and donations are only included in the SoFA when the general |
income | recognition | criteria | |||
| donations | are met (5.10to 5.12FRS102SORP). | ||||||
| In the case ofperformance related grants, income must only be recognised |
to | the extent | that the | ||||
| charity has provided the specified goods or services as entitlement to |
the grant | only occurs when |
| Legacies | |||
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| Legacies are included in the SOFA when receipt is probable, that is, when there has been grant of |
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| probate, the executors have established that there are sufficient assets in the estate and any |
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| conditions attached to the legacy are either within the control ofthe charity or have been met. |
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| Gift Aid receivable is included in income when there is a valid declaration from the donor. Any |
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| Tax reclaims | on | Gift Aid amount recovered on a donation is considered to be part ofthat gift and is treated as an |
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| donations | and gifts | addition to the same fund as the initial donation unless the donor orthe terms ofthe appeal have |
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| specified otherwise. | |||
| Contractual | income | This is only included in the SoFA once the charity has provided the related goods or services or |
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| and performance | met the performance related conditions. |
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| related grants | |||
| Donated goods | Donated goods are measured at fair value (the amount for which the asset could be exchanged) unless impractical to do so. |
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| The cost of any stock ofgoods donated for distribution to beneficiaries is deemed to be the fair |
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| value ofthose gifts at the time oftheir receipt and they are recognised on receipt. In the reporting |
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| period in which the stocks are distributed, they are recognised as an expense at the carrying |
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| amount ofthe stocks at distribution. | |||
| Donated goods for resale are measured at fair value on initial recognition, which is the expected |
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| proceeds from sale less the expected costs ofsale and recognised in 'Income from other trading |
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| activities' with the corresponding stock recognised in the balance sheet. On its sale the value of |
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| stock ischarged against 'Income from other trading activities' and the proceeds from sale are also |
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| recognised as 'Income from other trading activities'. |
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| Goods donated for on-going use by the charity are recognised as tangible fixed assets and |
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| included in the SoFA as incoming resources when receivable. |
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| Gifts in kind for use by the charity are included in the SoFA as income from donations when |
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| receivable. | |||
| Donated services | Donated services and facilities are included in the SOFA when received at the value ofthe gift to |
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| and facilities | the charity provided the value ofthe gift can be measured reliably. |
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| Donated services and facilities that are consumed immediately are recognised as income with an |
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| equivalent amount recognised as an expense under the appropriate heading in the SOFA. |
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| Support costs | The charity has incurred expenditure on support costs. |
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| Volunteer | help | The value of any voluntary help received is not included in the accounts but is described in the |
| ARENDED 31JULY | 202 | 1 |
|---|---|---|
| trustees' annual report. |
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| Income from interest, royalties and dividends |
This is included in the accounts when receipt is probable, and the amount receivable can be measured reliably. |
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| Income from membership subscriptions |
Membership subscriptions received in the nature ofa gift are recognised in Donations and Legacies. |
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| Membership subscriptions which gives a member the right to buy services or other benefits are |
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| recognised as income earned from the provision ofgoods and services as income from charitable |
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| activities. | ||
| Settlement of | Insurance claims are only included in the SoFA when the general income recognition criteria are |
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| insurance claims |
met (5.10to 5.12FRS102SORP) and are included as an item ofother income in the SoFA. |
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| investment gains |
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| and losses | This includes any realised or unrealised gains or losses on the sale ofinvestments and any gain |
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| or loss resulting from revaluing investments to market value at the end ofthe year. |
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| 2.2. Expenditure | and | Liabilities |
| Liabilities are recognised where it is more likely than not that there is a legal or constructive |
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| obligation committing the charity to pay out resources and the amount ofthe obligation can be |
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| measured with reasonable certainty. |
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| Governance and support costs |
Support costs have been allocated between governance costs and other support. Governance costs comprise all costs involving public accountability ofthe chadity and its compliance with regulation and good practice. |
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| Support costs include central functions and have been allocated to activity cost categories on a |
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| basis consistent with the use ofresources, eg allocating property costs by floor areas, or per |
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| capita, staff costs by the time spent and other costs by their usage. | ||
| Grants with | Where the charity gives a grant with conditions for its payment being a specific level ofservice or |
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| performance | output to be provided, such grants are only recognised in the SoFA once the recipient ofthe grant |
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| conditions | has provided the specified service or output. |
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| Grants payable without performance conditions |
Where there are no conditions attaching to the grant that enables the donor charity to realistically avoid the commitment, a liability for the full funding obligation must be recognised. |
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| Redundancy cost |
The charity made no redundancy payments during the reporting period. |
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| Deferred income | No material item ofdeferred income has been included in the accounts. |
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| Creditors | The charity has creditors which are measured at settlement amounts less any trade discounts |
| Provisions | for | A liability is measured on recognition at its historical cost and then subsequently measured |
A liability is measured on recognition at its historical cost and then subsequently measured |
A liability is measured on recognition at its historical cost and then subsequently measured |
A liability is measured on recognition at its historical cost and then subsequently measured |
A liability is measured on recognition at its historical cost and then subsequently measured |
A liability is measured on recognition at its historical cost and then subsequently measured |
at the |
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| liabilities | best estimate ofthe amount | required to settle the obligation at the reporting |
date | |||||
| Basic financial | The charity accounts for basic financial instruments on initial recognition as per paragraph |
11.7 | ||||||
| instruments | FRS102SORP. Subsequent | measurement is as per paragraphs 11.17to 11.19,FRS102 |
SORP. | |||||
| 2.3. Expenditure | and Liabilities | |||||||
| Tangible fixed | These are valued at cost and capitalised ifthey can be used for more than one |
year, and | cost | at | ||||
| assets for | use by | least E1,000 | ||||||
| charity | ||||||||
| The charge for depreciation is calculated to write offthe cost ofthe fixed |
assets | over their | useful | |||||
| lives on the following bases: | ||||||||
| Office & Musical Equipment 25%on the reducing balance |
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| Furniture &fittings |
25%on the reducing balance |
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| Motor Vehicles | 25%on the reducing balance |
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| Freehold Office | 1%on the Straight-Line Method |
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| Assets are depreciated from the |
time at which they are brought into use. |
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| Intangible | fixed | The charity has intangible fixed |
assets, that is, non-monetary assets that do not have physical |
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| assets | substance but are identifiable and are controlled by the charity through |
custody | or legal rights. | The | ||||
| amortisation rates and methods |
used are disclosed in note 9.5 |
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| They are valued at cost. | ||||||||
| Heritage assets | The charity has heritage assets, | that is, non-monetary assets with historic, artistic, scientific, |
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| technological, geophysical or environmental qualities that are held and |
maintained | principally | for | |||||
| their contribution to knowledge |
and culture. The depreciation rates and |
methods | used as | disclosed | ||||
| in note 9.6.1.4. | ||||||||
| They are valued at cost. | ||||||||
| Investments | Fixed asset investments in quoted shares, traded bonds and similar investments |
are valued at | ||||||
| initially at cost and subsequently | at fair value (their market value) at the year end. The same | |||||||
| treatment is applied to unlisted |
investments unless fair value cannot be |
measured | reliably | in which | ||||
| case it is measured at cost less |
impairment. | |||||||
| Investments held for resale or pending their sale and cash and cash equivalents |
with a maturity |
| INTERNATIONAL | CENTRAL GOSPEL CHURCH TRUST | |||||
|---|---|---|---|---|---|---|
| FINANCIAL STATEMENTS AND TRUSTEES' REPORT | ||||||
| YEAR ENDED 31JULY 2021 | ||||||
| date ofless than 1 year are treated as current asset investments. |
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| Stocks held for sale as part of non-charitable | trade are measured at the |
lower or | cost or | net | ||
| realisable value. | ||||||
| Stocks and work in | ||||||
| progress | Goods or services provided as part ofa charitable activity are measured |
at net realisable | value | |||
| based on the service potential provided by |
items ofstock. | |||||
| Work in progress is valued at cost less any | foreseeable loss that is likely | to occur | on the | contract. | ||
| Debtors (including trade debtors and loans |
receivable) are measured | on | initial recognition | at | ||
| settlement amount after any trade discounts |
or amount advanced by |
the | charity. | Subsequently, | ||
| they are measured at the cash or other consideration expected to be |
received. | |||||
| Debtors | ||||||
| Current asset | ||||||
| investments | ||||||
| The charity has has investments which it holds for resale or pending |
their sale and cash | and cash | ||||
| equivalents with a maturity date less than one year. These include cash |
on deposit and cash equivalents | |||||
| with a maturity date ofless than one year held for investment purposes |
rather than to meet short term | |||||
| cash commitments as they fall due. |
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| They are valued at fair value except where | they qualify as basic financial | instruments. |
| 3.DONATIONS | AND SIMILAR INCOMING | AND SIMILAR INCOMING | ||||
|---|---|---|---|---|---|---|
| RESOURCES | RESTRICTED | UNRESTRICTED | ||||
| 2021 | 2021 | Total | 2020 | |||
| Tithes 8 offering | 101,117 | 101,117 | 125,655 | |||
| Gift Aid Repayment | 11,315 | 11,315 | 14,213 | |||
| Building Funds | ||||||
| 112,432 | 112,432 | 139,868 | ||||
| 4.CHARITABLE ACTIVITIES | 2021 | 2020 | ||||
| Rent-Office &Church | 14,114 | 20,305 | ||||
| Media | 4,944 | 11,576 | ||||
| Salaries | 34,472 | 33,602 | ||||
| Donations &Welfare |
90 | 90 | ||||
| Mission | 1,800 | 4,400 | ||||
| NEST | 5,258 | 5,258 | ||||
| Worship & Events |
450 | 2,516 | ||||
| Equipment | 392 | |||||
| Motor Vehicle Expenses | 5,386 | 5,386 | ||||
| General Administration |
Cost | 29,617 | 25,248 | |||
| Repair & Maintenance | 500 | |||||
| Bank Charges | 151 | 685 | ||||
| Music Ministry | 100 | 10,160 | ||||
| Professional Fees | 3,491 | 1,676 | ||||
| HMRC - PAYE | 9,506 | 11,081 | ||||
| Storage | ||||||
| Sundry | 950 | |||||
| Depreciation | 811 | 1,080 | ||||
| 110,690 | 134,405 |
| 5.TANGIBLE FIXEDASSETS | ||||||
|---|---|---|---|---|---|---|
| Furniture | ||||||
| Freehold | Computer | Musical | Motor | 8,Fi+ufe | ||
| Property | Equipment | Equipment | Vehicle | Total | ||
| COST | 6 | E | ||||
| At 01/08/20 | 157,000 | 16,289 | 83,305 | 15,595 | 2,852 | 275,041 |
| Additions | ||||||
| At 31/07/21 | 157,000 | 16,289 | 83,305 | 15,595 | 2,852 | 275,041 |
| DEPRECIATION | ||||||
| At 01/08/20 | 15,476 | 81,325 | 15,439 | 2,569 | 114,808 | |
| Charge in period |
203 | 496 | 39 | 72 | 811 | |
| At 31/07/21 | 15,679 | 81,821 | 15,478 | 2,641 | 115,619 | |
| NET BOOK VALUE | ||||||
| At 31July 2021 | 157,000 | 610 | 1,484 | 117 | 211 | 159,422 |
| At 31July 2020 | 157,000 | 813 | 1,980 | 156 | 283 | 160,232 |
| 6.CREDITORS —due after one year | ||||||
| 2021 | 2020 | |||||
| Loan —Mortgage | 61,582 | 67,582 | ||||
| 61,582 | 67,582 |