|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|||||||| |Charitable
Activities|||||110,690|110,690|134,405| |Governance
Costs|||||||| |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|||||||| |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:||||| |---|---|---|---|---|---|---|---| |income|||||||| |||~
the charity becomes entitled to the resources.|||||| |||~
it is more likely than not that the trustees
will receive the resources; and|||||| |||~
the monetary
value can be measured
with sufficient
reliability.|||||| |||There has been no offsetting ofassets and liabilities, or income and expenses,|||unless required||or| |Offsetting||permitted
by the FRS 102SORP or FRS102.|||||| |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|||| |---|---|---|---| ||||Legacies are included
in the SOFA when receipt is probable, that is, when there has been grant of| ||||probate, the executors have established
that there are sufficient assets in the estate and any| ||||conditions
attached to the legacy are either within the control ofthe charity or have been met.| ||||Gift Aid receivable is included
in income when there is a valid declaration
from the donor.
Any| |Tax reclaims||on|Gift Aid amount
recovered
on a donation
is considered
to be part ofthat gift and is treated as an| |donations|and gifts||addition to the same fund as the initial donation
unless the donor orthe terms ofthe appeal have| ||||specified otherwise.| |Contractual||income|This is only included
in the SoFA once the charity has provided
the related goods or services or| |and performance|||met the performance
related conditions.| |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.| ||||The cost of any stock ofgoods donated
for distribution
to beneficiaries
is deemed to be the fair| ||||value ofthose gifts at the time oftheir receipt and they are recognised
on receipt.
In the reporting| ||||period
in which the stocks are distributed,
they are recognised as an expense at the carrying| ||||amount ofthe stocks at distribution.| ||||Donated goods for resale are measured
at fair value on initial recognition,
which is the expected| ||||proceeds from sale less the expected costs ofsale and recognised
in 'Income from other trading| ||||activities'
with the corresponding
stock recognised
in the balance sheet.
On its sale the value of| ||||stock ischarged against 'Income from other trading
activities'
and the proceeds from sale are also| ||||recognised as 'Income from other trading
activities'.| ||||Goods donated
for on-going
use by the charity are recognised as tangible
fixed assets and| ||||included
in the SoFA as incoming
resources when receivable.| ||||Gifts in kind for use by the charity are included
in the SoFA as income from donations
when| ||||receivable.| |Donated services|||Donated services and facilities are included
in the SOFA when received at the value ofthe gift to| |and facilities|||the charity provided the value ofthe gift can be measured
reliably.| ||||Donated services and facilities that are consumed
immediately
are recognised as income with an| ||||equivalent
amount recognised as an expense under the appropriate
heading
in the SOFA.| |Support costs|||The charity has incurred
expenditure
on support costs.| |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.| |Income from
interest, royalties
and dividends||This is included
in the accounts when receipt is probable,
and the amount
receivable can be
measured
reliably.| |Income from
membership
subscriptions||Membership
subscriptions
received
in the nature ofa gift are recognised
in Donations
and
Legacies.| |||Membership
subscriptions
which gives a member the right to buy services or other benefits are| |||recognised as income earned
from the provision ofgoods and services as income from charitable| |||activities.| |Settlement of||Insurance
claims are only included
in the SoFA when the general income recognition
criteria are| |insurance
claims||met (5.10to 5.12FRS102SORP) and are included as an item ofother income
in the SoFA.| |investment
gains||| |and losses||This includes
any realised or unrealised
gains or losses on the sale ofinvestments
and any gain| |||or loss resulting
from revaluing
investments
to market value at the end ofthe year.| |2.2. Expenditure|and|Liabilities| |||Liabilities are recognised
where
it is more likely than not that there is a legal or constructive| |||obligation
committing
the charity to pay out resources and the amount ofthe obligation
can be| |||measured
with reasonable
certainty.| |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.| |||Support costs include central functions
and have been allocated to activity cost categories on a| |||basis consistent
with the use ofresources, eg allocating
property costs by floor areas, or per| |||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| |performance||output to be provided,
such grants are only recognised
in the SoFA once the recipient ofthe grant| |conditions||has provided
the specified service or output.| |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.| |Redundancy
cost||The charity made no redundancy
payments
during the reporting
period.| |Deferred income||No material
item ofdeferred
income has been included
in the accounts.| |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| |---|---|---|---|---|---|---|---|---| |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||||||| |||Furniture
&fittings|25%on the reducing
balance|||||| |||Motor Vehicles|25%on the reducing
balance|||||| |||Freehold Office|1%on the Straight-Line
Method|||||| |||Assets are depreciated
from the|time at which they are brought
into use.|||||| |Intangible|fixed|The charity has intangible
fixed|assets, that is, non-monetary
assets that do not have physical|||||| |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|||||| |||They are valued at cost.||||||| |Heritage assets||The charity has heritage assets,|that is, non-monetary
assets with historic, artistic, scientific,|||||| |||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.|||||| ||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.|||||| ||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|