CHARITY REGISTRATION NUMBER: 1059112
HIS GRACE WORLD OUTREACH TRUST Unaudited Financial Statements
31 October 2022
HIS GRACE WORLD OUTREACH TRUST
Financial Statements
Year ended 31 October 2022
| Page | |
|---|---|
| Trustees' annual report | 1 |
| Independent examiner's report to the trustees | 6 |
| Statement of financial activities | 7 |
| Statement of financial position | 8 |
| Notes to the financial statements | 9 |
HIS GRACE WORLD OUTREACH TRUST
Trustees' Annual Report
Year ended 31 October 2022
The trustees present their report and the unaudited financial statements of the charity for the year ended 31 October 2022.
Reference and administrative details
Registered charity name HIS GRACE WORLD OUTREACH TRUST Charity registration number 1059112 Principal office 75 East Hill Dartford DA1 1SN
The trustees
Rev. Paul Fadeyi Mr E A Onifade Rev Joe Nwokoye Mrs M O Adeyemi Ms Omowunmi Morohundiya Mrs Joyce Adejoke Fadeyi Accountants HP Osalor's Ltd Chartered Certified Accountants 6 Greenwich Quay Clarence Road London SE8 3EY
Structure, governance and management
Governing Document
The charity is governed by deed of trust dated 8 October 1996.It is registered as a charity with the Charity Commission on 14 November 2006.
Appointment of Trustees
A new trustee may be appointed by a resolution of the Trustees passed at a meeting of the Trustees at which there is a majority of the Trustees present and such resolution shall be recorded in the minutes and signed by the new Trustee and by the chairman of the meeting and such records shall be conclusive evidence of his appointment.
Trustee Induction and Training
New trustees undergo an orientation day to brief them on their legal obligations under charity law,the committee and decision processes and the recent financial performance of the charity.Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their duties.
Organisation
The board of trustees consisting of 6 members, who meet half yearly, administer the charity. There are sub-committees covering spiritual development,membership and welfare,finance and administration.The finance and administration sub-committee is charged with the management of the day to day operations of the charity
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HIS GRACE WORLD OUTREACH TRUST
Trustees' Annual Report (continued)
Year ended 31 October 2022
Objectives and activities
The main objects of the charity is to advance the Christian faith in London and in such other parts of the United Kingdom or the world as the trustees may from time to think fit.
In planning our activities for the year we kept in mind the Charity Commission's guidance on public benefit. The focus of our activities continued to be that of worshiping God and furtherance of the gospel of our Lord Jesus Christ and the general advancement of the Christian faith. This benefits the general public through relieving people who are in conditions of need or hardship or who are aged or sick and to advance education in accordance with Christian principles in London and in such other parts of the United Kingdom or the world as the trustees may from time to time think fit and also to promote and fulfil such other charitable purposes beneficial to the community in London and in such other parts of the United Kingdom or the world as the trustees may from time to time think fit.
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HIS GRACE WORLD OUTREACH TRUST
Trustees' Annual Report (continued)
Year ended 31 October 2022
Achievements and performance
The accounting year ending 2022 was a very productive and fruitful year as things began to gradually pick up from all the challenges that came along with the pandemic. The supporting role all our faithful church members, partners and friends of the ministry played to keep us standing and focused with regards to maintaining the objective of this Trust which is to advance the Christian faith in London has been a huge blessing.
The gradual lifting of some of the restrictions associated with the pandemic facilitated a slight increase in the number of people who were able to physically attend our midweek and Sunday morning services in the church building in compliance with the COVID-19 regulations. Although we still had a sizeable number of people who continue to connect with the church programs through the social media platforms.
The investments we made in the purchase of new cameras and associated equipment's for our Television broadcast has helped to improve the quality of our production and presentation of the messages from the main auditorium. As a result, there was a sharp increase in the number of people logging online to join us for our Bible study and Sunday services. We are grateful for all the positive feedbacks we continue to receive while we strive to keep on improving.
There are not enough words to express our profound appreciation for all the steadfast financial support we received from all our faithful members and partners of the ministry despite the pandemic. This has helped us to meet all our monthly financial obligations at all levels while gradually building a good reserve fund to take care of future projects.
Through the tremendous inputs from all our lay Pastors and supportive volunteers, we have been able to continue in our efforts to maintain stronger emphasis on the teaching of God's word through our YouTube channel during our Friday Bible study and Worship service on Sunday. All their inputs are highly appreciated.
As a ministry that believes in the law of sowing and reaping, we are eternally grateful to God for the opportunity to also make financial donations to support other ministries and missions endeavour geared towards helping people in their times of need. This we intend to continue to do by the special grace of God and the support of our partners in progress.
In addition, during this accounting period, our sponsored Television program on one of the SKY television channels continue to be a blessing to many viewers through the Christian messages of faith and hope we present. The weekly regular broadcast on our YouTube channel on Friday and Sunday services is also helping us to fulfil the primary goal of our ministry.
It is worth mentioning that the external redecoration of our main church building was successfully carried out without any major incident. Other basic internal decorations will follow very soon.
Finally, the Trustees are once again grateful for all the church members, friends and partners of the ministry who gave financial and moral support through their regular donations for the execution of our programs, mission work. May God bless and reward their generosity.
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HIS GRACE WORLD OUTREACH TRUST
Trustees' Annual Report (continued)
Year ended 31 October 2022
Financial review
Total incoming resources increased slightly by 0.84% to £310,779 (2021 - £308,186). The principal funding sources continued to be tithes and offerings from members. The Total Outgoing resources however decreased by 7.69% to £274,235 (2021 - £297,091).
This thus resulted in a net incoming resources of £36,544 (2021 - £11,095).
Plans for future periods
Our future plans includes:
- Continue to build on the success of 2021 with regards to the advancement of Christian faith through more social media coverage. 2. To continue to train and develop more Young Adults to take up leadership roles as part of our succession plan. 3. To place greater emphasis on the development and upgrading of our children's church. 4. To Continue to explore more opportunities to present the good news of the gospel within and outside the UK
Trustees' responsibilities statement
The trustees are responsible for preparing the trustees' report and the 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 for 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 these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the applicable Charities SORP;
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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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 adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and 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 Trust Deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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HIS GRACE WORLD OUTREACH TRUST
Trustees' Annual Report (continued)
Year ended 31 October 2022
The trustees' annual report was approved on 17 August 2023 and signed on behalf of the board of trustees by:
Mrs M O Adeyemi Trustee
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HIS GRACE WORLD OUTREACH TRUST
Independent Examiner's Report to the Trustees of HIS GRACE WORLD OUTREACH TRUST
Year ended 31 October 2022
I report to the trustees on my examination of the financial statements of HIS GRACE WORLD OUTREACH TRUST ('the charity') for the year ended 31 October 2022.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity's financial statements 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 examiner's 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 because I am a member of the Institute of Chartered Accountants in England and Wales (ICAEW), which is one of the listed bodies.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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the financial statements do not accord with those records; or
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the financial statements 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.
Harry Koranteng FCCA,ACMA
Independent Examiner
6 Greenwich Quay Clarence Road London SE8 3EY
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HIS GRACE WORLD OUTREACH TRUST
Statement of Financial Activities
Year ended 31 October 2022
| 2022 | 2022 | 2021 | ||
|---|---|---|---|---|
| Unrestricted | ||||
| funds | Total funds | Total funds | ||
| Note | £ | £ | £ | |
| Income and endowments | ||||
| Donations and legacies | 4 | 244,830 | 244,830 | 266,340 |
| Investment income | 5 | 91 | 91 | 66 |
| Other income | 6 | 65,858 | 65,858 | 41,780 |
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|
|
||
| Total income | 310,779 | 310,779 | 308,186 | |
|
|
|
||
| Expenditure | ||||
| Expenditure on raising funds: | ||||
| Costs of raising donations and legacies | 7 | 10,994 | 10,994 | 9,794 |
| Expenditure on charitable activities | 8,9 | 262,051 | 262,051 | 285,109 |
| Other expenditure | 10 | 1,190 | 1,190 | 2,188 |
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| Total expenditure | 274,235 | 274,235 | 297,091 | |
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||
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|
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| Net income and net movement in funds | 36,544 | 36,544 | 11,095 | |
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| Reconciliation of funds | ||||
| Total funds brought forward | 527,070 | 527,070 | 515,975 | |
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|
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| Total funds carried forward | 563,614 | 563,614 | 527,070 | |
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The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 9 to 16 form part of these financial statements.
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HIS GRACE WORLD OUTREACH TRUST
Statement of Financial Position
31 October 2022
| 2022 | 2021 | ||
|---|---|---|---|
| Note | £ | £ | |
| Fixed assets | |||
| Tangible fixed assets | 15 | 632,459 | 654,816 |
| Current assets | |||
| Debtors | 16 | 43,174 | 13,323 |
| Cash at bank and in hand | 46,142 | 38,681 | |
|
|
||
| 89,316 | 52,004 | ||
| Creditors:amounts falling due within one year | 17 | 14,132 | 15,135 |
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|
||
| Net current assets | 75,184 | 36,869 | |
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| Total assets less current liabilities | 707,643 | 691,685 | |
| Creditors:amounts falling due after more than one | |||
| year | 18 | (144,029) | (164,615) |
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||
| Net assets | 563,614 | 527,070 | |
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||
| Funds of the charity | |||
| Unrestricted funds | 563,614 | 527,070 | |
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| Total charity funds | 21 | 563,614 | 527,070 |
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These financial statements were approved by the board of trustees and authorised for issue on 17 August 2023, and are signed on behalf of the board by:
Mrs M O Adeyemi Trustee
The notes on pages 9 to 16 form part of these financial statements.
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HIS GRACE WORLD OUTREACH TRUST
Notes to the Financial Statements
Year ended 31 October 2022
1. General information
The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is The Place, 75 East Hill, Dartford, DA1 1RX.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Charities Act 2011.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements did not require management to make judgements, estimates and assumptions.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
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HIS GRACE WORLD OUTREACH TRUST
Notes to the Financial Statements (continued)
Year ended 31 October 2022
3. Accounting policies (continued)
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
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income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
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legacy income is recognised when receipt is probable and entitlement is established.
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income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
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income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
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expenditure on raising funds includes the costs of all fundraising activities, events, noncharitable trading activities, and the sale of donated goods.
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expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
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other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Operating leases
Rentals paid under operating leases are charged to the profit & loss account on straight line basis over the term of the lease.
Tangible assets
All fixed assets are initially recorded at cost.
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HIS GRACE WORLD OUTREACH TRUST
Notes to the Financial Statements (continued)
Year ended 31 October 2022
3. Accounting policies (continued)
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold Property - 2% straight line Fixtures and Fittings - 25% reducing balance Motor Vehicle - 25% reducing balance Equipment - 25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cashgenerating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.
Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises.
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HIS GRACE WORLD OUTREACH TRUST
Notes to the Financial Statements (continued)
Year ended 31 October 2022
4. Donations and legacies
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
|---|---|---|---|---|---|
| Funds | 2022 | Funds | 2021 | ||
| £ | £ | £ | £ | ||
| Donations | |||||
| Donations - Tithes & Offerings | 244,830 | 244,830 | 266,340 | 266,340 | |
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| 5. | Investment income | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2022 | Funds | 2021 | ||
| £ | £ | £ | £ | ||
| Bank interest receivable type | 91 | 91 | 66 | 66 | |
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| 6. | Other income | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2022 | Funds | 2021 | ||
| £ | £ | £ | £ | ||
| HMRC Charity Gift Aid | 65,858 | 65,858 | 41,780 | 41,780 | |
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| 7. | Costs of raising donations and legacies | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2022 | Funds | 2021 | ||
| £ | £ | £ | £ | ||
| Costs of raising donations and legacies | |||||
| - Donations | 10,994 | 10,994 | 9,794 | 9,794 | |
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| 8. | Expenditure on charitable activities | by fund type | |||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2022 | Funds | 2021 | ||
| £ | £ | £ | £ | ||
| Repairs, Maintenance, Evangelism and | |||||
| Programs | 115,357 | 115,357 | 124,890 | 124,890 | |
| Telephone,Printing,Postage and | |||||
| Stationary | 11,865 | 11,865 | 8,009 | 8,009 | |
| Motor Vehicle Expenses,Leasing and | |||||
| Travel | 12,950 | 12,950 | 11,125 | 11,125 | |
| Pension, Hire of Equipment and | |||||
| Insurance | 12,963 | 12,963 | 15,016 | 15,016 | |
| Rates, Water, Light and Heat | 11,197 | 11,197 | 8,951 | 8,951 | |
| Support costs | 97,719 | 97,719 | 117,118 | 117,118 | |
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| 262,051 | 262,051 | 285,109 | 285,109 | ||
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HIS GRACE WORLD OUTREACH TRUST
Notes to the Financial Statements (continued)
Year ended 31 October 2022
9. Expenditure on charitable activities by activity type
| Activities | |||||
|---|---|---|---|---|---|
| undertaken | Total funds | Total fund | |||
| directly | Support costs | 2022 | 2021 | ||
| £ | £ | £ | £ | ||
| Repairs, Maintenance, Evangelism and | |||||
| Programs | 115,357 | – | 115,357 | 124,890 | |
| Telephone,Printing,Postage and | |||||
| Stationary | 11,865 | – | 11,865 | 8,009 | |
| Motor Vehicle Expenses,Leasing and | |||||
| Travel | 12,950 | – | 12,950 | 11,125 | |
| Pension, Hire of Equipment and | |||||
| Insurance | 12,963 | – | 12,963 | 15,016 | |
| Rates, Water, Light and Heat | 11,197 | – | 11,197 | 8,951 | |
| Honorarium | – | 2,489 | 2,489 | 4,900 | |
| Youth and Children Ministry | – | 43,274 | 43,274 | 42,782 | |
| Television and Advertising | – | 6,512 | 6,512 | 20,794 | |
| Student Loans ,Wages and Salaries | – | 5,726 | 5,726 | 5,789 | |
| Governance costs | – | 39,718 | 39,718 | 42,853 | |
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| 164,332 | 97,719 | 262,051 | 285,109 | ||
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| 10. | Other expenditure | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2022 | Funds | 2021 | ||
| £ | £ | £ | £ | ||
| Office expenses | 1,190 | 1,190 | 2,188 | 2,188 | |
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| 11. | Net income | ||||
| Net income is stated after charging/(crediting): | |||||
| 2022 | 2021 | ||||
| £ | £ | ||||
| Depreciation of tangible fixed assets | 22,357 | 25,586 | |||
| Operating lease rentals | 1,102 | 2,760 | |||
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| 12. | Independent examination fees | ||||
| 2022 | 2021 | ||||
| £ | £ | ||||
| Fees payable to the independent examiner for: | |||||
| Independent examination of the financial statements | 3,000 | 3,000 | |||
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| 13. | Staff costs |
The average head count of employees during the year was 3 (2021: 3). The average number of full-time equivalent employees during the year is analysed as follows:
| 2022 | 2021 | ||
|---|---|---|---|
| No. | No. | ||
| Number of staff - type | 1 | 3 |
3 |
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HIS GRACE WORLD OUTREACH TRUST
Notes to the Financial Statements (continued)
Year ended 31 October 2022
13. Staff costs (continued)
No employee received employee benefits of more than £60,000 during the year (2021: Nil).
14. Trustee remuneration and expenses
Included in the wages and salaries was remuneration of £35101.56 paid to Rev Paul Fadeyi and £15,911.79 paid to Mrs Joyce Fadeyi respectively.
15. Tangible fixed assets
| Freehold | Fixtures and | Motor | |||
|---|---|---|---|---|---|
| property | fittings | vehicles | Equipment | Total | |
| £ | £ | £ | £ | £ | |
| Cost | |||||
| At 1 November 2021 and | |||||
| 31 October 2022 | 724,859 | 30,569 | 81,552 | 175,434 | 1,012,414 |
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| Depreciation | |||||
| At 1 November 2021 | 101,480 | 26,301 | 63,557 | 166,260 | 357,598 |
| Charge for the year | 14,497 | 1,067 | 4,499 | 2,294 | 22,357 |
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| At 31 October 2022 | 115,977 | 27,368 | 68,056 | 168,554 | 379,955 |
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| Carrying amount | |||||
| At 31 October 2022 | 608,882 | 3,201 | 13,496 | 6,880 | 632,459 |
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| At 31 October 2021 | 623,379 | 4,268 | 17,995 | 9,174 | 654,816 |
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16. Debtors
| 2022 | 2021 | ||
|---|---|---|---|
| £ | £ | ||
| Other debtors | 43,174 | 13,323 | |
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| 17. | Creditors: amounts falling due within one year | ||
| 2022 | 2021 | ||
| £ | £ | ||
| Bank loans and overdrafts | 644 | 1,360 | |
| Trade creditors | 100 | 259 | |
| Accruals and deferred income | 3,000 | 3,000 | |
| Social security and other taxes | 1,646 | 1,774 | |
| Obligations under finance leases and hire purchase contracts | 8,422 | 8,422 | |
| Other creditors | 320 | 320 | |
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| 14,132 | 15,135 | ||
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| 18. | Creditors: amounts falling due after more than one year | ||
| 2022 | 2021 | ||
| £ | £ | ||
| Bank loans and overdrafts | 139,332 | 153,693 | |
| Obligations under finance leases and hire purchase contracts | 4,697 | 10,922 | |
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| 144,029 | 164,615 | ||
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HIS GRACE WORLD OUTREACH TRUST
Notes to the Financial Statements (continued)
Year ended 31 October 2022
19. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
| as follows: | ||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Not later than 1 year | 8,422 | 8,422 |
| Later than 1 year and not later than 5 years | 4,697 | 10,922 |
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| 13,119 | 19,344 | |
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20. Pensions and other post retirement benefits
Defined contribution plans
The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £3,834 (2021: £4,154).
21. Analysis of charitable funds
Unrestricted funds
| Unrestricted funds | ||||
|---|---|---|---|---|
| At | At | |||
| 1 November 2 | 31 October 2 | |||
| 021 | Income | Expenditure | 022 | |
| £ | £ | £ | £ | |
| General funds | 527,070 | 310,779 | (274,235) | 563,614 |
|
|
|
|
|
| At | At | |||
| 1 November 2 | 31 October 20 | |||
| 020 | Income | Expenditure | 21 | |
| £ | £ | £ | £ | |
| General funds | 515,975 | 308,186 | (297,091) | 527,070 |
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| Restricted funds | ||||
| At | At | |||
| 1 November 2 | 31 October 2 | |||
| 021 | Income | Expenditure | 022 | |
| £ | £ | £ | £ | |
| At | At | |||
| 1 November 2 | 31 October 20 | |||
| 020 | Income | Expenditure | 21 | |
| £ | £ | £ | £ |
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HIS GRACE WORLD OUTREACH TRUST
Notes to the Financial Statements (continued)
Year ended 31 October 2022
22. Analysis of net assets between funds
| Unrestricted | Total Funds | |
|---|---|---|
| Funds | 2022 | |
| £ | £ | |
| Tangible fixed assets | 632,459 | 632,459 |
| Current assets | 89,316 | 89,316 |
| Creditors less than 1 year | (14,132) | (14,132) |
| Creditors greater than 1 year | (144,029) | (144,029) |
|
|
|
| Net assets | 563,614 | 563,614 |
|
|
|
| Unrestricted | Total Funds | |
| Funds | 2021 | |
| £ | £ | |
| Tangible fixed assets | 654,816 | 654,816 |
| Current assets | 52,004 | 52,004 |
| Creditors less than 1 year | (15,135) | (15,135) |
| Creditors greater than 1 year | (164,615) | (164,615) |
|
|
|
| Net assets | 527,070 | 527,070 |
|
|
23. Related parties
There were no related party transactions other than that disclosed in Note 14.
16