CHARITY REGISTRATION NUMBEIL. 1059112 HIS GRACE WORLD OUTREACH TRUST Unaudited Financial Statements 31 October 2024
HIS GRACE WORLD OUTREACH TRUST Flnanclal Statements Year ended 31 October 2024 Trustees, annual report Independent enrnin&8 report to the trustees Statement of financial activities Statement of fmancial position Notes to the fmancial statement8 The fojlowlog page¥ do not forni part of the aDelaI stAtement• Detailed statetnent of financi8J activities 18 Notes to the detailed statement of financial activities 20
HIS GRACE WORLD OUTREACH TRUST Trustees, Annual Report Year ended 31 October 2024 The trustees present their report and the unaudited fanCIal statements of the charity for the year ended 31 October 2024. Reference and admlAl•tratlve det Reglstered charlty name HIS GRACE WORLD OUTREACH TRUST Charlty reglstrntlon number 1059112 Prlnclpal office 75 Ea8t Hill Dartford DAI ISN The trn•tee• Rev. Paul Fadeyi Mr E A Onifade Rev Joe Nwokoye Mrs M O Adeyemi Ms Omowunmi Morohundiya Mrs Joyce Adejoke Fadeyi Mr Babatunde Ojetola (Appointed 30 December 20231 Accountants HP Osalor's Ltd Chartered Certified Account8nts 6 Greenwich Quay Clarence Road IndOn SE8 3EY 8trnctiireg TerIle¢ and management Governing Document The charity is governed by deed of trust dated 8 October 1996.lt is re'stered as a charity with the Charity Commission on 14 November 2006. Appointtnent of Trustees A new trustee may be appointed by a resolution of the tNstees passed at a meeting of the trustees at which there is a majority of the tNstees present and such resolution shall be recorded in the minutes and signed by the new trustee and by the chairman of the tneeting and Such records shall be conclusive evidence of his appointment. Trustee Induction and Training New trustees undergo an orientation day to brief thern on their legal obligations under chlty law,the committee and decision processes and the recent financial perforTnance of the charity. Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their duties.
HIS GRACE WORLD OUTREACH TRUST Trustees, Annual Report Icontlnuedj Year ended 31 October 2024 8trnctiire• governanee and management Itontlnu¢dl Organisation The board of trustees consisting of 7 tnembers, who meet half yearly> administer the charity. There sub-comrnittees covering spiritual development. membership and welfa, fance and administration. The fance and administration sub-committee 1$ charged with the rnanagement of the day to day operations of the charity ObJeetlve• and actlvltle• The main objeets of the charity is to advance the Christian faith in IA)ndon and in Such other parts of the United Kingdom or the world as the trustee$ may frorn time to think fit. In planning our activities for the year we kept in mind the Chlty Commission's guidance on public benefit. The focus of our aCtitieS continued to be that of worshiping God and furtherance of the gospel of our Lord Jesus Chri8t 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 principle8 in London and in such other parts of the United Kingdom or the world a8 the trustees rnay from time to time think fit and also to promote and fulfil such other charitable purposes beneficial to the community in LA)ndon and in such other parts of the United Ktngdom or the world as the trustees may from tirtie to time think fit.
HIS GRACE WORLD OUTREACH TRUST Trustees, Annual Report Icontlnuedj Year ended 31 October 2024 Aehlevements and performanee The accounting year ending 31 October 2024 was a remarkable year of progress and profound improvement in the furtherance of the over8Jl vision of the Trust, which is to advance the christian faith in our immediate community and other places where there is an opportunity to extend the frontier of God's kingdom. With the growing number of people attending our church services. especially the Young Adults and Youth, there was a greater need to find a way of catering for their holistic development. A good number of the mature ones among them have taken up the responsibility of teaching the teenagers and Children in the church. This has been very encouraging to see many more future leaders being trained 8nd developed. Through the 8UPPOrting role of all our faithful church tnetnbers who f8ithfully volunteered to serve and give of their flliancial support, the church has continued to Tnaintain a huge sense of stability at the administrative level and our weekly sernices. There was a noticeable increase in the number of new fwst-timers who attended our worship seryices both in person and online. A good number of them have now become regular members. In line with the church mission to raise believers with godly leadership skills, ongoing leadership training progr8mmes during the fanCIal year have helped u8 to train and equip some of the church members to tajce up certain ministerial responsibdities. As a ministry> we are very grateful to God for the opportunity to continue to provide fmanciai support to other ministries and missions endeavours geared towards helping people in their times of need. This we intend to continue to do. by the $peci81 grace of God and with the support of our partner8 in progress. The role all our faithful church members, partners and friends play by providing their consistent and faithful fmancial support is very much appreciated. Their kind gestures during this particular accounting period greatly helped us to meet all our monthly fanCIal obligations and at the same time maintain a good reserve fund to take care of fure projerts. The entire trustees are very grateful to all the church members. friends and partners of the ministry who gave fancial and moral support through their regular donations for the execution of our prograrnmes. mission work. May God bless and reward their generosity. Flnanelal revlew The total incoming resources increased by 8.93 % to £304,670 12023 £279,690). Total outgoing resources however reduced by I.5/0 to £294.03 1 12023 £298.7801. This therefore resulted in a net SUTplus of £10,639 compared with a net deficit of £19.090 in 2023. The principal funding sources continued to be offerings and tithes from members.
HIS GRACE WORLD OUTREACH TRUST Trustees, Annual Report {eontAnuedJ Year ended 31 October 2024 PJan• for future perlod• Our future plans include: l. Continue to build on the success of 2024 with regard to the advancement of Christian faith through more social media coverage. 2. To continue to train and develop more church members to take up leadership roles as part of our succession plan. 3. To update. renovate and refurbish the important parts of the interior of the church bullding. 4. To expand the frontiers of the church on the sockal media platfornis as we propagate the good news of the gospel across the world. Tru•tee•' re•pon•lbllltk• statement The trustees are re8ponsible for preparing the trustee$, report and the fmancial 8taternents in accord¥nce with applicable law and United Kingdom Aceounting Standards Iunited Kingdom Generally Accepted Accounting Practice). The law app]icable to charities in England and Wales requires the charity trnstees to prepare fanCIal statements for each Ye which give a true and fair view of the state of affairs of the charity and of the incon)ing resources and application of re80urces. of the charity for that period. Jn preparing these financial statement$, the trustees are required to: select suitsble accounting policie8 gnd then apply them consistently; obserye the method8 and prlnciples in the applicable Charities SORP. make judgtnents and accounting estijnates that are reasonable and prudent. state whether applicable UK Accounting Standards have been followed. Subject to any material departures disclosed and explained in the f3ClaI staternents.. prepare the fanCIal statements on the going concern basi8 unless it 18 inappropriate to pre$utne that the charity continue in business. Thc trustees are respon8ible for keeping adequate accounting records that are 8uificient to show and explain the charity'$ transactions and di8close with reasonable accuracy at any time the fmancial position of the charity and enable them to ensure that the fancIal statements comply with the Charities Act 2011, the applicable Charities (Aceounts and Reports) Regulations, and the provisions of the Trust Deed. They also responsible for safeguarding the assets of the chlty and hence for taking reasonable steps for the prevention and detection of fraud and other iffegularitie8.
HIS GRACE WORLD OUTREACH TRUST Trnstees, Annual Report Icontlnuedl Year ended 31 October 2024 X£-OF-.g.S The tstee8, annual report was approved on ....... . trustees by: . and Signed on behalf of the bo# of Mrs M O Adeyemi Trustee
HIS GRACE WORLD OUTREACH TRUST Independent Examlner's Report to the Trnstees of HIS GRACE WORLD OUTREACH TRUST Year ended 31 October 2024 report to the trustees on my examination of the fancial statements of HIS GRACE WORLD OUTREACH TRUST I'the charity'l for the year ended 31 October 2024. Respo[bI]ItIeS and buls of report As the trustees of the charity you are responsible for the preparation of the fanCIal statements in accordance with the requiretnents of the Ch8rities 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 Con]tnissAon under section 145151(bl of the Act. Independent examlner'• 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 201 l Act. I Conf that l am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants IACCAI. which is one of the listed bodies. I have completed my examination. I confm that no material matters have eome to my attention in connection with the examination giving me cause to believe that in any materiaj respect: accounting records were not kept in respect of the Chlty as required by section 130 of the the financial statements do not accord with th08e records. or the financial stateEnent$ do not con]ply with the applicable requirements concerning the forni 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 tnatter considered as p¥rt of an independent examination. I have no concerns and have come across no other znatter$ 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 Chartered Certified Accountant 6 Greenwich Quay Clarence Road IA)ndon SE8 3EY 22 August 2025
HIS GRACE WORLD OUTREACH TRUST Statement of Flnanclal Actlvltles Year ended 31 October 2024 2024 Unrestricted funds Total fuod¥ Total funds 2023 Ilote Income and endowments Donations and legacies Investment income Other income 262.156 721 41.793 262.156 721 41,793 264,016 74 15.600 Total In¢om¢ 304.670 304.670 279,690 Expendlture Expenditure on raising funds.. Costs of raising donations and legacies Expenditure on charitable activities Other expenditure Total expendlture 17.923 269.693 6,415 17.923 269.693 6.415 12,532 281,317 4,931 io 294,03 1 294.031 298,780 Net In¢omel(exp¢ndlturel and net movement In fund8 10.639 10.639 119,0901 Reeonclllatlon of fund8 Total fund$ brought fonvard Totsl fund8 carrled fornrd 544,524 544.524 563.614 555,163 555,163 544,524 The statement of fmancial activities includes all gains and losses recognised in the year. A]] income and expenditure derive from continuing activities. The notes on paKe• 9 to 16 forni part of these flnanclal $tstements.
HIS GRACE WORLD OUTREACH TRUST Statement of Flnanclal Posltlon 31 October 2024 2024 2023 Ilote Flxed a88ets Tangible red a$8ets 15 593.904 613.096 Current a88ets Debtors Cash at bank and in hand 16 20.157 61.817 28.021 34,795 81.974 62,816 Credltors: amounts falllng due wltlthi one year Net current a88ets 17 13.989 5,702 67,985 57,114 Total a88ets le88 current Ilabllltle8 661.889 670,210 Credltor8: amounts falllng due after more than one year 18 1106,7261 1125,6861 Net a88et8 555.163 544,524 Fund8 of the charlty UnrestTiCted funds 555.163 544,524 Total charlty funds 21 555,163 544,524 These fanCIal statement8 were approved by the board of trustees and authorised for issue on 22 August 2025, and signed on behalf of the board by: Mrs M O Adeyemi Trustee The notes on pag¢• 9 to 16 form part of these flnanclAI ¥t•t¢ments.
HIS GRACE WORLD OUTREACH TRUST Notes to the Flnanelal Statements Year ended 31 October 2024 General Infonnatlon The charity is a public benefit entity and a registered chlty in England and Wale$ and is unincorporated. The address of the principal office is The Place. 75 East Hill, Dartford. DAI IRX. Statement of eompuanee These fmancial statements have been prepared in compli8mce 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 1021 {ChltieS SORP IFRS 10211 and the Charities Act 2011. Accountln¥ poueles Ba818 of preparntlon The fmancial statements have been prepared on the historical cost basis. as modified by the revaluation of certain fmancial assets and liabilities and investment propertie8 measured at fair value through income or expendIre. The fmancial statements are prepared in sterling. which is the functional Currency of the entity. Golng Concern There are no material uncertaintie8 about the charity's ability to continue. Judgements key •our¢e• of e•thDatlon uncertalnty The preparation of the r]nanci8J statements did not require m8nagement to make judgements, estimates and assumptions. Fund aeeounthig Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds unrestricted fund8 eartnarked by the trustees for perticular future project or cornmitment. Restricted funds are subjerted to restTictions on their expenditure deCIed by the donor or through the tern]s of an appeal. and fall into one of two sub-classes.. restricted income funds or endowment funds.
HIS GRACE WORLD OUTREACH TRUST Notes to the Flnanclal Statements icontthuedj Year ended 31 October 2024 Accountlog pouclei leontlnttedj Incomlng re•ource8 AU incoming resources included in the stAtetnent of financial activities when entitlernent has pa88ed to the charity. it is probable that the economic benefit$ associated the transaction will flow to the charity and the amount can be reliabRy tneasured. The following specific policies re app]ied to particulex categories of income: income from donations or grants is recognised when there is evidence of entitlement to the gjft, receipt is probable and its amount C8n be measured reliably. legacy income 18 recogni8ed when receipt is probable ¥TAd entitlement is established. 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 c08t to the donor or the estimated resale value. Donated facilities and 8ervices recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. income from contracts for the supply of seryices is recognised with the delivery of the contracted service. This is classified a$ unrestricted fijnds unless there is a contractuaj requirement for it to be spent on a particular purpose and returned if unspent, in which ease it may be regarded as restricted. Rewurce8 expended Expenditure is recogni8ed 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 fmancial activities to which it relates: expenditure on raising funds includes the costs of all fundraising activities, events. non- charitable trading activities. and the sale of donated goods. 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 chlty apportioned to charitable activities. other expendire includes all expenditure that is neither related to raising funds for the chaJity nor part of its expenditure on ChItabLe activities. CO8ts are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single aetivity att allocated directly to that activity. Shared costs are apportioned between the activitie$ they contribute to on a reasonable justifiable and consistent basis. Operatlng leue• Rentals paid under operating leases are charged to the profit & 1088 account on straight line basis over the term of the lease. Tanble All fLxed assets are initially recorded at cost. io-
HIS GRACE WORLD OUTREACH TRUST Notes to the Flnanclal Statements i¢ontlnuedl Year ended 31 October 2024 Ac¢ountlng poU¢le• (contlnuedl Depreclatlon Depreciation is calculated $0 as to write off the cost or valuation of an asset. less it8 re8idual vajue, over the u8eful economic life of that asset a8 follows: Freehold Propety Fixtures and Fittings Motor Vehicle Equipment 2Wo straight line 250/0 reducing balanee 25°/0 reducing balance 25Vo reducing balance Impalrment of fixed aMet• A review for indicators of impatrtnent is carTied out at each reporting date, with the recoverable amount being e$timated where such indicator8 exist. Where the carrying value exceeds the recoverable amount. the asset is impaired accordingly. PrAor impairments are 8J80 reviewed for possible reversal at each reporting date. For the purposes of ttnpairment testtng, when it 1$ not po$$ible to estimate the recoverable amount of an individual asset. an estimate is made of the recoverable amount of the cash- generating unit to which the asset belongs. The cash-generating unit 1$ the stnallest identifiable group of assets that includes the asset and generates cash infiows that largely independent of the cash inllows from other assets or groups of assets. For impairment testing of gThxlwill, the gixjdwill 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 a88igned to those units. Flnance lea•e• and hlre purchue eontrncts Assets held under fmance leases and hire purchase contracts are recognised in the Statement of rmancial 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 deterrnined at the inception of the lease terni. Any initial direct costs of the lease are added to the amount recognised as an asset. L*ase payments are apportioned between the fAnance 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 reTnaining bajance of the liability. Dellned contslbutlon pjans Contributions to dered contribution plans are recolSed as an expense in the period in which the related service is provided. Prepaid Contributions are reco8nised as an asset to the extent that the prepayment will lead to a reduction in future payment$ 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 basi8. The unwinding of the discount is recognised a$ an expense in the period in which it arise8. li
HIS GRACE WORLD OUTREACH TRUST Notes to the Flnanclal Statements (coAtlnuedl Year ended 31 October 2024 Donat10 and legacle• Unrestricted Total Funds Unrestricted Tot8J Funds Funds 2024 Funds 2023 Donatlons Donations - Tithes & Offerings 262.156 262,156 264,016 264.016 Investment Ineome Unrestricted Total Fund8 Unrestricted Total Funds Funds 2024 Funds 2023 Bank interest receivable type 721 721 74 74 Other llleom* Unrestricted Total Funds Unrestricted Total Fundg Fund$ 2024 Funds 2023 HMRC Charity Gift Aid 41.793 41.793 15,600 15,600 Co•t• of rAtslng donatlons and lezaelex Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Costs of raising donations and legacie8 - Donations 17.923 17,923 12,532 12,532 Expendltur¢ on eIrItable a¢tlvltle• by nd type Unrestricted Total Funds Unrestricted Total Funds Punds 2024 Funds 2023 Salaries, Pension and Social security Telephone,Printing,Postage and Stationary Motor Vehicle and Travel Expenses Insurance Hire of Equipment Repairs. Maintenance and Cleaning Rates, Water, Light and Heat Support costs 83.898 83.898 89,226 89,226 8.082 16.559 7,796 8,082 16.559 7.796 7.429 12,220 7,707 619 20,851 13,235 130.030 7,429 12.220 7,707 619 20,851 13,235 130.030 18,045 15.331 119,982 18,045 15.331 119.982 269.693 269,693 281,317 281,317 12-
HIS GRACE WORLD OUTREACH TRUST Notes to the Flnanclal Statements {eontthuedJ Year ended 31 October 2024 Expendlture on charltable actlvltle8 by actlvlty type Activities undert8J(en directly Support costs Totsl funds 2024 Total fund 2023 Salaries. Pension and Social security Telephone,Printing.Postage and Stationary Motor Vehicle and Travel Expenses Insurance Hire of Equipment Repairs, Maintenance and Cleaning Rates. Water. Light and Heat Honorarium Mu8ic,Youth and Children Ministy Television and Adverti8ing Evangelism Welfare and Hospitality Governance co8t8 83.898 83,898 89,226 8.082 16.559 7.796 8,082 16.559 7,796 7.429 12,220 7.707 619 20.851 13,235 8,600 49,343 17,111 6.177 7.374 41,425 18,045 15.331 18.045 15,331 2,890 47,742 16.535 4,296 10,592 37.927 2.890 47.742 16.535 4,296 10.592 37,927 149,711 119.982 269.693 281.317 10. Other expendlture Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 oirice expenses 6.415 6.415 4,931 4.931 I l. Net Ineornellexpendlturel Net income/lexpenditurel is 8tated after ch8rging/lcreditingl: 2024 2023 Depreciation of tangible fixed asset8 Operating lease rent8Js 19.192 20,736 619 12. Independent ¢xamlnatlon fee• 2024 2023 Fees payable to the independent examiner Cor: Independent exatnination of the financial statements 3.000 3,000 13-
HIS GRACE WORLD OUTREACH TRUST Notes to the Flnanclal Statements (eontthu¢4Q Year ended 31 October 2024 13. 8taff costs The totsj stsJT costs and employee benefits for the rep)rting period are anatysed as follows: 2024 2023 Wages and salaries Social security costs Employer contributions to pension plan8 80,018 2,237 1,643 82,116 3.276 3,834 83,898 89.226 The average head count of employee3 durmg the year was 3 12023: 41. The average number of full-time equivalent employees during the Ye 18 analysed as follows: 2024 No. 2023 Nutnber of stsff No employee received employee benefits of more thgn £60,000 during the year12023: Nill. 14. Tru•tee zemuneratlon and expense• Included in the wages 8Jyd sajaries is gro&s remuneration of £48.444 (net- 6.209) paid to Rev Paul Fadeyi and £18.800 Inet-£17.189.251 paid to Mrn Joyce Fadeyi. 15. Tanzlble fixed axlets Freehold Fixtures and property rittings Motor vehicles Equipment Total Co•t At I Ilovember 2023 and 31 October 2024 724,859 31,942 81.552 175,434 1,013,787 Depreclatlon At l Noven]ber 2023 Charge for the year At 3 1 October 2024 130,475 14.497 28.512 875 71.430 2,530 170,274 1,290 400,69 1 19,192 144.972 29.387 73.960 171,564 419,883 Carrylnz amount At 31 O¢tober 2024 579,887 2.555 7.592 3,870 593,904 At 31 October 2023 594,384 3.430 10.122 5,160 613,096 16. Debtorn 2024 2023 Other debtors 20,157 28.021 14-
HIS GRACE WORLD OUTREACH TRUST Notes to the Flnanclal Statements (contlAuedJ Year ended 31 October 2024 17. Cftdltor•: Amounts rlIng due wlthln one year 2024 2023 Bank loans and overdr8lts Trade creditors Accruals and deferred income Social security and other taxes Obligatsons under fmance leases and hire purchase contracts Other creditors 9,139 397 177 3.000 1.373 435 320 3,000 1,211 639 13,989 5.702 18. Czedltors: amounts falllng due after more than one year 2024 2023 Bank loans and overdrafts 106.726 125,686 19. Flnanee leue• and hlre purC1e eoDtracts The total future minimum lease payment8 under fance leases and hire purchase contracts are s follows.. 2024 2023 Not later than l year 435 20. Pen*lon• and other post retlrement benelits Dellned contslbutloll plan• The amount recognised in income or expenditure as an expense in relation to defined contribution plan$ was £1,643 12023.. £3.8341. 21. Analys1¥ of ehArltable fund# Unrestslcted fund8 At l November 2 023 At 31 October 2 024 Income Expenditure General funds 544.524 304.670 1294,0311 555,163 At l November 2 022 At 3 1 October 20 23 Income Expenditure General funds 563.614 279.690 1298.7801 544.524 Is-
HIS GRACE WORLD OUTREACH TRUST Notes to the Flnanclal Statements (contlnuedj Year ended 31 October 2024 21. Anaty•l• of eharAtAbie funds IcoAthiuedl Restrlcted funds At l November 2 023 At 31 October 2 024 Income Expenditure At l November 2 022 At 31 October 20 23 Incotne Expenditure 22. Analy818 of net a•8et• between funds Unrestrieted Pund8 Restricted Total Funds Funds 2024 Tangible fLed a88ets Current a$sets Creditors less than l yegx Creditors greater than l year Net a8set8 593,904 81,974 {13,989 593,904 81,974 113,9891 1106.7261 1106.7261 66 1,889 1106.7261 555.163 Unrestricted Funds Restricted Total Funds Fund$ 2023 Tangible red assets Current assets Creditors les8 th8n l year Creditors greater thgn l year 613.096 62,816 15.7021 613.096 62,816 15,7021 1125,6861 1125,6861 1125,6861 Ilet a##et• 670.210 544,524 23. Relat¢d partle8 There were no related party transactions other than that disclosed in Note 14. 16-