2021-03-31-accounts

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TRIUMPHANT GLOBAL TRUST

�INAN�IAL ACCOUNTS �OR TH� ��AR �N��

1[st ] April 2020 TO 31[st ] March 2021

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TRIUMPHANT GLOBAL TRUST

REPORT AND ACCOUNTS 31ST MAR�H, 2021

		Page
1.	Trustees and Advisors	1
2.	Trustees’ Report	2-4
3.	Independent Auditors’ Report to the Trustees	�-�
4.	Statement of Financial Activities	�
5.	Balance Sheet	�
6.	Notes to the Accounts	�- 12

TRIUMPHANT GLOBAL TRUST

TRUSTEES AND ADVISORS

TRUSTEES

��.�� .�� .�� .�� Mrs. Juliana Boakye Danquah (resigned March 2021)

�HAIRP�RSON

Mrs. Olubunmi Odukale

CHARITY OFFICE

Providence Chapel 1 West Street CR0 1DG

AUDITORS

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BANKERS

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R�GIST�R�� HARIT� NUMB�R

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TRIUMPHANT GLOBAL TRUST

TRUSTEES’ REPORT

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TRIUMPHANT GLOBAL TRUST

TRUSTEES’ REPORT

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The year to 31st March 2021 was a difficult year for the church, due to the impact of the coronavirus pandemic.

Between April 2020 and March 2021 several lockdowns affected the operations of the church. The church resorted to various services being held online via Facebook. Prayer meetings were held weekly via Zoom. This affected the level of participation of members for a couple of months and visitations to members were put on hold.

Several church members who lost their jobs were supported by the church financially and through the provision of food hampers.

There was no annual retreat or Christmas party during this period. The church ushered in 2021 with an online service via Zoom which was well attended.

Due to the lockdown Providence Chapel, the church’s recently purchased building was closed for several months, however the church was able to meet its financial obligations e.g mortgage and utilities.

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TRIUMPHANT GLOBAL TRUST

TRUSTEES’ REPORT

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5th October�2�21.

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TRIUMPHANT GLOBAL TRUST

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF

TRIUMPHANT GLOBAL TRUST

We have audited the accounts of �� for the year ended 31�� , 2021 which comprise the Statement of Financial Activities, Balance Sheet and related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

This report is made solely to the Charity's Trustees, as a body, in accordance with Section 144 of the Charities Act 2011 and the regulations made under Section 154 of that Act. Our audit work has been undertaken so that we might state to the Charity's Trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity's Trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Respective responsibilities of Trustees and Auditors

As explained more fully in the statement of Trustees' Responsibilities (set out on pages 5 and 6), the Trustees are responsible for the preparation of the accounts which give a true and fair view.

We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with regulations made under Section 154 of that Act. Our responsibility is to audit and express an opinion on the accounts in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's (APB’s) Ethical Standards for Auditors.

Scope of the audit of the financial statements

An audit involves obtaining evidence about the amounts and disclosures in the accounts sufficient to give reasonable assurance that the accounts are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the Charity's circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the Trustees; and the overall presentation of the accounts. In addition, we read all the financial and non-financial information in the Trustees' Report to identify material inconsistences with the audited accounts and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies, we consider the implications for our report.

Opinion on the accounts

In our opinion the accounts:

give a true and fair view of the state of the Charity's affairs as at �1st March 2021 and of its incoming resources and applications of resources , for the year then ended;
have been properly prepared i n accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Charities Act 2011.

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TRIUMPHANT GLOBAL TRUST

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF

TRIUMPHANT GLOBAL TRUST

(continued)

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion:

the information given in the Trustees' Report is inconsistent in any material respect with the financial statements; or
sufficient accounting records have not been kept; or
the accounts are not in agreement with the accounting records and returns; or
we have not received all the information and explanations we require for our audit.

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Chartered ��Accountants and Statutory Auditors

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2��October, 2021

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STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED �1�� , 2021

		--------------------	2021 -----------------��	2021 -----------------��
		Unrestricted	Restricted	Total	20��
		funds	funds	funds	TOTAL
	Note	£	£	£	£
INCOME AND EXPENDITURE
Incom� �ro��
�o�atio�s		189,669	33,449	��	��
Gift Aid		��	-	��	��
Bank deposit interest		12	27	��	1��
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Total incoming resources		234,120	33,476	267,596	24��4�
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Charitable e�pe��iture	�	127,918	9,631	137,549	136,931
�ther Support costs	4	10,443	99,717	110,160	73.453
Total resources expended		138,361	109,348	247,709	210,384
NET (OUTGOING)/INCOMING		95,759	(75,872)	19,887	30,259
FUND BALANCE AT1ST A��, 2020		184,526	190,513	375,039	344,780
FUND BALANCE AT 31ST MA��, 2021		280,285	114,641	394,926	375,039
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All amounts relate to continuing activities

All recognised surpluses and deficits are included in the statement of financial activities which show the total net movement in funds for the year.

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	Note	2021	2020
		£	£
�� ASSETS
Building		��	850,000
Equipment	6	��	��2�4
		834,643	��2�4
CURRENT ASSETS
Cash at bank	7	13,800	34,563
Building Deposit		151,200	52,000
Debtors		53,360	�
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		218,360	86,563
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DUE WITHIN ONE YEAR	8	(��)	(2,250)
		___	___
		��	84,313
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NET ASSETS		39��	375,039
			___
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FUND BALANCE
Unrestricted income funds		280,285	184,526
Restricted income funds		114,641	190,513
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TOTAL CHARITY FUNDS
		3��2�	375,039

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Approved by the Trustees of TRIUMPHANT GLOBAL TRUST on 05/10/2021 and signed on their behalf.

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NOTES TO THE ACCOUNTS

31ST MAR�H� 2021

1. ACCOUNTING POLICIES

a. Basis of preparation of accounts

The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102) issued on 16th July, 2014 and the Charities Act 2011.

The Trustees have chosen to early adopt the Update Bulletin 1 issued by the Charities Commission on 2nd February, 2016 which exempts the charity from the need to prepare a Statement of Cash Flows.

The Trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern.

b. First time adoption of Charities SORP (FRS 102)

In preparing the accounts, the Trustees have considered whether in applying the accounting policies required by FRS 102 and the Charities SORP FRS 102 a restatement of comparative items was needed. No restatements were required. There were no significant adjustments needed from the net income/(expenditure) under the previous Generally Accepted Accounting Practice (“GAAP”).

c. Income recognition

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Donations are recognised once received. In the event that a donation is subject to conditions that require a level of performance before the Charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the Charity and it is probable that those conditions will be fulfilled in the reporting period.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or 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 reliably.

All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings.

Grants payable are payments made to third parties in the furtherance of the charitable objectives of the Charity. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the one-year or multi-year grant. Grant awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled condition attached to that grant is outside of the control of the Charity.

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TRIUMPHANT GLOBAL TRUST

NOTES TO THE ACCOUNTS

31ST MAR�H� 2021

1. ACCOUNTING POLICIES (continued)

e. Financial instruments

The Charity has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

Short term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the Statement of Financial Activities in ‘administrative expenses’.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand.

Offsetting

Financial assets and liabilities are offset and the net amounts presented in the accounts when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Charitable activities

Cost of charitable activities comprises grants made.

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 costs related to statutory audit fees together with other overhead costs.

g. Funds structure

The Charity has a single permanent fund which is wholly unrestricted. The terms of the trust deed allow the income to be accumulated and the capital to be spent if the Trustees so determine.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by the donor or trust deed.

Unrestricted income funds comprise those funds which the Trustees are free to use for any purpose in furtherance of the charitable objects. Unrestricted funds include designated funds where the Trustees, at their discretion, wish to create a fund for a specific purpose.

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NOTES TO THE ACCOUNTS

31ST MAR�H, 2021

2. RELATED PARTY TRANSACTIONS AND TRUSTEES’ REMUNERATION

– The Trustees received no emoluments or reimbursement of expenses (2020 nil). In the opinion of the Trustees there were no related party transactions falling to be disclosed in these accounts.

The Charity has no ultimate controlling party.

3. R�SOUR��S ��P�NS��

3. R�SOUR��S ��P�NS��
	2021	2020
	£	£
Rent and hire of hall	��52	-
Salaries inc taxes	��	��
Light, heating and telephone	��65�	4��2�
Conventions & publicity	-	-
Honoria	��	4��2�
Missions	��	1��
��	7,490	-
Repairs & maintenance - general	��	24�441
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	137,549	1��1
	2021	2020
. GOVERNANCE COSTS	£	£
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Auditors’ remunerationLegal	2��	2�2��
Bank charges	��	1��
Sundry expenses	��	��
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	110,160	��4��

4. GOVERNANCE COSTS

5. AUDITORS’ REMUNERATION

Auditors’ remuneration consisted of a fee of £2,500(2020 - £2,250).

TRIUMPHANT GLOBAL TRUST

NOTES TO THE ACCOUNTS

31 March 2021
��TA�� D ASS�TS	��A�T �		��D��S
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		2021	2020
		£	£
Natwest - Current and savings Barclays Bank PLC - Current Account , savings and building		9,673	��2��
		4,127	2��2��
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		13,800	246,780
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		2021	2020
8. ��D�T��S		£	£
Loans - Elim Cottage		88,550	19,050
Mortgage		524,327	543,508
Loans - Coronavirus		40,000	�
Accruals		5,200	�
			_
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		658,077	562,558
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TRIUMPHANT GLOBAL TRUST

�INAN�IAL ACCOUNTS �OR TH� ��AR �N���

TRIUMPHANT GLOBAL TRUST

REPORT AND ACCOUNTS 31ST MAR�H, 2021

CONTENTS

TRIUMPHANT GLOBAL TRUST

TRUSTEES AND ADVISORS

TRUSTEES

�HAIRP�RSON

CHARITY OFFICE

AUDITORS

BANKERS

R�GIST�R�� �HARIT� NUMB�R

TRIUMPHANT GLOBAL TRUST

TRUSTEES’ REPORT

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TRIUMPHANT GLOBAL TRUST

TRUSTEES’ REPORT

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TRIUMPHANT GLOBAL TRUST

TRUSTEES’ REPORT

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TRIUMPHANT GLOBAL TRUST

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF

TRIUMPHANT GLOBAL TRUST

Respective responsibilities of Trustees and Auditors

Scope of the audit of the financial statements

Opinion on the accounts

TRIUMPHANT GLOBAL TRUST

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF

TRIUMPHANT GLOBAL TRUST

Matters on which we are required to report by exception

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2��October, 2021

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STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED �1�� �����, 2021

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NOTES TO THE ACCOUNTS

1. ACCOUNTING POLICIES

a. Basis of preparation of accounts

b. First time adoption of Charities SORP (FRS 102)

c. Income recognition

d. Expenditure recognition

TRIUMPHANT GLOBAL TRUST

NOTES TO THE ACCOUNTS

1. ACCOUNTING POLICIES (continued)

e. Financial instruments

Short term debtors and creditors

Cash and cash equivalents

Offsetting

Charitable activities

f. Governance costs

g. Funds structure

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NOTES TO THE ACCOUNTS

2. RELATED PARTY TRANSACTIONS AND TRUSTEES’ REMUNERATION

3. R�SOUR��S ��P�NS��

4. GOVERNANCE COSTS

5. AUDITORS’ REMUNERATION

TRIUMPHANT GLOBAL TRUST

NOTES TO THE ACCOUNTS

�INAN�IAL ACCOUNTS �OR TH� ��AR �N��

R�GIST�R�� HARIT� NUMB�R

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STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED �1�� , 2021

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