## 

## 

||||Page|
|---|---|---|---|
|Reference and administrative||details ofthe charity, its Trustees and advisers||
|Trustees'<br>report|||2-13|
|Independent<br>auditors'|report|on the financial statements|14 —17|
|Statement offinancial|activities||18|
|Balance sheet|||19|
|Statement ofcash flows|||20|
|Notes to the financial|statements||21-41|





## 

|REFERENCE AND|REFERENCE AND|ADMINISTRATIVE|DETAILS|DETAILS|DETAILS|OF THE CHARITY, ITSTRUSTEES AND ADVISERS|OF THE CHARITY, ITSTRUSTEES AND ADVISERS|
|---|---|---|---|---|---|---|---|
|||FOR THE YEAR ENDED 31 DECEMBER 2020||||||
|General Overseer||Pastor EA Adeboye||||||
|Trustees||Mrs R Bella||||||
|||Dr F Oladimeji||||||
|||Pastor (Dr) D0||Oludoyi,||Pastor|in Charge|
|Pastor in Charge||Dr David Olusola|||Oludoyi|||
|||Mr SAkpan||||||
|Associate Trustees||Mr Afolabi Ajisafe||||||
|||Mrs M Bello||||||
|Charity registered||||||||
|number||1084771||||||
|Principal office||199Freemason||Road||||
|||Canning<br>Town||||||
|||East London||||||
|||London||||||
|||E163PG||||||
|Independent|auditors|Stephen<br>Michael||Associates||||
|||Chartered<br>Certified Accountants||||||
|||Statutory<br>Auditors||||||
|||1st Floor||||||
|||3 More London|Riverside|||||
|||London||||||
|||SE12RE||||||
|Bankers||Barclays Bank|pic|||||
|||Medium<br>Business|||Team|||
|||P0 Box35721||||||
|||London||||||
|||E144WA||||||





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||||Restricted|Unrestricted|Total|Total|
|---|---|---|---|---|---|---|
||||funds|funds|funds|funds|
||||2020|2020|2020|2019|
|||Note|||||
|Income from:|||||||
|Donations<br>and legacies|||155,457|857,300|1,012,757|1,022,704|
|Charitable<br>activities||||1,950|1,950|13,181|
|Investments||||208,760|208,760|164,484|
|Total income|||155,457|1,068,010|1,223,467|1,200,369|
|Expenditure<br>on:|||||||
|Charitable<br>activities|||99,610|1,441,128|1,540,738|1,448,634|
|Total expenditure|||99,610|1,441,128|1,540,738|1,448,634|
|Net income/(expenditure)|before net||||||
|gains on investments|||55,847|(373,118)|(317,271)|(248,265)|
|Net gains on investments||||559,180|559,180|228,152|
|Net movement<br>in funds|||55,847|186,062|241,909|(20,113)|
|Reconciliation<br>offunds:|||||||
|Total funds brought<br>forward|||64,240|2,770,920|2,835,160|2,855,273|
|Net movement<br>in funds|||55,847|186,062|241,909|(20,113)|
|Total funds carried forward|||120,087|2,956,982|3,077,069|2,835,160|





## 

|||||||2020||2019|
|---|---|---|---|---|---|---|---|---|
|||||Note|||||
|Fixed assets|||||||||
|Tangible assets||||||2,034,022||2,104,194|
|Investment<br>property||||||2,537,000||3,315,152|
|||||||4,571,022||5,419,346|
|Current assets|||||||||
|Debtors||||13|541,314||443,226||
|Cash at bank and|in|hand|||162,145||275,387||
||||||703,459||718,613||
|Creditors: amounts||falling due within one|||||||
|year||||14|(2,197,412)||(3,302,799)||
|Net current liabilities||||||(1,493,953)||(2,584,186)|
|Total assets less|current liabilities|||||3,077,069||2,835,160|
|Net assets excluding|||pension asset|||3,077,069||2,835,160|
|Total net assets||||||3,077,069||2,835,160|
|Charity funds|||||||||
|Restricted<br>funds||||16||120,087||64,240|
|Unrestricted<br>funds||||16||2,956,982||2,770,920|
|Total funds||||||3,077,069||2,835,160|





||||2020|2019|
|---|---|---|---|---|
||||E||
|Cash flows from operating<br>activities|||||
|Net cash used<br>in operating<br>activities|||(381,053)|(362,454)|
|Cash flows from investing<br>activities|||||
|Dividends,<br>interests<br>and rents from investments|||208,760|164,484|
|Purchase oftangible<br>fixed assets|||(906)|(2,030,979)|
|Proceeds from sale of investments|||1,337,332||
|Net cash provided<br>by/(used<br>in) investing||activities|1,545,186|(1,866,495)|
|Cash flows from financing<br>activities|||||
|Cash inflows from new borrowing|||1,882,000|3,131,419|
|Repayments<br>of borrowing|||(3,141,305)|(861,622)|
|Net cash (used in)/provided<br>by financing||activities|(1,259,305)|2,269,797|
|Change<br>in cash and cash equivalents|in|the year|(95,172)|40,848|
|Cash and cash equivalents<br>at the beginning||ofthe year|256,989|216,141|
|Cash and cash equivalents<br>at the end of||the year|161,817|256,989|
|The notes on pages 21 to 41 form part ofthese financial statements|||||





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||||Restricted|Unrestricted|Total|
|---|---|---|---|---|---|
||||funds|funds|funds|
||||2020|2020|2020|
||||F|f.|F|
|Donations|||97,512|857,300|954,812|
|Government|grants||57,945||57,945|
|Similar incoming||resources||||
||||155,457|857,300|1,012,757|



|||Restricted|Unrestricted|Total|
|---|---|---|---|---|
|||funds|funds|funds|
|||2019|2019|2019|
|Donations||22,569|1,000,037|1,022,606|
|Similar incoming|resources||98|98|
|||22,569|1,000,135|1,022,704|





## 

## 

|||||||Unrestricted|Total|
|---|---|---|---|---|---|---|---|
|||||||funds|funds|
|||||||2020|2020|
|||||||f.|F|
|Income|from|charitable|activities|-|Books and tapes sale|755|755|
|Income|from|charitable|activities|-|Hall hire and other related income|1,195|1,195|
|||||||1,950|1,950|
|||||||Unrestricted|Total|
|||||||funds|funds|
|||||||2019|2019|
|Income|from|charitable|activities|-|Books and tapes sale|719|719|
|Income|from|charitable|activities|-|Hall hire and other related income|12,462|12,462|
|||||||13,181|13,181|





## 

## 

## 

||||||Unrestricted|Total|
|---|---|---|---|---|---|---|
||||||funds|funds|
||||||2020|2020|
||||||f.|F|
|Investment|income|—local|investment|properties|208,586|208,586|
|Investment|income|—local|cash||174|174|
||||||208,760|208,760|
||||||Unrestricted|Total|
||||||funds|funds|
||||||2019|2019|
|Investment|income|—local|investment|properties|164,000|164,000|
|Investment|income|—local|cash||484|484|
||||||164,484|164,484|





## 

## 

## 

|Restricted|Unrestricted|Total|
|---|---|---|
|funds|funds|funds|
|2020|2020|2020|
|F|f.|F|
|99,610|1,441,128|1,540,738|



|Unrestricted|Total|
|---|---|
|funds|funds|
|2019|2019|
|1,448,634|1,448,634|



## 

|Activities|||
|---|---|---|
|undertaken|Support|Total|
|directly|costs|funds|
|2020|2020|2020|
|F|f.|F|
|414,036|1,126,702|1,540,738|



||||||Activities|||
|---|---|---|---|---|---|---|---|
||||||undertaken|Support|Total|
||||||directly|costs|funds|
||||||2019|2019|2019|
|Advancement|of|Christian|Faith|Worldwide|690,779|757,855|1,448,634|





## 

## 

## 

|||||Advanceme||
|---|---|---|---|---|---|
|||||nt of||
|||||Christian||
|||||Faith|Total|
|||||Worldwide|funds|
|||||2020|2020|
|||||F|E|
|Pastors|salaries|||193,424|193,424|
|Donations||||30,370|30,370|
|Visiting|speakers'||expenses|26,544|26,544|
|Rent and||hall hire||93,600|93,600|
|Rates||||11,791|11,791|
|Children||and youth|expenses|80|80|
|Insurance||||9,773|9,773|
|Security||and alarm||444|444|
|Minor repairs and|||services|2,328|2,328|
|Cleaning||||7,557|7,557|
|Music and choir expenses||||22,190|22,190|
|Building||repairs and rennovation||(3,763)|(3,763)|
|Telephone||||6,573|6,573|
|Printing|and stationery|||5,948|5,948|
|Electricity||||7,177|7,177|
|||||414,036|414,036|





## 

## 

||||Ad vancemen||
|---|---|---|---|---|
||||tofChristian||
||||Faith|Total|
||||Worldwide|funds|
||||2019|2019|
|Pastors|salaries||301,968|301,968|
|Donations|||36,162|36,162|
|Visiting|speakers'|expenses|62,190|62,190|
|Rent and hall hire|||133,811|133,811|
|Rates|||6,484|6,484|
|Children|and youth|expenses|6,149|6,149|
|Insurance|||8,860|8,860|
|Security|and alarm||13,197|13,197|
|Minor repairs and||services|18,921|18,921|
|Cleaning|||7,313|7,313|
|Music and choir expenses|||31,257|31,257|
|Building|repairs and renovation||28,695|28,695|
|Telephone|||8,441|8,441|
|Printing|and stationery||14,912|14,912|
|Electricity|||12,419|12,419|
||||690,779|690,779|





## 

## 

## 

|||||||Advanceme||
|---|---|---|---|---|---|---|---|
|||||||nt of||
|||||||Christian||
|||||||Faith|Total|
|||||||Worldwide|funds|
|||||||2020|2020|
|||||||F|E|
|Staff salaries||||||101,920|101,920|
|Depreciation||||||76,022|76,022|
|Rates||||||6,350|6,350|
|Rent and hall hire||||||50,400|50,400|
|Electricity||||||9,210|9,210|
|Insurance||||||4,762|4,762|
|Telephone||||||3,539|3,539|
|Security and||alarm||||239|239|
|Minor repairs||and|services|||1,254|1,254|
|Other office|cost|||||1,380|1,380|
|Hire ofequipment||||||422|422|
|Cleaning||||||8,029|8,029|
|Equipment|hire and rental|||||924|924|
|Vechicle repairs,|||parking||and insurance|2,949|2,949|
|Refreshment||||||150|150|
|Printing<br>and||stationery||||12,218|12,218|
|Travel||||||47,956|47,956|
|Advertising||||||477,418|477,418|
|Building<br>repairs and renovation||||||(2,027)|(2,027)|
|Legal and professional||||fees||273,955|273,955|
|Loss on disposal|||of fixed||assets|(4,943)|(4,943)|
|Bookstalls||||||1,716|1,716|
|Credit card|charges|||||46,169|46,169|
|Governance||costs||||6,690|6,690|
|||||||1,126,702|1,126,702|





## 

## 

## 

|Analysis of|sup|port c|osts (continued)|||
|---|---|---|---|---|---|
|||||Ad vancemen||
|||||tofChristian||
|||||Faith|Total|
|||||Worldwide|funds|
|||||2019|2019|
|Staff salaries||||82,496|82,496|
|Depreciation||||113,250|113,250|
|Rates||||3,490|3,490|
|Rent and hall hire||||72,052|72,052|
|Electricity||||6,687|6,687|
|Insurance||||4,772|4,772|
|Telephone||||4,545|4,545|
|Security and|alarm|||7,106|7,106|
|Minor repairs|and services|||9,790|9,790|
|Other office costs||||9,004|9,004|
|Hire ofequipment||||8,721|8,721|
|Cleaning||||4,234|4,234|
|Vehicle repairs,||parking|and insurance|10,959|10,959|
|Refreshment||||5,455|5,455|
|Printing<br>and|stationery|||19,860|19,860|
|Travel||||45,723|45,723|
|Advertising||||275,700|275,700|
|Building<br>repairs and renovation||||15,453|15,453|
|Legal and professional|||fees|47,613|47,613|
|Bookstalls||||4,255|4,255|
|Governance|costs|||6,690|6,690|
|||||757,855|757,855|





## 

## 

## 

|||||||2020|2019|
|---|---|---|---|---|---|---|---|
|||||||E||
|Fees payable|to the charity's|auditor||for the audit ofthe charity's|annual|||
|accounts||||||4,620|4,620|
|Fees payable|to the charity's|auditor||in respect of:||||
|All non-audit|services not included||above|||2,070|1,980|



## 

|Staff costs||||||
|---|---|---|---|---|---|
|||||2020|2019|
|||||E||
|Wages and|salaries|||253,686|334,183|
|Social security costs||||28,974|35,016|
|Contribution|to defined|contribution|pension schemes|12,684|15,265|
|||||295,344|384,464|



|2020|2019|
|---|---|
|No.|No.|



|Pastors||
|---|---|
|Church|administration|





## 

## 

|||||||||2020|2019|
|---|---|---|---|---|---|---|---|---|---|
|||||||||f.||
|Pastor|(Dr)|D|0|Oludoyi|Remuneration|||111,930|159,986|
||||||Pension|contributions|paid|5,597|7,688|



## 

## 

||Freehold|Other fixed||
|---|---|---|---|
||property|assets|Total|
|Cost or valuation||||
|At 1 January 2020|2,051,699|683,793|2,735,492|
|Additions||906|906|
|Disposals|(500)|(188,076)|(188,576)|
|At 31 December 2020|2,051,199|496,623|2,547,822|
|Depreciation||||
|At 1 January 2020|40,424|590,874|631,298|
|Charge for the year|40,424|35,597|76,021|
|On disposals||(193,519)|(193,519)|
|At 31 December 2020|80,848|432,952|513,800|
|Net book value||||
|At 31 December 2020|1,970,351|63,671|2,034,022|
|At 31December 2019|2,011,275|92,919|2,104,194|





## 

||Freehold|
|---|---|
||investment|
||property|
||F|
|Valuation||
|At 1 January 2020|3,315,152|
|Disposals|(1,428,152)|
|Surplus<br>on revaluation|650,000|
|At 31 December 2020|2,537,000|



## 

|||2020|2019|
|---|---|---|---|
|Due within one year||||
|Trade debtors||33,745|32,420|
|Other debtors||243,168|247,155|
|Prepayments|and accrued income|220,932|134,276|
|Tax recoverable||43,469|29,375|
|||541,314|443,226|





## 

## 

## 

|||2020|2019|
|---|---|---|---|
|||f.||
|Bank overdrafts||328|18,398|
|Bank loans||1,882,000|3,131,419|
|Trade creditors||77,705|50,812|
|Other taxation and social security||93,026|54,965|
|Pension||7,733|11,817|
|Other creditors||34,000|24,000|
|Accruals and deferred|income|102,620|11,388|
|||2,197,412|3,302,799|



## 

|||||||||||2020|2019|
|---|---|---|---|---|---|---|---|---|---|---|---|
|Financial|assets|||||||||||
|Financial|assets|measured|at|fair|value|through|income|and|expenditure|162,145|275,387|





## 

|Stateme|nt o|ffunds - curren|t year|||||
|---|---|---|---|---|---|---|---|
||||||||Balance at|
||||Balance at 1||||31|
||||January|||Gains/|December|
||||2020|Income|Expenditure|(Losses)|2020|
||||E|f.|F|f.|F|
|Unrestricted||funds||||||
|General|Funds - all funds||2,770,920|1,068,010|(1,441,128)|559,180|2,956,982|
|Restricted funds||||||||
|Freehold|property||41,665||(41,665)|||
|Building|fund||22,575|97,512|||120,087|
|Coronavirus||Job Retention||||||
|Scheme||||32,945|(32,945)|||
|Barking|and|Dagenham||25,000|(25,000)|||
||||64,240|155,457|(99,610)||120,087|
|Total of|funds||2,835,160|1,223,467|(1,540,738)|559,180|3,077,069|





## 

## 

|Statemen|t o|ffunds - prior y|ear|||||
|---|---|---|---|---|---|---|---|
||||||||Balance at|
||||Balance at||||31|
||||1January|||Gains'|December|
||||2019|Income|Expenditure|(Losses)|2019|
|Unrestricted||funds||||||
|General|Funds - all funds||2,813,602|1,177,800|(1,448,634)|228,152|2,770,920|
|Restricted funds||||||||
|Freehold|property||41,665||||41,665|
|Building|fund||6|22,569|||22,575|
||||41,671|22,569|||64,240|
|Total of|funds||2,855,273|22,569|(1,448,634)|228,152|2,835,160|



|Summary|offunds - cu|rrent year|||||
|---|---|---|---|---|---|---|
|||||||Balance at|
|||Balance at 1||||31|
|||January|||Gains/|December|
|||2020|Income|Expenditure|(Losses)|2020|
|General funds||2,770,920|1,068,010|(1,441,128)|559,180|2,956,982|
|Restricted|funds|64,240|155,457|(99,610)||120,087|
|||2,835,160|1,223,467|(1,540,738)|559,180|3,077,069|





## 

## 

|Summary|offunds - pri|or year|||||
|---|---|---|---|---|---|---|
|||||||Balance at|
|||Balance at||||31|
|||1January|||Gains'|December|
|||2019|Income|Expenditure|(Losses)|2019|
|General funds||2,813,602|1,177,800|(1,448,634)|228,152|2,770,920|
|Restricted|funds|41,671|22,569|||64,240|
|||2,855,273|1,200,369|(1,448,634)|228,152|2,835,160|



## 

|Analysis|of net assets between funds - curre|nt<br>period|||
|---|---|---|---|---|
|||Restricted|Unrestricted|Total|
|||funds|funds|funds|
|||2020<br>f|2020|2020f|
|Tangible fixed assets|||2,034,022|2,034,022|
|Investment|property||2,537,000|2,537,000|
|Current assets||120,087|583,372|703,459|
|Creditors|due within one year||(2, 197,412)|(2,197,412)|
|Total||120,087|2,956,982|3,077,069|



|Analysis|of net assets between funds - prior|period|||
|---|---|---|---|---|
|||Restricted|Unrestricted|Total|
|||funds|funds|funds|
|||2019|2019|2019|
|Tangible fixed assets||41,665|2,062,529|2,104,194|
|Investment|property||3,315,152|3,315,152|
|Current assets||22,575|696,038|718,613|
|Creditors|due within one year||(3,302,799)|(3,302,799)|
|Tl||64,240|2,770,920|2,835,160|





## 

## 

|Reconciliati|on<br>of|net m|ovem|ent|in fund|s to net|cash flow|from operating|activities||
|---|---|---|---|---|---|---|---|---|---|---|
||||||||||2020|2019|
||||||||||f.||
|Net<br>income/expenditure|||for|the|period|(as per|Statement|of Financial|||
|Activities)|||||||||241,909|(20,113)|
|Adjustments|for:||||||||||
|Depreciation|charges||||||||76,021|113,250|
|Losses on investments|||||||||(559,180)|(228,152)|
|Dividends,<br>interests||and|rents|from|investments||||(208,760)|(164,484)|
|Loss on the|sale of|fixed|assets||||||4,943||
|Increase<br>in|debtors||||||||(98,088)|(109,159)|
|Increase<br>in|creditors||||||||162,102|46,204|
|Net cash used<br>in operating||||activities|||||(381,053)|(362,454)|



## 

|||||2020|2019|
|---|---|---|---|---|---|
|Cash|in|hand||162,145|275,387|
|Overdraft||facility repayable|on demand|(328)|(18,398)|
|Total|cash and cash equivalents|||161,817|256,989|



## 

||||||At 1||At 31|
|---|---|---|---|---|---|---|---|
||||||January||December|
||||||2020|Cash flows|2020|
|||||||f.|F|
||||||F|||
|Cash|at bank and||in hand||275,387|(113,242)|162,145|
|Bank|overdrafts|repayable||on demand|(18,398)|18,070|(328)|
|Debt|due within|1|year||(3,167,236)|1,253,503|(1,913,733)|
||||||(2,910,247)|1,158,331|(1,751,916)|





## 

## 

||||2020|2019|
|---|---|---|---|---|
||||f.||
|Not later than||1 year|260,000|260,000|
|Later than|1 year and not later than 5 years||260,000|260,000|
|Later than|5 years||260,000|260,000|
||||780,000|780,000|



## 



## 

|||||Unrestricted|Total|
|---|---|---|---|---|---|
|||||funds|funds|
|||||2020|2020|
|||||f.|F|
|RCCG|Europe|Region|3- GBP|37,707|37,707|



|||||Unrestricted|Total|
|---|---|---|---|---|---|
|||||funds|funds|
|||||2019|2019|
|RCCG|Europe|Region|3-GBP|33,909|33,909|