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2020-10-31-accounts

WORLD RESTORATION MINISTRIES (RESTORATION CHAPEL INTERNATIONAL) STATUTORY FINANCIAL STATEMENTS AND TRUSTEES REPORT YEAR ENDED 31 OCTOBER 2020

WORLD RESTORATION MINISTRIES (RESTORATION CHAPEL INTERNATIONAL)

Statutory Financial Statements & Trustees Report 31[st] October 2020

Charity No. 1088882

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WORLD RESTORATION MINISTRIES STATUTORY FINANCIAL STATEMENT AND TRUSTEES REPORT YEAR ENDED 31 OCTOBER 2020

Principal Office:

Life Centre 55-63 Grove Vale East Dulwich SE22 8EQ

Trustees

Mr Samuel Asamoah Mrs Cynthia Sissuh Mr Bradlyn Sarfo Manu

Accountants:

Rev Dr Olu Olasode PhD FCCA

TL First Accountants & Consultants

1 Copers Cope Road

Beckenham, Kent BR3 1NB

Bankers:

Lloyds Bank Plc

WORLD RESTORATION MINISTRIES STATUTORY FINANCIAL STATEMENT AND TRUSTEES REPORT YEAR ENDED 31 OCTOBER 2020

Introduction

The Trustees do hereby present its report and the independently examined financial statements for the year ended 31[st] October 2020. These comply with current statutory requirements and the Statement of Recommended Practice- Accounting and Reporting by Charities (SORP) 2015.

Name and Registered office and constitution

The full name of the charity is World Restoration Ministries. The charity is also known by the name Restoration Chapel International

Structure, Governance and Management .

Organisational structure

The Board of Trustees meets every four month and are responsible for the strategic direction and policy of the charity. To achieve its' objectives, the Trustees rely on the Senior Management Team on whom the day-to-day responsibility for the running of the charity lies. The Senior Management Team is accountable to the Board of Trustees who are responsible for ensuring that the charity achieves its principal aims. The Departmental Heads are responsible for the day-to-day operational management of their service areas.

Recruitment and appointment of new trustees

There was a new trustee appointed during the year. Dr James Nanjo was replaced by Mr Bradlyn Sarfo Manu, which took effect from 10/03/2020

Objectives and Activities

Summary of Objectives of the charity set out in its governing documents.

A. The objectives of the charity are to advance the Christian. religion for the public benefit in accordance with the doctrines of our Lord Jesus Christ, through the holding of prayer meetings, lectures, evangelism, distributing of literature and tracts, broadcasting and such charitable means as the trustees consider appropriate.

WORLD RESTORATION MINISTRIES STATUTORY FINANCIAL STATEMENT AND TRUSTEES REPORT YEAR ENDED 31 OCTOBER 2020

Summary of the main activities undertaken for the public benefits in relation to these objectives.

Our trustees continue to review our objectives, purposes and activities yearly, to make sure they continue to reflect our aims and objectives. In undertaking out the review of our church, the Trustees have already considered the public benefit application as stated below.

Public Benefit Statement

“The trustees have considered the guidance produced by the Charity Commission on the provision of public benefit and they confirm that public benefit has been provided by….”

Strategies for Achieving our objectives

The main activities of the church are as follows:

Development and Achievements in the period

We had over 200 virtual services during the pandemic to meet the spiritual, mental, and social needs of members and general public.

Young Adults and Youth Leadership Graduation

Our leadership training programs for young adults and youth was very successful this year. We witness the graduation of about 25 people who successfully completed our seven weeks intensive leadership class. A graduation ceremony was held followed by celebration.

WORLD RESTORATION MINISTRIES STATUTORY FINANCIAL STATEMENT AND TRUSTEES REPORT YEAR ENDED 31 OCTOBER 2020

Bible Class

The seven weeks bible class programs which is mainly held for young adults and youth was also a success. The main focus is to educate young people with sound morals, character building and bible knowledge. Much of our bible studies was online due to Covid19.

Publications

We developed and printed leadership training materials, bible studies materials and small group fellowship materials after surveying the needs of each area through questions from church members and few people from general public that visited. Five programs have been developed in this respect and all the training was successful.

The Pastoral Ministry engaged in hospital & home visits, baby dedication, and pastoral counselling sessions. There were:

  1. Weddings 04 2. Baby Dedication and Confirmation 03 3. Couple’s meetings 04 4. Premarital Counselling 05 5. Post marital Counselling 10

  2. Virtual Prayer support 8 times a day

Outreach work

The work of the charity in using the gospel and self-development methodologies to reach people in its immediate communities and in other countries where the lives of people have been distressed in many ways, was strongly – maintained in the year under review at similar levels to prior years. We have continued to expand our community reach, using the media and have simultaneously worked tirelessly to consolidate our prior year gains with the youth, young adults, single parents, and especially our children’s ministry which has continuously grown wi th more demands.

Future strategy

The charity plans continuing the activities as outlined above in the forthcoming years subject to continuing satisfactory funding arrangements. The Charity will continue to build and grow its operations in developing its members whilst continuing to build and foster within the community. The Charity continues to undertake unfinished work of our worship place. We will focus on building our international and domestic outreaches and work towards a structure of continued growth in planning outreaches domestically and abroad. The charity will be investing more strategically in the community, through different schemes and outreaches.

Financial Review

There was a decrease in the income of the year. This was due to the impact of Covid19 on our in-person activities.

Reserves Policy

The trustees have resolved to establish reserves to provide for future activities, and to provide funding for the expected expenditure for three months ahead.

WORLD RESTORA TION MINISTRIES STATLITOR Y FINANCIAL iTATEMENT AND TRUSTEES REPORT YEAR CNDED 31 OCTOBER 2020 The Invesimenl Policy The charity does not have any inveslmenl policy. All ourin￿nY￿, the eXCeptK￿ ofsmall cash flow. is reinvested In the ￿harity. Available and Adequate Assets of each of the Funds The boaré of Iruslees are $31islied Inal the chanty's assels in each tund are available and adequate lo fulfil its obligats'ons in respect ol each tund. Priijcipal Funding Sources The Churcfri menibers conb.nued lo be the main source of income in forrn of donations gifts lo the Church. Transactions and Financial Position The finap,cial statement is sel out from (pages numbersl.'The finan(aal slalements have been prepared implefflenling the stalerneni of recL)mmeided ?ractice for accoun15ng and report'ng by thartbes issued by the Ctri2ri1ies ComtnisJiOn for England and Wales. ffhe Charity SORPI and in accordance with the Financi81 Reporting Siand8rd IFR102j The Iruslee5 considgr tne fir.ancial wrformance by the chartty durirrfJ the year to have been salislaclory. Please refer lo the annexed ac£ounl for the detaiL8 of the Finanaal Slalemenls for the year ended 31 October 2019_ Responsibilities of the Trustees The Charities Acl 1993 requiies the Trustees lo prepare financial slalements for each financial year. whith give a true a.n¢ lair view of the stole of the afrai￿ ol ihe charsty as al the balance sheet dale and of ils incoming resour and apps.'calion of resources, induding income and expenditure, for the financrdl year if prepared under the accrual CQlI pl. In prepafjng those finanaal statemep.ts. the Ttustees have l(41owed ￿st practi￿ and,. 1. Selected suitable accounting poliae5 and ap￿led them Ix)nsislenty. 2. Made judgtnents a.ld esbtn81es ttrwt ale reasonable and prudenl,- and 3. Preparèd the financial statements on the genuine assurnpt.on that the operations of the chaity will continue al least into the foreseeable firture. The Trustees are responsible lor Tnaintaining proper acc￿nting records Wfi￿h disthse with reasonable accurscy al ail lime Ihe r.nancial posiliDn of the chariiable enb.ty and lo enable them lo ensure that the finanryal statements corriply iwiin the Chanlies Ac, 1993. The Iruslees are ako responsible for s2feguarding Ihe assets of the charity and h.ence lor taking reasonable steps ltsr the preveno'on and detection of fraud and other irregularilie5. Mrs Cynihia Sissuh Ion behalf ol the Trusleesl

WORLD RESTORATION MINISTRIES (RESTORATION CHAPEL INTERNATIONAL) STATUTORY FINANCIAL STATEMENTS AND TRUSTEES REPORT YEAR ENDED 31 OCTOBER 2020

ACCOUNTANTS’ AND INDEPENDENT EXAMINER’S REPORT

I report on the Accounts of the Trust for the year ended 31[st] October 2020, as are set out on pages 15-19.

As Trustee of the company, you are required by statute to prepare accounts for each financial year which give a true and fair view of the state of affairs of the company and of its profit or loss for that period. In preparing those accounts you must:

As the Charity’s Trustees you are responsible for the preparation of the accounts; you consider that the audit requirement of section 43(2) of the Charities Act 1993 (the Act) does not apply. It is my responsibility to state, on the basis of procedures specified in the General Directions given by the Charity Commissioners under section 43(7)(b) of the Act, whether particular matters have come to my attention.

It is your responsibility to keep proper accounting records which disclose with reasonable accuracy at any particular time the financial position of the company. It is also your responsibility to safeguard the assets of the company and for taking reasonable steps for the prevention of and detection of fraud and other irregularities with an appropriate system of internal controls.

You are also responsible for determining whether, in respect of the year concerned, the company meets the conditions for exemption from audit set out in Section 249A of the Companies Act 1985, and for determining whether, in respect of the year, the exemption is not available for any reasons set out in Section 249B of the Companies Act 1985

Our work did not constitute an audit of the accounts in accordance with Auditing Standards. Accordingly, we did not seek any independent evidence to support the entries in the accounting records, or to prove the existence, ownership or valuation of assets or completeness of income, liabilities or disclosure in the accounts. Nor did we assess the reasonableness of any estimates or judgements made in the preparation of the accounts. Consequently, our work will not provide any assurance that the accounting records are free from material misstatement, irregularities or error. In the course of our work, we have placed reliance on the information and representations provided by you, or your representatives.

Rev Olu Olasode BSc MSc MBA APSA PhD FCCA Chartered Certified Accountant

Date:

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WORLD RESTORATION MINISTRIES (RESTORATION CHAPEL INTERNATIONAL) STATUTORY FINANCIAL STATEMENTS AND TRUSTEES REPORT YEAR ENDED 31 OCTOBER 2020

STATEMENT OF FINANCIAL ACTIVITIES
INCOMING RESOURCES
Grants and Donations
JRS Grant
Investment income
Other Incoming Resources
Total Incoming Resources
RESOURCES EXPENDED
Costs of Activities in Furtherance of the
Company’s Objects
Charitable Activities
Governance Costs
Total Resources Expended
Net Incoming / (Outgoing) Resources
Total Funds Brought Forward
Total Funds Carried Forward		 2020
2020
2020
2019
Restricted
Unrestricted
Total
Total
£
£
£
£
147,434
147,434
223,284
3,282
3,282
0
0
0
0
0
0
49,835
150,716
150,716
273,119
144,327
144,327
244,522
21,546
21,546
17,242

165,873
165,873
261,764
(15,157) (15,157)
11,355
69,574
69,574
58,219
54,417
54,417
**69,574 **

There were no recognised gains or losses for the year, other than those included in the Statement of Financial Activities.

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WORLD RESTOIL4TION MINISTRIES (RESTORATION CHAPEL INTERNATIONAL) STATUTORY FINANCIAL STATEMENTS AND TRU%TEE8 REPORT YEAR ENDED 31 OLTOBER 2020 BALANCE SHEET 2020 2020 2019 2019 FIXED ASSETS (Note 5) 43,176 56,283 CURRENT ASSETS Debtors (Note 6) Cash and Bank 15,531 15,241 CURRENT LIABILITIES Creditors- within one year (Note 7) [4,290) [1.950) NET CURRENT ASSETS 11,241 13,291 Creditors - Not within one year (note 8) NET ASSETS 54,417 FUNDS AND RESERVES Restricted Funds Unrestricted Funds 54,417 69,574 TOTAL CHARITY FUNDS (NET ASSETS) 54,417 69,574 Approved by the Board of Trustees on 14 October 2020 and signed on their behalf by: Cynthia Sxssuh (Trustee) io

WORLD RESTORATION MINISTRIES (RESTORATION CHAPEL INTERNATIONAL) STATUTORY FINANCIAL STATEMENTS AND TRUSTEES REPORT YEAR ENDED 31 OCTOBER 2020

NOTES TO THE FINANCIAL STATEMENTS

1. ACCOUNTING POLICIES

(A) Basis of Preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: 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) (effective 1 January 2015) – (Charities SORP), with FRS 102 and with the requirements of the Charities Act 2011.

In preparing the financial statements the charity has applied FRS 102 (March 2018) and the amendments to the Charities SORP set out in Update Bulletin 2 (issued in October 2018) before their effective date of periods commencing 1 January 2019.

The charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

(B) Going Concern

The financial statements are prepared, on a going concern basis. The trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern.

(C) Reconciliation with previous Generally Accepted Accounting Practice

Transitional arrangements for the charity presenting this financial statement under FRS 102 for the first time had been incorporated and that, no comparative items was needed. No restatements nor reconciliations were required.

(D) Fund Accounting

Unrestricted funds are available to spend on activities that further any of the purposes of charity. The charity maintains only a general unrestricted fund, which represents funds that are expendable at the discretion of the trustees in furtherance of the objects of the charity. Such funds may be held in order to finance both working capital and capital investment.

(E) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received, and the amount can be measured reliably.

Where income has related expenditure (as with fundraising or contract income), the income and related expenditure are reported gross in the Statement of Financial Activities.

Donations, grants and gifts are recognised when receivable. In the event that a donation is subject to fulfilling performance conditions before the charity is entitled to the funds, the income is deferred and not recognised until it is probable that those conditions will be fulfilled in the reporting period. Income from Gift Aid tax reclaims

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WORLD RESTORATION MINISTRIES (RESTORATION CHAPEL INTERNATIONAL) STATUTORY FINANCIAL STATEMENTS AND TRUSTEES REPORT YEAR ENDED 31 OCTOBER 2020

is recognised for any donations with relevant Gift Aid certificates recognised in income for the year. Any amounts of Gift Aid not received by the year-end are accounted for in income and accrued income in debtors.

Income received in advance for a future fundraising event or for a grant received relating to the following year are deferred until the criteria for income recognition are met.

Interest on deposit funds held is included when receivable and the amount can be measured reliably by the charity which is normally upon notification of the interest paid or payable by the bank.

Sponsorship from events, fundraising and events registration fees are recognised in income when the event takes place.

(F) Donated Goods and Services

Donated services or facilities are recognised when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the item is probable and that economic benefit can be measured reliably. There were no donated goods and services recognised during the year.

(G) Expenditure and Irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, 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 and analysed based on the alternative approach for smaller charities - nature of the expenditure.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

(H) Volunteers

The value of the services provided by volunteers is not incorporated into these financial statements.

(I) Fixed Assets and Depreciation

Tangible fixed assets for use by the charity are capitalised if they can be used for more than one year, and cost at least £500. They are valued at cost or a reasonable value on receipt.

Depreciation has been provided at the following rates in order to write off the assets over their estimated useful economic lives.

Church and Office equipment at 25% straight line basis.

The need for any impairment of a fixed asset write-down is considered if there is concern over the carrying value of an asset and is asses by comparing that carrying value against the value in use or realisable value of the asset when appropriate.

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WORLD RESTORATION MINISTRIES (RESTORATION CHAPEL INTERNATIONAL) STATUTORY FINANCIAL STATEMENTS AND TRUSTEES REPORT YEAR ENDED 31 OCTOBER 2020

(J) Cash at Bank and In Hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

(K) Creditors

Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due.

(l) Taxation

The charitable company is exempt from income and corporation tax to the extent that its income and gains are applicable to charitable purpose only. Value Added Tax is not recoverable by the charity and is, therefore, included in the costs in the Statement of Financial Activities.

2. Donations and Similar Incoming Resources

Donations (including Gift Aid received)
Accrued HMRC Gift Aid
JRS Grant
3. Resources Expended
Youth Development Work
Media Ministry
Mission Costs
Volunteer Expenses
Church Events
Maintenance & Equipment Rental
Rent & Rates
Printing & Photocopying
Utilities
Telephone, Internet, Postage
Travel & Subsistence
Hospitality and Welfare		 2020
2019
Total
Total
£
£
147,434
223,284
0
49,835
3,282
0
150,716
273,119
2020
2019
4,255
10,030
15,171
4,735
19,016
45,079
740
6,210
2,986
15,470
901
10,986
49,075
63,373
2,888
2,408
4,576
4,866
5,069
2,350
1,059
4,787
2,656
350

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WORLD RESTORATION MINISTRIES (RESTORATION CHAPEL INTERNATIONAL) STATUTORY FINANCIAL STATEMENTS AND TRUSTEES REPORT YEAR ENDED 31 OCTOBER 2020

Bank & Other Finance Charges
247
9,263
Donation to Other Ministries
200
9,880
Training Costs
65
8,585
Advertising, Media & Publicity
504
1,517
Publication, Subscription & Audio
771
52
Administration Costs
3,546
4,230
Community Empowerment
2,145
9,219
Children's Ministry
2,840
4,420
Salaries & Wages
13,857
26,711
Plant and Equipment
728
0
Repairs
11,032
0
Total Charitable Expenditure
144,327
244,522
4. Governance Costs
2020
2019
£
£
Depreciation
13,107
13,107
Accountancy Fees
2,340
1,500
Other Professional Fees
6,099
2,635
Total Governance Costs
21,546
17,242
5. Fixed Assets
Freehold
Office
Furniture
& Fittings
Equipment
Motor
Vehicle
Total
£
£
£
£
£
COST
At 1 November 2019
204,014
52,766
256,780
Additions
0
0
0
0
Disposals
-
-
-
-
At 31 October 2020
204,014
52,766
0
256,780
DEPRECIATION
Accumulated Depreciation
151,214
49,283
0
200,497
Charge for the year
11,813
1,294
0
13,107
At 31 October 2019
163,027
50,577
0
213,604
NET BOOK VALUE		 Bank & Other Finance Charges
247
9,263
Donation to Other Ministries
200
9,880
Training Costs
65
8,585
Advertising, Media & Publicity
504
1,517
Publication, Subscription & Audio
771
52
Administration Costs
3,546
4,230
Community Empowerment
2,145
9,219
Children's Ministry
2,840
4,420
Salaries & Wages
13,857
26,711
Plant and Equipment
728
0
Repairs
11,032
0
Total Charitable Expenditure
144,327
244,522
4. Governance Costs
2020
2019
£
£
Depreciation
13,107
13,107
Accountancy Fees
2,340
1,500
Other Professional Fees
6,099
2,635
Total Governance Costs
21,546
17,242
5. Fixed Assets
Freehold
Office
Furniture
& Fittings
Equipment
Motor
Vehicle
Total
£
£
£
£
£
COST
At 1 November 2019
204,014
52,766
256,780
Additions
0
0
0
0
Disposals
-
-
-
-
At 31 October 2020
204,014
52,766
0
256,780
DEPRECIATION
Accumulated Depreciation
151,214
49,283
0
200,497
Charge for the year
11,813
1,294
0
13,107
At 31 October 2019
163,027
50,577
0
213,604
NET BOOK VALUE
204,014
52,766
0
256,780
151,214
49,283
0
200,497
11,813
1,294
0
13,107
163,027
50,577
0
213,604
At 31 October 2019 52,800
3,483
0
56,283
At 31 October 2020 40,987
2,189
0
43,176

6. DEBTORS - due within one year

2020

2019

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WORLD RESTORATION MINISTRIES (RESTORATION CHAPEL INTERNATIONAL) STATUTORY FINANCIAL STATEMENTS AND TRUSTEES REPORT YEAR ENDED 31 OCTOBER 2020

Other Debtors
7. CREDITORS- due within one year
Accountancy Fees
Taxes and Social Security		 £
£
0
0
2020
2019
£
£
4,290
1,950
0
0
4,290
1,950

8. RELATED PARTY TRANSACTIONS

There were no related party transactions during the reporting year.

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