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2021-10-31-accounts

WORLD RESTORATION MINISTRIES (RESTORATION CHAPEL INTERNATIONAL) STATUTORY FINANCIAL STATEMENTS AND TRUSTEES REPORT YEAR ENDED 31 OCTOBER 2021

WORLD RESTORATION MINISTRIES (RESTORATION CHAPEL INTERNATIONAL)

Statutory Financial Statements & Trustees Report 31[st] October 2021

Charity No. 1088882

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WORLD RESTORATION MINISTRIES (RESTORATION CHAPEL INTERNATIONAL) STATUTORY FINANCIAL STATEMENTS AND TRUSTEES REPORT YEAR ENDED 31 OCTOBER 2021

Legal and Administrative Information

Trustees:
Cynthia Sissuh
Bradlyn Patrick Sarfo Manu
Samuel Asamoah
Charity Registration No: 1088882
Principal Office: Life Centre
55-63 Grove Vale
East Dulwich
SE22 8EQ
Accountants: Rev Dr Olu Olasode PhD FCCA
TL First Accountants & Consultants
1 Copers Cope Road
Beckenham, Kent
BR3 1NB
Bankers: LLoyds Bank Plc

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WORLD RESTORATION MINISTRIES (RESTORATION CHAPEL INTERNATIONAL) STATUTORY FINANCIAL STATEMENTS AND TRUSTEES REPORT YEAR ENDED 31 OCTOBER 2021

TRUSTEES REPORT 2020

Introduction

The Trustees do hereby present its report and the independently examined financial statements for the year ended 31[st] October 2021. 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 names Restoration Chapel International and Restoration City Church.

Charity Registered Number: 1088882 The telephone number is: 02082991676 The Registered office is: Life Centre, 55-63 Grove Vale, London SE22 8EQ

Trustees

Mr. Samuel Asamoah Mrs. Cynthia Sissuh Mr. Bradlyn Patrick Sarfo Manu

Structure, Governance and Management

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes an unincorporated charity. The organisation is a charity and governed by a Trust Deed, made on 13[th] February 2001.

Organisational structure

The Board of Trustees meets every six 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.

Objectives and Activities

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

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WORLD RESTORATION MINISTRIES (RESTORATION CHAPEL INTERNATIONAL) STATUTORY FINANCIAL STATEMENTS AND TRUSTEES REPORT YEAR ENDED 31 OCTOBER 2021

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:

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WORLD RESTORATION MINISTRIES (RESTORATION CHAPEL INTERNATIONAL) STATUTORY FINANCIAL STATEMENTS AND TRUSTEES REPORT YEAR ENDED 31 OCTOBER 2021

Development and Achievements in the period

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 20 people who successfully completed our seven weeks intensive leadership class. A graduation ceremony was held followed by celebration.

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.

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 03 2. Baby Dedication and Confirmation 06 3. Couple’s meetings 05 4. Premarital Counselling 04 5. Post marital Counselling 11

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 with more demands.

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WORLD RESTORATION MINISTRIES (RESTORATION CHAPEL INTERNATIONAL) STATUTORY FINANCIAL STATEMENTS AND TRUSTEES REPORT YEAR ENDED 31 OCTOBER 2021

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. Including helping the needy and homeless.

Financial Review

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.

The Investment Policy

The charity does not have any investment policy. All our income, with the exception of small cash flow, is reinvested in the charity.

Available and Adequate Assets of each of the Funds

The board of trustees are satisfied that the charity’s assets in each fund are available and adequate to fulfil its obligations in respect of each fund.

Principal Funding Sources

The Church members continued to be the main source of income in form of donations and gifts to the Church.

Accountants & Independent Examiners

Dr Olu Olasode PhD FCCA of TL First Accountants Limited (Chartered Certified Accountants) was appointed as the charity’s Accountants and Independent Examiners during this financial year.

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WORLD RESTORATION MINISTRIES (RESTORATION CHAPEL INTERNATIONAL) STATUTORY FINANCIAL STATEMENTS AND TRUSTEES REPORT YEAR ENDED 31 OCTOBER 2021

Statement of Trustees` Responsibilities

The Trustees are responsible for preparing an annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (UK GAAP).

The law applicable to charities in England & Wales require the charity trustees to prepare financial statements which give a true and fair view of the state of affairs of the Charity at the end of the financial year and of the income and expenditure of the Charity for the year ended on that date. In preparing those financial statements, the Trustees are required to:

The Trustees are also responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts & Reports) Regulations 2008 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.

The trustees for the purposes of charity law who served during the year and up to the date of this report are set out on page 2.

Approved by the trustees and signed on its behalf by:

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WORLD RESTORATION MINISTRIES (RESTORATION CHAPEL INTERNATIONAL) STATUTORY FINANCIAL STATEMENTS AND TRUSTEES REPORT YEAR ENDED 31 OCTOBER 2021

ACCOUNTANTS’ AND INDEPENDENT EXAMINER’S REPORT

I report on the accounts of the charity for the period ended 31 October 2021 as are set out on pages 8 to 15.

Responsibilities and basis of report

As the charity's trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”). I report in respect of my examination of the Trust’s accounts 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

I am qualified to undertake the examination by being a qualified member of the Chartered Association of Certified Accountants (ACCA) and Fellow of the Association (FCCA).

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination (other than that disclosed below *) which gives me cause to believe that in, any material respect:

• the accounts did 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.

Dr Olu Olasode FCCA Chartered Certified Accountant TL First Accountants Limited TL First Limited

Date: 03/07/2022

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WORLD RESTORATION MINISTRIES (RESTORATION CHAPEL INTERNATIONAL) STATUTORY FINANCIAL STATEMENTS AND TRUSTEES REPORT YEAR ENDED 31 OCTOBER 2021

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		 2021
2021
2021
2020
Restricted
Unrestricted
Total
Total
£
£
£
£
182,522
182,522
147,434
5,090
5,090
3,282
0
0
0
0
0
0
187,612
187,612
150,716
173,983
173,983
144,327
24,207
24,207
21,546

198,190
198,190
165,873
(10,578) (10,578) (15,157)
54,417
54,417
69,574
43,839
43,839
54,417

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 RESTORATION MINISTRIES (RESTORATION CHAPEL INTERNATIONAL) STATUTORY FINANCIAL STATEMENTS AND TRUSTEES REPORT YEAR ENDED 31 OCTOBER 2021

BALANCE SHEET
FIXED ASSETS(Note 5)
CURRENT ASSETS
Debtors (Note 6)
Cash and Bank
CURRENT LIABILITIES
Creditors- within one year (Note 7)
NET CURRENT ASSETS
Creditors– Not within one year (note 8)
NET ASSETS
FUNDS AND RESERVES
Restricted Funds
Unrestricted Funds
TOTAL CHARITY FUNDS (NET ASSETS)		 2021
£
16,105
(2,335)		 2021
£
30,069
13,770		 2020
£
15,531
(4,290)		 2020
£
43,176
11,241
43,839 54,417
0
43,839		 0
54,417
43,839 54,417

Approved by the Board of Trustees on 03 August 2022 and signed on their behalf by:

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WORLD RESTORATION MINISTRIES (RESTORATION CHAPEL INTERNATIONAL) STATUTORY FINANCIAL STATEMENTS AND TRUSTEES REPORT YEAR ENDED 31 OCTOBER 2021

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 were 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.

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WORLD RESTORATION MINISTRIES (RESTORATION CHAPEL INTERNATIONAL) STATUTORY FINANCIAL STATEMENTS AND TRUSTEES REPORT YEAR ENDED 31 OCTOBER 2021

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 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.

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WORLD RESTORATION MINISTRIES (RESTORATION CHAPEL INTERNATIONAL) STATUTORY FINANCIAL STATEMENTS AND TRUSTEES REPORT YEAR ENDED 31 OCTOBER 2021

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 assess by comparing that carrying value against the value in use or realisable value of the asset when appropriate.

(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		 2021
2020
Total
Total
£
£
182,522
147,434
0
0
5,090
3,282
187,612
150,716

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WORLD RESTORATION MINISTRIES (RESTORATION CHAPEL INTERNATIONAL) STATUTORY FINANCIAL STATEMENTS AND TRUSTEES REPORT YEAR ENDED 31 OCTOBER 2021

3. Resources Expended
2021
2020
Youth Development Work
4,730
4,255
Media Ministry
7,094
15,171
Mission Costs
43,278
19,016
Church Events
3,662
2,986
Rent & Rates
31,770
49,075
Hospitality and Welfare
2,195
2,656
Bank & Other Finance Charges
1,229
247
Donation to Other Ministries
2,500
200
Administration Costs
34,996
19,218
Community Empowerment
6,070
2,145
Children's Ministry
1,650
2,840
Salaries & Wages
20,007
13,857
Repairs &Plant and Equipment
14,802
12,661
Total Charitable Expenditure
173,983
144,327
4. Governance Costs
2021
2020
£
£
Depreciation
13,107
13,107
Accountancy Fees
0
2,340
Other Professional Fees
11,100
6,099
Total Governance Costs
24,207
21,546
5. Fixed Assets
Freehold
Office
Furniture
& Fittings
Equipmen
t
Motor
Vehicle
Total
£
£
£
£
£
COST
At 1 November 2020
204,014
52,766
256,780
Additions
0
0
0
0
Disposals
-
-
-
-
At 31 October 2021
204,014
52,766
0
256,780
DEPRECIATION
Accumulated Depreciation
163,027
50,577
0
213,604
Charge for the year
11,813
1,294
0
13,107
At 31 October 2021
174,840
51,871
0
226,711
NET BOOK VALUE		 3. Resources Expended
2021
2020
Youth Development Work
4,730
4,255
Media Ministry
7,094
15,171
Mission Costs
43,278
19,016
Church Events
3,662
2,986
Rent & Rates
31,770
49,075
Hospitality and Welfare
2,195
2,656
Bank & Other Finance Charges
1,229
247
Donation to Other Ministries
2,500
200
Administration Costs
34,996
19,218
Community Empowerment
6,070
2,145
Children's Ministry
1,650
2,840
Salaries & Wages
20,007
13,857
Repairs &Plant and Equipment
14,802
12,661
Total Charitable Expenditure
173,983
144,327
4. Governance Costs
2021
2020
£
£
Depreciation
13,107
13,107
Accountancy Fees
0
2,340
Other Professional Fees
11,100
6,099
Total Governance Costs
24,207
21,546
5. Fixed Assets
Freehold
Office
Furniture
& Fittings
Equipmen
t
Motor
Vehicle
Total
£
£
£
£
£
COST
At 1 November 2020
204,014
52,766
256,780
Additions
0
0
0
0
Disposals
-
-
-
-
At 31 October 2021
204,014
52,766
0
256,780
DEPRECIATION
Accumulated Depreciation
163,027
50,577
0
213,604
Charge for the year
11,813
1,294
0
13,107
At 31 October 2021
174,840
51,871
0
226,711
NET BOOK VALUE
204,014
52,766
0
256,780
163,027
50,577
0
213,604
11,813
1,294
0
13,107
174,840
51,871
0
226,711
At 31 October 2021 29,174
895
0
30,069
At 31 October 2020 40,987
2,189
0
43,176

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WORLD RESTORATION MINISTRIES (RESTORATION CHAPEL INTERNATIONAL) STATUTORY FINANCIAL STATEMENTS AND TRUSTEES REPORT YEAR ENDED 31 OCTOBER 2021

6. DEBTORS- due within one year
Other Debtors
7. CREDITORS- due within one year
Accountancy Fees
Taxes and Social Security		 2021
2020
£
£
0
0
2021
2020
£
£
2,335
4,290
0
0
2,335
4,290

8. RELATED PARTY TRANSACTIONS

There were no related party transactions during the reporting year.

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