**Registered Company Number 0423457 (England and Wales) Registered Charity Number 1091111**
**REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021**
## **FOR**
## **THE EVERLASTING ARMS MINISTRIES**
## **THE EVERLASTING ARMS MINISTRIES**
## **CONTENT OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021**
|Report of the Trustees|1-5|
|---|---|
|Independent Examiner's Report|6|
|Statement of Financial Activities|7|
|Balance Sheet|8|
|Cash Flow Statement|9|
|Notes to the Cash Flow Statement|10|
|Notes to the Financial Statement|11-15|
|Detailed Statement of Financial Activities|16|
**THE EVERLASTING ARMS MINISTRIES**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021**
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2021. The trustees have adopted the provisions of 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 2019).
## **OBJECTIVES AND ACTIVITIES**
## **Objectives and aims**
The Charity's object is the advancement of the evangelical Christian faith worldwide. Our strategy in fulfilling this objective in particular but not exclusively is to evangelise and spread the Gospel and the teachings of the Christian Faith by:
-Holding regular Worship Services in predefined themes to provide a bedrock for growing members in the Faith
-Building a community of Spirit-filled Christians relationally connected in church life and cluster small groups nationally and internationally.
-Running regular Christian services via Social media platforms.
-Running international versions of various aspects of The Everlasting Arms experience; the main expression that is fully operational is our International outreaches which mirrors the regular version of the initiative that we have held in the UK since inception. Our outreaches provide a unique experience for spirit filled Christians & seekers to experience God in an atmosphere that enhances barrier breaking prayers, heartfelt worship and prophetic
declarations. In the past we have held successful sessions in India, Thailand, South Africa, Nigeria, USA, China, Ghana and Africa. -Promoting and supporting local and international Christian ministries and events.
-Producing and distributing of creative Christian media
-Building and operating a Christian Bible-based Worship Centre in London, UK with the ability to serve other locations
-Creating a Development Track for members that shows a clear transition from joining till they are developed to fulfil their God ordained purpose in society
-�Provision of Various Counselling and Pastoral Help Services.
## **Significant activities**
Volunteers are involved in the activities conducted by The Everlasting Arms Ministries including:
-Operating Sunday, Mid-week, monthly services and monthly night vigils.
-Running international and national outreaches
-Running various life stage ministry events
-Visiting the Homeless, Elderly, Hospices, Prisons, orphanages and Medical Outreaches
Due to the Global Pandemic, all actives were moved online which expanded our reach and enabled us to maintain the following initiatives:
-Running Sunday, Midweek and Monthly programmes
-Leading Small Groups in the UK and Internationally
In the consideration of our activities, the Trustees have given regard to the Charity Commission's guidance on public benefit.
## **Strategies**
The Charity’s strategy for achieving this objective for the public benefit was:
To reposition itself to effectively reach those presently outside of its dominant demographic and fulfil the vision of the church.
## _**Significant activities that contributed to the achievement of these objectives were:**_
Events and activity organised during the year in line with the charitable objectives to promote the Christian faith and help the less privileged.
Events and activities organised during the year in line with the charitable objectives to promote the Christian faith and help the less privileged and disadvantaged within the local and international community includes: Men of Influence Ministry Conference, TEAM Food Bank Project and Other Evangelism which is empowering young women to Aspire, Achieve and Acquire, Brothers Keepers International, Southwark Christmas Carol which organises Christmas Carols annually, bringing the local community together to celebrate Christmas as one family was conducted via social media. Medical outreach which addresses mental and stress issues,
Continued...
**Page 1**
## **THE EVERLASTING ARMS MINISTRIES**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021**
Free Legal Counselling providing legal advice on immigration, housing etc., Wellness and mental health programmes helping to address stress issues, Domestic violence and single parenting, Chosen Generation - Youth Programme which attempts to engage the youths and keep them off the street and crime.
The charity has over 100 volunteers who support and make an invaluable contribution to the operations of the charity. Some of the key departments include:
*Children *Youth's Church *Prayer Warrior *Men of influence *Evangelism *Technical, video and Media *Community Action *Welfare*Festival of Solution *IT * Women of Destiny *Prayer & Counselling *Medical/Mental Health *Financial Management and Anti-Poverty *Empowerment Training *Counselling Coaching and Mentoring *Education & Training *Ushering and welcoming *Follow-up and Help ministry
## **ACHIEVEMENTS AND PERFORMANCE FOR THE PUBLIC BENEFIT**
- -The Charity, through the departments mentioned above, organises activities, events and meetings to promote its objects.
- -The charity suspended its community support programme providing empowerment training due to financial constraints as a
- result of the COVID-19. The charity hopes to resume its community support programme in the future.
- -The charity has suspended its international evangelism due to the present restructuring of its activities. The charity hopes to
- resume this project in 2022-2023 financial year.
- -The Charity has engaged in impacting lives across the globe in the past by partnering with other organisations to help provide
- clean water, good medical services and agricultural support to people in impoverish areas of the World, especially India and Africa. However, the charity have decided to suspend this project in the interim and hope to resume the project in the future when the charity is buoyant enough to do so.
- -The charity Food Bank Project continued through out the year, but it was not effective enough due to COVID-19
- -Advisory Drop-In Centre, a multi-purpose centre providing legal, medical and unemployment advisory services, and supporting
- victims of domestic violence, mental, stress and depression was conducted remotely online this financial year due to COVID-19 pandemic.
- -About This Time Next Year (ATTNY), an annual programme which brings gynaecologists and medical doctors together to advice women with infertility issues and other medical conditions was conducted remotely via Zoom due to COVID-19 restrictions.
- -IT training, captioned “Topping Your Career” delivering training and workshops on different areas of Information Technology
- for job seekers and those that want to learn basic IT skills in the local community was suspended in the financial year 2020-2021 -Influencers: The annual Men of Influence Conference was held remotely via Zoom in the current financial year.
TEAM as a community strives to create an environment in which everyone is enabled to fully live out their true-life purpose by facilitating opportunities for development and the cultivation of God given gifts.
TEAM hopes to continue to undertake projects recognised locally and internationally.
Continued...
**Page 2**
## **THE EVERLASTING ARMS MINISTRIES**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021**
## **FINANCIAL REVIEW**
## **Principal funding sources**
The Charity's principal funding source is from members and individuals who attend services and make contributions in the form of freewill offerings, tithes and other donations.
## **Investment policy and objectives**
The trustees are of the opinion that the performance of the charity from a financial standpoint is in line with their expectations and plans for the charity.
## **Reserves policy**
As at 31st March 2021, the level of reserves available for the Charity's use (i.e. unrestricted funds and not represented by fixed assets) was £1,073,139
These reserves are held to ensure that we can meet our commitments to providing our services and activities and staffing obligations in the event of a reduction or absence of funds/volunteer donations ; and to meet some key events that are capital intensive e.g. About This Time Next Year (ATTNY) and My Destiny Must Rise (MDMR), Breakthrough Nights or towards the acquisition of a permanent site or payment for venues.
## **FUTURE PLANS**
The Charity continues to explore ways of furthering its charitable objectives in an effective manner by ensuring there is awareness of its services and by seeking opportunities to be more involved in the community.
The Charity seeks to provide services and activities that meet the needs of people and contribute to a positive change in the moral and spiritual climate in its environs, this reflects its Christian ethos and beliefs.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
The Church is a charitable company limited by guarantee, incorporated on 14 June 2001 and registered as a charity on 14 March 2002. It is governed by its Memorandum and Articles of Association and is managed by a Board of Trustees. Decisions are determined by a simple majority vote by the Trustees who set the strategic direction of the Charity. Delegated authority has been given to the Visionary Pastor, the Executive Pastor and the implementation team led by the Resident Pastor for the day to day running of the operations of the Charity.
## **Recruitment and appointment of new trustees**
Trustees are selected on the basis of the contribution that they will make to the governance of the organisation and the skills that they will contribute. They are provided with copies of the "Charity Commission's Guidance to Trustees" and are also provided with training as and when required.
## **Risk management**
The Trustees review the major risks that the charity is exposed to at their meetings and are satisfied that systems are in place to manage the risks that have been identified. In particular, insurance cover is in place and the finances of the Charity are kept under review. Appropriate Disclosure & Barring Service check (DBS), supported by regularly reviewed policies are done for all those who work with children or other vulnerable groups with the Charity. Internal control risks are minimised by the implementation of procedures for authorisation of significant transactions and projects. Procedures are in place to ensure compliance with health and safety of members of staff, volunteers, clients and visitors to the Charity. Qualified and appropriately experienced employees are appointed and external consultants are engaged to advise on significant issues.
Continued...
**Page 3**
**THE EVERLASTING ARMS MINISTRIES**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021**
## **REFERENCE AND ADMINISTRATIVE DETAILS**
## **Registered Company number**
04234547 (England and Wales)
## **Registered Charity number**
1091111
## **Registered office**
600-608 Old Kent Road London SE15 1JB
Aderibigbe Adesola Chair Olayinka Ogunnoiki Adedoyin Okuboyejo Olatunde Sogbesan Appointed 18 May 2020 Tolulope Babarinsa Appointed 18 May 2020 Olukayode Owolabi Resigned 22 April 2020
## **Chief Executive Officer**
Olukayode B.A. Owolabi
## **Bankers**
Barclay Bank Plc 83 Wandsworth High Street London SW18 2PR
## HSBC
184 High Street, Bromley Kent BR1 1HI
## **Solicitors**
Wellers Law Group Tenison House Tweedy Road Bromley BR1 3NF
## **Independent Examiners**
Helen Daniels Consulting Ltd Accountants and Registered Auditors 98 Coldharbour Lane London SE5 9PU
Continued...
**Page 4**
## **THE EVERLASTING ARMS MINISTRIES**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021**
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES**
The trustees (who are also the directors of The Everlasting Arms Ministries for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charity SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether the applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
This report was approved by the board of trustees and signed on their behalf by:
## **Ade Adesola - Trustee**
15 December 2021
**Page 5**
## **THE INDEPENDENT EXAMINER'S REPORT**
## **TO THE TRUSTEES OF**
## **THE EVERLASTING ARMS MINISTRIES**
## **YEAR ENDED 31 MARCH 2021**
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31/03/2021 set out on pages 7 to 15.
## **Responsibilities and basis of report**
As the charity’s trustees of the Company (who are also the directors of the company for the purposes of company law), you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (“the 2006 Act”). Having satisfied myself that the accounts of the Company are not required to be audited for this year under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (“the 2011 Act”). In carrying out my examination, I have followed the Directions given by the Charity Commission (under section 145(5)(b) of the 2011 Act.
## **Independent examiner's statement**
The company’s gross income exceeded £250,000 and I am qualified to undertake the examination by being a qualified member of ACCA.
I have completed my examination. I confirm that no material matters have come to my attention which gives me cause to believe that:
- accounting records were not kept in accordance with section 386 of the Companies Act 2006; or
- the accounts do not accord with such records; or
• the accounts do not comply with relevant accounting requirements under section 396 of the Companies Act 2006 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; or
- •the accounts have not been prepared in accordance with the Charities SORP (FRS102).
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.
Helen Igbagi FCCA
## Helen Daniels Consulting Ltd
98 Coldharbour Lane London SE5 9U
17 December 2021
**Page 6**
## **THE EVERLASTING ARMS MINISTRIES**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021**
|Notes
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
2
Investment income
3
**EXPENDITURE ON**
**Charitable activities**
Charitable activities
4
**Total**
**NET INCOME**
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
**TOTAL FUNDS CARRIED FORWARD**|**31.03.21**
**Unrestricted**
**fund**
**£**
**145,784**
**265**
**146,049**
**399,770**
**399,770**
**(253,721)**
**3,447,408**
**3,193,686**|31.03.20
Total
funds
£
285,722
413|
|---|---|---|
|||286,135
596,420|
|||596,420|
|||(310,285)
1,757,692|
|||1,447,408|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes form part of these financial statements
**Page 7**
## **THE EVERLASTING ARMS MINISTRIES**
## **BALANCE SHEET FOR THE YEAR ENDED 31 MARCH 2021**
|Notes
**FIXED ASSETS**
Tangible assets
9
**CURRENT ASSETS**
Debtors
10
Cash at bank
**CREDITORS**
Amount falling due within one year
11
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**NET ASSETS**
**FUNDS**
Unrestricted funds
**TOTAL FUNDS**|**31.03.21**
**Unrestricted**
**fund**
**£**
**827,959**
**2,120,547**
**282,442**
**2,402,990**
**(37,262)**
**2,365,728**
**3,193,686**
**3,193,686**
**3,193,686**
**3,193,686**|31.03.20
Total
funds
£
877,311
121,122
505,644|
|---|---|---|
|||626,766
(56,669)|
|||570,097|
|||1,447,408|
|||1,447,408|
|||1,447,408|
|||1,447,408|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006 however, in accordance with Section 145 of the Charities Act 2011, the accounts have been examined by an independent examiner and their report has been included in these financial statements.
The directors (who are charitable company’s trustees for the purposes of charity law) acknowledge their responsibilities:
- ensuring that the charitable company keeps accounting records which comply with Section 386 and 387 of the Companies Act 2006 and
- preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of financial year and its net income or expenditure for each financial year in accordance with the requirements of Section 394 and 395 and which otherwise comply with requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The financial statements were approved by the Board of Directors and were signed on its behalf by:
**Ade Adesola - Trustee**
Date: 15 December 2021
**Company number: 04234547 Charity number: 1091111**
**Page 8**
## **THE EVERLASTING ARMS MINISTRIES**
## **CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2021**
|Note
**Cash flows from operating activities**
Cash generated from operations
1
Net cash provided by operating activities
**Cash flows from investing activities**
Purchase of tangible fixed assets
Net cash used in investing
**Change in cash and cash equivalent in**
**the reporting period**
**Cash and cash equivalent at the**
**beginning of the reporting period**
**Cash and cash equivalent at the end of**
**the reporting period**|**31.03.21**
**£**
**(223,202)**
**(223,202)**
-
-
**(223,202)**
**505,644**
**282,442**|31.03.20
£
(215,282)|
|---|---|---|
|||(215,282)|
|||16,449|
|||16,449|
|||(231,731)
737,375|
|||505,644|
||||
The notes form part of these financial statements
**Page 9**
**THE EVERLASTING ARMS MINISTRIES**
## **NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2021**
## **1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES**
|**Net income for the reporting period (as per the Statement of Financial**
**Activities)**
**Adjustment for:**
Depreciation charges
(Increase)/decrease in debtors
(Decrease)/increase in creditors
**Net cash provided by operations**
**SIS OF CHANGE IN NET FUNDS**
At 1.4.20
£
**Net cash**
Cash at bank
**505,644**
**505,644**
**Total**
**505,644**|**31.03.21**
**£**
**(253,721)**
**49,352**
**575**
**(19,408)**
**(223,202)**
Cash flow
£
**(223,202)**
**(223,202)**
**(223,202)**|31.03.20
£
(310,285)
80,246
(28,098)
42,855|
|---|---|---|
|||(215,282)|
|||**At 30.3.21**
**£**
**282,442**|
|||**282,442**|
|||**282,442**|
## **2. ANALYSIS OF CHANGE IN NET FUNDS**
The notes form part of these financial statements
**Page 10**
**THE EVERLASTING ARMS MINISTRIES**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021**
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention
## **Going concern**
The trustees (who are the charitable company's directors for the purposes of company law) have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern. The trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. In particular the trustees have considered the charity's forecasts and projections and the possible implications should projected income and / or expenditure vary unexpectedly. The trustees have concluded that there is a reasonable expectation that the charity has adequate resources to continue to operate for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements.
## **Income**
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
## **Expenditure**
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 a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
## **Tangible fixed assets**
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and Buildings - 1% Straight-line Furniture and Fittings - 17% Straight-line Office equipment - 20% Straight-line Motor vehicles - 25% Straight-line
## **Taxation**
The charity is exempt from corporation tax on its charitable activities.
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Continued...
**Page 11**
## **THE EVERLASTING ARMS MINISTRIES**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021**
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
## **Hire purchase and leasing commitments**
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease
## **2. DONATIONS AND LEGACIES**
|Donations
Gift aid
Furlough grant
**MENT INCOME**
Bank account interest|**31.03.21**
**£**
112,608
15,175
18,000
145,784
**31.03.21**
**£**
**265**|31.03.20
£
257,621
28,102
-|
|---|---|---|
|||285,722|
|||31.03.20
£
413|
## **3. INVESTMENT INCOME**
## **4. CHARITABLE ACTIVITIES COSTS**
|**Direct**
**Support**
**costs**
**costs**
£
£
Charitable activities
**145,023**
**254,747**
**T COSTS**
**Management**
**Governance**
**cost**
£
£
**Other resources expended**
Charitable activities
251,544
-
Bank charges
1,204
-
Independent examiner / Auditor fee
-
2,000
252,747
2,000
**COME (EXPENDITURE**
Net income (expenditure) is stated after charging/crediting
Independent examiner's /Auditor's remuneration
Depreciation - owned assets|**31.3.21**
**Total**
**£**
**399,770**
**31.3.21**
**Total**
**£**
251,544
1,204
2,000
**254,747**
**31.03.21**
£
2,000
49,352|**31.3.20**
**Total**
£
596,420|
|---|---|---|
|||**31.3.20**
**Total**
£
180,752
3,500|
|||184,252|
|||31.03.20
£
3,500
41,483|
## **SUPPORT COSTS**
## **5. NET INCOME (EXPENDITURE**
continued…
**Page 12**
**THE EVERLASTING ARMS MINISTRIES**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021**
## **6. TRUSTEES REMUNERATION AND BENEFITS**
|Wages and salaries
Social security|**31.03.21**
**£**
6,000
1,248
**7,248**|31.03.20
£
10,972
2,447|
|---|---|---|
|||13,419|
The trustee Olukayode Owolabi resigned 22 April 2021. While he was a trustee he was paid gross renumeration of £6,000 as salary.
## **7. TRUSTESTAFF COSTS**
|**31.03.21**
**£**
Wages and salaries
**126,000**
Social security
**13,758**
**139,758**
The average number of employees during the year was as follows:
**31.03.21**
Ministry
**1**
Administration
**2**
**3**
The number of employees that received remuneration exceeding £60,000 during the period was
**31.03.21**
£70,000 - £72,000
**1**|31.03.20
£
19,236
4,029|
|---|---|
||23,266|
||31.03.20
1
2|
||3|
||:
31.03.20
1|
There were no trustees' expenses paid for the year ended 31 March 2021 nor for the year ended March 2021.
## **8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
|**INCOME AND ENDOWMENT FROM**
Donations and legacies
Investment income (Bank interests received)
**EXPENDITURE ON**
**Charitable activities**
Charitable activities
Support costs
**Total**|**Unrestricted**
**fund**
**2021**
**£**
**145,784**
**265**
**146,049**
**145,023**
**254,747**
**399,770**|Unrestricted
fund
2020
£
285,722
413|
|---|---|---|
|||286,135
412,168
184,252|
|||596,420|
Continued...
**Page 13**
**THE EVERLASTING ARMS MINISTRIES**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021**
|**NET INCOME**
**RECONCILIATION OF FUNDS**
**Total finds brought forward**
**TOTAL FUNDS CARRIED FORWARD**|**(253,721)**
**3,447,408**
**3,193,686**|(310,285)
1,757,692|
|---|---|---|
|||1,447,408|
## **9. TANGIBLE FIXED ASSETS**
|Land and
Plant and
building
Machinery
£
£
**COST**
At 1 April 2020
799,623
529,897
Addition
-
-
Written-off
-
(241,366)
At 31 March 2021
799,623
288,531
**DEPRECIATION**
At 1April 2020
15,992
436,217
Charge for the year
7,996
41,356
Written-off
-
(241,366)
At 31 March 2021
23,988
236,207
**NET BOOK VALUE**
At 31 March 2021
775,635
52,324
At 31 March 2020
783,631
93,680
**10. DEBTORS**
**DEBTORS: AMOUNT FALLING DUE WITHIN ONE YEAR**
Trade debtors (Rental income)
Accrued income (Gift aid)
**DEBTORS: AMOUNT FALLING AFTER MORE THAN ONE**
Prior year adjustment|Fixtures and
fittings
£
97,307
-
-
97,307
97,307
0.00
-
97,307
-
-
**YEAR**|Motor
Vehicle
£
9,300.00
-
-
9,300
9,300.00
0.00
-
9,300
-
-
**31.03.21**
**£**
-
**120,547**
**120,547**
**31.03.21**
**£**
**2,000,000**|**Totals**
**£**
**1,436,128**
-
**(241,366)**|
|---|---|---|---|
||||**1,194,761**|
||||**558,817**
**49,352**
**(241,366)**|
||||**366,802**|
||||**827,959**|
||||**877,311**|
||||31.03.20
£
15,750
105,372|
||||121,122|
||||31.03.20
£
-|
Continued...
**Page 14**
**THE EVERLASTING ARMS MINISTRIES**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021**
## **11. CREDITORS: AMOUNT FALLING DUE WITH ONE YEAR**
|Trade creditors
Other taxes and social security costs
Accrued expenses
Other creditors
**ENT IN FUNDS**
**Unrestricted funds**
General fund
Prior year adjustment (as explained in note 1 below)
**TOTAL FUNDS**|At 1.3.20
£
1,447,408
-
1,447,408|**31.03.21**
**£**
**16,623**
**3,558**
**8,552**
**8,529**
**37,262**
**Net**
**movement**
**in funds**
**£**
(253,721)
-
(253,721)|31.03.20
£
32,600
2,059
6,806
15,204|
|---|---|---|---|
||||56,669|
||||At 31.12.21
£
1,193,686
2,000,000|
||||3,193,686|
## **12. MOVEMENT IN FUNDS**
## **Note 1: Sale of asset (Land and Building) 1 prior year adjustment**
The accounts have been restated to incorporate the impact of the sale of asset omitted (Land and Building) from the Statement of Financial Activities.
|Summary of the prior year accounting period|**£**|
|---|---|
|Increase in debtors - due to prior year adjustment|**2,000,000**|
Comparative net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
**TOTAL FUNDS**|**Incoming**
**resources**
**£**
146,049
146,049|**Resources**
**expended**
**£**
(399,770)
(399,770)|**Movement**
**in fund**
**£**
(253,721)|
|---|---|---|---|
||||(253,721)|
## **13. CONTROLLING ENTITY**
There is no overall controlling entity.
## **14. RELATED PARTIES DISCLOSURE**
Pastor Olukayode Owolabi resigned as a trustee on 22 April 2020. While he was a trustee he was paid £6,000 (2020: £12,000) as gross remuneration.
Lola Owolabi, the wife of a trustee was paid £54,000 (2020: £54,000) a professional fee for services provided as the deputy general overseer of the ministry.
There were no other transactions with the Trustees except those referred to above.
**Page 15**
## **THE EVERLASTING ARMS MINISTRIES**
## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES**
## **FOR THE YEAR ENDED 31 MARCH 2021**
|**INCOME AND ENDOWMENTS**
**Donations and legacies**
Donations
Gift Aid
Furlough grant
**Investment income**
Bank interest receivable
Total incoming resources
**EXPENDITURE**
**Charitable Expenditure**
Counselling
Evangelism and Conferences
Foodbank and Community Project
Services and Meetings
Education andTraining
Missions and Branches
Building Management and Establishment Expenses
**Management & Administration expenses**
Staff Salaries
Social security
Minscellaneous expense
Electricity & Gas
Postage & Stationery
books Etc
Legal Fees
Telecommunication
Consultancy
Bible training & distribution
Software
Subscriptions
Insurance
Bad debt written-off
Depreciation
**Finance**
Bank charges
**Governance**
Independent Examiner's/Auditor's remuneration
**Total resources expended**
Net income/expenditure|**31.03.21**
**£**
**112,608**
**15,175**
18,000
**145,784**
**265**
**146,049**
**2,172**
-
**32,400**
**101,878**
-
**6,000**
**2,572**
**145,023**
**126,000**
**13,758**
**51**
**2,034**
-
-
**26,591**
**791**
**48,000**
-
**4,763**
**540**
**152**
**15,750**
**13,115**
**251,544**
**1,204**
**2,000**
**399,770**
**(253,721)**|31.03.20
£
257,621
28,102
-|
|---|---|---|
|||285,722
413|
|||286,135|
|||-
13,006
30,046
244,666
1,030
106,834
16,586|
|||412,168
19,236
4,029
325
2,201
280
670
14,292
7,843
48,500
25,497
4,602
4,438
5,840
-
40,470|
|||178,223
2,529
3,500|
|||596,420|
|||(310,285)|
**Page 16**