**FULLWORD CHURH (FOR THE NATIONS)**
**FINANCIAL STATEMENTS 31[ST] DECEMBER 2020**
**Charity Number-1093603**
## **FULLWORD CHURCH (FOR THE NATIONS)**
## **Trustees**
Ms Tracey Francis Mr Philip Osho Mr Femi Sholagbade Mr Fredrick Ayeyemi
- Chair
- - Secretary
- - Treasurer - Trustee
## **Minister in Charge**
Pastor Olalekan and Pastor (Mrs) JoyceAkinleye
**Charity number** 1093603
## **Registered address**
269a Barking Road Plaistow London E13 6AQ
## **Accountants**
Abica Phil & Co Financial Accountants 1 Cotleigh Road West Hampstead London NW6 2NL
## **Bankers**
Barclays Bank Plc
## **FULLWORD CHURCH (FOR THE NATIONS)**
**FINANCIAL STATEMENTS YEAR ENDED 31[st] December 2020**
|**CONTENTS**|**PAGE**|
|---|---|
|Trustees’ annual report|**4**|
|Independent Examiner|**6**|
|Statement of the financial activities|**7**|
|Balance sheet|**8**|
|Notes to the financial statements|**9**|
# **FULLWORD CHURCH (FOR THE NATIONS)**
**TRUSTEES ANNUAL REPORT YEAR ENDED 31[st] December 2020**
The trustees present their report and accounts for the period ended 31[st] December 2020as below:
## **Principal activities**
The Fullword Church (For the Nations) is an independent and interdenominational Bible Church with Pastor Olalekan Akinleye as the presiding Pastor.
The charity's principal activity during the year continued to be faith activities, education, training, and help for children, young people, marriages and the elderlies.
## **Review of the current year**
The year 2020 was a good year for the Church though heavily disrupted by the Covid-19 pandemic. Millions died all over the world but the Lord was gracious to us in Fullword Church – we lost none. The Church went online in executing her ministry towards members and families in the Church. This left the Church members far apart for the major part of 2020. Very few members and leaders backslided while some new members joined.
We are grateful to God for all the resources. He gave us as a Church, well treasured are our faithful volunteers and committed members. Our pastoral team remains strong to the glory of God.
## **The Coming Year:**
The Church's strategic focus for 2020 is to really shake off the impact of the pandemic and rebuild the Church.
We will strive to review and refine our ministry’s activities so as to remain a sound Bible Church that we are known for.
Year 2021 is to be people focused and effort will be made to upgrade the main Church Auditorium in Barking Road.
**-4 –**
## **FULLWORD CHURCH (FOR THE NATIONS)**
## **TRUSTEES ANNUAL REPORT** _**(continued)**_ **YEAR ENDED 31[st] December 2020**
## **RESPONSIBLITIES OF THE TRUSTEES**
The trustees are responsible for preparing the Trustees Annual Report and the financial statements in accordance with applicable law and regulations.
The law requires the trustees to prepare financial statements in accordance with the United Kingdom, General Accepted Accounting Practice (United Kingdom Accounting Standard and applicable law). The financial statements are required by law to give a true and fair view of the state of affairs of the charity and of the surplus or deficit for that period.
In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- make judgements and estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with the Charities Act 1993, The Charity (Accounts and Reports) Regulations 2008 and the provision of the trust deed.
The trustees 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 who served during the year were as follows:
Ms Tracey Francis Chair Mr Philip Osho Secretary Mr Femi Sholagbade Treasurer Mr Fredrick Ayeyemi Trustees
This report was approved by the board on 09[th] June2021.
Tracy Francis (Ms) **Chairperson**
Femi Sholagbade (Mr) **Treasurer**
**-5-**
## **FULLWORD CHURCH (FOR THE NATIONS)**
## **INDEPENDENT EXAMINER’S REPORT YEAR ENDED 31[st] December 2020**
## **RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER**
The charity’s trustees consider that an audit is not required for this year (under section 43(2) of the Charities Act 1993 (the Act) and that an independent examination is needed.
It is my responsibility to:
- examine the accounts (under section 43 of the Act);
- to follow the procedures laid down in the General Directions given by the Charity Commission (under section 43(7) (b) of the Act); and
- to state whether particular matters have come to my attention.
## **BASIS OF THE INDEPENDENT EXAMINER’S REPORT**
My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts.
## **INDEPENDENT EXAMINER’S STATEMENT**
In the course of my examination, no matter has come to my attention:
(1) which gives me reasonable cause to believe that in, any material respect, the trustees have not met the requirements to ensure that:
- proper accounting records are kept (in accordance with section 41 of the 1993 Act); and
- accounts are prepared which agree with the accounting records and comply with the accounting requirements of the Act; or
(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
P. K. Mensan FFA, FCCA, MBA, 09[th] June 2020 Fellow of the Institute ofFinancial Accountants
ABICA PHIL & CO 1 Cotleigh Road West Hampstead London NW6 2NL
**- 6 -**
## **FULLWORD CHURCH (FOR THE NATIONS)**
## **STATEMENT OF FINANCIAL ACTIVITIES**
## **YEAR ENDED 31[st] December 2020**
|**INCOMING RESOURCES**
Incoming resources from generated funds
Voluntary income: donations
Investment Income
Other Income
**Total Incoming Resources**
**RESOURCES EXPENDED**
**Cost of generating funds:**
**Charitable expenditure**
Governance Costs
**TOTAL RESOURCES EXPENDED**
**Net Incoming(Outgoing) Resources**
Net Movement In Funds
Balance at 1stJanuary
Balances at 31stDecember|**Note**
**2**
**3**
**4**
**5**
**6**
|**Note**
**2**
**3**
**4**
**5**
**6**
|**Total Funds**
**2020**
2019
Unrestricted Restricted
90,744
0 90,744 91,964
0 0 0 0
20,418 0 20,418 0
**111,162 0 111,162**91,964
10,746 0 10,746 6,517
127,541 0 127,541 112,786
**138,287 0 138,287**119,302
**-27,125 0- 27,125-**27,338
-27,125 0 -27,125 -27,338
647,251 0 647,251 674,589
**620,126 0 620,126**647,251|
|---|---|---|---|
|||**5**
**6**||
|||||
||
|**7**
||
All movements are in Unrestricted Funds
**The notes on page 8 to 13 form part of these financial statements.**
**- 7–**
## **FULLWORD CHURCH (FOR THE NATIONS)**
## **BALANCE SHEET YEAR ENDED 31[st] December 2020**
|**Note**
**FIXED ASSETS**
Tangible assets
**9**
**CURRENT ASSETS**
Cash at bank in hand
**10**
**CREDITORS:Amounts falling due**
**within one year**
**11**
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT LIABILITIES**
**CREDITORS: Amounts falling due 12**
**after one year**
**NET ASSETS**
**TOTAL FUNDS**|**2020**
2019
**£**
**£**
£
**1,076,439**
1,106,525
18,875
0
18,8750
(28,920)
**(10,045**
**)**
(37,359)
**1,066,394**1,069,167
**446,268**
421,916
**620,126**
647,251
**620,126**647,251|
|---|---|
These financial statements were approved by the board of Trustees on 09[th ] June 2021.
Tracy Francis (Ms) **Chairperson**
Femi Sholagbade (Mr) **Treasurer**
**The notes on page 8 to 13 form part of these financial statements. -8 –**
## **FULLWORD CHURCH (FOR THE NATIONS)**
## **NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31[st] December 2020**
## **1. ACCOUNTING POLICIES Basis of accounting**
The financial statements have been prepared under historical cost convention and in accordance with the Statement of Recommended Practice "Accounting and Reporting by Charities" (SORP 2005) issued in December 2005 and applicable accounting policies adopted in the preparation of the financial statements as follows:
## **Incoming Resources**
Income from tithes and offerings is included in incoming resources when these are receivable. Investment income consists of net interest received during the year and accounted for as unrestricted.
## **Resources expended**
Resources expended are included in the Statement of Financial Activities on accrual basis, inclusive of VAT which cannot be recovered. Certain expenditure is attributable to specific activities and has been in those cost categories.
## **Depreciation**
Depreciation is calculated so as to write off the cost of an asset on a straight line basis over the useful economic life of the asset concerned. The principal rates used for this purpose which are consistent with those of past years as follows:
|Freehold property|2%|straight line|
|---|---|---|
|Leasehold Improvements|20%|straight line|
|Fixtures and Fittings|33.3%|straight line|
|Church Equipment|25%|straight line|
|Motor Vehicle|50%|straight line|
## **2. VOLUNTARY INCOME: DONATIONS**
## **Total Funds**
|Tithes &Offerings
Gift aid
Pledges
Donation
|**2020**
**£**
**81,106**
**0**
**0**
**9,638**
**90,744**
|2019
£
83,163
0
0
8,801
91,964|
|---|---|---|
**-9–**
## **FULLWORD CHURCH (FOR THE NATIONS)**
## **NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31[st] December 2020**
||**2020**|2019|
|---|---|---|
||**£**|**£**|
|**3. INVESTMENT INCOME**|||
|Bank interest received|**0**|0|
||**0**
|0|
||**2020**
|2019|
||**£**
|£|
|**4. OTHER INCOME**|||
|HMRC Grants|**20,418**|0|
||**20,418**|**0**|
|**5. COSTS IN FURTHERANCE OF CHARITABLE OBJECTS**|||
|**Total Funds**|||
||**2020**|2019|
||**£**|**£**|
|**Provision of charitable services:**|||
|Welfare|**0**
|0|
|Outreach Expenses|**0**|0|
|Donation|**1,100**
|100|
|Transportation Costs|**9,646**
|6,417|
|Books|**0**|0|
|Honorarium|**0**|0|
||**10,746**|6,517|
|**6. GOVERNANCE COSTS:**|||
||**2020**|2019|
||**£**|**£**|
|Wages|**58,427**
|51,160|
|Pension|**4,540**
|2,590|
|Accountancy|**500**
|500|
|Rents and Rates
|**568**|1,162|
|Light and Heat|**3,338**
|3,701|
|Telephone|**0**|0|
|Printing, Postage & Stationeries|**258**
|3,307|
|Insurance|**3,490**|3,441|
|Repairs and Renewals|**4,194**
|1,121|
No Salaries or benefits have been paid to trustees, including the members of the various departments during the year.
**- 10 -**
## **FULLWORD CHURCH (FOR THE NATIONS)**
## **NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31[st] December 2020**
|Bank Charges & Interest
General Expenses
Software costs
Training
Licences, Fines and Fees
Mortgage Interest
Depreciation
|**780**
**4,594**
**181**
**0**
**6,356**
**10,228**
**30,087**
**127,541**
|1,041
753
86
0
2,616
10,495
29,421|
|---|---|---|
|||
111,394|
## **7. NET MOVEMENT IN FUNDS**
The net movement in funds for the year is stated after charging depreciation on tangible fixed assets:
|Depreciation
**8.**
**FUNDS**
**2020**
Unrestricted
Restricted
**£**
**£**
**At 1st January 460,301**
**186,950**
Surplus / (Deficit) for the year (27,125)
0
**At 31st December**
**433,176**
**186,950**|**2020**
2019
**£**£
**30,087**
29,421
**2020 2019**
**Total**Total
**£**
£
**647,251**674,589
(27,125) (27,338)
**620,126**647,251|
|---|---|
Unrestricted funds comprise those funds which the trustees are free to use in accordance with the charitable objects. Restricted funds are funds which have been given for particular purposes and projects.
**- 11 -**
## **FULLWORD CHURCH (FOR THE NATIONS)**
## **NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31[st] December 2020**
## **9. TANGIBLE FIXED ASSETS**
|Freehold
Leasehold
Fixtures
Property Improve.
& Fittings
**£**
**£**
**£**
**COST:**
At 1stJanuary 20
1,445,877
0 73,359
Additions
0
0 0
Disposals
0
0
0
**At 31st December 201,445,877 0 73,359**
**DEPRECIATION**
At 1stJanuary 20
340,521
0
72,676
Charge for the year
28,917
0 683
Disposals
0
0
0
**At 31st December 20369,438 0 73,359**
**NET BOOK VALUE**
**At 31st December 20 1,076,439**
**0**
**0**
At 31stDecember 19 1,105,356 0 683
**10. BANK & CASH**
Deposit/Savings Account
Cash at Bank
|Freehold
Leasehold
Fixtures
Property Improve.
& Fittings
**£**
**£**
**£**
1,445,877
0 73,359
0
0 0
0
0
0|Freehold
Leasehold
Fixtures
Property Improve.
& Fittings
**£**
**£**
**£**
1,445,877
0 73,359
0
0 0
0
0
0|Church Motor**Total**
Equip. Vehicle
**£ £**
71,596 40,278 1,631,110
0 0 0
0 0 0
**71,596 40,278 1,631,110**
71,110 40,278 524,585
486 0 30,086
0
0 0
**71,596 40,278 554,671**
**0**
**0 1,076,439**
486 0 1,106,525
**2020 2019**
**£**
**£**
**0**
0
**18,875**
0
**18,875**
0|
|---|---|---|---|
||**1,445,877 0 73,359**|||
||
|
340,521
0
72,676
28,917
0 683
0
0
0||
|||**369,438 0 73,359**||
-12-
# **FULLWORD CHURCH (FOR THE NATIONS)**
**NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31[st] December 2020**
## **11. CREDITORS: Amounts falling due within one year**
|
Overdraft
Accruals
Chattam Developer
|
|**2020**
2019
**£**
£
**0**
8,439
**500**
500
**28,420**
28,420|
|---|---|---|
|||
**28,920**37,359|
## **12. CREDITORS: Amounts falling due after one year**
|
Mortgage Loans
Bounce Back Loan
|**2020**
**£**
**424,268**
**22,000**
**446,268**
|2019
£
421,916
0
421,916|
|---|---|---|
## **13. TAXATION**
As a charity, there is exemption from taxation on income and gains falling within section 505 of the Taxes Act 1988 or s256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
## **14. RELATED PARTY TRANSACTIONS**
No payments were made to trustees or any other persons connected with them during this financial period in their capacity as trustees. No material transaction took place between the Charity and a trustee or any person connected with them.
**-13 -**