FULLWORD CHURH (FOR THE NATIONS)
FINANCIAL STATEMENTS 31[ST] DECEMBER 2021
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 2021
| 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 2021
The trustees present their report and accounts for the period ended 31[st] December 2021as below:
Principal activities
The Fullword Church (For the Nations) is an independent and interdenominational Bible Church with Pastor OlalekanAkinleye 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 2021 was a good year for the Church though heavily disrupted by the Covid-19 pandemic. The Church took steps early in the year to return to Church on-site worship, however it is quite disappointing that couple of our brethren lost their fervency hence could not return.
We had, at least 90% of our members back.
The Chairperson of the board of Trustees, MsTracey Francis, will be resigning at the end of this financial year from the Board after many years excellent service to the Church. 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 remain strong to the glory of God.
The Coming Year:
The Church's strategic focus for 2022 is to grow the Church spiritually and numerically. We will continue to review and refine our ministry’s activities so as to remain a sound Bible Church that we are known for.
-4 –
FULLWORD CHURCH (FOR THE NATIONS)
TRUSTEES ANNUAL REPORT (continued) YEAR ENDED 31[st] December 2021
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 Acecounting 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 27[th] June2022.
Tracey Francis (Ms) Chairperson
Femi Sholagbade (Mr) Treasurer
-5-
FULLWORD CHURCH (FOR THE NATIONS)
INDEPENDENT EXAMINER’S REPORT YEAR ENDED 31[st] December 2021
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, 27[th] June 2022 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 2021
| 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 |
Total Funds 2021 2020 Note Unrestricted Restricted 2 89,295 0 89,295 90,744 3 0 0 0 0 4 35,044 0 35,044 20,418 124,339 0 124,339111,162 5 7,045 0 7,045 10,746 6131,556 0 131,556 127,541 138,601 0 138,601138,287 -14,262 0- 14,262-27,125 7 -14,262 0 -14,262 -27,125 620,126 0 620,126 647,251 605,864 0 605,864620,126 |
Total Funds 2021 2020 Note Unrestricted Restricted 2 89,295 0 89,295 90,744 3 0 0 0 0 4 35,044 0 35,044 20,418 124,339 0 124,339111,162 5 7,045 0 7,045 10,746 6131,556 0 131,556 127,541 138,601 0 138,601138,287 -14,262 0- 14,262-27,125 7 -14,262 0 -14,262 -27,125 620,126 0 620,126 647,251 605,864 0 605,864620,126 |
|---|---|---|
| 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 | BALANCE SHEET | BALANCE SHEET | ||||
|---|---|---|---|---|---|---|
| YEAR ENDED 31st December 2021 | ||||||
| 2021 2020 | 2021 2020 | 2021 2020 | 2021 2020 | |||
| £ | £ | £ | ||||
| Note | ||||||
| FIXED ASSETS | ||||||
| Tangible assets | 9 | 1,052,706 | 1,076,439 | 1,076,439 | ||
| CURRENT ASSETS | ||||||
| Cash at bank in hand | 10 |
3,077 | ||||
| 3,077 | 3,077 | 3,077 | 3,077 | |||
| CREDITORS:Amounts falling due | ||||||
| within one year | 11 |
(28,920) | ||||
| NET CURRENT ASSETS | NET CURRENT ASSETS | (25,843 ) |
) | )(10,045) | ||
| TOTAL ASSETS LESS CURRENT LIABILITIES | TOTAL ASSETS LESS CURRENT LIABILITIES | TOTAL ASSETS LESS CURRENT LIABILITIES1,026,863 | 1,026,8631,066,394 | |||
| CREDITORS: Amounts falling due 12 | ||||||
| after one year | 420,999 | 446,268 | ||||
| NET ASSETS | 605,864 | 620,126 | ||||
| TOTAL FUNDS | 605,864 | 605,864 | 605,864 | 605,864620,126 | ||
| These financial statements were approved by the board of Trustees on 27 | These financial statements were approved by the board of Trustees on 27thJune2022. | . |
Tracey 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 2021
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 |
2021 £ 78,921 0 0 10,374 89,295 |
2020 £ 81,106 0 0 9,638 90,744 |
|---|---|---|
-9–
FULLWORD CHURCH (FOR THE NATIONS)
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31[st] December 2021
| 2021 | 2021 | 2020 | |
|---|---|---|---|
| £ | £ | ||
| 3. INVESTMENT INCOME | |||
| Bank interest received | 0 | 0 | |
| 0 | 0 | ||
| 2021 | 2020 | ||
| £ | £ | ||
| 4. OTHER INCOME | |||
| Rent | 10,480 | 0 | |
| HMRC Grants | 24,564 | 20,418 | |
| 35,044 | 20,418 |
||
| 5. COSTS IN FURTHERANCE OF CHARITABLE OBJECTS | |||
| Total Funds | |||
| 2021 | 2020 | ||
| £ | £ | ||
| Provision of charitable services: | |||
| Welfare | 0 | 0 | |
| Outreach Expenses | 0 | 0 | |
| Donation | 765 | 1,100 | |
| Transportation Costs | 6,280 | 9,646 | |
| Books | 0 | 0 | |
| Honorarium | 0 | 0 | |
| 7,045 | 10,746 | ||
| 6. GOVERNANCE COSTS: | |||
| 2021 | 2020 | ||
| £ | £ | ||
| Wages | 59,403 | 58,427 | |
| Pension | 4,400 | 4,540 | |
| Accountancy | 500 | 500 | |
| Rents and Rates | 730 | 568 | |
| Light and Heat | 2,342 | 3,338 | |
| Printing, Postage & Stationeries | 934 | 258 | |
| Insurance | 3,512 | 3,490 | |
| Repairs and Renewals | 5,454 | 4,194 |
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 2021
| Bank Charges & Interest General Expenses Software costs Training Licences, Fines and Fees Mortgage Interest Depreciation |
437 4,504 101 0 6,214 11,803 31,220 131,556 1 |
437 4,504 101 0 6,214 11,803 31,220 |
780 4,594 181 0 6,356 10,228 30,087 27,541 |
|---|---|---|---|
7. NET MOVEMENT IN FUNDS
The net movement in funds for the year is stated after charging depreciation on tangible fixed assets:
| 2021 | 2020 | ||
|---|---|---|---|
| £ | £ | ||
| Depreciation | 31,220 | 30,087 |
|
| 8. FUNDS |
2021 | 2021 |
2020 |
| Unrestricted |
RestrictedTotal | Total | |
| £ | £ £ |
£ | |
| At 1st January | 433,176 | 186,950 620,126 | 647,251 |
| Surplus / (Deficit) for | the year (14,262) | 0 (14,262) |
(27,125) |
| At 31st December | 418,914 |
186,950 605,864 | 620,126 |
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 2021
9. TANGIBLE FIXED ASSETS
| Freehold | Freehold | Leasehold | Fixtures | Church MotorTotal | ||
|---|---|---|---|---|---|---|
| Property | Improve. | & Fittings | Equip. Vehicle | |||
| £ | £ | £ | £ £ | |||
| COST: | ||||||
| At 1stJanuary 21 | 1,445,877 | 0 | 73,359 | 71,596 40,278 1,631,110 | ||
| Additions |
0 | 0 | 5,188 | 2,2990 7,487 | ||
| Disposals | 0 | 0 | 0 | 0 0 0 | ||
| At 31st Dec. 21 | 1,445,877 | 0 | 78,547 | 73,865 40,278 1,638,597 |
||
| DEPRECIATION | ||||||
| At 1stJanuary 21 | 369,438 | 0 | 73,359 | 71,596 40,278 554,671 | ||
| Charge for the year | 28,917 | 0 | 1,728 | 575 0 31,220 | ||
| Disposals | 0 | 0 | 0 | 0 0 0 |
||
| At 31st Dec. 21 | 398,356 | 0 | 75,085 | 72,171 40,278 585,891 | ||
| NET BOOK VALUE | ||||||
| At 31st Dec. 21 1,047,521 | 0 | 3,460 | 1,724 0 1,052,706 | |||
| At 31stDec 20 1,076,439 | 0 | 0 | 0 0 1,076,439 | |||
| 10. BANK & CASH | 20212020 | |||||
| ££ | ||||||
| Deposit/Savings Account | 00 | |||||
| Cash at Bank | 3,07718,875 | |||||
| 3,07718,875 |
-12-
FULLWORD CHURCH (FOR THE NATIONS)
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31[st] December 2021
11. CREDITORS: Amounts falling due within one year
Overdraft Accruals Chattam Developer |
2021 2020 £ £ 0 0 500 500 28,42028,420 |
|
|---|---|---|
28,92028,920 |
12. CREDITORS: Amounts falling due after one year
Mortgage Loans Bounce Back Loan |
2021 £ 400,645 20,354 420,999 |
2020 £ 424,268 22,000 |
|---|---|---|
446,268 |
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 -