GOSPEL LIGHT EVANGELICAL MINISTRIES
TRUSTEES REPORT AND FINANCLAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2020
Charity ceaictesre number 1099787
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|GOSPEL LIGHT EVANGELICAL MINISTRIES|
|CONTENTS|PAGE|
|Administrative|Information|3|
|Trustees|Report|4-6|
|Independent|Examiners|Report|7|
|Statement|of|Financial|activities|8|
|Balance|Sheets|9|
|Note to|the|Financial|Statements|10-13|
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Charity registered number 1099787
GOSPEL LIGHT EVANGELICAL MINISTRIES
Administrative Information
Chairperson MrJohnson Oladapo
Treasurer
Other trustees Mr Charles Olloh Dr David Olayiwola Soile Ms Ekundayo Adeniyi
Charity registered number 1099787
Register Office: 7 Portbury Close London SE15 SJF
Independent Examiner: Profad Quality Accounting & Management Consulting Unit 30 Penarth Centre Penarth Street London. SE15 1TR
Banker Bank of Scotland Peckham Branch London SE15 5BS
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Charity registered number 1099787
GOSPEL LIGHT EVANGELICAL MINISTRIES
Trustees Report for the year ended 31th August 2020
The Trustees present their financial statements for the year ended 31st August 2020
The Trustees of Gospel Light Evangelici ministries present their reports and their
financial statements of the church for the year ended 31st August 2020. The trustees have adopted the provisions of the statement of Recommended Practice (SORP) “Accounting and Reporting by Charities “issued in March 2005 in preparing the annual report and financial statement of the charity.
Charity Details
A list of names and addresses of the charity principal officers and bankers is set out on page 3.
Objectives
The charity’s principal activity is the proclamation of the gospel of Jesus Christ
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To advance the Christian (in accordance with the statement of belief) in such way and in such parts of the United Kingdom or the world as the trustees from time to time may think fit.
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To relieve sickness and financial hardship and to promote and preserve good health by the provision offunds, goods or services of any kind, including through the provision of counselling and support in such parts of the United Kingdom or the world as the trustees from time to time may think fit.
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To advance education in such ways and in such parts of the United Kingdom or the world as the trustees from time to time may think fit
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The trustees must use the income and may use the capital of the church in promoting the objects.
Organisation
Gospel Light Evangelical Ministries is governed by a board of trustees who are elected to serve the church and run its affairs. Annually the Board reviews the range of skills it has available and uses its power of co-option to ensure the gaps are filled.
Risk and Internal Control
The Trustees review the main operational risks and take actions to manage or mitigate it accordingly.
Evangelism
Evangelisms were carried out throughout the year, reaching out to those who were on the street through radio programmes and publicity, including seminars and church services.
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Charity registered number 1099787
GOSPEL LIGHT EVANGELICAL MINISTRIES
Review of transactions and financial position
During the year, donation, sundry creditors and gift received totalled £32,914.76 the donations and gifts received have been made available without restriction as to its usage.
The balances on the charity's fund are unrestricted. These will be used to fund the charity’s objectives during the new financial year. The trustees confirm that the charity’s assets are available and adequate to enable it to fulfil its obligations
Reserve Policy
Freely available reserves are a pool of unapplied resources available to meet future demands on the charity’s resources. This is “general purpose money that can be spent on any of the purposes of the charity. Free reserves of the charity are represented by its Unrestricted funds less the net book value of its assets, as at 31st August 2020, these amounted to £10,722.63
Reserves are required to ensure the charity can meet its general business commitments.
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Charity registered number 1099787
GOSPEL LIGHT EVANGELICAL MINISTRIES
Trustees Report for the year 31st August 2020 (continuation) Statement of trustees’ responsibilities for the preparation of financial statements
Charity law requires the trustees to prepare their financial statements which showa true and fair view of the state of the charity affairs as at the year end and of the resources received and expended by the charity for the year ended.
In order to meet this requirement, the trustees must be satisfied that:
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e Suitable accounting policies are selected and then consistently applied; e Judgements and estimates that are made are reasonable and prudent;
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e Applicable accounting standards and statements of recommended practice have been followed; e Financial statements are prepared on a going concern basis unless it’s inappropriate to assume that the charity will continue its activities
The Trustees are responsible for ensuring that proper books are maintained, for safe guiding the assets of the charity, and taking reasonable steps for the prevention and detection of fraud and other irregularities. The Board has reviewed the effectiveness of the system of internal control and there are no material weaknesses that would have resulted in losses, contingencies and uncertainties that require a separate disclosure in these accounts
Mr Johnson Oladapo
Trustee Chairpersons: .........csssesesesees
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Approved by the board on nate? #10200
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Charity registered number 1099787
GOSPEL LIGHT EVANGELICAL MINISTRIES
Independent Examiner’s Report.
We report on the accounts for the year ended 31st August 2020, which are set out on pages 8-14
Respective responsibilities of trustees and examiner
- The charity’s trustees are responsible for the preparation of the account It is our responsibility to; e Examine the account (under section 43(3)(a) of the 1993 Act) * — To follow the procedures laid down in the general directions given by the commissioners(under section 43(7)(b) of the 1993 Act)
Basis of the independent examiner’s report
My examination was carried out in accordance with the General Directions given by the charity. 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 | do not express an audit opinion on the view given by the accounts.
Independent examiner’s statement
in connection with my examination, no matter has come to my attention;
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1, Which gives me reasonable cause to believe that in any material respect the requirements? * To keep accounting records in accordance with section 41 of the 1993 Act and
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- To prepare accounts which accord with the accounting records and comply with the accounting requirements of the 1993 Act have not been met or
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To which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached
Mr Damilola Raymond Adeniyi (BSC, MBA, ACA) Profad Quality Accounting & Management Consulting
Unit 30, Penarth Centre, Penarth Street London SE15 1TR C/
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Charity registered number 1099787
GOSPEL LIGHT EVANGELICAL MINISTRIES
STATEMENT OF FINANCIAL PERFORMANCE FOR THE YEAR ENDED 31ST AUGUST 2020
| Notes | Unrestricted | Funds | |
|---|---|---|---|
| 2020 | 2019 | ||
| £ | £ | ||
| Income Resources | |||
| Tithes, Offeringand Thanksgiving | 2 | 32,914.76 | 59,212.00 |
| Gift Aid income received | 0.00 | 0.00 | |
| Bank interest received | 0.00 | 0.00 | |
| Total Income Resources | 32,914.76 | 59,212.00 | |
| Resources Expended | |||
| Support costs ofactivities in furtherance ofthe charity's« | 3 | 40,106.80 | 61,918.26 |
| Management&Administration ofCharity | 4 | 5,624.23 | 16,220.17 |
| Total Income Expended | 45,731.03 | 78,138.43 | |
| Net Movement in Fund forthe year | -12,816.27 | -18,926.43 | |
| Net Movement in Fund Adjustment | 5,417.82 | 0.00 | |
| Unrestricted Fund balance B/F | 18,151.08 | 37,077.51 | |
| UnrestrictedFundbalanceC/F | 10,752.63 | 18,151.08 |
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Charity registered number 1099787
GOSPEL LIGHT EVANGELICAL MINISTRIES
STATEMENT OF FINANCIAL POSITION AS AT 31ST AUGUST 2020
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|Notes|2020|2019|
|£|£|
|FIXED|ASSETS|
|Tangible Assets|5|30.00|3,396.69|
|CURRENT|ASSTES|
|Debtors|6|2,600.00|4,266.00|
|Cash|at|bank|7|8,722.63|7,888.39|
|Prepayment|0.00|3,200.00|
|11,322.63|15,354.39|
|CREDITORS|
|Amounts|due|within|one|year|8|600.00|600.00|
|NET CURRENT ASSETS|10,722.63|14,754.39|
|TOTAL ASSETS|LESS CURRENT|LIABILITIES|10,752.63|18,151.08|
|CREDITORS|
|Amount due|after one|year|0.00|0.00|
|TOTAL NET ASSETS||10,752.63|18,151.08|
|CHARITY|FUNDS|
|Unrestricted|General|Fund|10,752.63|18,151.08|
|TOTAL FUNDS||10,752.63|18,151.08 _|
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GOSPEL LIGHT EVANGELICAL MINISTRIES
Notes to the Accounts
For the year ended 31st August 2020
1) Accounting Policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with the financial Reporting Standard Entities (effective April 2008).
Incoming Resources
Incomes are mainly from grants and sundry incomes received are included in the financial statement when received.
Resources Expended
All expenditures are accounted for using accrual basis and have been classified under headings that aggregate all costs related to the category
Taxation
Asa charity, the charitable funds are exempt from corporation tax but not from VAT. Recoverable VAT is in accordance with standard accounting practice, included in the cost of those items to which it relates.
Depreciation.
Depreciation has been provided at the following rates in order to write off the assets over their estimates useful lives.
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|Choir|Equipment|20%|
|Office|Equipment|20%|
|Fixtures|and|fitting|20%|
|2)|Operating|Profit|2020|2019|
|This|is stated|after charging|10,722.63|14,754.39|
|Depreciation|of owned|fixed|assets|10,722.63|14,754.39|
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Charity registered number 1099787
GOSPEL LIGHT EVANGELICAL MINISTRIES
| Analysisofincoming resources | ||
|---|---|---|
| 2020 | 2019 | |
| 2)Voluntary income | £ | £ |
| Offering/Tithe/ Pledges | 32,914.76 | 59,212.00 |
| Gift Aids | - | - |
| Total | 32,914.76 | 59,212.00 |
| Analysisofresourcesexpended | ||
| 3) Costofgenerating | ||
| Donation & Gift | 7,431.80 | 26,617.00 |
| wagesand salaries | 15,000.00 | 15,000.00 |
| Printing, postage and stationary | - | 1,361.00 |
| Rent | 14,200.00 | 14,200.00 |
| Rates | = | = |
| Volunteers Expense | 3,475.00 | 2,600.00 |
| AdvertandPR | - | 2,140.26 |
| Total | 40,106.80 | 61,918.26 |
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Charity registered number 1099787
GOSPEL LIGHT EVANGELICAL MINISTRIES
5) Tangible fixed assets
| Choir Items | Office | Furniture | Total | |
|---|---|---|---|---|
| and | equipment | and | ||
| Equipment | fixtures | |||
| Cost | £ | £ | £ | £ |
| At01/09/2019 | 9,438.00 | 29355.00 | 25,236.00 | 64,029.00 |
| Additions | 0.00 | 0.00 | 0.00 | 64,029.00 |
| Inventory Reclassified | ||||
| Balance at31/08/2019 | SSS SSS SS 9,438.00 29,355.00 25,236.00 64,029.00 |
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| Accumulated depreciation | ||||
| At01/09/2019 | 9,428.00 | 29,345.00 | 25,226.00 | 63,999.00 |
| Depreciation charge foryear | 0.00 | 0.00 | 0.00 | 0.00 |
| TT | es | |||
| 9,428.00 | 29,345.00 | 25,226.00 | 63,999.00 | |
| Net book value | ||||
| Balance at31/08/2020 | SSS 10.00 10.00 |
10.00 | 30.00 | |
| 6)OtherDebtors | 2020 | 2019 | ||
| £ | £ | |||
| Debtors | 2,600.00 | 4,266.00 | ||
| 2,600.00 | 4,266.00 | |||
| 7) Cash atBank | ||||
| Bank ofScotland -0459 | ° | 8,722.63 | 7,888.39 | |
| Cash- Balances | ||||
| 8,722.63 | 7,888.39 | |||
| 8) Creditors: amountsfallingdue withinoneyear | ||||
| Accountingfees | 600.00 | 600.00 | ||
| 600.00 | 600.00 |
9) Restricted funds
Restricted fund related to the church building fund which will serve as a permanent Site for the church, reserved for the purpose of securing a mortgage ona property. No amount is designated to be restricted during the reporting financial year.
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Charity registered number 1099787
GOSPEL LIGHT EVANGELICAL MINISTRIES
| 4)fund raisingtradingcosts | 2020 | 2019 |
|---|---|---|
| £ | £ | |
| Lighting, Water and Heating | 1,238.43 | 1,197.00 |
| Travelling and Substances | 0.00 | 6,350.00 |
| Telephone/Internet | 82.00 | 1,350.00 |
| Repairand Maintenance | 0.00 | 0.00 |
| Accountancy & Professional Fees | 600.00 | 600.00 |
| Sundry Expenses | 0.00 | 0.00 |
| Church Harvest and Christmas Parties | 2,403.80 | 4,000.00 |
| Depreciation charge | 0.00 | 849.17 |
| Cost ofGenerating Income | 1,300.00 | 1,874.00 |
| Total | 5,624.23 | 16,220.17 |
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