| Trustees | Mr PAAdefarasin | |
|---|---|---|
| Mr A Oyewumi | ||
| Dr C Ujam | ||
| Charity number | 1102396 | |
| Company | number | 4824843 |
| Principal address | The Rock Tower | |
| 49Tufnell Park Road | ||
| London | ||
| N7 OPS | ||
| Registered | office | The Rock Tower |
| 49Tufnell Park Road | ||
| London | ||
| N7 OPS | ||
| Auditor | D Lee &Co | |
| 2nd Floor, Premier House | ||
| 309Ballards Lane | ||
| London | ||
| N12 8LY | ||
| Bankers | Barclays Bank PLC | |
| 131 Finchley Road | ||
| London | ||
| NW3 6HY | ||
| Solicitors | Stone King | |
| 39Cloth Fair | ||
| London | ||
| EC1A7JQ |
| Page | ||
|---|---|---|
| Trustees' report |
t -5 | |
| Statement oftrustees' |
responsibilities | |
| Independent auditor's |
report | 7-9 |
| Statement offinancial |
activities | to |
| Balance sheet | ||
| Statement ofcash flows |
12 | |
| Notes to the financial | statements | 13-23 |
| Unrestricted | Restricted | Total | Unrestricted | Restricted | Total | ||||
|---|---|---|---|---|---|---|---|---|---|
| funds | funds | funds | funds | ||||||
| 2022 | 2022 | 2022 | 2021 | 2021 | 2021 | ||||
| Notes | 5 | 8 | f | 8 | |||||
| Donations and |
|||||||||
| legacies | 422,720 | 23,785 | 446,505 | 374,488 | 26,386 | 400,874 | |||
| Activities for | |||||||||
| generating fund |
516 | 516 | (677) | (677) | |||||
| investments | 107,951 | 107,951 | 84,014 | 84,014 | |||||
| Other income | 7,090 | 7,090 | |||||||
| Total income | 538,277 | 23,785 | 562,062 | 457,825 | 26,386 | 484,211 | |||
| Raising funds | 35,219 | 35,219 | 38,340 | 38,340 | |||||
| Charitable activities |
8 | 652,081 | 40,104 | 692,185 | 558,199 | 35,241 | 593,440 | ||
| Total expenditure | 687,300 | 40,104 | 727,404 | 596,539 | 35,241 | 631,780 | |||
| Net expenditure | for the | ||||||||
| year/ | |||||||||
| Net movement | in funds | (149,023) | (16,319) | (165,342) | (138,714) | (8,855) | (147,569) | ||
| Fund balances at | 1 January | ||||||||
| 2022 | 2,305,381 | 542,600 | 2,847,981 | 2,444,095 | 551,455 | 2,995,550 | |||
| Fund balances | at 31 | ||||||||
| December 2022 | 2,156,358 | 526,281 | 2,682,639 | 2,305,381 | 542,600 | 2,847,981 |
| 2022 | 2021 | |||||
|---|---|---|---|---|---|---|
| Notes | f | 8 | ||||
| Fixed assets | ||||||
| Tangible assets | 12 | 5,377,452 | 5,531,757 | |||
| Current assets | ||||||
| Debtors | 14 | 7,220 | 3,099 | |||
| Cash at bank and | in | hand | 34,718 | 75,741 | ||
| 41,938 | 78,840 | |||||
| Creditors: | amounts | falling due within | ||||
| one year | 16 | (768,553) | (685,950) | |||
| Net current | liabilities | (726,615) | (607,110) | |||
| Total assets less | current liabilities | 4,650,837 | 4,924,647 | |||
| Creditors: | amounts | falling due after | ||||
| more than | one year | 17 | (1,968,198) | (2,076,666) | ||
| Net assets | 2,682,639 | 2,847,981 | ||||
| Income funds | ||||||
| Restricted | funds | 18 | 526,281 | 542,600 | ||
| Unrestricted | funds | 2, 156,358 | 2,305,381 | |||
| 2,682,639 | 2,847,981 |
| 2022 | 2021 | |||||||
|---|---|---|---|---|---|---|---|---|
| Notes | 8 | |||||||
| Cash flows from operating | activities | |||||||
| Cash absorbed by operations |
23 | (123,768) | ||||||
| Investing | activities | |||||||
| Purchase | oftangible fixed | assets | (2,007) | (12,702) | ||||
| Investment | income received | 107,951 | 84,014 | |||||
| Net cash | generated from |
investing | ||||||
| activities | 105,944 | |||||||
| Financing | activities | |||||||
| Repayment | ofbank loans | (23,199) | 22,005 | |||||
| Net cash (used in)/generated | from | |||||||
| financing | activities | (23,199) | ||||||
| Net (decrease)/increase | in | cash and | cash | |||||
| equivalents | (41,023) | |||||||
| Cash and | cash equivalents | at beginning | ofyear | 75,741 | ||||
| Cash and | cash equivalents | at end of | year | 34,718 |
| 80 | OI CI N |
W | N O LO CD CO |
N I CO 'Ll CD |
I CO O O |
|||||
|---|---|---|---|---|---|---|---|---|---|---|
| D | S | r | Cll | |||||||
| CD | LD | |||||||||
| ILI | ||||||||||
| IS | ||||||||||
| '0 | S | c | CLI | CD | N | CO | ||||
| I | CO | |||||||||
| CO | ||||||||||
| P | N O N |
W | LO O ID CD |
' | IA O IA O |
|||||
| D 0 .0 |
S '0 0 |
N Ol O |
CLI | LO CO |
' | LO CO I |
||||
| N | ||||||||||
| S '0 0 |
N N ON |
Cll | O N N |
' | O N NN |
|||||
| O | ||||||||||
| IUDZI-Z0 | ||||||||||
| U | SC | |||||||||
| COI-Z | CALI | |||||||||
| ILIK | ||||||||||
| IU | m | |||||||||
| M | ILI Ci Ul0 |
0 E LII |
||||||||
| hCO0 | OZ | O | 0 CD000 |
|||||||
| Z | Ci | Cl | ||||||||
| ZI- Z0 CDD0Z |
IUzI-0I- 0) IU I0Z |
ILI LU I C0 |
Ol00 CO IO00 Cl |
Ci DL D Ig S .0 Ol 0 CI |
K O 0 S 2 LC0 2 0 U |
| Unrestricted | Unrestricted |
|---|---|
| funds | funds |
| 2022 | 2021 |
| 6 | 6 |
| 516 | (677) |
| Unrestricted | Unrestricted | |||
|---|---|---|---|---|
| funds | funds | |||
| 2022 | 2021 | |||
| 6 | ||||
| Rental income | 107,933 | 84,012 | ||
| Interest receivable | 18 | 2 | ||
| 107,951 | 84,014 | |||
| 6 | Other income | |||
| 2022 | 2021 | |||
| Insurance | proceeds | 7,090 | ||
| 7 | Raising funds | |||
| Unrestricted | Unrestricted | |||
| funds | funds | |||
| 2022 | 2021 | |||
| E | f | |||
| Advertising | 35,219 | 38,340 | ||
| 35,219 | 38,340 |
| Insurance | proceeds | |
|---|---|---|
| 7 | Raising | funds |
| 8 | Charitable | activities | |||
|---|---|---|---|---|---|
| Regglous | Religious | ||||
| activities | activities | ||||
| 2022 | 2021 | ||||
| E | E | ||||
| Staff costs | 59,934 | 57,434 | |||
| Depreciation and impairment |
147,595 | 147,595 | |||
| Religious | activities | 123,982 | 104,119 | ||
| 331,511 | 309,148 | ||||
| Share ofsupport costs (see note 9) | 297,832 | 223,577 | |||
| Share ofgovernance | costs (see note 9) | 62,842 | 60,715 | ||
| 692,185 | 593,440 | ||||
| Analysis | by fund | ||||
| Unrestricted funds |
652,081 | 558,199 | |||
| Restricted | funds | 40,104 | 35,241 | ||
| 692,185 | 593,440 | ||||
| Forthe year ended | 31 December 2021 | ||||
| Unrestricted funds |
558,199 | ||||
| Restricted | funds | 35,241 | |||
| 593,440 |
| 9 | Support costs | ||||||
|---|---|---|---|---|---|---|---|
| Support | Governance | 2022 | Support | Governance | 2021 | ||
| costs | costs | costs | costs | ||||
| 6 | 6 | 8 | |||||
| Staff costs | 87,062 | 51,231 | 138,293 | 94,929 | 49,100 | 144,029 | |
| Depreciation | 8,717 | 8,717 | 10,953 | 10,953 | |||
| Rates and utilities costs | 57,191 | 57,191 | 32,156 | 32,156 | |||
| Other indirect cost | 3,116 | 3,116 | 3,383 | 3,383 | |||
| Bank charges and bank | |||||||
| loan interest | 104,563 | 104,563 | 46,674 | 46,674 | |||
| Travel expenses | 2,577 | 2,577 | 337 | 337 | |||
| Telephone | 3,471 | 3,471 | 3,613 | 3,613 | |||
| Insurance | 8,699 | 8,699 | 8,750 | 8,750 | |||
| Cleaning costs | 14,691 | 14,691 | 15,238 | 15,238 | |||
| Computer expenses | 7,745 | 7,745 | 7,544 | 7,544 | |||
| Audit fees | 4,000 | 4,000 | 4,000 | 4,000 | |||
| Accountancy | 6,746 | 6,746 | 7,615 | 7,615 | |||
| Legal and professional | 865 | 865 | |||||
| 297,832 | 62,842 | 360,674 | 223,577 | 60,715 | 284,292 | ||
| Analysed between |
|||||||
| Charitable activities |
297,832 | 62,842 | 360,674 | 223,577 | 60,715 | 284,292 |
| The average |
monthly number ofemployees during th |
e year was: | |
|---|---|---|---|
| 2022 | 2021 | ||
| Number | Number | ||
| Religious | |||
| Administration | |||
| Employment | costs | 2022f | 2021f |
| Wages and salaries | 178,876 | 182,530 | |
| Social security | costs | 14,157 | 13,883 |
| Other pension | costs | 5,194 | 5,050 |
| 198,227 | 201,463 |
| Tangible fix | ed assets | ||||
|---|---|---|---|---|---|
| Freehold land |
Fixtures, | Total | |||
| and bugdings | fittings 8 | ||||
| equipment | |||||
| f | |||||
| Cost | |||||
| At 1 January | 2022 | 7,379,754 | 659,367 | 8,039,121 | |
| Additions | 2,007 | 2,007 | |||
| At 31 December 2022 | 7,379,754 | 661,374 | 8,041,128 | ||
| Depreciation | and impairment | ||||
| At 1 January | 2022 | 1,880,856 | 626,508 | 2,507,364 | |
| Depreciation | charged | in the year | 147,595 | 8,717 | 156,312 |
| At 31 December 2022 | 2,028,451 | 635,225 | 2,663,676 | ||
| Carrying amount |
|||||
| At 31 December 2022 | 5,351,303 | 26,149 | 5,377,452 | ||
| At 31 December 2021 | 5,498,898 | 32,859 | 5,531,757 |
| 13 | Financial instruments | Financial instruments | 2022 | 2021 | |||
|---|---|---|---|---|---|---|---|
| 5 | 5 | ||||||
| Carrying amount |
offinancial assets | ||||||
| Debt instruments | measured | at amortised | cost | 5,527 | 3,099 | ||
| Carrying amount |
offinancial liabilities |
||||||
| Measured at amortised |
cost | 2,729,706 | 2,758,599 | ||||
| 14 | Debtors | ||||||
| 2022 | 2021 | ||||||
| Amounts falling |
due within | one year: | 5 | ||||
| Trade debtors | 1,227 | ||||||
| Other debtors | 4,300 | 3,099 | |||||
| Prepayments and |
accrued income | 1,693 | |||||
| 7,220 | 3,099 | ||||||
| 15 | Loans and overdrafts | ||||||
| 2022 5 |
2021f | ||||||
| Bank loans | 2,077,150 | 2,100.349 | |||||
| Payable within one year |
108,952 | 23,683 | |||||
| Payable aRer one | year | 1,968,198 | 2,076,666 | ||||
| Amounts included |
above | which fall due aRer five years: | |||||
| Payable by instalments |
1,349,713 | 1,516,999 |
| 16 | Creditors: amounts | falling due within one year | |||
|---|---|---|---|---|---|
| Notes | 2022f | 2021 | |||
| Bank loans | 15 | 108,952 | 23,683 | ||
| Other taxation and social security | 7,045 | 4,017 | |||
| Trade creditors | 647,814 | 651,686 | |||
| Other creditors | 832 | 2,244 | |||
| Accruals and deferred | income | 3,910 | 4,320 | ||
| 768,553 | 685,950 | ||||
| 17 | Creditors: amounts | falling due after more than one year | |||
| 2022 | 2021 | ||||
| Notes | 8 | 8 | |||
| Bank loans | 15 | 1,968,198 | 2,076,666 |
| Movement | in funds | Movement | in funds | |||||
|---|---|---|---|---|---|---|---|---|
| Balance at | Incoming | Resources | Balance at | Incoming | Resources | Balance at | ||
| 1January | 2021 | resources | expended1 | January 2022 | resources | expended | 31 December | |
| 2022 | ||||||||
| f | 8 | 8 | f | 8 | ||||
| Land and | ||||||||
| building | 551,455 | 26,386 | (35,241) | 542,600 | 23,785 | (40,104) | 526,281 |
| 19 | Analysis of net assets | between funds | |||||
|---|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Unrestricted | Restricted | Total | ||
| funds | funds | funds | funds | ||||
| 2022 | 2022 | 2022 | 2021 | 2021 | 2021 | ||
| 8 | 8 | 8 | E | 8 | 8 | ||
| Fund balances at 31 | |||||||
| December 2022 are | |||||||
| represented by: |
|||||||
| Tangible assets | 4,854,967 | 522,485 | 5,377,452 | 4,994,787 | 536,970 | 5,531,757 | |
| Current assets/(liabilities) | (730,411) | 3,796 | (726,615) | (612,740) | 5,630 | (607,110) | |
| Long term liabilities | (1,968,198) | (1,968,198) | (2,076,666) | (2,076,666) | |||
| 2,156,358 | 526,281 | 2,682,639 | 2,305,381 | 542,600 | 2,647,981 |
| 2022 | 2021 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 6 | |||||||||||
| Aggregate compensation |
59,934 | 57,434 | |||||||||
| 23 | Cash generated | from | operations | 2022 | 2021 | ||||||
| 8 | 8 | ||||||||||
| Deficit for the year | (165,342) | (147,569) | |||||||||
| Adjustments | for: | ||||||||||
| Investment | income recognised | in statement | offinancial | activities | (107,951) | (84,014) | |||||
| Depreciation | and | impairment | oftangible | fixed assets | 156,312 | 158,548 | |||||
| Movements | in working | capital: | |||||||||
| (Increase)/decrease in |
debtors | (4,121) | 1,153 | ||||||||
| (Decrease) | in creditors | (2,666) | (1,4&4) | ||||||||
| Cash absorbed | by operations | (123.768) | (73,366) | ||||||||
| 24 | Analysis ofchanges | in net (debt)/funds | |||||||||
| At 1January | Cash flows | At 31 December | |||||||||
| 2022 | 2022 | ||||||||||
| 8 | 6 | 8 | |||||||||
| Cash at bank and | in hand | 75,741 | (41,023) | 34,718 | |||||||
| Loans falling | due | within | one year | (23,683) | (85,269) | (108,952) | |||||
| Loans falling | due | aRer | more than one year | (2,076,666) | 108,468 | (1,968,198) | |||||
| (2,024,608) | (17,824) | (2,042,432) |