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|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|
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|||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|
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|||||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|
##
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||||||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|
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|||||||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||
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|Unrestricted|Unrestricted|
|---|---|
|funds|funds|
|2022|2021|
|6|6|
|516|(677)|
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||||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|
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|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||
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|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|
##
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|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|
##
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|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|
##
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|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|
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|||||||||||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)|