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2022-11-30-accounts

Registered number: 11686396

GOODNEWS BIBLE CHURCH LTD DIRECTOR'S REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2022

Goodnews Bible Church Ltd Director's Report and Financial Statements For The Year Ended 30 November 2022

Contents

Contents
Page
Company Information 1
Director's Report 2
Accountant's Report 3
Profit and Loss Account 4
Balance Sheet 5
Notes to the Financial Statements 6—7
The following pages do not form part of the statutory accounts:
Trading Profit and Loss Account 8

Goodnews Bible Church Company No. 11686396

Trustees Report

For the year Ended 30 November 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT

Registered Company number 11686396 (England and Wales)

Registered Charity number 1104286

Registered Office 29 Valerian Way Leighton buzzard Bedfordshire LU74EL

Worship Centre 2nd Floor 4 Westmoreland House Scrubs Lane London NW106RE

Independent Examiner

George Osei ACMA, CGMA, AFA MIPA Director KLS Tax & Accounting Limited Wardens House 124A Goodmayes Lane Ilford Essex IG3 9FX

Bankers

Barclays Bank 1 Churchill Place Canary Wharf London E145HP

Trustees

Mr Adedapo Oshinowo (Chairman of Trustees) Ms Elaine Jones Mrs Maria Amadi

Driver Retired Nurse Legal Adviser

Charity Secretary

Dinesh Kowlessur

Manager Care Hom

Goodnews Bible Church Trustees Report For the year ended 30 November 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT

London Central Executive Committee

Apostle George Amadi Senior Pastor/ Founder

Postal Address: 2nd Floor unit 4 Westmoreland House Scrubs Lane London NW10 6RE

Pastor Chika Amadi Resident

Pastor & Executive

Pastor Emmanuel Samuel Assistant Resident Pastor & Executive

Pastor Dinesh Kowlessur Pastoral Team & Executive

Gregorian Toussaint Treasurer & Executive

Pastor Dapo Oshinowo Pastoral & Executive

Pastor Dave Muckoon

Executive

Email address: goodnewsrninistriesintl@yahoo.co.uk Website: www.goodnewschurch.net

Goodnews Bible Church Trustees Report For the year ended 30 November 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Trustees and Director of the Charity, for the Company Act 2006, present their report with the charity’s financial statements for 30 November 2022. The trustees have adopted the Accounting and reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts according to the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015).

Governing document

The charity is controlled by its governing document and constitutes a limited company limited by guarantee, as defined by the Companies Act 2006.

Recruitment and appointment of new trustees

The trustees are trustees for the Charities act 1993 and are directors under the Companies Act 1985, and the constitution provides guidelines on Trustee recruitment and appointment. There must be at least three at any given time and up to seven Trustees; some can be non-members of the charity. Goodnews Bible Church, London, currently has three Trustees. The Trustees holds typically at least three meetings a year and carried out their assignments as detailed in the charity governing document. The Trustees, from time to time, review their effectiveness and competency. New members are provided with induction.

Organizational Structure

The day-to-day running of the charity is vested in the Senior Pastor and supported by the admin team as stipulated by the governing document with the support of the Executive Committee. The Committee meets regularly to plan programs and receive updates on the charity’s affairs. Branches and Network

Goodnews Bible Church, founded by the current Senior Pastor, started in Africa and has its African headquarter in Abuja and three other branches, and a new one is soon to kick off. The Charity also has a branch in Malawi and an orphanage it supports. The Charity also recently started a new branch in Jamaica and is in its inception stage in Ethiopia. GBC is also linked to Home for the Needy Foundation - home to orphans and widows displaced by Boko Haram insurgents terrorist organisation in Nigeria. GBC is a registered member of Churches in Community.

Local Community Initiatives

Locally, GBC works closely with Family Mediation Centre Ltd, which supports Children and young people and Parents in need and provides advocacy for vulnerable parents going through Child Protection and Safeguarding issues and parenting skills training. GBC is heavily involved in her local community by providing mentoring to those coming out of prison and those battling addiction and loneliness. Through the Common kitchen GBC anonymously supports families with groceries and toiletries.

Good. news Bible Church Company No. 11686396 Trustees Report For the year ended 30 November 2022

Objectives and Activities

In keeping with the governing documents of GBC throughout 2022 under review, we continued to advance our Christian faith through street outreaches that were permitted; we held several face-to-face and online personal development programs for our members and the wider community, which drew audiences from overseas countries such as India, Mauritius, Ghana, Nigeria, UAE, Kenya, Scotland, USA, Canada, Jamaica, Caribbean, Uganda, Tanzania etc. Due to cost of leaving crisis, we could lead enormous support to our members, wider community, branches and associated bodies to relieve financial hardship and sickness as well as education. We also started a football club in one of our branches to engage unemployed members of the church. We provided small grants to the sick through the family mediation center and provided advice and information on Covid19 and mental health, wellbeing and bereavement. We celebrated members' birthdays, weddings and anniversaries and new births.

We hosted online and face-to-face discipleship, marriage, women, youth and men

empowerment programs open to our local communities, most delivered by our senior or resident pastors, visiting speakers, and preachers. Our Senior Pastor carried out pastoral and missionary visits to our different branches and engaged in personal development programs.

Volunteers

Due to Covid19, our members were encouraged to carry out voluntary virtual outreaches and befriend the elderly and vulnerable in our community through phone calls and zoom meetings where necessary, as well as coordinating group activities. In contrast, our Resident Pastor and her assistant carried out most of the administrative responsibilities.

Internal and external factors

internal

GBC has excellent teaching facilities for adults, youths and children, primarily children. The environment is conducive, safe, and of good standards of cleanliness. The Facilities are suitable for events and functions.

The principal funding source of GBC is through voluntary donations from members - tithes and offerings and gift aid maintained throughout the year. The resident Pastor also successfully pursued aggressive covid19related funding from the local authority.

Other sources are one-off voluntary donations for a specific project. We also generate income from renting our hall and equipment to a sister church. Our business plan considers other sources of income from charges for the use of facilities and services.

Reserve Policy

GBC has a reserve policy to invest in buying a place of worship in the nearest future, given that we are leasing our place of worship at the moment.

Future policy

GBC’s immediate policy is to establish a stronger community based Mentoring group for drug addicts and offenders To expand our Common kitchen initiative.

Adedapo oshinowo Trustee (Chairman)

Approved by order of the board of trustees on………….day of ………….

2022 and signed on its behalf by:

·········· ······················································· Mr Adedapo Oshinowo - Chairman of Trustees 27/08/2023

Goodnews Bible Church Ltd Independent Examiner’s report As at 30 November 2022

I report on the accounts for the year ended 30 November 2022.

Respective responsibilities of trustees and examiner

The charity's trustees (who are also the directors for the purposes of company law) are responsible for preparing the accounts. The charity's trustees consider that an audit is not required for this year (under Section 144(2) of the Charities Act 2011 (the 2011 Act)) and that an independent examination is required. Having satisfied myself that the charity is

not subject to audit under company law and is eligible for independent examination, it is my responsibility to:

Basis of the independent examiner's report

My examination was carried out in accordance with the General Directions given by the Charity Commission. 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 no opinion is given as to whether the accounts present a 'true and fair view ' and the report is limited to those matters set out in the statements below.

Independent examiner's statement

In connection with my examination, no matter has come to my attention:

  1. which gives me reasonable cause to believe that, in any material respect, the requirements

  2. to keep accounting records in accordance with Section 386 and 387 of the Companies Act 2006; and

  3. to prepare accounts that accord with the accounting records, comply with the accounting requirements of Sections 394 and 395 of the Companies Act 2006 and with the methods and principles of the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts by the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) have not been met; or

George Osei ACMA/CGMA 25/08/2022

Goodnews Bible Church Ltd Profit and Loss Account For The Year Ended 30 November 2022

Notes
TURNOVER
GROSS PROFIT
Administrative expenses
OPERATING PROFIT
Other interest receivable and similar income
PROFIT FOR THE FINANCIAL YEAR		 2022
£
118,694
118,694
(82,078 )
36,616
36
36,652		 2021
£
116,815
116,815
(84,038 )
32,777
-
32,777

The notes on pages 6 to 7 form part of these financial statements.

Goodnews Bible Church Ltd Balance Sheet As at 30 November 2022

Notes
FIXED ASSETS
Tangible Assets
4
CURRENT ASSETS
Debtors
5
Cash at bank and in hand
Creditors: Amounts Falling Due Within One Year
6
NET CURRENT ASSETS (LIABILITIES)
TOTAL ASSETS LESS CURRENT LIABILITIES
Creditors: Amounts Falling Due After More Than One
Year
7
NET ASSETS
Reserve Accounts
MEMBERS FUNDS		 2022
£
£
1,238
1,238
8,100
92,206
100,306
(2,432 )
97,874
99,112
(41,959 )
57,153
57,153
57,153		 2022
£
£
1,238
1,238
8,100
92,206
100,306
(2,432 )
97,874
99,112
(41,959 )
57,153
57,153
57,153		 2021
£
£
1,393
1,393
4,530
63,480
68,010
(600 )
67,410
68,803
(48,302 )
20,501
20,501
20,501		 2021
£
£
1,393
1,393
4,530
63,480
68,010
(600 )
67,410
68,803
(48,302 )
20,501
20,501
20,501
1,238
97,874		 1,393
67,410
100,306
(2,432 )		 68,010
(600 )
99,112 68,803
(41,959 ) (48,302 )
57,153 20,501
57,153 20,501
57,153 20,501

Small Charity Rules

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for 31 November 2022

The members have not required the charitable company to obtain an audit of its financial statements for the year ended 31 November 2022 by Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

  1. ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and

  2. preparing financial statements which give an accurate and fair view of the state of affairs of the charitable company at the end of each financial year and of its surplus or deficit for each financial year by the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements,

  3. so far as applicable to the charitable company

.These financial statements have been prepared by the special provisions of Part 15 of the Companies Act 2006 relating to small charitable companies.

The financial statements were approved by the Board of Trustees on ...................... and were signed on its behalf by:

Page 5

Mr Adedapo Oshinowo Chairman of Trustee Board 25/08/2022 The notes on pages 6 to 7 form part of these financial statements.

Goodnews Bible Church Ltd Notes to the Financial Statements For The Year Ended 30 November 2022

1. General Information

Goodnews Bible Church Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11686396 . The registered office is 29 Valerian Way 29 Valerian Way, Leighton Buzzard, Bedfordshire, LU7 4EL.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

3. Average Number of Employees

Average number of employees, including directors, during the year was as follows: (2021= 6 and 2022 = 6 )

4. Tangible Assets

Cost
As at 1 December 2021
As at 30 November 2022
Depreciation
As at 1 December 2021
Provided during the period
As at 30 November 2022
Net Book Value
As at 30 November 2022
As at 1 December 2021		 Computer
Equipment
£
1,548
1,548
155
155
310
1,238
1,393

Goodnews Bible Church Ltd Notes to the Financial Statements (continued) For The Year Ended 30 November 2022

5. Debtors

Due within one year
Trade debtors
6. Creditors: Amounts Falling Due Within One Year
Trade creditors
7. Creditors: Amounts Falling Due After More Than One Year
Bank loans		 2022
£
8,100

8,100

2022
£
2,432

2,432

2022
£
41,959

41,959		 2021
£
4,530

4,530

2021
£
600

600

2021
£
48,302

48,302

8. Share Capital

Page 7

Goodnews Bible Church Ltd Trading Profit and Loss Account For The Year Ended 30 November 2022

TURNOVER
Donations and Legacies
Building Fund Contribution
Refund Received
Rental income
Gift Aid Income
GROSS PROFIT
Administrative Expenses
Wages and salaries
Employers NI
Welfare Donations
Travel expenses
Rent
Rates
Computer software costs
Postage
Stationery
Training seminars and workshops
Telecommunications
Website costs
Accountancy fees
Management fees
Missions
Depreciation of computer equipment
Sundry expenses
OPERATING PROFIT
Other interest receivable and similar income
Bank interest receivable
PROFIT FOR THE FINANCIAL YEAR		 2022
£
£
74,922
15,938
-
12,600
15,234
118,694
118,694
17,476
3,360
3,605
4,505
28,913
1,209
495
-
413
-
663
748
650
2,090
16,734
155
1,062
(82,078 )
36,616
36
36
36,652		 2022
£
£
74,922
15,938
-
12,600
15,234
118,694
118,694
17,476
3,360
3,605
4,505
28,913
1,209
495
-
413
-
663
748
650
2,090
16,734
155
1,062
(82,078 )
36,616
36
36
36,652		 2021
£
£
63,442
9,340
18,841
12,100
13,092
116,815
116,815
10,976
-
9,673
4,709
28,133
1,989
575
74
2,950
167
970
743
1,345
2,962
17,753
155
864
(84,038 )
32,777
-
-
32,777		 2021
£
£
63,442
9,340
18,841
12,100
13,092
116,815
116,815
10,976
-
9,673
4,709
28,133
1,989
575
74
2,950
167
970
743
1,345
2,962
17,753
155
864
(84,038 )
32,777
-
-
32,777
118,694
118,694
(82,078 )		 116,815
116,815
(84,038 )
36 -
36,616
36		 32,777
-
36,652 32,777

Page 8