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2022-07-31-accounts

THE OASES FOUNDATION INTERNATIONAL (A COMPANY LIMITED BY GUARANTEE)

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST JULY 2022

CHARITY REGISTRATION No: 1111640 COMPANY REGISTRATION No: 5530343

Independent Examiners Ltd Unit 2 The Broadbridge Business Centre Delling Lane Bosham PO18 8NF

(A COMPANY LIMITED BY GUARANTEE)

CONTENTS

Pages 3 to 6 Report of the Directors Page 7 Independent Examiner's Report on the Accounts. Page 8 Statement of Financial Activities. Page 9 Balance Sheet. Pages 10 to 14 Notes to the Financial Statements.

THE OASES FOUNDATION INTERNATIONAL (A COMPANY LIMITED BY GUARANTEE)

REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31ST JULY 2022

LEGAL AND ADMINISTRATIVE INFORMATION

CHARITY NUMBER COMPANY REGISTRATION NUMBER START OF FINANCIAL YEAR END OF FINANCIAL YEAR

1111640 5530343 1st August 2021

31st July 2022

TRUSTEES AT 31ST JULY 2022 (also directors under company law)

Mr Adebayo Ademiju Rev Inyang Okutinyang Mrs Helen Akerele Mr Akintunde Magbadelo Mr Olumide Ogunbona

COMPANY SECRETARY

Mrs Toyin Onanuga

OTHER NAMES REGISTERED ADDRESS

Oases of Love Christian Centre (working name)

180 Grove Green Road Leytonstone London E11 4EN

DATE OF INCORPORATION GOVERNING DOCUMENT BANKERS

8th August 2005

Memorandum and Articles of Association

HSBC Bank plc 85 Lewisham High Street Lewisham London SE13 6BE

INDEPENDENT EXAMINER

K Gomes Independent Examiners Ltd Unit 2 The Broadbridge Business Centre Delling lane Bosham PO18 8NF

THE OASES FOUNDATION INTERNATIONAL (A COMPANY LIMITED BY GUARANTEE)

REPORT OF THE DIRECTORS FOR THE YEAR ENDING 31ST JULY 2022

The Trustees present their report and accounts for the year ended 31 July 2022. The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Charity’s Constitution, applicable law and requirements of the statement of recommended practice “Accounting and Reporting by Charities” 2019.

STRUCTURE GOVERNANCE AND MANAGEMENT

The Trustees incorporated Oases Foundation International as a charitable company limited by guarantee on 8 August 2005. It is governed by its Memorandum and Articles of Association.

The directors of the company are also Trustees for the purpose of Charity law and under the company’s articles they are also members of the company. All Trustees have been appointed in accordance with the Charity’s governing document on the basis of their commitment to the vision of the Charity and its statement of belief, and their wealth of experience in management and administration.

Trustee induction and training

The Trustees are familiar with the practical work of the Charity having been committed to the ministry of the church for some years. The Trustees continue to participate in activities held by the Charity and attend some specific programmes run during the year.

Each year the Trustees are invited and encouraged to attend training sessions held on the church premises or externally. All Trustees receive regular updates from the Charity commission and other newsletters.

Public Benefit

The Charity meets the public benefit for the advancement of the Christian faith, to advance Christian education, to relieve persons who are in condition of need or hardship or who are aged or sick and to relieve the distress caused thereby in such parts of London and in such other parts of the United Kingdom and the world. Our main activities are described below. All activities are undertaken to further our charitable purposes, and the Trustees have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Charity’s aims and objectives, and in planning its future activities. The Trustees believe that they meet the public benefit requirements by empowering and enabling ordinary people to live out their faith as part of the community through worship, prayer and fellowship; outreach and missions; pastoral care and support to the members of the community such as the homeless and senior citizens.

Risk Management

The Trustees have conducted a review of the major risks to which the Charity is exposed. A risk register has been established and is updated annually. Where appropriate, systems or procedures have been established to mitigate the risks the Charity faces. Internal financial control is a constant risk management focus. Robust internal controls are operated, including a hierarchy of spending limits and authorisation procedures, which are constantly reviewed by the internal audit team. Procedures are in place to ensure the health and safety of volunteers, members and visitors to the Charity's facilities.

The protection of children and vulnerable adults remains a priority and the Charity currently ensures that all volunteers who work with children and vulnerable adults are DBS checked and are members of CCPAS (The Churches’ Child Protection Advisory Service). The risk management is overseen by a nominated team who ensure teams that work with these groups receive regular training.

POST COVID 19

In person services are held each week with live streaming for those who cannot attend. Prayer meetings and cell group meetings will continue online until further notice.

The Charity continues to ensure COVID 19 compliant measures are put in place to ensure the health and safety of volunteers, members and visitors to the Charities facilities.

3

THE OASES FOUNDATION INTERNATIONAL (A COMPANY LIMITED BY GUARANTEE)

REPORT OF THE DIRECTORS FOR THE YEAR ENDING 31ST JULY 2022

OBJECTIVES AND ACTIVITIES

The purposes of Oases Foundation International are as detailed in its Memorandum and Articles of Association are:

A) to advance the Christian faith in accordance with the statement of beliefs appearing in the schedule hereto in London and in such other parts of the United Kingdom or the world as the trustees may from time to time think fit and other such purposes which are exclusively charitable according to the law of England and Wales and are connected with the charitable work of the charity;

B) to further Christian education including by means of establishing and operating any educational establishment or establishment in such parts of London and in such other parts of the United Kingdom and the world as the trustees may from time to time think fit;

C) to relieve persons who are in condition of need or hardship or who are aged or sick and to relieve the distress caused thereby in such parts of London and in such other parts of the United Kingdom and the world as the trustees may from time to time think fit;

D) to provide and maintain facilities for the benefit of local communities in such parts of London, the United Kingdom and the world as the trustees may from time to time think fit which facilities may without limitation include the provision of child-care services and meetings, lectures and classes and other forms of education, recreation and leisure-time occupation without distinction of race, sex, political, religious or other opinion and with the object of improving the conditions of life for the said inhabitants as the trustees may from time to time in their discretion determine.

The following groups benefit from the work of the Charity:

  1. Those who worship or participate in other activities at the Oasis of Love Christian Centre

  2. Vulnerable and disadvantaged members of society, including the homeless, elderly, single parent families, children, young people and families

  3. The wider community as a whole through support given to other charitable organizations that promote the objects of the Charity

The focus of our work and strategies

The following is an account of the activities, events, and general progress of the Oases Foundation International and in particular the Oasis of Love Christian Centre.

The Oases Foundation International continues to establish and develop the Oasis of Love Christian Centre which is, at present is its primary activity and the key elements of the Charity’s medium to long term strategies are:

THE OASES FOUNDATION INTERNATIONAL (A COMPANY LIMITED BY GUARANTEE)

REPORT OF THE DIRECTORS FOR THE YEAR ENDING 31ST JULY 2022

Other Activities

Street party, Rock Nations and Young at Heart events are still suspended but it is hoped that they will resume at some stage in the future.

Prayer Bootcamp for all Nations

Prayer Bootcamp for all Nations (PBC) is a prayer ministry and initiative of the Charity. This ministry is well received and sees weekly support and participation globally with over 200-250 people connecting with the Charity online through this platform every week. PBC held daily prayer meetings during the first and second lockdown (Operation Let My People Go) for nations, families and people impacted by the pandemic. ‘Operation Let My People Go’ and ‘Taskforce against Cancer’ continue to provide prayer daily. ‘My Godly Seed’ and ‘Reset My Seed’ are weekly meetings for expectant parents and parents. PBC provides resources (Prayer School and Spirobics) to teach and guide on devotional and intercessory prayer.

Single Parents Support Unit.

This unit provides support for single parent families and is an outreach programme to assist them with their daily routines, provide financial and emotional support and mentoring where required.

Support of other charitable organisations

The Charity is committed to supporting agencies and projects which carry out valuable and essential services here and abroad by way of donations to charities suggested by the membership. This year particular support was given to charities that were undergoing financial difficulties due to the impact of the lockdown measures.

Linking Lives

The Charity is currently engaged with Linking Lives, an outreach to the elderly in the community, however, due to the government restrictions, it has only been able to provide support to its benefactors via telephone. It is intended that the project will progress in the future when the all restrictions are lifted.

FINANCIAL REVIEW

With the support of the church membership and other attendees the Charity has generated a very positive outcome and has been able to maintain its commitments and fulfil its objects and had an increase in its funds. The Charity’s principal source of funding is from donations received from members of the Oasis of Love Christian Centre and other supporters of its work.

Investment Policy

The Charity has cash levels that are set out in the Charity’s balance sheet. The objective of the investment policy is to invest cash at banks where the capital is protected. The Charity currently has a policy of keeping any surplus funds in cash at banks where immediate access and security of funds are guaranteed.

Aside from retaining a prudent amount in reserves most of the Charity’s funds are currently required for the purchase of its current premises to allow our continued service to the local community.

Reserves policy

5

THE OASES FOUNDATION INTERNATIONAL (A COMPANY LIMITED BY GUARANTEE)

REPORT OF THE DIRECTORS FOR THE YEAR ENDING 31ST JULY 2022

The Trustees have reviewed the Charity's reserves policy in light of its commitments, main risks and future plans. They have established a policy whereby unrestricted funds not committed or invested in tangible fixed assets held by the Charity should be between 3 to 6 months of the expenditure. The financial forecast for 2022/2023 is £147,000. The reserves are held in case of a sudden decline in income to ensure that the Charity meets its legal commitments and commitments to provide service and activities in accordance with its objects. The Charity is currently committed to a 3 year lease with London City Mission which expires June 2022. London City Mission have offered a further extension to June 2023.

Looking to the future

We intend to be involved in outreaches to the, developing nations providing training and development in information technology, management, and administration, We are also looking to develop ongoing outreaches to the elderly within the community.

The Charity, through its working arm Oasis of Love Christian Centre (OLCC), has put in place virtual weekly meetings in addition to "in person" meetings that can be streamed online. We have daily prayer meetings via video conference during lent using this medium. Prayer Bootcamp for all Nations continues to run weekly prayer meetings and teaching resources to support people. The welfare team also provides financial support for people who require assistance.

We are encouraged -by the faithful commitment of our donors. We trust that the Charity will be able to continue its work in the years to come.

Statement of Director's responsibilities:

The Charities Act and the Companies Act require the Board of Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity as at the end of the financial year and of the surplus or deficit of the charity. In preparing those financial statements the Board is required to:

select suitable accounting policies and then apply them consistently;

make judgements and estimates that are reasonable and prudent; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business

state whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements:

The Trustees are also responsible for maintaining adequate accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which are sufficient to show and explain the charity's transactions and enable them to ensure that the financial statements comply with the Companies Act 2006 and comply with regulations under the Charities Act. They 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 are responsible for the contents of the trustees' report, and the responsibility of the independent examiner in relation to the trustees' report is limited to examining the report and ensuring that, on the face of the report, there are no inconsistencies with the figures disclose in the financial statements.

These accounts have been prepared in accordance with the provisions applicable to companies subject to small companies' regime.

I approve the attached statement of financial activities and balance sheet for the year ended 31st July 2022, and confirm that I have made available all information necessary for its preparation. Date: ........ ?] . 7 . ........ . ./.f.:/:, :? .

6

THE OASIS FOUNDATION INTERNATIONAL (A COMPANY LIMITED BY GUARANTEE)

INDEPENDENT EXAMINER’S REPORT ON THE ACCOUNTS

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 July 2022.

RESPONSIBILITIES AND BASIS OF REPORT

As the charity’s trustees of the Company (who are also the directors of the company for the purposes of company law), you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (“the 2006 Act”).

Having satisfied myself that the accounts of the Company are not required to be audited for this year under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (“the 2011 Act”). In carrying out my examination, I have followed the Directions given by the Charity Commission (under section 145(5)(b) of the 2011 Act.

INDEPENDENT EXAMINER'S STATEMENT

I have completed my examination. I confirm that no material matters have come to my attention which gives me cause to believe that:

• the accounts do not comply with relevant accounting requirements under section 396 of the Companies Act 2006 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination; or

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

K Gomes MAAT FCIE Independent Examiners Ltd Unit 2 The Broadfields Business Centre Delling Lane Bosham West Sussex PO18 8NF

Date: 28.4.23

7

THE OASIS FOUNDATION INTERNATIONAL (A COMPANY LIMITED BY GUARANTEE)

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST JULY 2022

Incorporating income and expenditure account

Notes
INCOMING RESOURCES
Income from:
Donations and legacies
3a
Activities for Generating Funds
3b
Investments
3c
TOTAL INCOME
RESOURCES EXPENDED
Expenditure on:
Charitable Activities
4a
TOTAL EXPENSES
NET INCOMING/ (OUTGOING)
Total Funds Brought Forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
Restricted
TOTAL
TOTAL
Funds
Funds
2021/2022 2020/2021
£
£
£
£
145,795
-
145,795
124,284
-
-
-
10,220
50
-
50
9
145,845
-
145,845
134,513
130,890
-
130,890
96,887
130,890
-
130,890
96,887
14,955
-
14,955
37,626
132,153
-
132,153
94,527
147,108
-
147,108
132,153

Movements on all reserves and all recognised gains and losses are shown above. All of the organisation's operations are classed as continuing.

The notes on pages 11 to 15 form part of these financial statements.

8

THE OASIS FOUNDATION INTERNATIONAL (A COMPANY LIMITED BY GUARANTEE)

BALANCE SHEET AS AT 31ST JULY 2022

Fixed Assets
Tangible assets
Current Assets
Debtors
Cash at bank and in hand
Total Current Assets
Creditors:amounts falling due within
one year
NET CURRENT ASSETS
TOTAL ASSETS less current liabilities
NET ASSETS
FUNDS OF THE CHARITY
Unrestricted Funds
Restricted Funds
TOTAL FUNDS
Note
2
5
6
7		 Unrestricted
Restricted
31-Jul-22
31-Jul-21
Funds
£
5,371
7,256
143,286
150,542
8,805
141,737
147,108
Funds
£
Total
£
5,371
7,256
143,286
150,542
8,805
141,737
147,108
Total
£
5,768
7,212
122,937
130,149
3,764
126,385
132,153
147,108
147,108
147,108
147,108
132,153
132,153
147,108
147,108
132,153

DIRECTORS' RESPONSIBILITIES:

For the financial year ending 31 July 2022 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476; and

• The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The financial statements on pages 8 to 14 were approved by the trustees, and authorised for issue and signed on their behalf by:

Approved by the directors on ......... 0Jf/ ?::?/. ?.?. .............. . Signed on their behalf by director ......[� ] ............. .

Print Name: 'Mr Adebayo Ademiju, Director

9

THE OASIS FOUNDATION INTERNATIONAL (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST JULY 2022

1. ACCOUNTING POLICIES

Basis of preparation:

The financial statements have been prepared on the historical cost basis of accounting in accordance with the Charities Act 2011, Statement of Recommended Practice "Accounting and Reporting by Charities" (SORP 2015), applicable accounting standards and the Companies Act 2006. The accounts have been prepared on an ongoing concern basis. The charity meets the definition of a public benefit entity under FRS102.

Advantage has been taken of Section 396(5) of The Companies Act 2006 to allow the format of the financial statements to be adapted to reflect the special nature of the charity's operation and in order to comply with the requirements of the SORP.

The company has taken advantage of the exemption in Financial Reporting Standard No 1 from the requirement to produce a cash flow statement.

Changes in Accounting policies and previous accounts

There has been no change to the accounting policies (variation rules and methods of accounting) since last year, and no changes to the previous accounts.

Income

Recognition of Income

These are included in the Statement of Financial Activities (SOFA) when:

Income with related expenditure

Where incoming resources have related expenditure (as with fundraising or contract income) the incoming resource and related expenditure are reported gross in the SOFA.

Grants and Donations

Grants and Donations are only included in the SOFA when the charity has unconditional entitlement to the resources.

Tax reclaims on Donations and Gifts

Incoming resources from tax reclaims are included in the SOFA in the same financial period as the gift to which they relate.

Contractual Income and Performance Related Grants

This is only included in the SOFA once the related goods or services has been delivered.

Gifts in Kind

Gifts in kind are accounted for at a reasonable estimate of their value to the charity or the amount actually realised. Gifts in kind for sale or distribution are included in the accounts as gifts only when sold or distributed by the charity. Gifts in kind for use by the charity are included in the SOFA as incoming resources when receivable.

Donated Services and Facilities

These are only included in incoming resources (with an equivalent amount in resources expended) where the benefit to the charity is reasonably quantifiable, measurable and material. The value placed on these resources is the estimated value to the charity of the service or facility received.

Volunteer Help

The value of any voluntary help received is not included in the accounts but is described in the Trustees' Annual Report.

10

THE OASIS FOUNDATION INTERNATIONAL (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST JULY 2022

1. ACCOUNTING POLICIES (continued)

Expenditure and liabilities

Liability recognition

Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources.

Governance Costs

Include costs of the preparation and examination of statutory accounts, the costs of the Trustees' meetings and cost of any legal advice to trustees on governance or constitutional matters.

Grants payable without performance conditions

These are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to a grant which remain in control of the charity.

Assets

Tangible fixed assets for use by the charity

These are capitalised if they can be used for more than one year, and cost at least £500. They are valued at cost or, if gifted, at the value to the charity on receipt.

Depreciation is calculated at a rate to write off the cost of tangible fixed assets on a reducing balance over their estimated useful lives. The rates applied per annum are as follows:

Computers & Equipment 33%

2. TANGIBLE FIXED ASSETS

EQUIPMENT
Cost
01-Aug-21
Additions
Cost at
31-Jul-22
Depreciation
01-Aug-21
Charge
Depreciation at
31-Jul-22
Net Book Value
31-Jul-22
Net Book Value
31-Jul-21		 Unrestricted
Restricted
Total
£
£
£
36,588
-
36,588
2,249
-
2,249
Computers & Equipment
38,837
-
38,837
30,820
-
30,820
2,646
-
2,646
33,466
-
33,466
5,371
-
5,371
5,768
-
5,768

The annual commitments under non-cancelling operating leases and capital commitments are as follows:

11

THE OASIS FOUNDATION INTERNATIONAL

(A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST JULY 2022

3. INCOME
a) Donations and legacies
Tithes & offerings
Gift Aid tax recoverable
b) Activities for Generating Funds
Prayer Bootcamp
Other
c) Income from Investments
Interest
4. EXPENSES
a) Expenditure on Charitable Activities
Bank charges
Building lease & maintenance
Church general
Department expenses
-Other
Depreciation
Equipment
Governance costs
-Board of trustees
-Professional fees
Honorarium
Hospitality
Insurance & licences
Community outreach & missions
Salaries
Service Costs
Stationery & Supplies
Training
Utilities
Welfare Support		 Unrestricted
Restricted
TOTAL
TOTAL
Funds
Funds
2021/2022 2020/2021
£
£
£
£
122,654
-
122,654
106,107
23,141
-
23,141
18,177
145,795
-
145,795
124,284
-
-
-
10,020
-
-
-
200
-
-
-
10,220
50
-
50
9
50
-
50
9
Unrestricted
Restricted
TOTAL
TOTAL
Funds
Funds
2021/2022 2020/2021
£
£
£
£
478
-
478
779
29,799
-
29,799
28,524
2,294
-
2,294
104
336
-
336
728
2,646
-
2,646
2,234
1,964
-
1,964
1,609
2,137
-
2,137
-
1,500
-
1,500
1,260
3,325
-
3,325
300
2,962
-
2,962
-
8,181
-
8,181
3,048
17,134
-
17,134
9,434
37,721
-
37,721
35,924
4,881
-
4,881
-
2,109
-
2,109
2,242
5,027
-
5,027
2,513
2,935
-
2,935
5,838
5,459
-
5,459
2,350
130,890
-
130,890
96,887

12

THE OASIS FOUNDATION INTERNATIONAL

(A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST JULY 2022

5. DEBTORS AND PREPAYMENTS

Gift Aid tax recoverable
Prepayments		 Unrestricted
Restricted
Total
Total
Fund
Fund
31-Jul-22
31-Jul-21
£
£
£
£
7,256
-
7,256
5,706
-
-
-
1,506
7,256
-
7,256
7,212

6. CASH AT BANK AND IN HAND

Current Account - HSBC
Savings Account - HSBC		 Unrestricted
Restricted
Total
Total
Fund
Fund
31-Jul-22
31-Jul-21
£
£
£
£
8,245
-
8,245
22,935
135,042
-
135,042
100,003
143,287
-
143,287
122,938

7. CREDITORS AND ACCRUALS: AMOUNTS FALLING DUE WITHIN ONE YEAR

HMRC - PAYE
Other creditors
Accruals
Independent Examination
8. STAFF COSTS AND NUMBERS
Gross Wages and Salaries
Employer's National Insurance Costs
Employer's Pension Costs		 Unrestricted
Restricted
Total
Total
Fund
Fund
31-Jul-22
31-Jul-21
£
£
£
£
1,048
-
1,048
1,607
1,023
-
1,023
-
5,233
-
5,233
897
1,500
-
1,500
1,260
8,804
-
8,804
3,764
2021/2022
2020/2021
£
£
34,066
31,798
3,259
3,173
956
954
38,281
35,925

Employees who were engaged in each of the following activities:

Activities in furtherance of organisation's objects 2021/2022
2020/2021
TOTAL
TOTAL
1
1
1
1

No employees received emoluments in excess of £60,000. Staff are paid through the PAYE system.

13

THE OASIS FOUNDATION INTERNATIONAL (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST JULY 2022

9. DIRECTORS AND OTHER RELATED PARTIES

Number of Directors who were paid expenses
Total amount paid		 2021/2022
2020/2021
1
0
2,137
0

The pastor is also a director,was paid the above expenses for attending training and other activities in line with his duties plus his salary is for his duties as pastor, and no further payment is made to him as a director.

No other payments were made to directors or any persons connected with them during this financial period, other than reimbursement for purchases made on behalf of the Charity. No material transaction took place between the organisation and a trustee or any person connected with them.

14