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2020-09-30-accounts

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30th SEPTEMBER 2020

CHRISTIAN CHURCH OF GOD PENTECOSTAL (A Company Limited by Guarantee)

COMPANY REG. No: 05526997 CHARITY REG. No: 1111976

CONTENTS

Pages 2 & 3 Directors' Report Page 4 Statement of Financial Activities Page 5 Balance Sheet

Pages 6 to 11 Notes to the Financial Statements Page 12 Independent Examiner's Report

Independent Examiners Ltd 2 Broardbridge Business Centre Delling Lane Bosham West Sussex PO18 8NF

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CHRISTIAN CHURCH OF GOD PENTECOSTAL (A COMPANY LIMITED BY GUARANTEE)

REPORT OF THE DIRECTORS FOR YEAR ENDED 30TH SEPTEMBER 2020

LEGAL AND ADMINISTRATIVE INFORMATION

CHARITY NUMBER 1111976 COMPANY REGISTRATION NUMBER 05526997 START OF PERIOD 1st October 2019 END OF PERIOD 30th September 2020 DIRECTORS AT 30TH SEPTEMBER 2020 Bishop Dr Michael Nathaniel Obasuyi Mr Ephraim Joshua Obasuyi Mrs Patience Patricia Obasuyi COMPANY SECRETARY Bishop Dr Michael Nathaniel Obasuyi REGISTERED ADDRESS 88 Eltham High Street LONDON E9 1BW DATE OF INCORPORATION 3rd August 2005 GOVERNING DOCUMENT Memorandum and Articles of Association incorporated on 3rd August 2005 certificate of incorporation on change of name 25th August as amended by a special resolution dated 30th October 2005. BANKERS Barclays Bank plc 41, Woolwich New Rd. LONDON SE18 6ET ACCOUNTANTS Independent Examiners Ltd 2 Broadbridge Business Centre Delling Lane Bosham West Sussex PO18 8NF

OBJECTS

To advance the Christian religion in accordance with the statement of faith attached to the Memorandum as the trustees see fit from time to time.

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CHRISTIAN CHURCH OF GOD PENTECOSTAL (A COMPANY LIMITED BY GUARANTEE) REPORT OF THE DIREcfoRS FOR YEAR ENDED 30TH SEPTEMBER 2020 The Directors present their report with the financial statements of the Company for the period en(ied 30th September 2020. Dlrectors: The Directors of the Company served throughout the year in the fijrtheran￿ of the Objects of the Christian Church of God Pentecostal. statement of Dlrector's Yesponsiblllties: Company law requires the directors to prepare financial statements for each finanaal year which gives a true and fair view of the state of affairs of the company and of the profit or loss of the company during that period. In preparing those financial statements the directors are reqUI￿d to: {1) select suttable accounting policies and then apply them consistently. lil) make judgements and estirnates that are reasonable and prudent, lili) prepare financial statements on a going concem basis unless it is inappropriate to presume that the company will continue in business. The direttors are responsible for keeping proper accotsnting records which disclose with reasonable accurary at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In preparing this report the directors have taken advantage of 5peoal provisions of the Companies Art 2006 relating to small companies. I approve the attached ststement of financial activities and balance sheet for the year ended 30th September 2020. and confim) that I have made available all information ne￿sSary for its preparation. Signed on behalf of the Board by...................... ............... ..... Bishop Michael Obasuyi. Director Date..........

CHRISTIAN CHURCH OF GOD PENTECOSTAL (A COMPANY LIMITED BY GUARANTEE)

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30TH SEPTEMBER 2020

Incorporating income and expenditure account

Notes
Donations and Legacies
3a
Other Income
3b
TOTAL INCOME
EXPENDITURE ON:
Charitable Activities
4
TOTAL EXPENDITURE
NET INCOME/ (EXPENDITURE)
Balances Brought Forward
TOTAL FUNDS CARRIED FORWARD
INCOME AND ENDOWMENTS FROM:		 Unrestricted Restricted
TOTAL
TOTAL
Funds
Funds
2019/2020 2018/2019
£
£
£
£
42,812
0
42,812
59,259
110
0
110
173
42,922
0
42,922
59,432
37,188
0
37,188
48,571
37,188
0
37,188
48,571
5,734
0
5,734
10,861
446,647
0
446,647
435,786
452,381
0
452,381
446,647

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 6 to 11 form part of these financial statements.

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CHRISTIAN CHURCH OF GOD PENTECOSTAL (A COMPANY LIMITED BY GUARANTEE) BALANCE SHEET AS AT 30TH SEPTEMBER 2020 Unrestricted Restricted 30-Sep 30-Sep Funds Funds 2020 2019 Totsl Total Note Fixed Assets Tangible assets Current Assets Cash at bank and In hand 650.000 650,000 650.000 7.423 7,423 6,039 Total Current Assets 6.039 Creditors: amounts fralling due within one year 11,650 11,650 11.600 NET CURRENT ASSErs -4,227 -4.227 -5,561 TOTAL ASSEfs le55 current liabilities fj45,773 0 645,773 644,439 Creditors: amounts fallltwj due in rnore than one year 193.392 193,392 197,792 NET ASSETS 452,381 446. 47 Funds of the Charlty General Funds Restricted Funds 452,381 0 452,381 H6,647 Total Funds 452, For the period ended 30th September 2020 the cornpany was entitled to exeption from audit under sertlon 477(2) of the Companies Art 2006 relating to small companies. The members have not required the company to obtain an audit in accortlance with section 476 of the Companles Att 2006. The direttors acknowledge their responsibility for complying with the requirements of the Companies Att 2006 with respect to accounting record5 and for the preparation of accounts. These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime. Approved by the Directors on .......................... ........ and Signed on their behalf by Bishop Michael Obasuyi, Director

CHRISTIAN CHURCH OF GOD PENTECOSTAL (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 30TH SEPTEMBER 2020

1. ACCOUNTING POLICIES

The Charity has claimed exemptions available in Section 1a of FRS 102 not to prepare a cash flow statement since it is a small charity.

Incoming Resources

Recognition of Incoming Resources

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

Incoming Resources 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 at the same time 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 Directors' annual report.

Investment Income

This is included in the accounts when receivable.

Investment gains and losses

This included any gain or loss on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year.

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 Directors' meetings and cost of any legal advice to Directors on governance or constitutional matters.

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CHRISTIAN CHURCH OF GOD PENTECOSTAL (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 30TH SEPTEMBER 2020

Grants with performance conditions

Where the charity gives a grant with conditions for its payment being a specific level of service or output to be provided, such grants are only recognised in the SOFA once the recipient of the grant has provided the specified service or output.

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.

Support Costs

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of the resources, eg allocating property cots by floor areas, or per capita, staff costs by the time spent and other costs by their usage.

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 £2,500. They are valued at cost or, if gifted, at the value to the charity on receipt. The Charity at present holds no assets which cost above this figure.

No depreciation is charged to freehold property as the property is maintained to such a standard that the estimated residual value is not less than cost.

Investments

Investments quoted on a recognised stock exchange are valued at market value at the year end. Other investment assets are included at Directors' best estimate of market value.

Basis of preparation:

The financial statements are prepared on the historical cost basis convention (as modified to include the revaluation of investments) in accordance with the Charities Act 2011, "Accounting and Reporting by Charities" (SORP 2015), applicable accounting standards and the Companies Act 2006. The accounts have been prepared on a going concern basis. The charity meets the definition of a public benefit entity under FRS 102.

2. TANGIBLE FIXED ASSETS
NET BOOK VALUE
Cost of assets
Additions
Depreciation at
Depreciation charge for the year
Depreciation at
NET BOOK VALUE AT
NET BOOK VALUE AT
30-Sep-20
30-Sep-19
01-Oct-19
30-Sep-20
30-Sep-20
01-Oct-19		 Other
TOTAL
Property
Assets
£
£
£
650,000
0
650,000
0
0
0
650,000
0
650,000
0
0
0
0
0
0
0
0
0
650,000
0
650,000
600,000
0
600,000

In 2010 the Church bought a property for the purpose of worship - 88 Eltham High Street, Eltham, EC9 1BW, partly financed by a mortgage, details of which are given in note 8. The property was valued at £650,000 in April 2015. The Church owns no other assets over £2,500. There are no other obligations under hire purchase contracts or leases.

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CHRISTIAN CHURCH OF GOD PENTECOSTAL LTD (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR YEAR ENDED 30TH SEPTEMBER 2020

3. INCOME AND ENDOWMENTS
Notes
FROM:
a) Donations and Legacies
Offerings
Tax Recoverable
b) Other Income
Refunds
4. EXPENDITURE ON:
Charitable Activities
Salary
9
Other Staff Costs
Conferences and Travel
General Expenses
UK Churches
Gifts to Individuals
Gifts to Organisations
Property Costs:
88 Eltham St.
Repair and Renewals
Council Charge
Utilities
Electricity
Gas
Water
Insurance
Security
Hospitality and Catering:
Special Church Services and Events
Entertainment
Catering
Mission
Guest Speakers
Training
Sub Totals carried forward:		 Unrestricted Restricted
TOTAL
TOTAL
Funds
Funds
2019/2020 2018/2019
£
£
£
£
38,170
38,170
59,259
4,642
4,642
0
42,812
0
42,812
59,259
110
0
110
173
8,400
8,400
8,400
2,384
2,384
11,380
209
209
1,760
2,628
2,628
3,128
0
299
280
280
25
0
1,337
3,057
3,057
619
473
473
491
1,564
1,564
1,268
1,726
1,726
1,401
455
455
507
548
548
805
100
100
200
200
200
0
892
892
629
0
366
0
250
300
300
0
0
4,000
23,216
0
23,216
36,865

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CHRISTIAN CHURCH OF GOD PENTECOSTAL LTD (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR YEAR ENDED 30TH SEPTEMBER 2020

4. RESOURCES EXPENDED (CONTINUED)
Notes
Charitable Activities (Continued)
Sub Totals brought forward:
Support Costs
Books
Flowers
Bank Charges
Telephone
Printing/ Publishing/ Stationery
Postage
Subscriptions and Licenses
Services Insurance
Mortgage Interest Payments
Gift Aid Administration
Professional Costs
Independent Examination		 Unrestricted Restricted
TOTAL
TOTAL
Funds
Funds
2019/2020 2018/2019
£
£
£
£
23,216
23,216
36,865
78
78
77
178
178
963
963
291
1,592
1,592
1,147
289
289
14
77
77
30
0
270
1,052
1,052
623
9,093
9,093
8,024
0
0
0
600
650
650
630
37,188
0
37,188
48,571

5. RESTRICTED FUNDS

The Church no longer has a restricted building fund as it now owns the freehold of the place of worship know as 88 Eltham Street.

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CHRISTIAN CHURCH OF GOD PENTECOSTAL (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR YEAR ENDED 30TH SEPTEMBER 2020

6. CASH AT BANK AND IN HAND
Bank Accounts		 Unrestricted Restricted
30-Sep
30-Sep
Funds
Funds
2020
2019
Total
Total
£
£
£
£
7,423
0
7,423
6,039
7,423
0
7,423
6,039

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Independent Examiners Fees
Mortgage*		 Unrestricted Restricted
30-Sep
30-Sep
Funds
Funds
2020
2019
Total
Total
£
£
£
£
650
0
650
600
11,000
0
11,000
11,000
11,650
0
11,650
11,600

8. CREDITORS: AMOUNTS FALLING DUE AFTER ONE YEAR

Mortgage* Unrestricted Restricted
30-Sep
30-Sep
Funds
Funds
2020
2019
Total
Total
£
£
£
£
193,392
0
193,392
197,792
193,392
193,392
197,792

*A loan facility was set up in 2010 to provide a mortgage to enable the purchase of the new worship premises (see note 2). Barclays Bank plc provided the mortgage for £280,000.

10

CHRISTIAN CHURCH OF GOD PENTECOSTAL (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR YEAR ENDED 30TH SEPTEMBER 2020

9. STAFF COSTS AND NUMBERS

Gross Wages and Salaries
Pension Contributions		 2019/2020 2018/2019
£
£
8,400
8,400
0
0
8,400
8,400

Bishop Michael Obasuyi is registered with the Inland Revenue as self employed.

Employees who were engaged in each of the following activities:

Activities in furtherance of organisation's objects
No employee received emoluments in excess of £60,000 (2019 : nil).
10. DIRECTORS AND OTHER RELATED PARTIES
Number of Salaried Directors:
Total amount paid
£		 2019/2020 2018/2019
TOTAL
TOTAL
1
1
1
1
2019/2020 2018/2019
1
1
8,400
8,400

Bishop Michael Obasuyi received a gross salary of £8,400 (£8,400 : 2018/19). No other payments were made to directors or any persons connected with them during this financial year. No material transaction took place between the organisation and a director or any person connected with them.

11. RISK ASSESSMENT

The directors actively review the major risks which the charity faces on a regular basis and believe that maintaining the free reserves stated, combined with the annual review of the controls over key financial systems carried out on an annual basis will provide sufficient resources in the event of adverse conditions. The directors have also examined other operational and business risks which they face and confirm that they have established systems to mitigate the significant risks.

12. RESERVES POLICY

The directors have considered the level of reserves they wish to retain, appropriate to the charity's needs. This is based on the charity's size and the level of financial commitments held. The directors aim to ensure the charity will be able to continue to fulfil its charitable objectives even if there is a temporary shortfall in income or unexpected expenditure. The directors will endeavour not to set aside funds unnecessarily.

13. PUBLIC BENEFIT

The charity acknowledges its requirement to demonstrate clearly that it must have charitable purposes or ‘aims’ that are for the public benefit. Details of how the charity has achieved this are provided in the Trustees report. The Trustees confirm that they have paid due regard to the Charity Commission guidance on public benefit before deciding what activities the charity should undertake.

11

INDEPENDENT EXAMINER’S REPORT ON THE ACCOUNTS

Report to the Directors/ Members of the Christian Church of God Pentecostal for year ended 30th September 2020 set out on pages 4 to 11.

Respective responsibilities of trustees and examiner

The charity's trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144 of the of the Charities Act 2011 (the Charities Act), and that an independent examination is needed.

Having satisfied myself that the charity is not subject to audit under company law and is eligible for an independent examination, it is my responsibility to:

Basis of independent examiner's statement

My examination was carried out in accordance with General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the organisation 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 the 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 statement below.

Independent examiner's statement

In the course of my examination, no matter has come to my attention

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

  2. to keep accounting records in accordance with section 130 of the Charities Act; and

  3. to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act

have not been met; or

  1. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached, other than the concern below.

Expenses have been categorised mainly from details provided from bank statements because record keeping was not maintained properly, nor was sufficient supporting paperwork kept. Independent Examiners Ltd is working with the charity to improve the situation.

P B Robinson MAAT FCIE Independent Examiners Ltd 2 Broardbridge Business Centre Delling Lane Bosham PO18 8NF

Date: 1st September 2021

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