ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30th SEPTEMBER 2021
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 2021
LEGAL AND ADMINISTRATIVE INFORMATION
CHARITY NUMBER 1111976 COMPANY REGISTRATION NUMBER 05526997 START OF PERIOD 1st October 2020 END OF PERIOD 30th September 2021 DIRECTORS AT 30TH SEPTEMBER 2021 Bishop Dr Michael Nathaniel Obasuyi Mr Ephraim Joshua Obasuyi Mrs Patience Patricia Obasuyi Mr Alan Finch 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 DIRECTORS FOR YEAR ENDED 30TH SEPTEMBER 2021
The Directors present their report with the financial statements of the Company for the period ended 30th September 2021.
Directors:
The Directors of the Company served throughout the year in the furtherance of the Objects of the Christian Church of God Pentecostal.
Statement of Director's responsibilities:
Company law requires the Directors to prepare financial statements for each financial 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 required to:
(i) select suitable accounting policies and then apply them consistently,
(ii) make judgements and estimates that are reasonable and prudent,
(iii) prepare financial statements on a going concern basis unless it is inappropriate to presume that the company will continue in business.
The Directors are responsible for keeping proper accounting records which disclose with reasonable accuracy 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 special provisions of the Companies Act 2006 relating to small companies.
I approve the attached statement of financial activities and balance sheet for the year ended 30th September 2021, and confirm that I have made available all information necessary for its preparation.
The annual report was approved by the Directors of the charity on 5 July 2022 and signed on its behalf by:
….................................... Bishop Michael Obasuyi Director
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CHRISTIAN CHURCH OF GOD PENTECOSTAL (A COMPANY LIMITED BY GUARANTEE)
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30TH SEPTEMBER 2021
| 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 2020/2021 2019/2020 £ £ £ £ 39,612 - 39,612 42,812 - - - 110 39,612 - 39,612 42,922 33,602 - 33,602 37,188 33,602 - 33,602 37,188 6,010 - 6,010 5,734 452,381 - 452,381 446,647 458,391 - 458,391 452,381 |
|---|---|
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 2021
| Note Fixed Assets Tangible assets 2 Current Assets Cash at bank and in hand 6 Total Current Assets Creditors: amounts falling due within one year 7 NET CURRENT ASSETS TOTAL ASSETSless current liabilities Creditors:amounts falling due in more than 8 one year NET ASSETS Funds of the Charity General Funds Restricted Funds Total Funds |
UnrestrictedRestricted 30-Sep 30-Sep Funds Funds 2021 2020 Total Total £ £ £ £ 650,000 - 650,000 650,000 2,768 - 2,768 7,423 2,768 - 2,768 7,423 11,720 - 11,720 11,650 (8,952) - (8,952) (4,227) 641,048 - 641,048 645,773 182,657 - 182,657 193,392 458,391 - 458,391 452,381 458,391 - 458,391 452,381 - - - - 458,391 - 458,391 452,381 |
|---|---|
For the period ended 30th September 2021 the company was entitled to exeption from audit under section 477(2) of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The Directors acknowledge their responsibility for complying with the requirements of the Companies Act 2006 with respect to accounting records 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 5 July 2022 and signed on their behalf by:
…………………………………………………….
Bishop Michael Obasuyi Director
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CHRISTIAN CHURCH OF GOD PENTECOSTAL (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 30TH SEPTEMBER 2021
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:
▪ the charity becomes entitled to the resources;
- the Directors are virtually certain they will receive the resources; and
▪ the monetary value can be measured with sufficient reliability
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 2021
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.
| FRS 102. | ||||
|---|---|---|---|---|
| 2. TANGIBLE FIXED ASSETS | Other | TOTAL | ||
| Property | Assets | |||
| £ | £ | £ | ||
| NET BOOK VALUE | ||||
| Cost of assets | 01-Oct-20 | 650,000 | - | 650,000 |
| Additions | - | - | - | |
| 30-Sep-21 | 650,000 | - | 650,000 | |
| Depreciation at | 01-Oct-20 | - | - | - |
| Depreciation charge for the year | - | - | - | |
| Depreciation at | 30-Sep-21 | - | - | - |
| NET BOOK VALUE AT | 30-Sep-20 | 650,000 | - | 650,000 |
| NET BOOK VALUE AT | 30-Sep-21 | 600,000 | - | 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
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR YEAR ENDED 30TH SEPTEMBER 2021
| 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 2020/2021 2019/2020 £ £ £ £ 37,104 37,104 38,170 2,508 2,508 4,642 39,612 - 39,612 42,812 - - - 110 8,400 8,400 8,400 15 15 2,384 75 75 209 1,126 1,126 2,628 - - 100 100 280 3,889 3,889 - 3,750 3,750 3,057 - - 473 1,519 1,519 1,564 1,541 1,541 1,726 184 184 455 651 651 548 - - 100 927 927 200 326 326 892 - - - - 180 180 300 - - 22,683 - 22,683 23,216 |
|---|---|
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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 2021
| 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 2020/2021 2019/2020 £ £ £ £ 22,683 22,683 23,216 - - 78 - - 178 162 162 963 1,547 1,547 1,592 68 68 289 7 7 77 - - - 640 640 1,052 7,145 7,145 9,093 - - - 630 630 - 720 720 650 33,602 - 33,602 37,188 |
|---|---|
5. RESTRICTED FUNDS
The Church no longer has a restricted building fund as it now owns the freehold of the place of worship known 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 2021
| 6. CASH AT BANK AND IN HAND | Unrestricted Restricted | Unrestricted Restricted | 30-Sep | 30-Sep |
|---|---|---|---|---|
| Funds | Funds | 2021 | 2020 | |
| Total | Total | |||
| £ | £ | £ | £ | |
| Bank Accounts | 2,768 | - | 2,768 | 7,423 |
| 2,768 | - | 2,768 | 7,423 | |
| 7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||
| Accruals | Unrestricted Restricted Funds Funds £ £ 720 - |
30-Sep 2021 Total £ 720 |
30-Sep 2020 Total £ 650 |
|
| Mortgage* | 11,000 | - | 11,000 | 11,000 |
| 11,720 | - | 11,720 | 11,650 | |
| 8. CREDITORS: AMOUNTS FALLING DUE AFTER ONE YEAR | ||||
| Mortgage* | Unrestricted Restricted Funds Funds £ £ 182,657 - |
30-Sep 2021 Total £ 182,657 |
30-Sep 2020 Total £ 193,392 |
|
| 182,657 | 182,657 | 193,392 |
*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.
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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 2021
9. STAFF COSTS AND NUMBERS
| Gross Wages and Salaries Pension Contributions |
2020/2021 2019/2020 £ £ 8,400 8,400 - - 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 (2020 : nil). 10. DIRECTORS AND OTHER RELATED PARTIES Number of Salaried Directors: Total amount paid £ |
2020/2021 2019/2020 TOTAL TOTAL 1 1 1 1 2020/2021 2019/2020 1 1 8,400 8,400 |
|---|---|
Bishop Michael Obasuyi received a gross salary of £8,400 (£8,400 : 2020/19). 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.
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CHRISTIAN CHURCH OF GOD PENTECOSTAL (A COMPANY LIMITED BY GUARANTEE)
INDEPENDENT EXAMINER’S REPORT ON THE ACCOUNTS
Report to the Directors/ Members of the Christian Church of God Pentecostal for year ended 30th September 2021 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:
-
examine the accounts under section 145 of the Charities Act;
-
to follow the procedures laid down in the General Directions given by the Charity Commission under section 145(5)(b) of the Charities Act, and
-
to state whether particular matters have come to my attention.
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:
-
which gives me reasonable cause to believe that in, any material respect, the trustees requirements: to keep accounting records in accordance with section 130 of the Charities Act; and
-
to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act
have not been met; or
- 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.
…....................................
G W Schulz ACMA Independent Examiners Ltd 2 Broadbridge Business Centre Delling Lane Bosham PO18 8NF
5 July 2022
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