2021-12-31-accounts - Gates Of Praise International Christian Centre

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GATES OF PRAISE INTERNATIONAL CHRISTIAN CENTRE Report and Accounts Year ended 31 December 2021

3 Worcester Avenue, Old Swan, LIVERPOOL L13 9AZ t: 01513647913

e: aamatthew@aol.com

w: www.aamatthewaccountants.co.uk

Contents	Page
Company Information	1
Trustees' Annual Report	2-6
Independent Examiner's Report	7
Statement of Financial Activities	8
Balance Sheet	9
Cash Flow Statement	10
Notes to the Accounts	11-16
The following page does not form part of the Statutory Accounts
Detailed Statement of Financial Activities with Comparatives	17

Gates of Praise International Christian Centre Trustees' Annual Report for the Year Ended 31 December 2021

Charity Name:	Gates of Praise International Christian Centre
Directors/Trustees:	Rev Akin Laosun
	Mr Olaniyi Olaosebikan
	Mr Kayode Olabisi
	Mr Akinlolu Akinsola
	Mrs Carole Laosun
	Mrs Folashade Braimoh
Secretary:	Mrs Carole Laosun
Governing Document:	Memorandum and Articles of Association
	dated 23 December 2005
Charity Commission No:	1112960
Company House No:	04312876
Registered Office and	The Centre
Operational Address:	79-83 London Road
	Grays, Essex
	RM17 5YF
Accountants:	AA Matthew & Co
	Newspring House
	3, Worcester Avenue
	Old Swan
	Liverpool
	L13 9AZ
Bankers:	HSBC
	53 High Street
	Grays Essex
	RM17 6NH

Objects of the charity

The main charitable objectives of Gates of Praise International Christian Centre as set out in the objects contained in the charity's declaration of trust are:

To advance the Christian religion and to relieve poverty and sickness in accordance with Christian principles in the United Kingdom and in such other parts of the world as the Trustees may from time to time think fit. We aim to provide financial assistance for food, clothing, shelter, medical supplies and care in these regions.

The aims of our charity are to preach the gospel in the county of Essex with an operational focus in Grays, Thurrock, Essex. Our aims fully reflect the purposes that the charity was set up to further.

Ensuring Our Work Delivers Our Aims

We review our aims, objectives and activities each year. This review looks at what we achieved and the outcomes of our work in the previous 12 months. The review looks at the success of each key activity and the benefits they have brought to those groups of people we are set up to help. The review also helps us ensure our aims, objectives and activities remained focused on our stated purposes. We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives they have set.

The Focus of Our Work

Our main objectives for the year continued to be the advance of the Christian religion and the relieve of poverty and sickness. The strategies we used to meet these objectives included:

Provision of Weekly Church Services on Sunday to minister to the physical, spiritual and material needs of the congregants.
Provision of Special Events and Meetings to meet the specific needs of target groups in the Church such as Men, Women, Youth and Children.
Focusing on the Material needs of certain members undergoing difficult financial situations.
Working with other Christian agencies and Churches in Essex to advance the preaching of the Gospel.
Provision of Pastoral Care for Congregants and other members of the community
Missionary and Outreach Work

Page 2

Gates of Praise International Christian Centre Trustees' Annual Report for the Year Ended 31 December 2021

Financial Review

The trustees approve an annual budget and give regular attention to financial results, variance from budgets and cash flow. Income was principally derived from the generous gifts and voluntary support of members of the Chariry.

For the year, the charity's income (including recoveries of gift aid) was £120,349 (2020: £115,805) and its expenditure was £127,278 (2020: £87,020), which resulted in a Deficit of £6,929 (2020: surplus of £28,785).

The trustees have considered the Charity’s current financial position and projections for the coming 12 months. The trustees are satisfied that the charity is and will remain solvent through that period.

Principal Funding Sources

The principal funding sources for the charity are currently by way of Donations and Gifts from congregants through the offering basket passed during Church services

Reserves Policy

The Board of Trustees has examined the Charity's requirements for reserves in light of the main risks to the organisation. It has established a policy whereby the unrestricted funds not committed or invested in tangible fixed assets held by the charity should be between 3 and 6 months of the expenditure.

The expenditure for Year ended 31st December 2021 is £127,278 and therefore the targeted reserves should be between £31,819 and £63,638 in general funds. The reserves are needed to meet the working capital requirements of the charity and the trustees are confident that at this level they would be able to continue the current activities of the Charity in the event of a significant drop in funding. This general reserve policy has not been met this year as in previous years.

Plans for Future Periods

The Charity continues to explore ways of furthering its charitable objectives in an effective manner by ensuring there is awareness of its services and getting more involved in the community in which it operates. The Charity seeks to provide services and activities that meet the needs of the people and this reflects its Christian ethos and beliefs in order to effect change in the moral and spiritual climate of United Kingdom, and the other countries the Charity intends to have a presence. Plans are also being developed to become more active within the Gray's community.

The Charity and Covid-19

The Covid-19 pandemic has had a profound impact on Gates of Praise International Christian Centre since the introduction of control measures in March 2020. The Charity has had to adapt its operating model and religious practices to cope of with a physically dispersed congregation. These adjustments were most acute for our congregation, who are primarily from disadvantaged and low-income backgrounds, including millennials and senior citizens.

The effect of the pandemic has necessitated significant investment in digital insfrastructure to enable smooth running of church operations to meet congregational needs.

The implications on Church life have become most severe in the below areas:

a. Inability to physically visit congregation members at hospitals and those in care;

b. Cancellation of face-to-face worship services, including weddings, festivals and funerals;

c. Cancellation of missions and pilgrimages;

d. Deterioration in mental health and wellbeing of those in isolation, particulary elderly congregation members;

e. Diminished sense of community and engagement with worship.

As we begin to emerge from an extended period of sheltering and social distancing, there are residual concerns about attendance, engagement and income.

Page 3

Gates of Praise International Christian Centre Trustees' Annual Report for the Year Ended 31 December 2021

We have set out below interventions undertaken to mitigate the impact of the pandemic on worship, income and community engagement:

a. Provision of Hybrid Services: Church services, programs and teachings have been delivered online since restrictions were put in place by the government. However, during the period of relaxed restrictions, the charity operated with limited capacity and therefore continued to provide online services simultaneously.

b. We broadcast from the church building and other locations using collaboration tools (Zoom) and social media platforms (Youtube, Facbook, Twitter and Instagram).

c. Sensitization of church members on use of online platforms to make donations.

Structure, Governance and Management

Governing Document

The Organisation is a charitable company limited by guarantee, incorporated on 29th October 2001. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company wound up members are required to contribute an amount not exceeding £10.

Recruitment and Appointment of Trustees

The directors of the company are also charity trustees for the purposes of charity law and under the company's Articles are known as trustees. Under the requirements of the Memorandum and Articles of Association the trustees are elected to serve for a period of three years after which they must be re-elected at the next Annual General Meeting.

All trustees except the Senior Pastors' give their time voluntarily and receive no benefits from the charity.

Due to the nature of Charity work, trustees appointed have been so selected on the basis of their faith, strength of Character, skills set in the area of business management and growth and commitment to the vision of the charity.

Trustees Induction and Training

Most trustees are already familiar with the practical work of the charity. Additionally new trustees would be invited as required and encouraged to attend a series of short training sessions to familiarise themselves with the charity and the context within which it operates. These sessions would be jointly led by the Chair of Trustees and the Chief Executive or Senior Minister of the Charity and cover:

The Obligations of Trustees

o The Main documents which set out the operational framework for the charity including the

Memorandum and Articles.

Resourcing and the current finanicial position as set out in the latest published accounts Future plans and objectives

A Question & Answer pack would be prepared which draws information from various Charity Commission publications signposted through the Commission's guide "the Essential Trustee" as a follow up to these sessions. This will be distributed to all new trustees along with the Memorandum and Articles and the latest financial statements.

Page 4

Gates of Praise International Christian Centre Trustees' Annual Report for the Year Ended 31 December 2021

Risk Statement

The trustees recognise the importance of assessing and managing risk associated with the charity's objectives. The process of identifying risk is on-going and is an essential part of the work of the trustees and Management Team. The charity has a set of comprehensive policy and procedure documents in place to ensure on-going identification and management of foreseeable risks.

Financial risk is mitigated through the adoption of comprehensive budgeting and reporting processes. Policy documents relating to risk and compliance issues are reviewed and updated annually. Current policies include:

Safeguarding children and vulnerable adults
Health and safety
Equal opportunities 4. Purchasing
Fire safety and evacuation
Employment including complaints and disciplinary issues 7. Privacy and data protection 8. Complaints 9. Finance Processes 10. Conflict of Interest

The trustees and staff have been aware of their responsibilities with regard to the new GDPR regulations and action has been taken to ensure compliance.

Organisation

Gates of Praise International Christian Centre is governed by a Board of Trustees elected to serve the charity and run its affairs. Annually the Board reviews the range of skills it has available and uses its power of co-option to ensure that gaps are filled. There are a number of other criteria that a trustee must meet. The Board of Trustees are assisted by the Department leaders. There are two trustees on the Board of Leaders.

The Board of Trustees meet quarterly and are responsible for the strategic direction and policy of the Charity. A scheme of delegation is in place and day to day responsibility for the provision of the services rest with the Senior Pastor who is also the Chief Executive. He is ably assisted by an adminstration staff who implement day to day operations. The adminstrative team continue to develop their skills and working practices in line with good practice.

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable trust as at the balance sheet date and of its incoming resources and applications of resources, including income and and expenditure, for the financial year. In preparing those financial statements the Trustees should follow best practice and:

o Select suitable accounting policies and then apply them consistently;

o Make judgements and estimates that are reasonable and prudent

o Prepare the financial statements on the on going basis unless it is in appropriate to presume that the charity will continue in business.

Page 5

Gates of Praise International Christian Centre

Trustees' Annual Report for the Year Ended 31 December 2021

Organisation

The Trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enables them to ensure that the financial statements comply with Companies Act 2006. The Trustees 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.

Members of the Board of Trustees

Members of the Board of Trustees, who are directors for the purpose of company law and trustees for the purpose of charity law, who served during the year and up to the date of this report are set out on page 1.

In accordance with company law, as the company's directors, we certify that:

So far as we are aware, there is no relevant information of which the company's accountants are unaware; and as the directors of the company we have taken all steps that we ought to have taken in order to make ourselves aware of any relevant information and to establish that the Charity's accountants are aware of that information.

This report has been prepared by the Order of Trustees:

Rev Akin Laosun Director/Trustee

20th September 2022

Page 6

Gates of Praise International Christian Centre

Independent examiner’s report to the trustees of Gates of Praise International Christian Centre for the Year Ended 31 December 2021

I report to the charity trustees on my examination of the accounts of Gates of Praise International Christian Centre for the year ended 31 Decemer 2021 on pages 8 to 17 following, which have been prepared on the basis of the accounting policies set out on pages 11 and 12.

Responsibilities and basis of report

As the charity’s trustees of the Company (and also its directors 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 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

The Charity’s gross income did not exceed £250,000 therefore our examiner need not be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a Fellow of the Association of Accounting Technicians, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

accounting records were not kept in respect of the Charity as required by section section 130 of the Charities Act 2011;
the accounts do not accord with those records; or
the accounts do not comply with the accounting requirements of 2011 Act 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
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

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.

Mr Matthew Okuboyejo FCA, MAAT

Association of Accounting Technicians

AA Matthew & Co

Newspring House 3, Worcester Avenue Old Swan Liverpool L13 9AZ

20th September 2022

Page 7

Gates of Praise International Christian Centre Statement of Financial Activities (including Income and Expenditure Account) for the Year Ended 31 December 2021

Notes Incoming resources Incoming resources from generated funds: Voluntary Income: Donations and Offerings 3 Gift Aid Tax Reclaim Grant Income: Thurrock 3b Investment Income: Bank Interest 4 Hire of Premises 4 Total incoming resources Resources expended *Cost of generating funds* Costs of generating voluntary incom 5 Charity activities 6 Governance Costs 7 Total resources expended Net Incoming resources before other recognised gains Net movement in funds Reconciliation of Funds Total funds brought forward Total funds carried forward	2021 2021 2020 Unrestricted Restricted Total Total Funds Funds Funds Funds £ £ £ £ 120,309 - 120,309 105,472 - - - 8,679 - - - 1,151 - - - 3 40 - 40 500
	120,349 - 120,349 115,805
	60,676 - 60,676 37,702 65,302 - 65,302 48,168 1,300 - 1,300 1,150
	127,278 - 127,278 87,020
	(6,929) (6,929) 28,785
	(6,929) (6,929) 28,785 80,952 - 80,952 52,167
	74,023 74,023 80,952

There were no recognised gains or losses for the period other than those included in the Statement of Financial Activities.

All Income and expenditure derive from continuing operations.

The statement of financial activities also complies with the requirements for an income and expenditure account required by the Companies Act 2006.

The notes on Pages 10 to 17 form part of these accounts.

Page 8

Gates of Praise International Christian Centre Balance Sheet as at 31 December 2021

Notes Fixed assets Tangible assets 10 Current assets Debtors 13 Cash at bank and in hand 15 Current Liabilities Creditors: amounts falling due within one year 11 Net Current Assets/Liabilities Net Assets Non Current Liabilities Creditors: amounts falling due after more than one year 12 Total Assets Less Total Liabilities Unrestricted funds General Funds 17 Total Funds	2021 £ 18,840 241 72,926 73,167 (7,184) 65,983 84,823 (10,800) 74,023 74,023 74,023	2020 £ 16,535 - 83,738
		83,738 (8,521)
		75,217
		91,752
		(10,800)
		80,952
		80,952
		80,952

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2021

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2021 in accordance with Section 476 of the Companies Act 2006. However, in accordance with Section 145 of the Charities Act 2011, the accounts have been examined by an independent examiner and their has been included in these financial statements.

The directors (who are the charitable company's trustees for the purposes of charity law) acknowledge their responsibilities for:

(a) ensuring that the charitable company keeps accounting records which comply with Sections 386 and and 387 of the Companies Act 2006 and

(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its net income or expenditure for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

The financial statements have been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

The Financial Statements were approved by the board on 20th September 2022 and were signed on it's behalf by:

Rev Akin Laosun Director/Trustee

The notes on pages 10 to 17 form part of these financial statements.

Page 9

Gates of Praise International Christian Centre

Cash Flow Statement

for the Year Ended 31 December 2021

Gates of Praise International Christian Centre Cash Flow Statement for the Year Ended 31 December 2021
Note Cashflows from operating activities: Net cash provided by (use in) operating activities A Cashflows from investing activities: Net cash provided by (use in) investing activities Cashflows from financing activities: Net cash provided by (use in) financing activities Change in cash and equivalents in the reporting period Cash and equivalents at the beginning of the year B Cash and equivalents at the end of the year B NOTES TO THE CASH FLOW STATEMENT	2021 £ (2,227) (8,585) (10,812) 83,738 72,926	2020 £ 36,568
		-



		36,568 47,170
		83,738

Note A: Reconciliation of net income/(expenditure) to net cash flow from operating activities:

Net income/(expenditure) for the reporting period (as per the statement of financi Adjustments for: Depreciation Charges and provisions for impairment (Increase)/Decrease in debtors Increase/(Decrease) in creditors Net cash provided by (used in) operating activities Note B: Analysis of cash and cash equivalents Cash at bank with immediate access Total Cash and Cash equivalents	2021 £ a (6,929) 6,280 (241) (1,337) (2,227) 2021 £ 72,926 72,926	2020 £ 28,785 5,512 - 2,271
		36,568
		2020 £ 83,738
		83,738

Page 10

Gates of Praise International Christian Centre

Notes forming part of the financial statements for the Year Ended 31 December 2021

1. Statutory Information

The charity is a charitable company limited by guarantee and is incorporated in the United Kingdom. The Company's registered number and registered office address can be found on the Company Information page.

2. Accounting Policies

These financial statements are prepared on a going concern basis, under the historical cost convention

These financial statements have been prepared in accordance with the "Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) ("the Charities SORP"), with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland ("FRS 102"), with the Companies Act 2006 and with the Charities Act 2011. The charity meets the definition of a public benefit entity as set out in FRS 102.

The principles adopted in the preparation of the financial statements are set out below.

a). Going concern

The trustees (who are the charitable company's directors for the purposes of company law) have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern. The trustees have made this assessment for a period of at least one year from the date of approval of the financial statements.

In particular the trustees have considered the charity's forecasts and projections and the possible implications should projected income and/or expenditure vary unexpectedly. The trustees have concluded that there is a reasonable expectation that the charity has adequate resources to continue to operate for the foreseeable future.The charity therefore continues to adopt the going concern basis in preparing its financial statements.

b). Income

Income including investment income is recognised in the period in which the charity becomes entitled to receipt, the amount receivable can be measured with reasonable certainty, and receipt is probable. For the most part, income is generally recognised when it is received. Income is only deferred when the charity has to fulfil conditions before becoming entitled to it or where the donor has specified that the income is to be expended in a future period.

Income from donations and legacies includes:

i). Voluntary income is received by way of donations and gifts and is included in full in the Statement of Financial Activities when receivable.

ii). Recoverable gift aid. This is recognised when the related donation is received. Gift aid that has not been recovered by the balance sheet date is included as a debtor.

iii). Goods donated for distribution to beneficiaries are recognised as income when receivable at fair value (being an estimate of the amount it would cost to purchase those items).

The charity relies on volunteers to carry out many of its activities, particularly the work with Feeding and Medical Supplies. However, in accordance with the SORP, the value of these services has not been included in these financial statements as they cannot be reliably measured.

Page 11

Gates of Praise International Christian Centre Notes forming part of the financial statements for the Year Ended 31 December 2021

When donated goods are distributed an expense in respect of those items is included in the Statement of Financial Activities. At the year end any goods that have not been distributed are recognised as stock.

Income from charitable activities represents income receivable from goods, services and facilities supplied in furtherance of the charity's charitable objects. It includes income from charity retreats and other events and courses.

The charity has taken the view that it has only one charitable activity, namely the advancement of the Christian faith and all income from donations, legacies and charitable activities is in respect of this one activity.

c). Expenditure

Expenditure, including irrecoverable VAT, is recognised when it is incurred or, if earlier, when a legal or constructive obligation for a payment arises provided that it is probable that settlement will be required and the amount of the obligation can be measured reliably.

The charity makes grants to other institutions and individuals to further its charitable objectives. Grants payable are recognised as constructive obligations arise, which is generally when the charity expresses a commitment to the recipient that can be measured reliably and then only to the extent that any conditions associated with the grant are outside of the control of the charity.

The Charities SORP requires charities with income over £500,000 to allocate costs to the various activities undertaken by the charity. The nature of the work of the charity is considered to be so integrated that the core ccharity activity costs are considered to be for the one activity.

Governance costs, which are included in expenditure on charitable activities but are identified separately in the notes to the accounts, includes costs associated with the independent examination of the financial statements, compliance with Constitutional and statutory requirements and any other expenditure incurred on the strategic management of the charity.

d). Fund Accounting

General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity. Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. Restricted funds are donations which are to be used in accordance with specific restrictions imposed by donors; they include donations received from appeals for specific activities or projects.

e). Tangible Fixed assets

Fixed assets (excluding investments) are stated at cost less accumulated depreciation. The costs of minor additions or those costing below £1,000 are not capitalised. Depreciation is provided at rates calculated to write off the cost of each asset over its expected useful life, which in all cases is estimated at 4 years.

Investments held as fixed assets are revalued at mid market value at the blance sheet date and the gain or loss taken to the Statement of Financial Activities.

f). Stocks

Stocks of donated items held for distribution to beneficiaries are measured at fair value.

g). Pension Scheme arrangements

The charity operates defined contribution pension schemes for its employees. Obligations for contributions to these schemes are recognised as an expense when the liability arises. The assets of these schemes are held separately from those of the charity in independently administered funds.

Page 12

Gates of Praise International Christian Centre Notes forming part of the financial statements for the Year Ended 31 December 2021

h). Taxation

As a charity, Gates of Praise International Christian Centre is exempt from tax on income and gains falling within Section 505 of the Taxes Act 1988 or s256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges have risen in the Charity.

The company is a registered charity; it has taken advantage of the various reliefs from taxation available to charities and no tax is payable on the charity's income.

i). Critical accounting estimates and areas of judgement

The trustees do not consider that there are any material sources of estimation or uncertainty at the balance sheet date that could result in a material adjustment to the carrying values of assets and liabilities in the next reporting period

3. Donations & Gift Aid Donations -Tithes and Offering Gift Aid Tax Reclaim 3b. Grants Thurrock Council	Unrestricted Restricted 2021 2020 Total Total £ £ £ £ 120,309 - 120,309 105,472 - - - 8,679
	120,309 - 120,309 114,151
	Unrestricted Restricted 2021 2020 Total Total £ £ £ £ - - - 1,151 - - - -
	- - - 1,151

4. Incoming Resources from Activities to further the Charity's Objects

			Unrestricted	Restricted	2021	2020
					Total	Total
			£	£	£	£
Hire of Premises			40		40	500
Bank Interest			-		-	3
			40	-	40	503
5. Costs of Generating Voluntary Income
	*Ministry WorkSupport Cost*			*Governance*	2021	2020
	*Basis of Allocatio*	£	£	£	£	£
Premises	Direct	41,021			41,021	17,014
Bank Charges	Direct	108			108	151
Administration	Direct	6,338			6,338	7,233
Support Costs	Direct		13,209		13,209	13,304
		47,467	13,209	-	60,676	37,702

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Gates of Praise International Christian Centre

Notes forming part of the financial statements for the Year Ended 31 December 2021

6. Charitable Activities

Ministry Direct 7. Governance Cost Professional Fees Direct Total Resources Expended	65,302 65,302 48,168
	65,302 - - 65,302 48,168
	- 1,300 1,300 1,150
	- - 1,300 1,300 1,150

	112,769 13,209 1,300 127,278 87,020

8. Net Incoming Resources for the Year

This is stated after charging: 2021 £ Accountant's Remuneration 1,300 1,300 9. Analysis of staff costs, the cost of key management personnel and trustee remuneration and expenses 2021 £ Gross wages and salaries & benefits in kind 47,167 Relocation Cost 6,000 53,167	2020 £ 1,150
	1,150
	2020 £ 35,500 -
	35,500

The average monthly number of employees during the year was 3 (2020: 2). Most of the charity's activities are carried out by volunteers.

No staff received salaries at a rate of more than £60,000 per annum.

Remuneration payable to key management amounted to £17,000 gross salaries (2020: £17,000) and nil pension contrbutions in the year (2020: nil). Key management is considered to cover Senior Pastors directly employed by the charity.

No employement benefit were provided to any trustees during the year or previous year.

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Gates of Praise International Christian Centre

Notes forming part of the financial statements for the Year Ended 31 December 2021

Office Music Motor Furniture, F 2021 Equip Equip Van & Fittings Total £ £ £ £ £ 15,054 47,277 10,412 30,723 103,466 5,786 2,799 - - 8,585	Office Music Motor Furniture, F 2021 Equip Equip Van & Fittings Total £ £ £ £ £ 15,054 47,277 10,412 30,723 103,466 5,786 2,799 - - 8,585	Office Music Motor Furniture, F 2021 Equip Equip Van & Fittings Total £ £ £ £ £ 15,054 47,277 10,412 30,723 103,466 5,786 2,799 - - 8,585
20,840 50,076	10,412 30,723	112,051
13,303 38,361 1,884 2,929	9,537 25,730 219 1,248	86,931 - 6,280
15,187 41,290	9,756 26,978	93,211
5,653 8,786	656 3,745	18,840
1,751 8,916	875 4,993	16,535
	2021 £ 1,200 5,448 536 7,184 2021 £ ###### #### 10,800 2021 £ 241 241	2020 £ 2,150 6,077 294
		8,521
		2020 £ 10,800
		10,800
		2020 £ -
		-

Page 15

Gates of Praise International Christian Centre

Notes forming part of the financial statements for the Year Ended 31 December 2021

14. Net incoming resources for the year

This is stated after charging:			2021		2020
			£		£
Depreciation			6,280		5,512
Audit & Accountancy Fees			1,300		1,150
			7,580		6,662
15. Cash In Hand and at Bank			2021		2020
			£		£
Cash at Bank			72,926		83,738
			72,926		83,738
16. Analysis of Net Assets Between Funds
		General	Designated	Restricted	Total
		Funds	Funds	Funds	Funds
		£	£	£	£
Tangible Fixed Assets		18,840	-	-	18,840
Current Assets		73,167	-	-	73,167
Current Liabilities		(7,184)	-	-	(7,184)
Non Current Liabilites		(10,800)	-	-	(10,800)
Net Assets at 31st December 2021		74,023	-	-	74,023
17. Movements in Funds	At 1	Incoming	Outgoing	Transfers	At 31 December
	2021	Resources	Resources		2021
		[Inc Gains]
	£	£	£	£	£
Unrestricted Funds:
General Funds	80,952	120,349	(127,278)		74,023
Total Funds	80,952	120,349	(127,278)	-	74,023

18. Transactions with related parties

During the year no expenses (2020:£nil) were paid to, or for, the trustees. Reimbursements for expenses incurred when when acting as agent for the charity or incurred when undertaking employment duties not connected with serving as a trustee are not included in this disclosure.

During the year the church paid £7,200 as rent to Akin and Funke Laosun Foundation, under a lease agreement for the Charity to use for church activities. The property is partly owned by Pastor Akin Laosun.

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Gates of Praise International Christian Centre Notes forming part of the financial statements for the Year Ended 31 December 2021

Income LESS OVERHEADS Premises Costs Rent & Rates Building Works (Renovations) Fire, Safety & Security Property Insurance Heating, Light & Water Bank Charges Bank Charges Administration Administration Advertisements, Print & Design Telephone & Internet Church Insurance Website Charges Computer Supplies & Software Office & Church Supplies Ministry Relocations Cost Consultancy Fee Pastor Salary Other Salaries Honorarium Musicians Video Production Welfare and Love Gifts Donations & Gift to Missions Professional Fees Audit & Accountancy Fees Support Costs Hotel, Travel & Motor Expenses Motor Insurance Health Insurance Training [Music/Dance/Other] Subscription & Licenses Depreciation Courier & Shipping Charges Cleaning & Waste Management Sundry Assets Sundry Expenses Non-Event Catering & Refreshments Total Expenses Surplus/(Deficit) for the year Surplus Brought Forward Surplus Carried Forward	2021 £ 120,349 8,410 24,683 3,356 1,113 3,459 41,021 108 108 233 1,020 1,607 1,267 1,010 890 311 6,338 6,000 840 17,000 30,167 1,350 4,020 - 2,675 3,250 65,302 1,300 1,300 332 1,095 389 95 828 6,280 - 1,159 2,317 433 281 13,209 (127,278) (6,929) 80,952 74,023	2020 £ 115,805 8,289 3,600 410 1,065 3,650
		17,014 151
		151 161 915 1,535 1,294 2,117 838 373
		7,233 - - 17,000 18,500 150 4,924 450 5,444 1,700
		48,168 1,150
		1,150 391 682 32 83 115 5,512 446 781 5,039 54 169
		13,304 (87,020)
		28,785 52,167
		80,952

This page does not form part of the statutory accounts.

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