Charity Number: 1115808 31[st] JULY 2020-2021
Aka Christ The Repairers Ministry World Repairers Ministries
Trustee Report
For the year ended July 2020-2021
| Table of Content Pages |
|
|---|---|
| 1.Reference andAdministrative details ofthe charity | 3-4 |
| 2.TrusteesReport | 5-9 |
| 3. Statement of Financial Activities | 10 |
| 4.Balance Sheet | 11 |
| 5. Notes to theFinancialStatements | 12-17 |
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Reference and Administrative details of the charity For the period ended 31 July 2020-2021
Minister(s) In Charge:
David Olabode Makoyawo
Trustees:
Mr Michael Sofowora Praise Sam Ogan David Makoyawo Olufemi Adetunji Mr Bryan Pereira Mr Adetayo Adepoju Mr Sanmi Adegoke Mr Adebayo Solomon Asogba AweleMagoli
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Reference and Administrative details of the charity for the period ended 31 July 2020-2021 continued
Charity Registered No: 1115808
Principal Office:
7, 144 High Street Edgware London HA8 7EZ Middlesex Edgware.
Banks:
HSBC Bank
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Trustees Report
The Trustees submit their annual report and the financial statements of World Repairers Ministry (the charity) for the year ended July 2020-2021. The Trustees confirm that the annual report and financial statements of the comply with current statutory requirements of the church’s governing document and the provisions of the Statement of Recommended Practice
(SORP) “Accounting and Reporting by Charities” issued in March 2005.
Structure, Governance and Management
a) Constitution:
The church is constituted under a Trust deed and is a registered charity 1115808 on
1 August 2006.
The principal object of the church is the advancement of the
Christian faith worldwide and the relief of poverty.
There have been no changes in the objectives since the inception of the ministry.
b) Method of appointment or election of Trustees:
The management of the church is the responsibility of the Trustees who are elected and coopted under the terms of the Trust deed.
c) Organisational Structure and decision making:
The church is organized so that the trustees meet regularly to manage its affairs.
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Trustees Report continued
Objectives and Activities
a) Policies and Objectives:
The objects of the charity are:
The advancement of the Christian faith worldwide and,
The relief of poverty
b) Strategies for achieving objectives:
The church has adopted the following strategies in a bid to fulfil the objectives set out above:
It has continued church activities which include, special programs targeted at catering to the overall spiritual, physical, financial and mental wellbeing of its members and others.
Involvement in community movements designed to promote peace and calm within the community and seeking for full support on this where needed.
Catering to the needs of orphans and families in dire need financially and otherwise as well as providing support to other similar common interest charities and,
Volunteers engaging in community welfare campaigns such as visiting and offering encouragement and prayers to the sick in various locations
c) Grant making policies:
In line with its stated objectives, the charity would make small grant donations available to common interest charities actively pursuing similar objectives. The church makes periodic contribution to a few churches and ministries and also offers financial support where possible to assist its members in difficult times.
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d) Volunteers:
The church is grateful to its volunteers for their immeasurable contribution to fulfilment of the charity’s objectives for the year ended July 2020-2021.
Achievements and Performance
a) Review of Achievements:
We have seen a tremendous overall growth in the spiritual and physical lives of our members during the year.
Our old church, office and children play area has been gone for redevelopment and it converted into residential apartments as such we had to move to new location to St Anthony community Hall Edgware HA8 9AN.
We have been able to provide financial and other forms of assistance to members and orphans as well as common interest charities all in line with the fulfilment of the charity’s objective to alleviate poverty during the year
b) Investment policy and performance:
The trustees have agreed that at present, all charity funds should be retained in banks and building societies and as much as possible in interest bearing accounts.
Any future changes will be as agreed by the board.
c) Factors relevant to achieve objectives:
A key factor to achieving our objectives is finance as we require finances to achieve our set objectives whether in the advancement of the Christian faith worldwide or alleviating poverty.
D.) Trustees Replacement
The following trustees resigned as a reason of other heavy engagements and responsibilities :
Mrs OyindamolaBishi EyitayoOlotu
E.) Names of new trustees appointed
AweleMagoli Olufemi Adetunji Adebayo Solomon Asogba Praise Sam Ogan
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Trustees Report continued
Financial Review
a) Reserves Policy:
The trustees have a proposed policy to maintain free reserves at a level equivalent to about 3 months of expenditure. This would provide sufficient funds to cover the administration and support costs as well as be able to respond to any emergencies that may arise from time to time.
b) Principal Funding:
This is provided mainly by tithes, offerings and other donations given into the charity by members and supporters
Plans for the future
a) Future developments
The church continues to look for different ways to advance the Christian faith in an effective manner through various proposed projects
The charity looks forward to growing its membership and seeks for ways to develop its members in all spheres of life
The overall goal is that this impact in peoples’ lives will result in a bigger positive effect on the community and nation(s) as a whole.
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Trustees Report continued
Trustees’ Responsibilities
The Trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
The Charities Act requires the Trustees to prepare financial statements for each financial year, which give a true and fair view of the state of the affairs of the charity and of the surplus or deficit of the charity for that period. In preparing these financial statements, the Trustees have to ensure that:
Suitable accounting policies are selected and then applied consistently;
Any judgments and estimates made are reasonable and prudent; All applicable United Kingdom accounting standards and statements of recommended accounting practice have been followed and any departure from them are disclosed and explained in the financial statements;
Financial statements are prepared on an on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping proper accounting records, which disclose with reasonable accuracy at any time the financial position of the Charity and to enable them to ensure that the financial statements comply with 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.
This report was approved by the Trustees on......30/05/2020.
And signed by:
Bryan Pereira
Michael Femi Sofowora
………………………. …
…………………………………
Accountant
Member board of trustee
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STATEMENT OF FINANCIAL ACTIVITIES (Incorporating Income and Expenditure Account) For Year Ended 31[st] July 2020-2021
| Unrestricted | Restricted | Total | ||
|---|---|---|---|---|
| Funds | Funds | Funds | ||
| 2020-2021 | ||||
| Note | £ | £ | £ | |
| INCOMING RESOURCES | ||||
| VoluntaryIncome | 36306.27 | - | 36306.27 | |
| - | ||||
| TOTAL INCOMING RESOURCES | 36306.27 | - | 36306.27 | |
| RESOURCES EXPENDED | ||||
| Cost of Activities in Furtherance | 5 | 5 | ||
| of CharityObjects | 6005 | - | 6005.00 | |
| Management & Administration | 35223.60 | 35223.60 | ||
| TOTAL RESOURCES EXPENDED | 41228.60 | - | 41228.60 | |
| MOVEMENT IN TOTAL FUNDS | ||||
| FOR THE YEAR | ||||
| YEAR- NET | ||||
| INCOME/EXPENDITURE FOR THE | 4922.33 | 4922.33 | ||
| YEAR | ||||
| Total Funds as at 1 August 2020 | 35930.63 | - | 35930.63 | |
| TOTAL FUNDS AS AT31 JULY 2021 | 31008.30 | - |
The Statement of Financial Activities includes all gains and losses recognized in the year.
The notes on pages 12 to 19 form part of these financial statements
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Balance Sheet
As at 31 July 2020-2021
| Note | 2020-2021 | 2020-2021 | 2019-20 | 2019-20 | |
|---|---|---|---|---|---|
| £ | £ | £ | £ | ||
| FIXED ASSETS | |||||
| TangibleFixedAsset | 2184 | 2820 | |||
| CURRENT ASSETS | |||||
| Deposit | 8300.00 | ||||
| Cash in hand & bank | 20409 | 28709 | 33083.63 | ||
| - | |||||
| CREDITORS:falling due within one year | - | ||||
| - | |||||
| NETCURRENT ASSET | 31008.30 | 35903.63 | |||
| **TOTAL ASSETS LESS CURRENT ** | |||||
| LIABILITIES | 31008.30 | ||||
| CREDITORS:falling after one year | |||||
| NET ASSETS | 31008.30 | 35903.63 | |||
| CHARITY FUNDS | |||||
| Restricted Funds | |||||
| UnrestrictedFunds | 8 | 31008.30 | |||
| TOTAL FUNDS | 31008.30 | 35903.63 |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020-2021
1. ACCOUNTING POLICIES
1. 1.1 Basis of preparation of financial statements:
The financial statements have been prepared under the historical cost convention and n accordance with the Financial Reporting Standard for Smaller Entities (effective January 2005). The financial statements have been prepared in accordance with the Statement of Recommended
Practice (SORP), “Accounting and Reporting by Charities” published in March 2005 and applicable accounting standards. The accounts do not fall under audit by the FRSE for Charity.
2. 1.2 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 and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors but as such, none was raised in this financial year.
Investment income, gains and losses are allocated to the appropriate fund.
3. 1.3 Incoming resources:
All incoming resources are included in the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.
Income tax recoverable in relation to investment income is
recognised at the time the investment income is receivable.
4. 1.4 Resources expended:
All expenditure is accounted for on an accrual basis and has been included under expense Categories that aggregate all costs for allocation to activities. Where costs cannot be directly
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020-2021 continued
Attributed to particular activities, they have been allocated on a basis consistent with the use of the resources.
Overheads have been allocated on the basis of actual costs incurred in the furtherance of the charity’s objectives and general management of the charitable purpose.
Grants payable are charged in the year when the offer is made except in cases where the offer is conditional; such grants being recognised as expenditure when the conditions attached to it have been fulfilled. Grants offered subject to conditions which have not been met by the year end are noted as commitment but not accrued as expenditure for the current year.
5. 1.5 Cash flow:
The financial statements do not include a cash flow statement because the charitable company as a small reporting entity, is exempt from the requirement to prepare such as statement under the Financial Reporting Standard for Smaller Entities (January 2005).
6. 1.6 Tangible fixed assets and depreciation:
All assets costing more than £250 are capitalised.
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets over their expected useful lives on the following bases:
Music and Church Equipment – 15% Straight line
Motor Vehicles – 25% Straight line
Computer & other Accessories – 50% Straight line
Furniture & Fixture – 20% Straight line
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020-2021 continued
2. VOLUNTARY INCOME:
| VOLUNTARY INCOME: (Donations & Gifts) |
Unrestricted | Restricted | Total Funds |
|---|---|---|---|
| Funds 2020-21 | Funds 2020-21 | 2020-21 | |
| £ | £ | £ | |
| Tithe | - | ||
| Collections at allservices & Other | - | ||
| Donations | 36306.27 | 36306.27 | |
| - |
3. COSTS OF ACTIVITIES IN THE FURTHERANCE OF CHARITY OBJECTIVES
This includes grants given to common interest organisations and
charities; for the advancement of the Christian faith and welfare support
for members in need;
| Cost of Activities in Furtherance of charity Objects |
Unrestricted Funds |
Restricted Funds |
Total Funds |
|---|---|---|---|
| 2020-21 | 2020-21 | 2020-21 | |
| £ | £ | £ | |
| Communion Costs | 625.00 | - | 625.00 |
| Grant Payable to | |||
| Institutions(Donations) | 980.00 | - | 980.00 |
| Grant Payable to Individuals(Welfare) | 2600.00 | - | 2600.00 |
| Honorarium for Guest speakers | 1800.00 | 1800.00 | |
| **Total ** | 6005.00 | - | 6005.00 |
-
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020-2021 continued
4. MANAGEMENT AND ADMINISTRATION OF THE CHARITY
| Management & Administration | Unrestricted Funds |
Restricted Fund | Total Funds |
|---|---|---|---|
| 2020-21 | 2020-21 | 2020-21 | |
| £ | £ | £ | |
| Other MinistryRunningCosts | 1875.00 | - |
1875.00 |
| Other Ministry expenses | 358.00 | 358.00 | |
| Hall Hire for services and Events |
228832.60 | 28832.60 | |
| Musical Equipment Depreciation charge |
636 | 636 | |
| Gas, Light, Water, Fax and Telephone |
1280 | 1280 | |
| Printing, Postage and Stationery |
280.00 | 280.00 | |
| Hospitality& Welfare | 870 | 870.00 | |
| Other Ministry Transportation |
970 | 970 | |
| Bank Charges | 122.00 | 122.00 |
Total 41228.60
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020-2021 continued
6. ADMINISTRATOR ANALYSIS
The church does not currently have employees on payroll but intends to hire as required with
future growth.
Administrator Analysis Pastor 1 Volunteer Administrators 19 Total Number 20
7. TANGIBLE FIXED ASSETS
| 7. TANGIBLE FIXED ASSETS | ||||
|---|---|---|---|---|
| Music | Furniture Computer |
Total | ||
| Equipment | Fixture | Laptop | Funds | |
| 2020-21 | 2020-21 | 2020-21 | 2020-21 | |
| Net Book Value as at 31/07/20 | 1398.00 | 1422.00 | - | 2820.00 |
| Addition duringtheyear | ||||
| Depreciation Charge for the year at |
280.00 | 356.00 | 636.00 | |
| Net Book Value as at 31/07/20-21 | 1118.00 | 1066.00 | - | 2184.00 |
There was no re-imbursement to Trustees.
All resource funds collected and expended where totally in regards to church management and administration affairs.
There is no mention of Salary regards to the Minister of the church as at yet, this will be duly recognized and allocated when designated in the future.
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