| Page | ||||
|---|---|---|---|---|
| Reference and administrative advisers |
details ofthe Charitable | Company, | its Trustees and | |
| Trustees' report |
2-5 | |||
| Independent examiner's report |
6-7 | |||
| Statement offinancial activities |
||||
| Balance sheet | 9-10 | |||
| Statement ofcash flows | ||||
| Notes to the financial statements | 12-28 |
| REFERENCE AND | REFERENCE AND | REFERENCE AND | ADMINISTRATIVE | DETAILS OF THE CHARITABLE COMPANY, ITSTRUSTEES AND | DETAILS OF THE CHARITABLE COMPANY, ITSTRUSTEES AND |
|---|---|---|---|---|---|
| ADVISERS | |||||
| FOR THE YEAR ENDED 31 MARCH 2022 | |||||
| Trustees | Pastor Olajide | Joseph | Omotayo | ||
| Mr Jacob Babatunde Abegunde |
|||||
| Mrs Flora Desks Nwikpo | |||||
| Mrs Abosede | Owoyele | ||||
| Company | registered | ||||
| number | 04376232 | ||||
| Charity registered | |||||
| number | 1117479 | ||||
| Registered | office | Rear of 31 - 33 High Road | |||
| Chadwell Heath |
|||||
| Romford | |||||
| Essex | |||||
| RM6 6QJ | |||||
| Minister | In Charge | Pastor Chuka | Nwafor | ||
| Accountants | Stephen Michael Associates |
||||
| Chartered Cerffied Accountants |
|||||
| 201 Borough | High Street | ||||
| London | |||||
| SE1 1JA | |||||
| Bankers | Barclays Bank PLC | ||||
| 1 - 2 Trinity Way | |||||
| Chingford | |||||
| London | |||||
| E4 STD |
| Restricted | Unrestricted | Total | Total | ||||
|---|---|---|---|---|---|---|---|
| funds | funds | funds | funds | ||||
| 2022 | 2022 | 2022 | 2021 | ||||
| Note | 5 | F | F | 5 | |||
| Income from: | |||||||
| Donations and |
legacies | 5,785 | 217,424 | 223,209 | 304,111 | ||
| Investments | 84,015 | 84,015 | 84,837 | ||||
| Total income | 5,785 | 301,439 | 307,224 | 388,948 | |||
| Expenditure on: |
|||||||
| Charitable activities |
5,785 | 256,964 | 262,749 | 317,788 | |||
| Total expenditure | 5,785 | 256,964 | 262,749 | 317,788 | |||
| Net movement | in funds | 44,475 | 44,475 | 71,160 | |||
| Reconciliation | offunds: | ||||||
| Total funds brought |
forward | 10,264 | 942,463 | 952,727 | 881,567 | ||
| Net movement | in funds | 44,475 | 44,475 | 71,160 | |||
| Total funds carried forward | 10,264 | 986,938 | 997,202 | 952,727 |
| 2022 | 2021 | |||||||
|---|---|---|---|---|---|---|---|---|
| Note | F | |||||||
| Fixed assets | ||||||||
| Tangible assets | 1,287,230 | 1,319,425 | ||||||
| 1,287,230 | 1,319,425 | |||||||
| Current assets | ||||||||
| Debtors | 12 | 103,892 | 100,130 | |||||
| Cash at bank and | in | hand | 262,355 | 255,580 | ||||
| 356,247 | 355,710 | |||||||
| Creditors: amounts | falling due within one | |||||||
| year | 13 | (64,657) | (101,127) | |||||
| Net current assets | 291,590 | 254,583 | ||||||
| Total assets less | current liabilities | 1,578,820 | 1,574,008 | |||||
| Creditors: amounts than one year |
falling due after more | 14 | (581,618) | (621,281) | ||||
| Net assets excluding | pension asset | 997,202 | 952,727 | |||||
| Total net assets | 997,202 | 952,727 | ||||||
| Charity funds | ||||||||
| Restricted funds | 16 | 10,264 | 10,264 | |||||
| Unrestricted funds |
16 | 986,938 | 942,463 | |||||
| Total funds | 997,202 | 952,727 |
| STATEMENT OF CASH FLOWS | STATEMENT OF CASH FLOWS | |||||
|---|---|---|---|---|---|---|
| FOR THE YEAR ENDED 31 MARCH 2022 | ||||||
| 2022 | 2021 | |||||
| 6 | 6 | |||||
| Cash flows from operating | activities | |||||
| Net cash used in operating |
activities | 44,205 | 198,819 | |||
| Cash flows from Investing | activities | |||||
| Purchase oftangible fixed assets |
(7,767) | (8,954) | ||||
| Net cash used in investing |
activities | (7,767) | (8,954) | |||
| Cash flows from financing | activities | |||||
| Repayments of borrowing |
(39,663) | (43,464) | ||||
| Net cash used in financing |
activities | (39,663) | (43,464) | |||
| Change in cash and cash |
equivalents | in the year | (3,225) | 146,401 | ||
| Cash and cash equivalents | at the beginning | ofthe year | 255,580 | 109,179 | ||
| Cash and cash equivalents | at the end of | the year | 252,355 | 255,580 | ||
| The notes on pages 12 to 28 form part | ofthese financial statements |
| Restricted | Unrestricted | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2021f | 2021f | 2021f | |
| Donations | 6,481 | 211,325 | 217,806 |
| Grants | 86,305 | 86,305 | |
| 92,786 | 211,325 | 304,111 |
| Unrestricted | Total | ||||||
|---|---|---|---|---|---|---|---|
| funds | funds | ||||||
| 2022f | 2022f | ||||||
| Investment | income | - | local | investment | properties | 84,000 | 84,000 |
| Investment | income | - | local | cash | 15 | 15 | |
| 84 015 | 84015 | ||||||
| Unrestricted | Total | ||||||
| funds | funds | ||||||
| 2021f | 2021f | ||||||
| Investment | income | - | local | investment | properties | 84,000 | 84,000 |
| Investment | income | - | local | cash | 837 | 837 | |
| 84,837 | 84,837 |
| Donations | |||
|---|---|---|---|
| to | Total | ||
| Institutions | funds | ||
| 2022 f. |
2022f | ||
| United | Kingdom | 57,467 | 57,467 |
| Donetions to |
Tote/ | ||
| institutions | funds | ||
| 2021f | 2021f | ||
| United | Kingdom | 56,895 | 56,895 |
| Restricted | Unrestricted | Total | |||
|---|---|---|---|---|---|
| funds | funds | funds | |||
| 2022 f |
2022 f |
2022f | |||
| Advancement | of Christian | Faith | 5,785 | 235,685 | 241,470 |
| Love Your Neighbour | 21,279 | 21,279 | |||
| 5,785 | 256,964 | 262,749 | |||
| Restricted | Unrestricted | Total | |||
| funds | funds | funds | |||
| 2021f | 2021 | 2021f | |||
| Advancement | of Christian | Faith | 15,802 | 213,134 | 228,936 |
| Love Your Neighbour | 86,305 | 2,547 | 88,852 | ||
| 102,107 | 215,681 | 317,788 |
| Activities | Donation | |||||
|---|---|---|---|---|---|---|
| undertaken | funding of |
Support | Total | |||
| directly 2022 |
activities 2022 |
costs 2022 |
funds 2022 |
|||
| F | 6 | 6 | 6 | |||
| Advancement | of Christian | Faith | 135,897 | 57,467 | 48,106 | 241,470 |
| Love Your Neighbour | 21,279 | 21,279 | ||||
| 157,176 | 57,467 | 48,106 | 262,749 |
| Activities | Donation | |||||
|---|---|---|---|---|---|---|
| undertaken | funding ot |
Suppod | Total | |||
| dliectty 2021f |
ectivities 2021f |
costs 2021 6 |
funds 2021 |
|||
| Advancement | of Christian | Faith | 135,414 | 56,895 | 36,627 | 228,936 |
| Love Your Neighbour | 88,852 | 88,852 | ||||
| 224,266 | 56,895 | 36,627 | 317,788 |
| Advanceme | |||||
|---|---|---|---|---|---|
| nt of | |||||
| Christian | Love Your | Total | |||
| Faith | Neighbour | funds | |||
| 2022 | 2022 | 2022 | |||
| 6 | 6 | 6 | |||
| Staff costs | 9,601 | 9,601 | |||
| Depreciation | 36,747 | 36,747 | |||
| Ministerial | expenses | 12,110 | 12,110 | ||
| Premises | expenses | 44,539 | 44,539 | ||
| Communication | costs | 5,109 | 5,109 | ||
| Travel and | motor expenses | 5,496 | 5,496 | ||
| Love Your | Neighbour | 21,279 | 21,279 | ||
| Finance costs | 22,295 | 22,295 | |||
| 135,897 | 21,279 | 157,176 | |||
| Advancemen | |||||
| tofChristian | Love Your | Tote/ | |||
| Faith | Neighbour | funds | |||
| 2021f | 2021 | 2021 | |||
| Staff costs | 3,635 | 3,635 | |||
| Depreciation | 35,298 | 35,298 | |||
| Ministerial | expenses | 3,893 | 3,893 | ||
| Premises expenses | 42,208 | 42,208 | |||
| Communication | costs | 8,205 | 8,205 | ||
| Travel and | motor expenses | 5,553 | 5,553 | ||
| Donations | and gifts | 88,852 | 88,852 | ||
| Finance costs | 36,622 | 36,622 | |||
| 135,414 | 88,852 | 224,266 |
| Advanceme | |||||||
|---|---|---|---|---|---|---|---|
| nt of | |||||||
| Christian | Total | ||||||
| Faith | funds | ||||||
| 2022 | 2022 | ||||||
| 5 | F | ||||||
| Depreciation | 3,215 | 3,215 | |||||
| Music and | equipment | 2,336 | 2,336 | ||||
| Welfare | 7,105 | 7,105 | |||||
| Premises | expenses | 5,591 | 5,591 | ||||
| Communication | costs | 7,518 | 7,518 | ||||
| Travel and | motor expenses | 1,252 | 1,252 | ||||
| Professional | 8 | consultancy | fees | 1,610 | 1,610 | ||
| Bank charges | 2,499 | 2,499 | |||||
| Expensed Donations |
equipment and gifts |
and furniture | 5,511 8,169 |
5,511 8,169 |
|||
| Governance | costs | 3,300 | 3,300 | ||||
| 48,106 | 48,106 |
| Advancemen | |||||
|---|---|---|---|---|---|
| tofChristian | Total | ||||
| Faith | funds | ||||
| 2021 6 |
2021f | ||||
| Depreciation | 3,921 | 3,921 | |||
| Music and equipment | 7,546 | 7,546 | |||
| Premises expenses | 4,890 | 4,890 | |||
| Communication | costs | 1,055 | 1,055 | ||
| Travel and motor expenses | 617 | 617 | |||
| Professional & |
consultancy | fees | 1,867 | 1,867 | |
| Sundry church | expenses | 226 | 226 | ||
| Bank charges | 2 131 | 2,131 | |||
| Expensed equipment |
and furniture | 5,261 | 5,261 | ||
| Donations and |
gifts | 5,813 | 5,813 | ||
| Governance costs |
3,300 | 3,300 | |||
| 36,627 | 36,627 |
| 2022 | 2021 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| E | 6 | |||||||||
| Fees payable to the Charitable | Company's | independent | examiner | for the | ||||||
| independent | examination | and | preparation | ofthe Charitable | Company's | |||||
| annual accounts | 3,300 | 3,300 | ||||||||
| 9. | Staff costs | |||||||||
| 2022 E |
2021f | |||||||||
| Wages and salaries | 9,601 | 3,635 | ||||||||
| 9,601 | 3,635 |
| Long-term | |||||||
|---|---|---|---|---|---|---|---|
| Freehold | leasehold | Motor | Office | ||||
| property f |
property | f | vehicles f |
equipment f |
Total f |
||
| Cost or valuation | |||||||
| At 1 April 2021 | 1,506,004 | 187,370 | 26,750 | 79,200 | 1,799,324 | ||
| Additions | 7,767 | 7,767 | |||||
| At 31 March 2022 | 1,506,004 | 187,370 | 26,750 | 86,967 | 1,807,091 | ||
| Depreciation | |||||||
| At 1 April 2021 | 360,840 | 33,723 | 22,553 | 62,783 | 479,899 | ||
| Charge for the year | 30,120 | 3,747 | 1,049 | 5,046 | 39,962 | ||
| At 31 March 2022 | 390,960 | 37,470 | 23,602 | 67,829 | 519,861 | ||
| Net book value | |||||||
| At 31 March 2022 | 1,115,044 | 149,900 | 3,148 | 19,138 | 1,287,230 | ||
| At 31March 2021 | 1,145,f54 | 153,647 | 4,197 | 16,417 | 1,319,425 | ||
| 12. | Debtors | ||||||
| 2022f | 2021 | ||||||
| Due within one year | |||||||
| Trade debtors | 2,311 | 2,311 | |||||
| Other debtors | 41,488 | 66,099 | |||||
| Tax recoverable | 60,093 | 31,720 | |||||
| 103,892 | 100,130 |
| 2022 5 |
2021f | ||
|---|---|---|---|
| Bank overdrafts | 3,956 | ||
| Bank loans | 46,224 | 46,224 | |
| Other loans | |||
| Trade creditors | 3,879 | 1,603 | |
| Accruals and deferred | income | 10,599 | 3,300 |
| 64,657 | 101,127 |
| 2022 | 2021 |
|---|---|
| F | |
| 581,618 | 621,281 |
| Financial | instrum | ents | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2022 6 |
2021f | ||||||||||
| Financial | assets | ||||||||||
| Financial | assets | measured | at | fair | value | through | income | and | expenditure | 252,355 | 255,580 |
| Balance at | |||||
|---|---|---|---|---|---|
| Balance at | 31March | ||||
| 1Apri1 2020 f |
Income f |
Expenditure f |
2021 | ||
| Unrestricted funds |
|||||
| General Funds - all funds | 842,397 | 296,162 | (196,096) | 942,463 | |
| Restricted funds | |||||
| Love Your neighbour | 86,305 | (86,305) | |||
| Building fund |
5,641 | (5,641) | |||
| 5and2 | 13,256 | (2,992) | 10,264 | ||
| Club V (Youth Project) | 93 | (93) | |||
| TW EM |
270 | 840 | (1,110) | ||
| Ebube Life fund | 570 | (570) | |||
| Africa Life Development | Program | 12,101 | (12,101) | ||
| Kingdom Kids |
1,039 | (1,039) | |||
| Altar ofGrace | 5,247 | (5,247) | |||
| Lahore Belivers Aid Group | 6,374 | (6,374) | |||
| Sanctuary Team |
220 | (220) | |||
| 39,170 | 92,786 | (121,692) | 10,264 | ||
| Total offunds | 881,567 | 388,948 | (317,788) | 952,727 |
| Summary | offunds - current year | ||||
|---|---|---|---|---|---|
| Balance at | |||||
| Balance at 1 | 31 March | ||||
| April 2021 | Income | Expenditure | 2022 | ||
| E | E | E | |||
| General funds | 942,463 | 301,439 | (256,964) | 986,938 | |
| Restricted | funds | 10,264 | 5,785 | (5,785) | 10,264 |
| 952,727 | 307,224 | (262,749) | 997,202 | ||
| Summary | offunds - prior year | ||||
| Balance et | |||||
| Belence el | 31March | ||||
| 1 April 2020f | Income | Expendituref | 2021 | ||
| General funds | 842,397 | 296,162 | (196,096) | 942,463 | |
| Restricted | funds | 39,170 | 92,786 | (121,692) | 10,264 |
| 881,567 | 388,948 | (317,788) | 952,727 |
| Analysis | of n | et assets between funds - current | year | ||
|---|---|---|---|---|---|
| Restricted | Unrestricted | Total | |||
| funds | funds | funds | |||
| 2022 | 2022 | 2022 | |||
| E | E | E | |||
| Tangible | fixed | assets | 1,287,230 | 1,287,230 | |
| Current | assets | 10,264 | 345,983 | 356,247 | |
| Creditors | due | within one year | (64,657) | (64,657) | |
| Creditors | due | in more than one year | (581,618) | (581,618) | |
| Total | 10,264 | 986,938 | 997,202 |
| Analysis of net assets between funds -prior ye | ar | ||
|---|---|---|---|
| Restricted | Unrestricted | Total | |
| funds | funds | funds | |
| 2021f | 2021 | 2021f | |
| Tangible fixed assets | 1,319,425 | 1,319,425 | |
| Current assets | 10,264 | 345,446 | 355,710 |
| Creditors due within one year | (101,127) | (101,127) | |
| Creditors due in more than one year | (621,281) | (621,281) | |
| Total | 10,264 | 942,463 | 952,727 |
| Reconciliati | on of n |
et movement | in funds to net cash flow from opera | ting activities |
|
|---|---|---|---|---|---|
| 2022 F |
2021f | ||||
| Net income | for the year (as per Statement of Financial Activities) | 44,475 | 71,160 | ||
| AdJustments | for: | ||||
| Depreciation | charges | 39,962 | 39,219 | ||
| Decrease/(increase) | in debtors | (3,762) | 88,528 | ||
| Decrease in |
creditors | (36,470) | (88) | ||
| Net cash provided | by operating | activities | 44,205 | 198,819 |
| 2022 | 2021 | ||
|---|---|---|---|
| 6 | |||
| Cash | in hand | 252,355 | 255,580 |
| Total | cash and cash equivalents | 252,355 | 255,580 |
| At 1 April | At 31 March | ||||||
|---|---|---|---|---|---|---|---|
| 2021 | Cash flows | 2022 | |||||
| f | F | f | |||||
| Cash | at bank and | in hand | 255,580 | (3,225) | 252,355 | ||
| Bank | overdrafts | repayable | on demand | (3,955) | (3,955) | ||
| Debt | due within | 1 | year | (96,224) | 50,000 | (46,224) | |
| Debt | due after 1 year | (621,281) | 39,663 | (581,618) | |||
| (461,925) | 82,483 | (379,442) |
| 2022f | 2021f | ||||||
|---|---|---|---|---|---|---|---|
| Amounts owed by Resurrection other debtors (Note 12) |
I | ife Centre to | the charitable | company - in | 28,534 | 18,867 | |
| Rent receivable | from Resurrection | Life Centre | Ltd (see note | 4) | 84,000 | 84,000 |