REGISTERED CHARITY NUMBER: 1126828
Report of the Trustees and Unaudited Financial Statements For The Year Ended 31 December 2020 for Glory International Christian Centre
Glory International Christian Centre Contents of the Financial Statements for the Year Ended 31 December 2020
| Page | |
|---|---|
| Report of the Trustees | 1 to 2 |
| Statement of Financial Activities | 3 |
| Balance Sheet | 4 |
| Notes to the Financial Statements | 5 to 7 |
| Detailed Statement of Financial Activities | 8 to 9 |
Glory International Christian Centre Report of the Directors for the Year Ended 31 December 2020
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Charity number
1126828
Trustees
Paul Kojo Aboagye Obeng Faustina Anderson Linda Addo Rev. Michael Nomah Julian Nomah
Registered office
4 Crammerville Walk Rainham Essex RM13 9PS
Bankers
HSBC 23 Ripple Road Barking Essex IG11 7NW
Page 1
for the Year Ended 31 December 2020
Glory International Christian Centre
Report of the Directors
The Charity's trustees present the financial statement and report for the year ended 31 December 2020.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing Document
The charity is controlled by its governing document, a deed of trust, a constitution adopted 01 February 2008 as amended on 05th July 2014.
Trustees
Glory International Christian Church (GICC) has a Board of unpaid, volunteer directors who meet on a regular basis to oversee the Charity's strategic direction, to ensure legislative compliance and maintain financial probity. The affairs of the charity are conducted by an elected management committee who act as trustees' of the charity. Members of the committee who served during the year are listed on the information page of the financial statements.
Financial Review of the Year
In the Year ending 31 December 2020, Glory International Christian Church made a surplus of £1,983 (2019: £1,708 deficit). The reason was to due a decrease in Voluntary income (Offering, Tithes. Donations etc.) of 37% on previous year. Also, with the national lockdown in respect of COVID-19 pandemic impacted on activities of the charity, hence, loss of revenue receivable.
Reserves Policy
Glory International Christian Church does not have a reserves policy currently and the Trustees have recommended for such policy to be implemented in the near future. However, such reserves set aside by the charity would fund various contractual obligations, including running costs in the event of a winding up petition, building fund, major repairs and maintenance and equipment replacement.
Risk Management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
This report was approved on behalf of the board on 08th October 2020.
…………………………………………………. Faustina Anderson - Trustee
Page 2
Glory International Christian Centre
Statement of Financial Activities for the Year Ended 31 December 2020
| Notes INCOMING RESOURCES Incoming resources from charitable activities Offering, Tithes and Donations Grants Interest Received Other Income Total incoming resources RESOURCES EXPENDED Direct Charitable Expenditure Governance costs Total resources expended NET INCOMING RESOURCES RECONCILIATION OF FUNDS: Total funds brought forward 8 TOTAL FUNDS CARRIED FORWARD |
2020 2019 £ £ 88,460 140,694 32,457 9 - 372 1 121,298 140,695 111,350 133,023 7,965 9,380 119,316 142,403 1,983 (1,708) 22,370 24,078 24,353 22,370 |
|---|---|
The notes form part of these financial statements
Page 3
Glory International Christian Centre
| Balance Sheet as at 31 December 2020 Notes FIXED ASSETS Tangible assets 5 CURRENT ASSETS Debtors 6 Cash at bank CREDITORS Amounts falling due within one year 7 NET CURRENT ASSETS/(LIABILITIES) CREDITORS: AMOUNTS FALLING DUE AFTER ONE YEAR Long - Term Loan NET ASSETS FUNDS Unrestricted funds 8 TOTAL FUNDS |
2020 £ 2,225 3,935 18,593 22,528 (400) 22,128 - 24,353 24,353 24,353 |
2019 £ 8,890 3,910 9,570 |
|---|---|---|
| 13,480 - |
||
| 13,480 - |
||
| 22,370 | ||
| 22,370 | ||
| 22,370 |
The financial statements were approved by the Board of Trustees and authorised for issue on 08th October 2020 and were signed on its behalf by:
………………………………………..
Faustina Anderson - Trustee
The notes form part of these financial statements
Page 4
Glory International Christian Centre
Notes to the Financial Statements for the Year Ended 31 December 2020
1. ACCOUNTING POLICIES
Accounting convention
The financial statements have been prepared under the historical cost convention, and in accordance with applicable accounting standards, Charities SORP 2005 (Accounting and Reporting by Charities)and comply with the Charities (Accounts and Reports) Regulations 2008 issued under the Charities Act 1993 (as amended Charities Act 2006)
Incoming resources
Incoming resources include donations and gifts to the church, all of which are recognised on receipt basis.
Resources expended
Expenditure is accounted for on accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Tangible Fixed Assets are capitalised if they can be used for more than oney year and cost at least £500. The assets are valued at cost or a reasonable value on receipt.
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
| Building Cost | 20% Straight Line Method |
|---|---|
| Instruments | 25% Straight Line Method |
| Fixtures & Equipments | 25% Straight Line Method |
| Motor Vehicles | 33% Straight Line Method |
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Page 5
Notes to the Financial Statements - continued for the Year Ended 31 December 2020
Glory International Christian Centre
2. NET INCOMING/(OUTGOING) RESOURCES
Net resources are stated after charging/(crediting):
| Depreciation - owned assets 3. STAFF COSTS Wages and salaries Social security costs Pension Costs |
2020 2019 £ £ 7,165 8,256 £ £ 11,688 - 406 - 3,000 2,750 15,095 2,750 |
|---|---|
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 May 2020 nor the year ended 31 May 2019.
Trustees' Expenses
There were no trustees' expenses paid for the year ended 31 May 2020 nor the year ended 31 May 2019.
5. TANGIBLE FIXED ASSETS
| COST At 01 January 2020 Additions Disposal/Write Off At 31 December 2020 DEPRECIATION At 01 January 2020 Charge for year Disposal/Write Off At 31 December 2020 NET BOOK VALUE At 31 December 2020 At 31 December 2019 |
Instruments £ 42,657 500 (42,657) 500 42,657 125 (42,657) 125 375 - |
Van £ 3800 - - 3,800 3762 38 - 3,800 - 38 |
Fixtures and Equipment £ 880 - - 880 220 220 - 440 440 660 |
Building Costs £ 33,911 - - 33,911 25,719 6,782 - 32,501 1,410 8,192 |
Total £ 81,248 500 (42,657) |
|---|---|---|---|---|---|
| 39,091 | |||||
| 72,358 7,165 (42,657) |
|||||
| 36,866 | |||||
| 2,225 | |||||
| 8,890 |
Page 6
Glory International Christian Centre
Notes to the Financial Statements - continued for the Year Ended 31 December 2020
6. DEBTORS: AMOUNT FALLING DUE WITHIN ONE YEAR
| National Insurance Prepayments |
2020 £ 25 3,910 3,935 |
2019 £ - 3,910 |
|---|---|---|
| 3,910 |
7. CREDITORS: AMOUNT FALLING DUE MORE THAN ONE YEAR
| Other Creditors 8. MOVEMENT IN FUNDS Unrestricted funds General fund TOTAL FUNDS |
01.12.20 £ 22,370 22,370 |
2020 £ 400 Net movement in funds £ 1,983 1,983 |
2019 £ - |
|---|---|---|---|
| 31.12.20 £ 24,353 |
|||
| 24,353 |
Page 7
Glory International Christian Centre
| Schedule to Statement of Financial Activities for the Year Ended 31 December 2020 for the information of the directors only Incoming resources from charitable activities Offering, Tithes and Donations HMRC Job Retention Scheme Grant Grants - Business Rates {COVID-19} RESOURCES EXPENDED Charitable Expenses Wages and Salaries Social ecurity Pension Costs Volunteering Allowance Rent and Water Business Rates Utilities Light and heat Miscellaneous Motor expenses Refreshment Administrative Expenses Postage, printing and stationery Telephone, fax and internet Insurance Small Office Equipment Departmental Expenses Petty Cash Sundry Expenses Donations & Welfare Love Offering COVID-19 Support Cleaning and Health & Safety Suspense/Write-off Subscriptions Balance c/fwd |
2020 2019 £ £ 88,460 140,694 7,457 - 25,000 - 120,917 140,694 11,688 - 406 - 3,000 2,750 23,180 24,000 38,299 88,100 408 1,579 - 1,566 660 - 773 2,489 30 500 - 1,356 50 - 1,185 968 2,152 3,919 142 - - 150 - 2,746 287 - 800 300 4,850 2,600 9,243 - 256 - 13,082 - 858 - 111,350 133,023 |
|---|---|
This page does not form part of the statutory financial statements
Page 8
Glory International Christian Centre
| Schedule to Statement of Financial Activities for the Year Ended 31 December 2020 for the information of the directors only Balance b/fwd GOVERNANCE COSTS Accountancy Legal & Professional; Fees Depreciation: Building Costs Instruments Fixtures & Equipments Motor Vehicles Total resources expended Miscellaneous Income Bank Interest Other Income Net Surplus/(Deficit) |
2020 £ 111,350 800 - 6,782 125 220 38 7,965 119,316 9 372.32 1,983 |
2019 £ 133,023 774 350 6,782 - 220 1,254 |
|---|---|---|
| 9,380 | ||
| 142,403 - 1 (1,709) |
This page does not form part of the statutory financial statements
Page 9