**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