REGISTERED CHARITY NUMBER: 1126828
Report of the Trustees and Unaudited Financial Statements For The Year Ended 31 December 2021 for Glory International Christian Centre
Glory International Christian Centre Contents of the Financial Statements for the Year Ended 31 December 2021
| Page | |
|---|---|
| Report of the Trustees | 1 to 2 |
| Independent Examiner Report | 3 |
| Statement of Financial Activities | 4 |
| Balance Sheet | 5 |
| Notes to the Financial Statements | 6 to 8 |
| Detailed Statement of Financial Activities | 9 to 10 |
Glory International Christian Centre Report of the Directors for the Year Ended 31 December 2021
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 2021
Glory International Christian Centre
Report of the Directors
The Charity's trustees present the financial statement and report for the year ended 31 December 2021.
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 2021, Glory International Christian Church made a surplus/deficit of £77,557 (2020: £1,983 surplus). The reason was to due an increase in Voluntary income (Offering, Tithes. Donations etc.) of 7.2% on previous year. Also, with an outstanding Gift Aid repayable from HMRC dating back from year 2017 to third quarter of 2018.
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 09th October 2022.
…………………………………………………. Faustina Anderson - Trustee
Page 2
Glory International Christian Centre
Independent Examiners Report on the Accounts for the Year Ended 31 December 2021
INDEPENDENT EXAMINER'S REPORT
We report on the financial statements of the Charity for the year ended 31 December 2021, which are set out on pages 4 -10 below;
The charity's Trustees are responsible for the preparation of the accounts. The Charity's Trustees consider that an audit is not required for this year under section 144(s) of the Charities Act 2011 and an independent examination is needed.
We have examined the income and expenditure accounts of Glory International Christian Centre relating to the year ended 31st December 2021.
This examination did not extend to a comprehensive audit of such accounts or statement. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts presents a "true and fair view" and the report is limited to those matters set out in the statement below.
We can confirm that the accounts and statement agree with the accounting records of the Charity.
……………………………………
Lloyd B. Sherwood B.A (Hons), ACIE For & On behalf of:
Lloyd George Trustworthy Services Limited 209 St. Ann's Barking Essex IG11 7AB
11th October 2022
Page 3
Glory International Christian Centre
Statement of Financial Activities for the Year Ended 31 December 2021
| Notes INCOMING RESOURCES Incoming resources from charitable activities Offering, Tithes and Donations Gift Aid Repayable Grants-HMRC Job Retention Scheme 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 |
2021 £ 94,856 58,804 10,827 2 20,510 184,999 103,901 3,541 107,442 77,557 24,353 101,910 |
2020 £ 88,460 32,457 9 372 |
|---|---|---|
| 121,298 | ||
| 111,350 7,965 |
||
| 119,316 | ||
| 1,983 22,370 |
||
| 24,353 |
The notes form part of these financial statements Page 4
Glory International Christian Centre
| Balance Sheet as at 31 December 2021 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 |
2021 £ 598 63,845 39,894 103,738 (2,427) 101,311 - 101,910 101,910 101,910 |
2020 £ 2,225 3,935 18,593 |
|---|---|---|
| 22,528 (400) |
||
| 22,128 - |
||
| 24,353 | ||
| 24,353 | ||
| 24,353 |
The financial statements were approved by the Board of Trustees and authorised for issue on 09th October 2022 and were signed on its behalf by:
………………………………………..
Faustina Anderson - Trustee
The notes form part of these financial statements
Page 5
Glory International Christian Centre
Notes to the Financial Statements for the Year Ended 31 December 2021
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 6
Notes to the Financial Statements - continued for the Year Ended 31 December 2021
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 The average number of employees remunerated during the year: Number of Employees |
2021 2020 £ £ 2,131 7,165 £ £ 19,000 11,688 1,171 11,688 2,250 2,750 22,421 26,127 2021 2020 2 1 |
|---|---|
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2021 nor the year ended 31 December 2020.
Trustees' Expenses
There were no trustees' expenses paid for the year ended 31 December 2021 nor the year ended 31 December 2020.
5. TANGIBLE FIXED ASSETS
| COST At 01 January 2021 Additions Disposal/Write Off At 31 December 2021 DEPRECIATION At 01 January 2021 Charge for year Disposal/Write Off At 31 December 2021 NET BOOK VALUE At 31 December 2021 At 31 December 2020 |
Instruments £ 43,157 43,157 42,782 375 43,157 - 375 |
Van £ 3800 - - 3,800 3800 - - 3,800 - 0 |
Fixtures and Equipment £ 880 504 - 1,384 440 346 - 786 598 440 |
Building Costs £ 33,911 - - 33,911 32,501 1,410 - 33,911 0 1,410 |
Total £ 81,748 504 - |
|---|---|---|---|---|---|
| 82,252 | |||||
| 79,523 2,131 - |
|||||
| 81,654 | |||||
| 598 | |||||
| 2,225 |
Page 7
Glory International Christian Centre
Notes to the Financial Statements - continued for the Year Ended 31 December 2021
6. DEBTORS: AMOUNT FALLING DUE WITHIN ONE YEAR
| 2021 £ National Insurance 510 Accrued Income 61,411 Prepayments 1,023 Other Debtors-Loans 900 63,845 CREDITORS: AMOUNT FALLING DUE WITHIN ONE YEAR 2021 £ Trade Creditors 677 Accruals 1,410 Bank Overdraft - Other Creditors 339 2,427 7. CREDITORS: AMOUNT FALLING DUE MORE THAN ONE YEAR 2021 £ Other Creditors - Net movement 8. MOVEMENT IN FUNDS 01.01.21 in funds £ £ Unrestricted funds General fund 24,353 77,557 TOTAL FUNDS 24,353 77,557 |
2020 £ 25 - 3,910 - |
|---|---|
| 3,935 | |
| 2020 £ - - - - |
|
| - | |
| 2020 £ 400 |
|
| 31.12.21 £ 101,910 |
|
| 101,910 |
Page 8
Glory International Christian Centre
| Schedule to Statement of Financial Activities for the Year Ended 31 December 2021 for the information of the directors only Incoming resources from charitable activities Offering, Tithes and Donations Gift Aid Repayable HMRC Job Retention Scheme Grant Grants - Business Rates {COVID-19} RESOURCES EXPENDED Charitable Expenses Wages and Salaries Social Security Pension Costs Volunteering Allowance Rent and Water Business Rates Light and heat Miscellaneous Motor expenses Refreshment Postage, printing and stationery Telephone, fax and internet Insurance Small Office Equipment Premises Expenses Sundry Expenses Donations & Welfare Ministerial Expenses Love Offering COVID-19 Support Cleaning and Health & Safety Suspense/Write-off Subscriptions Balance c/fwd |
2021 2020 £ £ 94,856 88,460 58,804 10,827 7,457 - 25,000 164,487 120,917 19,500 11,688 1,171 406 2,250 3,000 - 23,180 37,474 38,299 386 408 240 660 1,757 773 150 30 836 50 1,400 1,185 386 2,152 702 142 379 - 218 287 14,334 800 17,000 - 426 4,850 - 9,243 115 256 3,910 13,082 1,267 858 103,901 111,350 |
|---|---|
This page does not form part of the statutory financial statements
Page 9
Glory International Christian Centre
| Schedule to Statement of Financial Activities for the Year Ended 31 December 2021 for the information of the directors only Balance b/fwd GOVERNANCE COSTS Accountancy Consultancy Fees Bank Charges Depreciation:Building Cost Depreciation: Instruments Depreciation: Fixtures & Equipments Depreciation: Motor Vehicles Total resources expended Miscellaneous Income Bank Interest Other Income Net Surplus/(Deficit) |
2021 £ 103,901 400 1,000 10 1,410 375 346 - 3,541 107,442 2 20510.39 77,557 |
2020 £ 111,350 800 - - 6,782 125 220 38 |
|---|---|---|
| 7,965 | ||
| 119,316 9 372.32 1,610 |
This page does not form part of the statutory financial statements
Page 10