**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