PHILADELPHIA INTERNATIONAL MINISTRIES
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31[ST] DECEMBER 2020
CHARITY NUMBER: 1127614
PHILADELPHIA INERNATIONAL MINISTRIES ST JUDE CHURCH, THORNTON ROAD CROYDON CR7 6BA
INDEX Page Index 1 Trustee’s Report 2-3 Independent Examiner’s Report 4 Statement of Financial Activities 5 Balance Sheet 6 Notes on the financial Statements 7 - 9
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PHILADELPHIA INTERNATIONAL MINISTRIES
TRUSTEES’ REPORT YEAR ENDED 31[ST] DECEMBER 2020
The trustees are pleased to present their report for the year ended 31[st] December 2020 for the charity, Philadelphia International Ministries with charity number 1127614.
The Trustees of the charity are: Pastor Samuel Mathew Mrs Lissykutty Thekkedathu Mr Abraham Chacko
The principal address of the charity is : St Jude Church
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Charity governing document is a declaration of trust that was executed 1[ST] December 2002 as amended by supplemental deed on 4[th] October 2008.The Charity is governed by a board on which the trustees are represented. It meets regularly to review, plan activities and monitor the financial position.
OBJECTIVES AND ACTIVITIES
The Objects of the organisation are first to advance the Christian faith in accordance with the statement of beliefs for the benefit in the United Kingdom and in such other parts of the world as the trustees may think fit from time to time, secondly to relieve sickness and financial hardship and thirdly to advance education . The trustees confirm that they have had due regard to the guidance issued by the Charity Commission on public benefit before deciding what activities the charity should undertake.
ACHIEVMENTS AND PERFORMANCE
The Organisation continues to hold successful meetings through the year in which individuals were equipped and educated on the principles and doctrines of the Christian faith. The organisation held its yearly conferences during the year that was well attended by members of the community. It continues to support its mission work in India. The church held a one day youth program in the church which was well attended as the gospel message was explained to all who were present. The church covered the accommodation expenses, transport and refreshments for all visiting speakers at the church programs throughout the year. They also hosted international speakers from India during the year and these proved to be beneficial to the community. All the church events and programs from March till the end of the year was hosted online due to the pandemic.
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FINANCIAL REVIEW
The income of the charity is above £41,800. This is a good amount for this year of the charity the costs have been well managed over this period. The organisation is still in a good position to manage its costs. The main cost of the organisation was paying for the special events held in the year and the rent of its building that it uses for worship services. The church has no long term debt and is an ongoing concern.
FUTURE PLANS
The church plans to continue to secure purchase on a premises that it can use for its worship services. Currently the church plans to increase its reserves in order to do this. It will continue to host its conferences and special events during the year.
RESERVE POLICY
It is the policy of the Charity to maintain unrestricted funds, which are the reserves of the charity at about 3 months of unrestricted expenditure .This provides sufficient funds to cover any emergency expenditures that may arise from time to time. The charity will seek to maintain this level throughout the year.
RISK MANAGEMENT
The charity have assessed all the major risks to which the charity is exposed to, in particular those related to operations and finances of the charity, and are satisfied that systems are in place to mitigate exposure to major risks.
TRUSTEE RESPONSIBILITIES
Under the Charities Act 2011,the trustees are required to prepare a statement of accounts for each accounting year which gives a true and fair view of the state of the church. They are required to:
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Select suitable accounting policies and apply them consistently.
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Make judgements and estimates that are reasonable and prudent.
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State whether the applicable accounting standards have been followed.
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Prepare financial statements on an ongoing basis.
They are responsible for keeping proper records which disclose with reasonable accuracy the finances of the church at any time and to ensure that such accounts comply with the Charities Act 2011.They also have a responsibility to safeguard the assets of the church and to take reasonable steps to detect fraud or other irregularities.
Approved by the Trustees on 14[th] July 2021 and signed on their behalf by:
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Independent Examiner’s Report To the Trustees PHILADELPHIA INTERNATIONAL MINISTRIES
I report on the accounts of the church for the year ended 31[st ] December 2020 set out on the following pages which have been prepared on the basis of the accounting policies shown in the corresponding pages.
Respective responsibilities of trustees and examiner
The trustees of the church are responsible for the preparation of accounts: they consider that the audit requirement under section 144(2) of the Charities Act 2011 (the 2011 Act),does not apply. It is my responsibility to :
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Examine the accounts under section 145 of the 2011 Act.
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Follow the procedures laid down in the General Directions given by the Charity Commissioners made under section 145(5)(b) of the 2011 Act.
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State whether particular matters have come to my attention.
Basis of Independent examiner’s report
My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the church and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts.
Independent examiner’s statement
In the course of my examination, no matter has come to my attention;
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(1) which gives me reasonable cause to believe that, in any material aspect, the trustees have not met the requirements to ensure that:
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proper accounting records are kept( in accordance with section 130 of the 2011 Act
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accounts are prepared which agree with the accounting records and comply with the accounting requirements of the 2011 Act: or
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(2) to which , in my opinion , attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Chuks Ajuka BSc(Man), FICB PMDip FRESH FIRE ORGANISATION South Lodge Avenue New Horizon Centre Mitcham Surrey CR4 1LT
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PHILADELPHIA INTERNATIONAL MINISTRIES
Statement of Financial Activities for the year ended 31st December 2020
| Unrestricted | Total Funds | Total Funds | |||
|---|---|---|---|---|---|
| Funds | 2020 | 2019 | |||
| Incoming Resources from | Note | £ | £ | £ | |
| generated funds | |||||
| Donations and Legacies | 35769 | 35769 | 29920 | ||
| Investment income | 0 | 0 | 0 | ||
| ________ | |||||
| 35769 | 35769 | 29920 | |||
| Other Income | |||||
| Giftaid Tax | 6088 | 6088 | 0 | ||
| _________ | |||||
| Total Incoming | 41857 | 41857 | 29920 | ||
| Resources | |||||
| _________ | |||||
| Resources Expended | |||||
| Charitable activities in furtherance of objectives | |||||
| Charitable Activities | 3 | 25,095 | 25,095 | 35653 | |
| Other | 4 | 1,349 | 1,349 | 1407 | |
| _________ | |||||
| Total Resources | 26,444 | 26,444 | 37060 | ||
| Expended | _________ | ||||
| Net movement in funds | 15,413 | 15,413 | -7140 | ||
| Reconciliation of Funds | |||||
| Total Funds brought forward | 93892 | 93892 | 101032 | ||
| Total Funds carried forward | 109,305 | 109,305 | 93892 |
The above funds are all classed as to purpose All movements of funds and all recognised gains and losses are included above.
The notes on the accounts form part of these accounts.
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PHILADELPHIA INTERNATIONAL MINISTRIES Balance Sheet as at 31st December 2020
| Note 2020 Fixed Assets £ Tangible fixed assets 2 18717 _ 18717 _ Current Assets Cash at bank and 91060 in hand Debtors & prepayment 6 0 91060 Creditors:amounts falling due within one year Creditors & accruals 5 472 _ Net Current Assets 90588 _ Net Assets 109305 Unrestricted Funds General Fund 109305 _ TOTAL FUNDS 109305 _ |
2019 £ 18394 |
|---|---|
| ___ 18394 |
|
| ___ 75870 0 |
|
| 75870 372 |
|
| ___ 75498 |
|
| ___ 93892 93892 |
|
| ___ 93892 ___ |
Approved by the trustees on 14th July 2021 and signed on their behalf:
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PHILADELPHIA INTERNATIONAL MINISTRIES NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31[ST] DECEMBER 2020
1.1 Basis of Accounting
These accounts have been prepared under the historic cost convention with items Recognised at cost or transaction values otherwise stated in the relevant note(s) to These accounts. The accounts have been prepared in accordance with:
The Statement of Recommended Practice: Accounting and Reporting by Charities Preparing their accounts in accordance with the Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS102) issued on 16 July 2014.
- 1.2 Going Concern: The accounts are prepared on a going concern basis.
1.3 The accounts present a true and fair view and no change have been made to the accounting policies adopted.
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1.4 No changes to the accounting estimates have occurred in the reporting period
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1.5 No material prior year error have been identified in the reporting period.
Recognition of Income
These are included in the Statement of Financial Activities (SOFA) when:
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The charity becomes entitled to resources;
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It is more likely than not that the trustees will receive the resources;
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The monetary value can be measured with sufficient reliability.
Grants and Donations
Grants and Donations are only included in the SOFA when the general income recognition criteria are met (5.10 to 512 FRS102 SORP)
. Tax reclaim on donations and gifts
Gift Aid receivable is included in the income when there is a valid declaration
from the donor. Any gift aid amount recovered on a donation is considered to be part of that gift and is treated in addition to the same fund as the initial donation unless the donor or the terms of the appeal have specified otherwise.
EXPENDITURE AND LIABILITIES
Liability Recognition
Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out resources and the amount of the obligation can be measured with reasonable certainty.
Grants and Support Costs
Support costs have been allocated between the governance costs and other support. Governance costs comprise all costs involving public accountability of the charity and its compliance with regulation and good practice.
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PHILADELPHIA INTERNATIONAL MINISTRIES
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31[ST] DECEMBER 2020
Creditors
The charity has creditors which are measured at settlement amounts less any trade discounts.
ASSETS
Tangible Fixed Assets for use by the charity
They are capitalised if they can be used for more than one year. They are valued at cost. The depreciation is calculated at 20% reducing balance method.
Debtors
Debtors are measured on initial recognition at settlement amount. Subsequently they are measured at cash.
.
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PHILADELPHIA INTERNATIONAL MINISTRIES Notes to the accounts for year ended 31st December 2020
2 Tangible Fixed Assets
| Cost At 01/01/2020 Additions At 31/12/2020 Depreciation At 01/01/2020 charge for the year At 31/12/2020 NBV 31/12/20 NBV 01/01/20 |
Van Instrument Fix & Fitt Equipment Total 2020 £ £ £ £ 15417 2256 249 10986 28908 5000 0 0 0 5000 |
|---|---|
| 20417 2256 249 10986 33908 3083 1497 121 5813 10514 3467 151 25 1034 4677 |
|
| 6550 1648 146 6847 15191 12334 608 103 4139 18717 0 759 128 5173 18394 |
3 Cost of Activities in furtherance of Charity's Objectives
| Hire of Hall Pension Transport Speakers expenses Mission Salary National insurance Church house costs Hospitality Supplies Subscription Hire of equipment Conference costs Rates Stationary & Printing Depreciation Charity Welfare Media services Caretaker costs Advert Total |
2020/£ 2019/£ 400 4450 972 891 0 465 2819 4600 544 1700 8432 9327 0 0 4500 4950 1500 1650 216 0 425 125 0 160 0 1650 495 0 0 292 4677 4597 0 400 0 173 115 0 0 50 0 173 |
|---|---|
| 25095 35653 |
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PHILADELPHIA INTERNATIONAL MINISTRIES Notes to the accounts for year ended 31st December 2020
4 Other Costs
| Accounting services Insurance Total Salary Tax/Ni Total |
2020/£ 2019/£ 456 569 893 838 1349 1407 2020/£ 2019/£ 8432 9327 0 0 _______ 8432 9327 |
2020/£ 2019/£ 456 569 893 838 |
|---|---|---|
There was 1employee who was paid through PAYE system. No employee earned more than £15,000 in the year.
5 Creditors: amounts falling due within one year
| 2020/£ | 2019/£ | ||
|---|---|---|---|
| Creditors | 112 | 0 | |
| Bookkeeping services | 360 | 372 | |
| Total | 472 | 372 | |
| **6 ** | Debtors and Prepayments | 2020/£ | 2019/£ |
| Debtors | 0 | 0 |
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