Global Harvest Church (london)
Charity No. 1129288
Company No. 05484475
Trustees' Report and Unaudited Accounts
30 June 2021
Global Harvesl Church Llondon) Contents Pages 2to4 Trustees, Annual Report Independent Examlnert Report Statement of Flnanclal Activities Summary lftcome and Expendlture Ac¢ount Balance Sheel Motes to the Accounls 9t014 Detalled Statement of Financial Actmtles 15to16 Page 1
Global Harvesl Church (london) Trustees Annual Report The Trustees, who are also directors of the chartiy for the purposes of the Companles Act 2006, present thelr report with the unauflited financial stalements of the chartiy for the year ended 30 June 2021. REFERENCE AND ADMINISTRATIVE DETAILS Company No. 05484475 Charlty No.1129288 Principal Office 28 Panyers Gardens Dagenham Essex RM10 7FG Essex RM107FG Registered Oflice 28 Panyers Gardens Dauenham Essex RM107FG Olrectors and Trustees The Dlrectors ol the charitable company are its Trustees tor the purposes ol Charity law. The followlno.Dlrectors and Trustees seNed during the year: R.0. Adegbuyi 0.0. Kosoko O. Osinuga 8.0. Thomas Key Managemenl Personnel Pastor In charge Accountants Bayo Osinuga Inlrachartered Ltd 85 Great PortlarKI Stieet London WIW 7LT Bankers HSBC 53 Hight Street Grays Essex RM176NH Page 2
Global Harvest Church (london) Trustees Annual Report OBECTIVES ANO ACTIVITIES The purpose of the charlty as set out In its governing document are- The Advance ol the Chrlsllan rellglon and to relieve poverty and skkness in accordance wlth Chrlstian prlnclples In the Unlted Klngdom and In such other parts of the worl1 as the Trustees may from lime to time thlnk ltt. The main activities undertaken in relation to those purpo$e$ included= 1. Provlslon of Weekty Church Services on Sunday to mlnistei lo the physlcal. spiritual and material needs of the congregants. 2. Provlsion ot Speclal Events and Meetings to meet the specillc needs of taryet groups In the Church such as Men. Women. Youth and Children. 3. Working wlth other Christian agencies and Churches In London to advance Ihe preachlng of the Gospel. 4. Provlslon ot Pastoral Care lor Congregants and other members ot the communlty How Our ActSvltles Delfver Publlc Benefit Our main activities and who we try to help are destrlbed below. All our charltable actlvllles focus on Ihe advancement of the Chrtstlan relhJEon and the relief of poverty and s*kness. Who used and beneflted from our Services? Our Church Servlces are presented with both the regular congregant and the vlsitor or seeker In mSnd. We ffllni5ter to the physical. mental and spiritual needs of the whole man In our seNlces givlng speciflc conslderatlon lo the seekers or newcomers In our midst who may nol necessarlly have a church background and as such may not understand the processes and procedures of Chrlstlanlty. Durlng the year the Charlty was unable to carry on Its operallons as normal due to the UK Government's Covld-19 lockdown and shelterlng advlce. Weekty onllne only seNices were held to continue to ministei to to the physlcal. splrftual and materlal needs of the ¢ongreuants as a result ol the GGveTnments Covbd-19 sheltering guldellnes. Online personal development and people empowerment progranlmes where held tor Men and Women, as well as for married couples and for unmarried individual& The ¢hurcN provided splrltual. emotlonal and physical support to members of the congregatlon that were adversely aflected by the Covid-19 pandemlc. ACHIEVEMENTS AND PERFORMANCE Despite the challenging environment posed by the pandemic the Church conllnued to carryoul Its aclNftles, ¢arrying oul a number of special events catering to dlfferent demography's Includlng men. women. chlldren. married and unmarried Indlvlduals. ProvH5ing physirAI. spiritual and mateflal Succour durlng the perlod. FINANCIAL REVIEW Aualnst the backdrop of the Covkl-19 pandemlc and the dllllcult economtc elimate we have been successful In raising a total income 01 £37.953. {2020- £52,538) representlng a 28% reductlon In Income. Page 3
Global Harvest Church (london) Trustees Annual Report The Board of Truslees has examlned the Charitys requlrements for reseNes in light of the maln rlsks to the organisation. It has established a policy whereby the unrestricted funds not Commltted 01 Invested In tangible flxed assets held by the chaiity should be between 3 and 6 months ot the expenditure. The expendlture fol Year ended15 £32730.12020'. £45.155) and therefore Ihe targeted reserves should be between £8183 and £16.365 in general fund& The reserves are needed to meet Ihe working capital fequlrements of the charlty and the trustees are confldent that the cuirent levels of reserves at £23.579 is more than sufltcienl to enable the charity to f ontlnue Its rurrent actlvltles desptte the nlflcant drop In fundlng. PLANS FOR FUTURE PERIODS The Charlty Plans to conllnue the aclfvltles outllned above In the forthcomlng years subject to satlsfactory funding arrangements. Plans are also belng developed to become more actNe within the Dartlord communlty STRUCTURE. GOVERNA14CE AND MANAGEMENT Governlng Document The Organtsation is a Charrtable company Ilmited by guarantee. In¢orpofated on 20th June 2005 The company was established under a Memorandum of Associalion whlch establrihed the obiects and powers of the chafltable company and 1$ governed under Its Artkles of A&8oclation. In the event of the company wound up members are required to contrlbute an amount not exceedlno £10. Recrultmenl and Appointment ol Trustees The directors of the company are also charity trustees lor the purposes of charlty law and under tlie company Articles are known as trustees. Under the requirements of the Memorandvm and Articles of Assoclatlon. the trustees are elected to serve for a perfod ol Ihree year5 after wttlch they must be re-elected at the next Annual General Meeting. All trustees gfve thelr tlme voluntarfty and recefve no benellts from the charlty. Due to the nalure of Church work. Irustees appointed have been so selected on Ihe basFS ol their faith. strenllih of character, skllls set In the area of buslness management and growlh and commitment to the v vlslon of the charlty. T.he Trustees are responslble for keeping proper accounting records thal dlsclose wlth reasonable accuracy at any tlme the tlnanclal posltlon ot the charity and to enable them lo ensure Iliat the flnanclal statements cofflpty wlth the Companies Act 201IS. The Trustees are atso responslble for safeguarding the assets of the charity and hen¢e taking reasonable steps lor the preventlon and delectlon of fraud and other IrTegularitles. The above report has been prepared in a¢¢ordance wilh the provisions applicable to companles subject to the small companles regime as set out In Part15 of the Companle$ Act 21x16 al in accordance wlth the Charities SORP (FRS 102). stgned on behalf of the board 0.0. K050ko Trustee 19 March 2022 Paoe 4
Global Harvest Church (london) Independent Examiners Report Independenl Examiner's Report to the trustees of Global Harvest Church {london) report to the charlty trustees on my examlnation of the accounts of Global Harvest Cliurch Ilondoni for the year ended 30 june 2021 which comprise the Statement of Flnanclal Activlties, the Summary Income and Expenditure Account. Ihe Balance Sheet and the related notes. Responslbilities and basis of report As the trustees of the charlty land atso Its dlrectors forthe purposes ol company law} you are responslble for the preparation of the accounts In accordance wlth the requlrefflents of the Companies Acl 2006 {'the 2006 ACL Having satlslled mysell that the accounts ol the charlty are nol required to b& audSted under Part16 of the 2006 Act and are eligible tor independent examination, I report In respect of ffly examlFratlon ol your charity's accounts as carried out under section 145 of the Charities Act 2011 (the 2011 Act'l. In carrying out my examlnatlon I have lollowed the Directions glven by the Charlty Commisslon under Section 145(5}(b} of the 2011 Act. Independent examinerts Statement I have completed my examlnatlon. I rAll Confimi thal no materlal Matte have tome to my altentlon In connectlon with the examlnallon gfving me cause lo belleve thal.. • accountlng records were not kept In accordance wSth section 386 of Ihe 2006 Act . or • the accounts do nol accord with those records- or the accounts do not compty wlth the accountlno requlrements under sectlon 396 01 the 2006 Act other than any requlrement that the accounts give a'true and fair view whlch Is not a matter consldered as part of an Independent examination- or • the accounts have not been prepared in accordante with the Charitles SORP IFRS 102). l.have no concerns and have ¢ome acfOSS no other matters In connectloTr wlth the examlnatlon to whlch attention should be drawn In thls report In order to enable a proper untlerstandlno of the accounts to be reached. Oluseye Mabogunje FFA. FIPA Intrachartered Ltd 85 Great Portland Street London W1W7LT 19Maich 2022 Page S
Global Harvest Church (london) Statemenl ot Financial Aclivities for the year ended 30 June 2021 Unrestrided funds Total funds Total funds 2021 2021 2020 Notes Incoffle and endowments Irom- Donations and leoacles Investments 37.934 37.934 52.538 Total 37.935 37,935 52.538 Expenditure on- Charitable acttvities Other 24.227 8.503 32.730 24.227 8.503 32.730 27.963 17.192 45,155 Total Net galns on Investmenls Nel in¢ome 5.205 5,205 7.383 Transfers between lund$ Net in¢ome before other gainsll10&8es) 5.205 5,205 7,383 Other galNs and losses Net movement in funds 5.205 5.205 7.383 Reconciliation of funds.. Total funds brought forward 23.759 23,759 16.376 Total funds carried torward 28.964 28.964 23,759 Page 6
Global HaNest Church Llondon} Summary Income and Expenditure Account for the year ended 30 June 2021 2021 2020 Income 37.934 52,538 Interest and Investment Incorne Gross Income for Ihe year Expendlture 37,935 28.773 52.538 45,155 Oepreciation and charges lor Impairment of fixed assets 3,957 2,001 Total expenditure lor the year Net income belore tax loi the year 32.730 5.205 47,156 S.382 Net income for the year S.205 5,382 Page 7
Global Harvest Church (london) Balance Sheet at 30 June 2021 Company No. 05484475 Noles 2021 2020 Flxed assets Tangible assets 10 9,871 9.871 6.057 6.057 Current assets Cash at bank and In hand 19.903 19,903 {810) 19,093 28.964 28.964 18.506 18.506 18041 17,702 23,759 23,759 Creditor3.' Amount lalling due wllhln one year Net current assels 11 Total assets less current liabllltles Net assels excludlng pension asset or liability .T.otal net assets 28.964 23.759 The funds ol the charity Restrlcted funds Uftrestricted tund$ General funds 12 12 28.964 28.964 23,759 23,759 Reserves 12 Total funds 28.964 23,759 These accounts have been prepaied in accordance with the speclal provtsions of Part15 of the Companles Act 2006 relatlng to small companies. For the year ended 30 lune 2021 the company was entitled to exemption under sectlon 477 of the Companies Act 2006 felatlng to small companies. The members have not requlred the company to obtaln an audlt in a¢eordance wlth section 476 of the Companles Act 2006. The directors acknowledge thelr responslbllities for complying witn the requirements of the Companies Act 2(M)6 wlth respect to accountlng record$ and the preparation ol account Appio¥ed by the board on 19 March 2022 And signed on its behalf by: 0.0. Kosoko Trustee 19 March 2022 Page 8
Global Harvest Church (london). Notes to the Accounts for the year ended 30 June 2021 1 Accountlng policles Basls of preparatlon The financlal statemenls have been prepared In accofdance with Accountlng and Reportlng by Charltles= Statemenl ol Recommended Practice applicable to charities preparlng ihelr accounts in accordance wit Ihe Flnanclal Reporting Standard appllcable In the UK and Republk ol Ireland IFRS1021 leffecllve 1 January 20151 (Charities SORP IFRS10211, the Flnanclal Reportlng Standard applicable in Ihe UK and Elepubltc ol Ireland IFRS 1021 and Ihe Companies Act 2006. Change in tsasis of accounting or to previous a¢counls There has been no change to the accounting policles Ivaluatlon rules and method of accounting) slnce last year and no changes have been made to accounls for Pfevlous years. Fund accountino Unrestricted lunds These are avallable for use at the dlscietlon of the tTVStees In furtherance of the general obiects of the charity. Desionated lunds These are unrestrtcted lunds earmarked by the trustees for particular purposes. Revaluation funds These are unrestrkted funds which include a revaluation reserwe represenllng ihe iestatement of Investment assets at their market values. These are available for use subject to restrictions imposed ty the donor or Ihrough terms of an appeal. Restrlcted funds Income Recoonltlon ol income Income Is Included In the Statement ol Financlal Actlvltles (SOFA) wheft the Charlty becomes entitled to, and ¥lrtualty certain to receive. the Income and the amount of the income can be measured wilh sulliclent iellablllty. Income wlth related Where Income has related expenditure the income and related expendlture ts expenditure reported gro In the SOF Donatlons and legacies Voluntary In¢orne re¢elved ty way of grants. donatlons and glfts Is Included In the the SOFA when re¢elvable and only when the Chariiy has uncondilional entitlement lo the income. Tax reclalms on Income from tax reclalms Is included in the SOFA at the same Ilme as the donations and gifts glftldonalion to whlch it Tel3tes. Donated 5erviGes These are onty included in income (with an eqvfvalenl amount In expendlturel and faclllties where the benellt to the Charlty Is reasonabty quantifiable, measurable and matetlal. Volunteer help The value of any volunteer help received is not included in the a¢¢ounts. Investment Income This Is Included in the accounts when recebvable. Galnslllossesl on Thts includes any gain or loss iesultlng Iiom revalulng Investments to market value ievaluation of fixed at the end of the year. assets Galnslllosses) on Investment assets Thts includes any galn or loss oft Ihe sale of illvestments. Page 9
Global Harvesl Church (london) Notes to the Accounts Expenditure Recognillon of expendfture Expendlture is recognised oft an accruats basls. Expendilure includes any VAT which cannot be fulty recovered. and Is Teported as part of the expendllure to whlch It relates. Expenditufe on These ¢omprlse the costs associated wltfl attractlng voluntary Income, fundralslno r31slng funds trading costs and Investment management Costs. Expendllure on These comprise the costs incurred by the Charlty In the delNery of Its actfvitles and charllable actlvStles servlces in the furtherance of Its objects. including the making of grants and governance costs. All grant expendlture Is accounted lor on an actual pakl ba51s plus an accrual for grant5 that have been approved by the tiustees at the end of the year but not yet pild. These Include Ihose costs assoclaled with meeting the ¢onstitutlonal and statutory requlremenls ot Ihe Charlty. Including any auditlindependent examinatlon fees. costs Ilnked to the strateglc management of the CharSty. together wSth a share of other admlnistrallon costs. Other expendlture These are support costs nol allocated lo a particular activlty. Grants payable Governance costs Taxation The charlty is exempi from corporatlon lax on its Charitable a¢tlvilies. Tanglble flxed assets and depreciation Depreciatlon Is provided al the following annual Tltes In older to wrlle off each asset over Its estlmaled useful life: Flxed Assets 25%% Stralght Ilne Flxed assets (excludlng Investments) are staled at cost less accumulated depreclallon. The cost ol minor addilions or those costino below £1000 are not capitallsed. Depreciation Is provlded at lates calculated to write off the cost of each asset over it5 expected useful life, whlch In all cases Is e5timaled al 4 years. Trade and other debtor$ Trade and other deblors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepahl net ol any trade dlscounts due. Cash and cash equivalents Cash and cash equlvalents cofflprise cash at bank and on hano. demand deposlts wlth banks and other short.term hlghly Ilquld Investments with original maturities of three months or less and bank overdrafts. In Ihe statement of Ilnanclal posltlon. bank overdrafts are shown WFthln borrowings OT currenl liabilitles. In the Statement ol Cash Flows. cash and cash equNalents are shown net of bank overdrafts that are repayable on demand antl form an Inteural part ol Ihe company* cash management. Trade and other creditors Short term credltors are measured at the transactloTr prlce. Other creditors and PTOVi5ions are recognssed where the charlty has a presenl oblffjation resulting Irom a past event that wlll probabty result In the transfer of funds to a third paty and the amounl due to settle the obllgatlon can be measured or estlmaled rellabty. Credftors and provislons are noFmalty recognlsed at thelF settlement amount after allowino lor any trade dlscounls due. Page10
Global Harvest Church (london)_ Notes to the Ac¢ount5 2 Company slatus The company Is a prfvate company liffllted by guaranlee and consequently does not have share capltal. 3 Statement of FinanGial Activities- p,rioi year Unrestricted l.unds Total funds 2020 2020 In¢ome and endowments Irom- Oonatlons and legacles Total 52.538 52.538 52.538 52.538 Expendlture on: Ratsing funds Charltable actlvltles Other 7.864 27.963 9.328 45.155 7,864 27,963 9.328 Total 45.155 Net income 7.383 7.383 Net income belore other gèinsl{lossesl Other gains and losses.. Net movement in funds 7.383 7.383 7.383 7.383 Reconciliation of funds-. Total Funds brought forward Tolal tunds carried forward 16.376 23.759 16,376 23.759 4 Income from donatlons and legacies Unrestri¢ted Total 2021 Total 2020 Offering Tithe 13.401 24.533 37.934 13.401 24.533 37.934 52.538 52.538 5 Income from Inveslmenls Unrestricted Total 2021 Total 2020 Bank Interest Page 11
Global Harvest Church (london) Notes to the Accounts 6 Expenditure on charitable actNities Unrestricted Total 2021 Total 2020 Expendlture on charttable activities Pastor's Allowance SeNices, ministry and events costs Vislling mlnlstries Love glfts and donatlons Govemance costs Legal and professional costs- Independent Examination fees 12.219 12,219 9.158 9.158 18,419 5(M) 1.588 soo 1.588 5.740 3.048 762 762 756 24.227 24,227 27.963 7 Olher expendllure lJnrestri¢ted Total 2021 Total 2020 Administrative expenses premlses costs- Rent Sundry expenses Employee costs Motor and travel costs Amortlsatlon. depreclation. impairment. profiUIos5 on dlsposal of lixed assets General administrative costs Legal and prolessional costs 7.862 400 36 331 100 1.261 331 3.957 3.957 2.001 3.244 3.244 535 8,503 5.940 26 17,192 8.503 8 Net Income belore transfers 2021 2020 Thls ts stated after charglng: Depreciatlon ol owned flxed assets Independent Examlnefs fee 9 Stall costs No employee received emoluments In excess 01 £60.(#)O. 3.957 782 2,001 756 Page 12
Global Harvest Church (london). Noles to the Ac¢ounts 10 Tangible lixed assets Fixed Assets Total Cost or Tevaluation Al l Juty 2020 Addltlons At 30 June 2021 Depreciation and impairment At 1 July 2020 epreciatlon charge for the year At 30 June 2021 Net book values At 30 June 2021 At 30 June 2020 11 Creditor5'. amounts fallino due within one year 31.692 7.771 39.463 31.692 7.771 39.463 25.635 25.635 3.957 3.957 29,592 29.592 9.871 6.057 9.871 6.057 2021 2020 Other credlto 810 810 804 804 12 Movement in funds Incoming cesources Oncluding other At 1 Juty gainsllosses 2020 Resources At 30 June expended 2021 Restricted funds- Unrestricted lunds.. G'eneral funds Revaluatlon ReseNes-. 23.759 37.935 (32.7301 28.964 Tolal funds 23.759 37.935 {32.7301 28.964 Page 13
Global Harvest Church Ilondonl Noles to the Accounts 13 Analysis of nel assets between funds Unrestricted lunds Total Fed assets Net current assets 9.871 19.093 28.964 9,871 19,093 28,964 14 Re¢onclliation of net debt At1lY 2020 At30June 2021 Cash flows Gash and cash equlvalents 18,506 18.506 1.397 1,397 19,903 19.903 Net debt 18,506 1,397 19.903 15 Related party dlsclosures Controlllng paty The company Is Ilmlled by guarantee and has no shale Capital- thus no slngle party ¢ontrols the company. Page 14
Global Harvest Church Llondonl Detailed Stalement of Financial Activitles for the year ended 30 Jjne 2021 Uniestrlcled lunds Total funds Total funds 2021 2021 2020 Incorne and endowmentsfrorn: Donations and legacles Off erlnu rrthe 13,401 24.533 37,934 13.401 24.533 37,934 52.538 52,538 Investments Bank Interest Total Income and endowments 37.935 37.935 52.538 Expendlture on: Charitable activllies Pastort Allowance Setvices. minlstry and events costs Visitlng mlnlstrles Love gifts and donatlon$ 12,219 9.158 500 1.588 23,465 12,219 9,158 500 1,588 23,465 18,419 5,740 3.048 27,207 Governance Costs Legal and professlonal costs- Independenl Examlnation fees 762 756 762 762 762 756 Total of expendfture on charitable activities Other expenditure Admlnistratlve expenses premlses costs- Rent Sundry expenses 24.227 24,227 27,963 7.862 400 400 400 400 7,864 Employee costs Stafl tralnlng 36 36 100 100 36 Motor and travel costs T,ravel and subststence 331 331 331 331 1.261 1.261 General admlnlslratfve costs, Includlng depreclatSon and afflorti5ation Depreclatlon ol Fixed Ats 3.957 3,957 2,001 Page.15
Global Harvest Church (london) Detailed Slatement ol Financial A¢tivilies Bank charges Equlpment expensed Informatlon and publlcations Postage and couriers Software. IT support and related costs Telephone. f&x and broadband 308 963 1,922 1,694 1,242 91 1.110 493 7,201 1.242 91 1.110 493 7.201 1.120 177 7,941 Legal and professlonal cosis Consultancy fees Other leoal and professional costs 509 26 535 509 26 535 26 26 Tolal of expenditure of other costs 8.503 8,503 17.192 Total expendlture Net galns on investments 32.730 32,730 45,155 Net in¢ome 5.205 5,205 7.383 Net intome before other qainsl(losses) Other Galns 5.205 5,205 7.383 Net movement In funds 5.205 5.205 7.383 Reconclllation of funds: Total funds brought forward 23,759 23,759 16,376 Total funds carried lorward 28,964 28,964 23,759 Page 16