Global Hafvesl Church (london) Charity No. 1129288 Cofflpany No. 05484475 Trustees, Report and Unaudited Accounls 30 June 2ff23 ¥ACZT 21 2810Y2024 COMPfvNIES HOUSE
33
Global Harvest Church (london) Contenls Pages 2to5 Tru$lees' Annual Report Independent Exarninert Report statement ol Financial Activities to6 to7 Summary Incoffle and Expenditure Account Balance Sheet to8 to9 Statement ot Cash flows tolo Notes to the Accounts 11to16 Detailed Statement of Financial Activities 17to18 Page1
Global Harvest Church (london) Truslees Annual Report The trustees, who are a150 directors ol the charity loi the purposes ol the Companies Act 2006, present Iheir report with the unaudited financial statements of the charity lor the year ended 30 June 2023. REFERENCE AIIO ADMINISTRATIVE oAlLs Company No. 05484475 Charity No. 1129288 Principal Office 83 Lime Grove dcup Englalld DA15 8PH Registered Office 83 Lime Grove Sidcup DA15 8PH Directors and Trustees The Directors ol the charitable cofflpany are ils Trustees lof the purposes ol charity law.- The following Directo and Trustees served during the year. R.0. Adeobu 0.0. Kosoko O. Osinuga B.0. Thomas Key Management Petsonnel Minister in Charge Accountants Pastor Bayo Oslnuoa Intra¢hartered Ltd 82a James Carter Road Mildenhall. Sulfolk IP28 7DE Bankers HSBC 53 Highl Street Grays Essex RM17 6NH OBJECTIVES ANO ACTIVITIES Page 2
Global Harvest Church (london) Trustees Annual Report The purpose of the charity as set out in its governing document are lo.- Advance the Christian religion and to relieve poverty and sickness in accordance with ChtIan principles ill the United ngdoffl and In suctt other parts of the world as Ihe Trustees may Iroffl lime to tiffle think fit. T.0 preach the gospel in the city of London wilh an operalional tocus in the Borou of Dartford. KenL The Focus of Our WoTk Our main obje¢lives lor the year conlinued to be the advance ol the Christlan religion and the reliel ol poverty and sieknes5. We have reterred to the guidance contained in the Charity COMMtson'S general guidance on public benefit when reviewing our aims and objectives and in Planning our future acb'vities. In particular. the trustees consider how planned activities will contribute lo the alms and objeclives they have set. The slrategies we used to meet these objectives duting the year Included= P.rovislon ot Weekty Church SeNices on Sunday to minister to the physical. spiritual and material needs ol the congregants. Provision ol Special Events and Meetings to meet the specific needs ol target groups In the Church such a5 Men. Women. Youth and Children. Focuslng on the Material needs of certain members undergoiThJ dillicull financlal situatlons due to changes In Ihe economic situatlon. Working with other ChrTrstian agencies and Churches IR London to advance the preaching of the Gospel. Provislon ol Pastoral Care loi Congregants and other members of the community Missionary and Outieach Work ACHIEVEMENTS AND PERFORMANCE Some of the signilicant events that took place during the year are as lollows-. l. Funfest.. The Church organised a summer event titled 'Funfesl' on 23rd July 2023. The event brought together the residents ol The Bridge and the Dartlord community for the purpose ol lellowship, listening to teachlng. equipping membets of Ihe public. and servtng the Dartlord community in their failh joumey. It was also an opportunity to have fun together as a community and to better manage any unGonlTolled bias. 2. Volces Concert= The Church organised a muslcal concert titled 'Voices'. Thi5 event helped us teach. Insplre. and profflote musical glfts and talents among the young adults in the community we serve. We created a safe space and atmosphere through the unique power ol music lor our congregants and visilors who have not yet settled in any church. allowing them lo heal. unwind physicalty, emotionally. and spiritually. 3. Your first 90Days in the UK: An online event was held by Ihe church to assist lamilies who.had recently relocated to the United Kingdom. It provided guidance to new immigr3nts on UK culture and norms. making friends and contfibuting to their communities. choosing a career path. achieving a work lite balance as well as addressed their spiritual. mental. and soclal needs. 4. Shop for free event.. The Church in partnership with the Bexley Food Bank held a -shop for Free" event where members ol the Dartford community and its surroundings could shop lor lood, sanitary items, and clothing at no cost. The event took place on 31st December 2023 at 7 pm..Our goal was lo encourage congregants lo give back lo the community. fosler a culture ol generosity within our church, and support struggling families by alleviating basic needs and addressing poverty. 5. Pastoral Care.. The Church provided Pastoral C31e to corwjregants and community members through weekty on-line pr3yer meetin, Bible study. and visits to church members to check on their well-being. A(1dltlonally. the church hosted several peFsonal developffleni programs lor couples. men and women, Ihrou9hout the year which were open to the general public. Page 3
Global Hafvest Church Ilondonl Tru51ees Annual Report RNANCIAL.REVIEW In the year ending on 301h lune 2023. the Gross Income. was £93.730. compared to £64.022 in the previous year (20221. Total expenditure was £84.856 compared to £45.324 in the previous year. Consequently, despile Ihe revenue growth, the Net Income declined from £18.698 10 £8.874. This reduction can be altributed Primarily lo the increased activilies undertaken duting the review year compared lo the previous year. The Board of Trustees has examined the Charityts requirements for reseples in lioht ol the main risks to the organisation.11 has established a policy whereby the unrestricted funds not committed or invested in langible lixed assets held by the charity should be between 3 and 6 months ol the expenditure. The expenditure lor Year ended 30 June 2023 amounted to £84.856. and therefore the targeted reserves should be between £21,214 and £42.426 in general funds while current reserves are £56536. The reserves are therefore more tttan enough to meet the working capital requiremenls ol the charity and the trustees are confldent Ihat at this level they would be able lo Continue the current activities of the Charity in the event of a sjgnificant drop in lunding. The principal lunding sources of the charity and how it supports the charity's key Dbjecttves are currently by way ot Donations and Grfts from congregants through the oflering basket passed durirNJ Church servlces and or congregants giwng their ollerinss online Ihrough our bank details. PLANS FOR FUtURE PIODs The Charity Plans Gontinuing the actmlies oullined above in the forthcoming years subject to satisfactory tunding arra[eMents. Plans are also being developed to becoffte more actfve within the Dartford community- STRUCTURE. GOVERNAIKE AND MANAGEMEKr Go¥erning. Ducument The Organisalion is a charttable company limited by guarantee. incorporated on 20th June 2005 The company was established under a Mefflofandum ol Association which established the objects and powers ol the charitable company and bs governed under its Articles ol Association. In the event of the Company wound up fflembers are required to contribute 3n amount not exceeding £10. Re(rnitment and"AppoiThtment of Trustres The directors of the cofflpafiy are a150 charity truste for the purposes of charity law and ijnder the COpanY'S Articles are known as truslees. Under the requiiements ot Ihe Memorandum and Articles ol Association the trustees are elected to serve for a period ol three Yea after which they must be re-elected at the next Annual General Meeting. All trustees give theif time voluntarily and receive no benefits from the charity. Due to the nature of Church work, tfuslees appointed have been so selected on the basis ol their faith. Strength ol character, skills set in the area of busine&8 management, growth and commitment to the vision of the charity. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial p051tion of the charity and to enable theffl to ensure that the linancial statements comply with the Companies Act 2iJ)6. The Truslees are also responsible for safeguarding the assets ol the charity and hence taking reasonable steps lor the prevention and delectlon ol fraud and other irreoularitles. Page 4
Global HaNesl Chtsrch Ilondonl Trustees Annual Report The above report has been prepared in accordance wtth the provisions applicable to companles subject to the small companies regime as set out in Part 15 of the Companies Act 21]06 and in accordance wilh the Charities SORP IFRS102). Signe n behalf of the board soko Trustee 27 March 2024 Page.5
Global Harvest Church (london) Independent Examiners Report Independent Examiner's Report to the trustees ol Global Harvest Church (london) I report to Ihe charity trustees on ffty examination of the financial statements ol Global Harve51 Church Ilondonl lor the year ended 30 June 2023. Responsibilities and basis of report As the charity's trustee5 of the Company land also its directors for the purposes ol cornpany law) you are responsible for the preparatlon of the flnancial statements in accordance with the requlrefflents of the Companies Act 20061.the 2006 Act. Having satislied myself that the financial slatements of the Charity are not reouired to be audlted under Part 16 of the 2006 Act and are eligible fof indepen(1ent examination. I report in respect ol my examination of your charity's financial statements as carried out under section 145 of Ilre Charities Act 2011 ('the 2011 Act'i. In carrying out my examinatlon I have followed Ihe Directions given ty the Charity Commission under section 145151 Ibl of the 2011. Act. Independenl examinef$stalement I have completed ry exafflinalion. I can ¢onlimi that no material matteryJ have come to my attentlon in connection wilh the examination glving me cause lo believe: - accounling records were nol kept in accordance with section 386 of thE 2006 Act-. or Ihe financial slalements do not accord with those records- or the financial slalements do not compty wilh the accounting requirements under seclion 396 of the 21J)6 Act other th3n any requirement that the financial statements give a true and lair, view which is not a matter considered as part of an independent examination- or the financi31 statements have not been prepared in accordance with the methods and principles ol Ihe statement of Recommended Practice for accounting and reporting by Charities applicable to charitie& preparing thelr accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021. I have no concerns and have come acioss no other matters iThconnection wlth the examinalion to which attention should be drawn in thls report in order to enable a proper understanding ol the Ilnancial statements to be reached. Oluseye Mabogunje FIFA. FIPA Intrachartered Ltd 82a James Carter Road Mildenhall. Suflolk IP28 7DE 27 March 2024 -4•PIS••S Paue 6.
Global Harvest Church {london} statement of Financial Activilies for the year ended 30 June 2023 Unieslricted funds Total funds Total funds 2023 2023 2022 Notes Income and endowments from- Donations and legacies Investments 93.477 253 93.477 253 64.018 Total .93.7.30 93.730 64.022 Expenditure on-. Ch3ritable activities 74.785 10.071 .84.856 74.785 10,OF1 84,856 32.095 -13,229 45.324 To.tal Net gain5 on investments Net income 8.874 8.874 18,698 Transfers between lunds Net income before other gainslllosses) 8.874 8.874 18.698 Other gains and losses Net fflovernent in funds 8.874 8,874 18.698 Reconciliation ol.funds'. Total lunds brought lorward 47,662 47.662 .28, Total funds carried forward 56.536 56.536 47,662
Global Harvest Church Ilondon) Summary Income and Expenditure Account lor the year ended 30 lune 2023 2023 2022 Income 93.477 fA,018 Interest and Investment 1come 253 Gros5 incoffle foi the year Expenditure 93.730 80,745 64.022 39.842 Depreciation and chaiges for impairment ol fixed assets 4,111 5.482 Total expendilure for the year Net income belore tax lor the year 84.856 8,874 45.324 18,698 Net Income for the year 8.874 18.698 Pdoe 8
Global Harvest Church (london) 8alan¢e Sheet at 30 June 2023 Company No. 05484475 Notes 2023 2022 Fixed assets Tangible assets 10 12.333 12,333 16.444 16.444 Current assets Cash at bank and in hand 47.278 47.278 {3.0751 44,203 56.536 56,536 32,058 32.058 (840) 31.218 47.662 47.662 Credltors.. Amount falling due wlthln one year Net current assets 11 Total assels less current liabllitles Net assets excluding pension asset or liability Total net assels 56.536 47.662 The f unds of the charity Restricted funds Unrestricted funds General funds 12 12 56,536 56.536 47.662 47.662 Reserves 12 Total funds 56.536 47.662 These accounts have been prepared in accordance with the special provtsions ot Part 15 01 the Companles Act 2006 relating to small companie For the year ended 30 June 2023 the company was entitled to exemption underseclion 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. The directofs acknowledge their responsibilities for comptying with the requlremenls ol the Companies Act 20( with respect to accounting records and the preparation of accounts. Approved by the board on 27 March 2024 And signed on its behalf by- 0.0. K050ko Trustee 27 March 2024 Page9
Global Harvest Church (london) Statement ol Cash flows for the year ended 30 lune 2023 2023 2022 Cash Ilows from operating activities Nel income per Statemenl of Financial Activities 8.874 18,698 Adjustmenls for.. Deprecialion ol property. plant and equiptnenl Diwdends. interest and rents from investments Increase in trade and olher payable5 4,111 {2531 2.235 5,482 141 Net cash provided by operating activities 14.%7 24,206 Cash flows from investing activitie5 Dividends. interest and rents from investments 253 Net cash froml(used inl investing activities 253 112.0511 Net cash trom financing activities Net increase in cash and Cash equivalents 15.220 12.155 Cash and cash equivalents al the beginning of Ihe year 32,058 19,903 Cash and cash equivalents al the end of the year 47.278 32.058 Components of cash and cash equivalents Cash and bank balances 47.278 32.058 47.278 32.058 Page 10
Global Harvest Church Oondon) Notes lo the Accounts lor the year ended 30 June 2023 1 Accounting policies Basis of preparatio The financial statements have been prepared in accordance with Accountlng and Reportlng by Charilies.. Statement of Recommended Practice applicable to charities prepaiing their accounts in accordance with the Flnancial Reporting Standard applicable in the UK and Republic ot Ireland IFRS 102) {elleclive1 January 2015) - (Charities SORP IFRS 1021), the Fillancial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) and the Companies Acl 20(. Change in basls of accounting or to previous ac¢ounts There has been no change to the accounting policies (valuation rules and method ol accountlngl slnce last year and no changes have been made to accounts lof previous year5. Fund accounting Unrestricted funds These are available for use at the discretion ol the trustees in furtherance of the general obiects of the charity. Designated funds These are Unfestricted funds earmarked by the trustees for particular purposes. Revaluation funds These are unrestricted funds which include a ievaluation reserve representing the restatement of investment etS at their tnarket values. These aTe available for use subject to restrictions imposed by the donor or thfough lerms ol an appeal. Restricted funds Income Recognilion of income Income is Included in the Statemenl of Flnancial Activities {SoFAI when the ch3rlty becomes entitled to, and virtually certain to receive. the income and the amount of the income can be measured with sulficienl reliabillty. Incoffie with related Where incotne ha5 related expenditure the income and related expenditure 15 expenditure reported gross in the SOF Donations and legacies Voluntary income received by way ol grants. donations and gifts is included in the the SOFA when receivable and onty when the Charlty has unconditlonal enlitlemenl to the income. Tax reclalms on Income Irom tax reclaims is Included in the SOFA at the same time as the donations and gifts gittldonation to which it relates. Donated services These are only included in income (with an equivalent amount in expenditure) and facllllles where the beftelil to the Charity ts reasonably quanttliable, measurable and fflaterial. Volunteer help The value of anyvolunteer help receNed is not included in the a¢counts. Investment income This is included in the accounts when recetV3ble. Gainslllos5esl on This includes any gain or loss resulting Irom revaluing inveslments to market value revaluatlon of tixed at the end ol the year. assets Galnslllossesl on investment a&8ets Thts includes any galn or loss on the sale ol Investmeftls. Taxation The charity is exempt froffl corpordtion tax on its charltable activilies. Page 1.1
Global Harvest Church Ilondonl Noles to the Accounts Tangible lixed assets and depreciation epfeciation is provided at the tollowing annual rates in order to write ofl each asset over its estimated uselul lile.. Church Fumiture & Equipment 25% Strdighl Line Trade and other debtors Trade and other deblors are recognised at the setllemenl amount due alter any trade discount olfere(l. Prepayments are valued at the amouni piepaid net of any ifade discounts due. Cash and caskn equivalenls Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liqtsid investments with original fflaturities ol three months or les5 and bank overdralls. In the statement of linancial position, bank overdralts are shown wilhin borrowings or current liabilities. In the Statement ol Cash Flows. ¢asTh and cash equivalent5 are shown net of bank overdfafts that are fepayable on Oemand and lorm an integral part of the companys cash management. Trade and other credilors Short term creditOf5 are measured al the transaction price. Olher creditors and provisions are recogniseil where the charity has a present obligation resulting Irom a past event that will probably result in the transfer ol lunds to a third party and the amount due lo settle the obligation can be measured or estifflaled reliabty- Creditor5 and pro$10n$ are nom)ally recognised at their setllemenl amounl atler allowing for any trade discounts due. Receipt of donated goods. lacililies and services All donateo goods. lacilities and serwces received are recognised within incoming resources and expenditure at an estimate of the value to the chaiity. 2 Company status The company is a privale company limited by guarantee and consequently does not have share capital. Page12
Global Harvest Church Ilondonl Notes to Ihe Accounts 3 Statement of Financial Activities- prlor year UnrestTlCted funds Total funds 2022 2022 Income and endowments from: Donations and legacies Investments 64.018 64.018 Total 64.022 64.022 Expenditure on- Charilable actiwties 27.382 17,942 45.324 27.382 17.942 Other Total 45.324 Net income 18.698 18.698 Nel income before other gain51(lo&se51 other gains and losse$= Net movement in funds 18,698 18.698 18,698 18.698 Reconciliation of funds= Tolal lunds brought forward Total funds carried forward 28,964 47.662 28,964 47.662 4 Incoffle froffl donations and legacies Unrestricted Total 2023 Total 20¥ Ollering Tlthe Sundry Income 49,657 40.555 3.265 93.477 49,657 40.555 3,265 93,477 42.955 20.565 498 64,018 5 Incoffle from Investments Unrestricted Total 2023 Total 2022 Bank Interest 253 253 253 Page1.3
Global Harvest Church (london} Noles to the Accounts 6 Expenditure on charitable activities Unrestricted Total 2023 Tolal 2022 Expenditure on charitable activities Pastor's Allowance Service. Ministry alld event costs Visiting Mini$tfies Love gilts and donatlons Governance costs Legal and prolessional ¢osts- Independent Examinalion fees 16.483 16,483 45.192 45.192 26.006 4,800 397 4.216 4.216 74.785 74.785 32.095 7 Other expenditure Unreslficted Total 2023 Total 2022 Employee costs Motor and travel costs Amortisation. deprecialion. impairment. profitlloss on dlsposal of fixed assets General administrative costs Legal and professional costs 219 2.085 219 2,085 2,692 432 4.111 4.111 5,482 3.526 130 10.071 3,526 130 10.071 3.210 1.413 13.229 8 Net income belore transfers 2023 2022 This is stated atter charging-. epreGiation ol owned fixed assets 9 Stall costs No employee received emoluments ift excess of £60,fJJO. 4.111 5.482 Page 14
Global Harvest Church (london) Notes to Ihe Accounts 10 Tangible fixed assets Church Fumilure & Equipfflenl Total Cost or revaluatio At1 July 2022 AI 30 June 2023 Depreciation and impairment At 1 luty 21)22 Depreclation charge lor Ihe year At 30June 2023 Net book values At 30 June 2023 At 30June 2022 11 Creditors.. amounts lalling due within one yeaf 51,518 51,518 51.518 51.518 35.074 35.074 4,111 39.185 39,185 12.333 16.444 12.333 16.444 2023 2022 Other laxes and social security Other credlto 2,235 840 3.075 12 Movement in funds Incoming resources (including other At 1 July galnsllosses 2022 Resources At 30 lune expended 2023 Reslricted funds- Unrestricted fvnds= General funds 47.662 93.730 184,856} 56,536 Tolal lunds 13 Analysis of net assets between fund5 47.662 93.730 (84,856) 56,536 Unrestricted tund5 Restricted lunds Tolal Fixed assets Net current assets 12.333 46.438 58.771 12.333 44.203 56.536 (2.2351 12.2351 Page'15
Global Harvest Church (london) htoles to the Accounts f4 Reconciliation ol net debt At 1 July 2022 At 30 Jtjne 2023 Cash Ilows Cash and cash equivalents 32.058 32.058 15.220 15.220 47,278 47.278 Net debt 32.058 15.220 47.278 15 Related party disclosures Controlling party The company is limtted by guarantee and has no share capital,. thus no single party controls the company. Page 76
Global Harvest Chltrch (london) Delailed Statement of Financial Activitie5 for the year ended 30 June 2023 Unrestricted funds Total lunds Total f unds 2023 2023 2022 Income and endowrnents from- Donations and legacies Olfering Tithe Sundry Income 49.657 40.555 3.265 93,477 49.657 40.555 3.265 93.477 42,955 20.565 64.018 Investments Bank Interest 253 253 253 253 Total income and endowments 93.730 93.730 64.0¥2 Expenditure on= Charltable activities Pasto¢s Allowance Service, Ministry and event costs Visiting Ministries Love gllts and donations 16,483 45.192 16,483 45.192 8,054 4.216 73.945 26,006 4,800 397 31.203 4,216 73.945 Governance costs Legal and professional cosls- Independent Examination fees 892 892 Total ol expenditure on chafitable actlvities 74.785 74.785 32.095 Employee cost5 Stall recruilment Slafl training Slall welfare 2.651 41 219 219 219 219 2,692 Motor and travel costs Travel and subsistence 2,085 2.085 432 432 General administrative costs. including depreciation and amortisation Depreciation of Church Furniture & Equipment Bank charges Equipment expensed 4.111 4.111 5.482 87 640 87 640 31 133 Page 17
Global Harvest Church (london} Detaile(I Statement ot Financial Activities Eouipment repairs and maintenance General insurances Inlormalion and publications Postage and couriers Soltware. IT support and related costs Stationery and printing Sundry expenses Telephone. lax and broadband 122 122 105 203 932 14 1,443 1.443 739 739 1.103 126 50 513 8.692 495 7,637 495 7,637 Legal and professional costs Accountancy and bookkeeping Solicitor's lees Other legal and professional costs 100 1,400 30 13 130 130 1,413 13,229 45.324 Total of expenditure of other costs Total expenditure Net gains on investments 10.071 84.856 10.071 84.856 Net income 8.874 8,874 18,698 Nel income belore other gainsl(losse$l Other Gains 8.874 8.874 18.698 Net movement in funds 8.874 8,874 18,698 Reconciliatlon of funds: Total funds brought forward 47.662 47.662 28.964 Total funds carried forward 56.536 56.536 47,662 Page18