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← Global Harvest Church (London)

2024-06-30-accounts

Global Harvest Church (london)

Trustees' Report and Unaudited Accounts

30 June 2024

Global Harvest Church (london) Contents

Pages
Trustees' Annual Report 3 to 5
Independent Examiner's Report 6
Statement of Financial Activities 7
Summary Income and Expenditure Account 8
Balance Sheet 9
Statement of Cash flows 10
Notes to the Accounts 11 to 17
Detailed Statement of Financial Activities 18 to 19

Page 1

Global Harvest Church (london) Trustees Annual Report

The trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the unaudited financial statements of the charity for the year ended 30 June 2024.

REFERENCE AND ADMINISTRATIVE DETAILS

Company No. 05484475

Charity No. 1129288

Principal Office

83 Lime Grove Sidcup England DA15 8PH Registered Office

83 Lime Grove Sidcup DA15 8PH

Directors and Trustees

The Directors of the charitable company are its Trustees for the purposes of charity law.

The following Directors and Trustees served during the year:

R.O. Adegbuyi

O.O. Kosoko

O. Osinuga B.O. Thomas

Key Management Personnel

Minister in charge

Pastor Bayo Osinuga

Accountants

Intrachartered Ltd 82a James Carter Road Mildenhall, Suffolk IP28 7DE

Bankers

HSBC 53 Hight Street Grays Essex RM17 6NH

Page 2

Global Harvest Church (london) Trustees Annual Report

OBJECTIVES AND ACTIVITIES

The purpose of the charity as set out in its governing document are to: * Advance the Christian religion and to relieve poverty and sickness in accordance with Christian principles in the United Kingdom and in such other parts of the world as the Trustees may from time to time think fit. * To preach the gospel in the city of London with an operational focus in the Borough of Dartford, Kent.

The Focus of Our Work

Our main objectives for the year continued to be the advance of the Christian religion and the relief of poverty and sickness.

We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives they have set. The strategies we used to meet these objectives during the year included:

ACHIEVEMENTS AND PERFORMANCE

Some of the significant events that took place during the year are as follows:

  1. Global Harvest Organised ‘End of year hangout for the ladies 2nd - 3rd Dec 2023 at De Vere Wakefield Estate, Reading. The married, unmarried and single moms benefit a great deal from the hangout. Ladies were able to unwind, pray, play and train [gym] together. This strengthened their physical and mental health, participation in community life which in turn helped to create positive change and contribute largely to our community.

  2. Global Harvest organised a men's gathering at De Vere Wakefield Estate, Reading for a three days retreat from the 15th - 18th March. This helped break away from daily grind and improve overall well-being. A sense of brotherhood and community emerged among participants. Through shared experiences, men developed bonds that transcend superficial interactions. Trust, mutual respect and shared commitment to personal growth was built.

FINANCIAL REVIEW

In the year ending on 30th June 2024, the Gross Income, was £130829, compared to £93,730 in the previous year (2023). Total expenditure was £132,294 compared to £84,856 in the previous year.

Page 3

Global Harvest Church (london) Trustees Annual Report

The Board of Trustees has examined the Charity's requirements for reserves in light of the main risks to the organisation. It has established a policy whereby the unrestricted funds not committed or invested in tangible fixed assets held by the charity should be between 3 and 6 months of the expenditure. The expenditure for Year ended 30 June 2024 amounted to £132,294, and therefore the targeted reserves should be between £33086 and £66,197 in general funds while current reserves are £55,071.

As such the reserves are enough to meet the working capital requirements of the charity for about 5 months and the trustees are confident that at this level they would be able to continue the current activities of the Charity in the event of a significant drop in funding.

The principal funding sources of the charity and how it supports the charity's key objectives are currently by way of Donations and Gifts from congregants through the offering basket passed during Church services and or congregants giving their offerings online through our bank details.

PLANS FOR FUTURE PERIODS

The Charity plans continuing the activities outlined above in the forthcoming years subject to satisfactory funding arrangements. Plans are also being developed to become more active within the Dartford community.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

The Organisation is a charitable company limited by guarantee, incorporated on 20th June 2005 The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company wound up members are required to contribute an amount not exceeding £10.

Recruitment and Appointment of Trustees

The directors of the company are also charity trustees for the purposes of charity law and under the company's Articles are known as trustees. Under the requirements of the Memorandum and Articles of Association the trustees are elected to serve for a period of three years after which they must be re-elected at the next Annual General Meeting. All trustees give their time voluntarily and receive no benefits from the charity.

Due to the nature of Church work, trustees appointed have been so selected on the basis of their faith, strength of character, skills set in the area of business 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 position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006 and in accordance with the Charities SORP (FRS 102).

Page 4

Global Harvest Church (london) Trustees Annual Report

Signed on behalf of the board

O.O. Kosoko Trustee 06 March 2025

Page 5

Global Harvest Church (london) Independent Examiners Report

Independent Examiner's Report to the trustees of Global Harvest Church (london)

I report to the charity trustees on my examination of the financial statements of Global Harvest Church (london) for the year ended 30 June 2024.

Responsibilities and basis of report

As the charity's trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act.

Having satisfied myself that the financial statements of the Charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's financial statements as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I can confirm that no material matters have come to my attention in connection with the examination giving me cause to believe:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Oluseye Mabogunje FFA, FIPA Intrachartered Ltd 82a James Carter Road Mildenhall, Suffolk

IP28 7DE

06 March 2025

Page 6

Global Harvest Church (london) Statement of Financial Activities

for the year ended 30 June 2024

for the year ended 30June 2024
Notes
Income and endowments
from:
Donations and legacies
4
Investments
5
Total
Expenditure on:
Charitable activities
6
Other
7
Total
Net gains on investments
Net(expenditure)/income
8
Transfers between funds
Net(expenditure)/income
before othergains/(losses)
Othergainsandlosses
Net movementinfunds
Reconciliation of funds:
Total funds brought forward
Totalfundscarriedforward		 Unrestricted
funds
2024
£
118,117
713		 Restricted
funds
2024
£
11,999
-		 Totalfunds
2024
£
130,116
713		 Totalfunds
2023
£
93,477
253
118,830
44,969
75,326		 11,999
842
11,157		 130,829
45,811
86,483		 93,730
74,785
10,071
120,295
-		 11,999
-		 132,294
-		 84,856
-
(1,465)
-		 -
-		 (1,465)
-		 8,874
-
(1,465) - (1,465) 8,874
(1,465)
56,536		 -
-		 (1,465)
56,536		 8,874
47,662
55,071 - 55,071 56,536

Page 7

Global Harvest Church (london) Summary Income and Expenditure Account

for the year ended 30 June 2024

Income
Interest and investment income
Gross incomefor the year
Expenditure
Depreciation and charges for
impairment of fixed assets
Totalexpenditurefor the year
Net (expenditure)/income before tax
for the year
Net(expenditure)/incomefor the year		 2024
£
130,116
713
130,829
127,727
4,567
132,294
(1,465)
(1,465)		 2023
£
93,477
253
93,730
80,745
4,111
84,856
8,874
8,874

Page 8

Global Harvest Church (london) Balance Sheet

at 30 June 2024

at 30June 2024
Company No.
05484475
Notes
2024
£
Fixed assets
Tangible assets
10
13,701
13,701
Current assets
Cash at bank and in hand
25,265
25,265
Creditors:Amount falling due within one year
11
16,105
Netcurrent assets
41,370
Totalassets lesscurrentliabilities
55,071
Net assetsexcludingpension asset orliability
55,071
Totalnet assets
55,071
Thefundsofthecharity
Restrictedfunds
12
Unrestrictedfunds
12
General funds
55,071
55,071
Reserves
12
Totalfunds
55,071		 2023
£
12,333
12,333
47,278
47,278
(3,075)
44,203
56,536
56,536
56,536
56,536
56,536
56,536

These accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

For the year ended 30 June 2024 the company was entitled to exemption under section 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 directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

Approved by the board on 30 June 2024

And signed on its behalf by:

O.O. Kosoko

Trustee

06 March 2025

Page 9

Global Harvest Church (london) Statement of Cash flows

for the year ended 30 June 2024

Cashflowsfrom operatingactivities
Net(expenditure)/income perStatement ofFinancialActivities
Adjustmentsfor:
Depreciation of property, plant and equipment
Dividends, interest and rents from investments
(Decrease)/Increase in trade and other payables
Netcash(usedin)/provided by operatingactivities
Cashflowsfrominvestingactivities
Payments for property, plant and equipment
Dividends, interest and rents from investments
Netcash(usedin)/frominvestingactivities
Netcashfromfinancingactivities
Net(decrease)/increaseincash andcash equivalents
Cash andcash equivalentsat the beginningofthe year
Cash andcash equivalentsat the end ofthe year
Componentsofcash andcash equivalents
Cash and bank balances		 2024
£
(1,465)
4,567
(713)
(19,180)
(16,791)
(5,935)
713
(5,222)
-
(22,013)
47,278
25,265
25,265
25,265		 2023
£
8,874
4,111
(253)
2,235
14,967
-
253
253
-
15,220
32,058
47,278
47,278
47,278

Page 10

Global Harvest Church (london) Notes to the Accounts

for the year ended 30 June 2024

Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Change in basis of accounting or to previous accounts

There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.

Fund accounting

Restricted funds These are available for use subject to restrictions imposed by the donor or through terms of an appeal.

Income

Income with related Where income has related expenditure the income and related expenditure is expenditure reported gross in the SoFA. Donations and Voluntary income received by way of grants, donations and gifts is included in the legacies the SoFA when receivable and only when the Charity has unconditional entitlement to the income. Tax reclaims on Income from tax reclaims is included in the SoFA at the same time as the donations and gifts gift/donation to which it relates. Donated services These are only included in income (with an equivalent amount in expenditure) and facilities where the benefit to the Charity is reasonably quantifiable, measurable and material.

Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gains/(losses) on This includes any gain or loss resulting from revaluing investments to market value revaluation of fixed at the end of the year. assets Gains/(losses) on This includes any gain or loss on the sale of investments. investment assets

Page 11

Global Harvest Church (london) Notes to the Accounts

Expenditure

Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any VAT which expenditure cannot be fully recovered, and is reported as part of the expenditure to which it relates. Expenditure on These comprise the costs associated with attracting voluntary income, fundraising raising funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and charitable activities services in the furtherance of its objects, including the making of grants and governance costs.

Governance costs These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs.

Other expenditure These are support costs not allocated to a particular activity.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Tangible fixed assets and depreciation

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

Church Furniture & 25% Reducing balance Equipment

Stocks

Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.

Trade and other debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.

Trade and other creditors

Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Page 12

Global Harvest Church (london) Notes to the Accounts

Foreign currencies

Monetary assets and liabilities denominated in currencies other than the functional currency of the charity are translated at the rates of exchange prevailing at the end of the reporting period.

Transactions in currencies other than the functional currency of the charity are recorded at the rate of exchange on the date that the transaction occurred.

All exchange differences are are taken into account in arriving at net income/expenditure.

Receipt of donated goods, facilities and services

All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity.

2 Company status

The company is a private company limited by guarantee and consequently does not have share capital.

3
Statement ofFinancialActivities-prior year
Income and endowmentsfrom:
Donations and legacies
Investments
Total
Expenditure on:
Charitable activities
Other
Total
Netincome
Netincome before other
gains/(losses)
Othergainsandlosses:
Net movementinfunds
Reconciliation of funds:
Total funds brought forward
Totalfundscarriedforward		 Unrestricted
funds
2023
£
93,477
253
93,730
74,785
10,071
84,856
8,874
8,874
8,874
47,662
56,536		 Totalfunds
2023
£
93,477
253
93,730
74,785
10,071
84,856
8,874
8,874
8,874
47,662
56,536

Page 13

Global Harvest Church (london) Notes to the Accounts

4 Income from donations and legacies

4
Incomefrom donationsandlegacies
Offering
Tithe
Sundry Income
5
Incomefrominvestments
Bank Interest
6
Expenditure oncharitable activities
Expenditureoncharitable
activities
Pastor's Allowance
Service, Ministry and event
costs
Visiting Ministries
Love gifts and donations
Governancecosts
Legal and professional costs -
Independent Examination
fees		 Unrestricted
£
24,076
94,041
-
118,117
Unrestricted
£
3,000
37,803
1,600
1,726
840
44,969		 Restricted
£
11,999
-
-
11,999
Unrestricted
£
713
713
Restricted
£
-
842
-
-
-
842		 Total
2024
£
36,075
94,041
-
130,116
Total
2024
£
713
713
Total
2024
£
3,000
38,645
1,600
1,726
840
45,811		 Total
2023
£
49,657
40,555
3,265
93,477
Total
2023
£
253
253
Total
2023
£
16,483
45,192
8,054
4,216
840
74,785

Page 14

Global Harvest Church (london) Notes to the Accounts

7 Other expenditure

7
Other expenditure
Employee costs
Motor and travel costs
Premises costs
Amortisation, depreciation,
impairment, profit/loss on
disposal of fixed assets
General administrative costs
Legal and professional costs
8
Net(expenditure)/income before transfers
This is stated after charging:
Depreciation of owned fixed assets
9
Staffcosts
Salaries and wages
Social security costs
Pension costs
No employee received emoluments in excess
10 Tangiblefixed assets
Cost or revaluation
At 1 July 2023
Additions
At 30 June 2024
Depreciation and
impairment
At 1 July 2023
Depreciation charge for the
year
At 30 June 2024
Net bookvalues
At 30 June 2024
At 30 June 2023		 Unrestricted
£
24,482
1,193
27,242
4,567
11,820
6,022
75,326
of £60,000.		 Restricted
£
10,340
-
817
-
-
-
11,157
2024
£
4,567
2024
32,082
2,544
132
34,758		 Total
2024
£
34,822
1,193
28,059
4,567
11,820
6,022
86,483
Church
Furniture &
Equipment
£
51,518
5,935
57,453
39,185
4,567
43,752
13,701
12,333		 Total
2023
£
219
2,085
-
4,111
3,526
130
10,071
2023
£
4,111
2023
-
-
-
-
Total
£
51,518
5,935
57,453
39,185
4,567
43,752
13,701
12,333

Page 15

Global Harvest Church (london) Notes to the Accounts

11 Creditors:

amounts falling due within one year

11 Creditors:
amounts falling due within one year
Other taxes and social security
Other creditors
12 Movementinfunds
Restrictedfunds:
Restrictedincomefunds:
Total
Unrestrictedfunds:
Generalfunds
Totalfunds
13 Analysisofnet assetsbetweenfunds
Fixed assets
Net current assets
14 Reconciliation ofnet debt
Cash and cash equivalents
Net debt		 At 1July
2023
-
-
56,536
56,536		 2024
£
(16,105)
-
(16,105)
Incoming
resources
(including
other
gains/losses
)
£
11,999
11,999
118,830
130,829
Unrestricted
funds
£
13,701
25,265
38,966
At 1July
2023
£		 Resources
expended
£
(11,999)
(11,999)
(120,295)
(132,294)
Restricted
funds
£
-
16,105
16,105
Cashflows
£		 2023
£
2,235
840
3,075
At 30June
2024
£
-
-
55,071
55,071
Total
£
13,701
41,370
55,071
At 30June
2024
£
47,278 (22,013) 25,265
47,278
47,278		 (22,013)
(22,013)		 25,265
25,265

Page 16

Global Harvest Church (london) Notes to the Accounts

15 Commitments

Operating lease commitments

Annual commitments under non-cancellable operating leases are as follows:

2024
Land and
buildings
£
Operating leases with expiry date:
Pensioncommitments
The pension cost charge to the company
amounted to:
16 Related party disclosures
Controlling party		 2024
2023
Other
Land and
buildings
£
£
2024
£
132		 2023
Other
£
2023
£
-

The company is limited by guarantee and has no share capital; thus no single party controls the company.

Page 17

Global Harvest Church (london) Detailed Statement of Financial Activities

for the year ended 30 June 2024

for the year ended 30June 2024
Income and endowmentsfrom:
Donations and legacies
Offering
Tithe
Sundry Income
Investments
Bank Interest
Total income and endowments
Expenditure on:
Charitable activities
Pastor's Allowance
Service, Ministry and event costs
Visiting Ministries
Love gifts and donations
Governance costs
Legal and professional costs -
Independent Examination fees
Totalofexpenditure oncharitable
activities
Employee costs
Salaries/wages
Employer's NIC
Pension costs
Staff recruitment
Staff welfare
Motor and travel costs
Travel and subsistence
Premises costs
Rent
Premises cleaning		 Unrestricte
dfunds
2024
£
24,076
94,041
-
118,117
713
713
118,830
3,000
37,803
1,600
1,726
44,129
840
840
44,969
21,742
2,544
132
64
-
24,482
1,193
1,193
25,822
1,420
27,242		 Restricted
funds
2024
£
11,999
-
-
11,999
-
-
11,999
-
842
-
-
842
-
-
842
10,340
-
-
-
-
10,340
-
-
817
-
817		 Totalfunds
2024
£
36,075
94,041
-
130,116
713
713
130,829
3,000
38,645
1,600
1,726
44,971
840
840
45,811
32,082
2,544
132
64
-
34,822
1,193
1,193
26,639
1,420
28,059		 Totalfunds
2023
£
49,657
40,555
3,265
93,477
253
253
93,730
16,483
45,192
8,054
4,216
73,945
840
840
74,785
-
-
-
-
219
219
2,085
2,085
-
-
-

Page 18

Global Harvest Church (london) Detailed Statement of Financial Activities

GlobalHarvestChurch(london)
DetailedStatement ofFinancialActivities
General administrative costs,
including depreciation and
amortisation
Depreciation of Church Furniture
& Equipment
Bank charges
Equipment expensed
Equipment repairs and
maintenance
General insurances
Information and publications
Postage and couriers
Software, IT support and related
costs
Sundry expenses
Telephone, fax and broadband
Legal and professional costs
Accountancy and bookkeeping
Other legal and professional
costs
Totalofexpenditure ofothercosts
Totalexpenditure
Net gains on investments
Net(expenditure)/income
Net(expenditure)/income before
othergains/(losses)
Other Gains
Net movementinfunds
Reconciliation of funds:
Total funds brought forward
Totalfundscarriedforward		 4,567
65
2,091
-
418
2,965
11
1,122
4,528
620
16,387
733
5,289
6,022
75,326
120,295
-
(1,465)
(1,465)
-
(1,465)
56,536
55,071		 -
-
-
-
-
-
-
-
-
-
-
-
-
-
11,157
11,999
-
-
-
-
-
-
-		 4,567
65
2,091
-
418
2,965
11
1,122
4,528
620
16,387
733
5,289
6,022
86,483
132,294
-
(1,465)
(1,465)
-
(1,465)
56,536
55,071		 4,111
87
640
122
-
1,443
-
739
-
495
7,637
100
30
130
10,071
84,856
-
8,874
8,874
-
8,874
47,662
56,536

Page 19