Registered number 1134313
OPEN DOORS BAPTIST CHURCH
STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 5 April 2021
## **OPEN DOORS BAPTIST CHURCH Report and financial statements Contents**
||**Page**|
|---|---|
|Trusteess' Report|1|
|Financial Review|2 - 3|
|Independent Exmaniner's Report|4|
|Statement of Financial Activities|5|
|Balance sheet|6|
|Notes to the accounts|7 - 11|
**OPEN DOORS BAPTIST CHURCH Registered number: 1134313 Trusteess' Report**
The Directors of the Charity are its Trustees for the purpose of the Charity Law and throughout this report are collectively referred to as the Trustees. Their responsibilities include all the responsibilities of Directors under the Companies' Acts and of Trustees under the Charities Act.
## **Name and registered office**
Name: Open Doors Baptist Church Registered office: Downs Road, Hackney, London. E5 8DS Bankers: HSBC Bank Plc, Mare Street Hackney London E8 1PJ
## **Objectives achieved in the year**
The board of trustees are satisfied with the performance of the charity during the year and the position at 5 April 2021 and consider that the charity is in a strong position to continue its activities during the coming year, and that the assets are adequate to fulfil its obligations.
## _**Contributions of volunteers**_
In additions to members' financial contributions to the charity, some do provide very valuable voluntary services. Some of these roles and activities voluntarily provided include counselling, teachings in the schools, community work, administrative duties, music ministry and other areas of church life. Measurement issues including attributing an economic value to such unpaid contributions, prevents inclusion of such contributions within the Statement of Financial Activities.
## **Structure, Governance and Management**
The pastor and the deacons retain oversight of all church matters. These are the managing trustees. The trustees meet regularly to discuss and plan objectives and implementation thereof. Matters of general concern are raised with all members.
All matters are subject to prayer and God's direction and the Trustees of the Church. Major decisions at any church meetings are determine by simple majority votes cast by members present with each members having one vote. In the event of equal votes, the chair may exercise a second vote as a casting vote.
## **Small company provisions**
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
This report was approved by the board on 13 November 2021 and signed on its behalf.
Babatunde Emmanuel Oyetunji Trustee
1
## **OPEN DOORS BAPTIST CHURCH**
## **Financial Review**
## **Transactions and Financial Position**
The financial statements are set out on pages 5 to 7. The financial statements have been prepared implementing the Statement of Recommended Practice for Accounting and Reporting by Charities issued by the Charity Commission for England and Wales (effective April 2005) and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2005). The Trustees consider the financial position of the charity during the year has been satisfactory.
The statement of Financial Activities show gross resources for the year of a revenue nature of £76,515 Expenses for the year was £72,913 leaving a net surplus of £3,603 Reserves at the year end was £454,833
The board of trustees are satisfied that the charity's assets are available and adequate to fulfil its obligations in the foreseeable future.
The charity relies on offerings, tithes and various donations from the members as identified in the financial statements, whose support is greatly valued.
Other areas of source of funds are Covenant Gift and bank investment income. These funds enables the chairty to carry out its obligations during the year.
## **Major risks to which the charity is exposed and systems to mitigate those risks**
## **Financial**
The charity is open to the usual financial risks of any organisation, and the charity has introduced controls to minimise these risks, such as two signature being required for payments from the bank account, an appointed deacon/pastor of the church is required to authorise payments for purchases and also the accounts are regularly explained to members of the charity and are open for member's inspection at any time
## **Children and Vulnerable adults**
Work with children and vulnerabe adults are open to risks. The policy is that visitation, counsellig and any work involving children and vulnerable adults are done by trained persons who work in pairs. New volunteers to the children ministry are recruited on the basis of Baptist Union's policy for the recruitment of volunteers for children's ministry which are in line with Government policy.
## **Statement of Directors' and Trustees Responsibilities**
Charity Law requires the Board to prepare the financial statement for each financial year which gives a true and fair view of the state of affairs of the charity as at the end of the financial year and the surplus or deficit of the charity. In preparing those financial statements, the Board is required to:-
2
- select suitable accounting policies and then apply them consistently;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards and statements of recommended practice have
- been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are also responsible for keeping proper accounting records which disclose with reasonable accuracy at anytime the financial position of the charity which is sufficient to show and explain the charity's transactions and enable them to ensure that the financial statements comply with the Charities Act. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees are also responsible for the contents of the trustees' report, and the responsibility of the auditors in relation to the trustees' report is limited to examinining the report and ensuring that, on the face of the report, there are no inconsistencies with the figures disclosed in the financial statements.
This report was approved by the Board of Trustees on 10 November 2021
Signed: -
Name… Babatunde Emmanuel Oyetunji
Trustee
3
## **Independent Examiner's Report on the Financial Statement for Open Doors Baptist Church**
## **For the year ended 5 April 2021**
Report to the trustees of Open Doors Baptist Church on the financial statements for the year ended 5 April 2021 as set out on pages 5 to 11
## _**Respective responsibilities of trustee and examiner**_
The Charity trustees are responsible for the preparation of the financial statements. The Charity's trustees consider that an audit is not required for the year (under section 43 (2) of the Charities Act 1993 (the Act) and that an independent examination is needed.
## It is my responsibility to:-
- examine the financial statements (under section 43 (3) (a) of the Act;
- to follow the procedures laid down in the General Directions given by the Charity Commissioners (under section 43(7)(b) of the Act; and
- to state whether particular matters have come to my attention.
## _**Basis of independent examiner's statement**_
My examination was carried out accordance with General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from the 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 financial statements.
## _**Independent examiner's statement**_
In connection with my examination, no matter has come to my attention
- which gives me reasonable cause to believe that in any material respect the requirements
- to keep accounting records in accordance with section 41 of the 1993 Act; and
- - to prepare financial statements which accord with the accounting records and comply with the account requirements of the Act have not been met; or
- to which, in my opinion, attention should be drawn in order to enable a proper understanding of the
- ● financial statements to be reached.
Signed: ………………………… Date:- 13 November 2021
Name:- Soladex Financial Services Ltd
Address:- 57 Columbia Road, Broxbourne. EN10 6FR
4
## **OPEN DOORS BAPTIST CHURCH Statement of Financial Activities for the year ended 5 April 2021**
|||**Unrestricted**|**Restricted**||**Prior Period**|
|---|---|---|---|---|---|
|||**funds**|**funds**|**Total funds**|**funds**|
||**Notes**|**2021**|**2021**|**2021**|**2020**|
|||**£**|**£**|**£**|**£**|
|**Incoming Resources**||||||
|Capital grants, legacies & donations|5|74,700|1,815
76,515||109,343|
|**Resources Expended**||||||
|Cost of activities|6|45,947||-
45,947|88,200|
|Management and administration||26,966||-
26,966|28,795|
|Total Resources Expended||72,913||-
72,913|116,995|
|**Net Incoming Resources before Transfers**||1,787|1,815
3,602||(7,652)|
|Gross Transfers between funds:-||||||
|Net Incoming Resources before revaluations &||||||
|Investment asset disposals||1,787|1,815
3,602||(7,652)|
|**Net Movement in funds**||**1,787**|**1,815**
**3,602**||**(7,652)**|
|**Total funds brought forward**||58,861|392,419
451,280||458,932|
|**Total funds carried forward**||**60,648**|**394,234**
**454,882**||**451,280**|
5
|**OPEN DOORS BAPTIST CHURCH**
**Registered number:**
**Balance Sheet**
**as at 5 April 2021**
**Notes**
**Fixed assets**
Tangible assets
2
**Current assets**
Amount recoverable
Cash at bank and in hand
**Creditors: amounts falling due**
**within one year**
4
**Net current assets**
**Total assets less current**
**liabilities**
**Creditors: amounts falling due**
**after more than one year**
**Net assets**
**Capital and reserves**
Restricted Funds
7
Unrestricted Funds
**Reserves**|1134313
**2021**
**£**
445,371
445,371
5,266
8,356
13,622
(4,111)
9,511
454,882
-
**454,882**
394,234
60,648
**454,882**|**2020**
**£**
450,093
450,093
5,266
2,236
7,502
(6,315)
1,187
451,280
-
**451,280**
458,932
(7,652)
**451,280**|
|---|---|---|
The Board of Trustees acknowledge their responsibility for ensuring the organisation keeps proper accounting records in accordance with the requirements of the Charities Act 2005 as more fully set out under 'Trustees' Responsibilities' in the report of the Trustees.
The financial statements were approved by the board of trustees and authorised for issue on 13 November 2021 and signed on its behalf by:
Babatunde Emmanuel Oyetunji Trustee
6
**OPEN DOORS BAPTIST CHURCH Notes to the Accounts for the year ended 5 April 2021**
## **1 Accounting policies**
## _**Basis of preparation**_
The financial statements have been prepared in accordance with the Charities Act 1993 and with the Financial Reporting Standard for Small Entities (FRSSE), and all other applicable accounting standards, effective June 2002, as modified by the Statement of Recommended Practice for Accounting and Reporting issued by the Charity Commissioners for England and Wales, effective October 2000, adapted to meet the needs of unicorporated organisations.
## _**Accounting convention**_
The financial statements are prepared, on a going concern basis, under the historical cost convention.
## _**Incoming Resources**_
Incoming resources are accounted for on a receivable basis.
## _**Investment Income**_
Bank interest is included in the income and expenditure account on a receivable basis.
## _**Deferred Income**_
In accordance with the statement of Recommended Practice for Accounting and Reporting issued by the Charity Commissioners for England & Wales grants, received in advance and specified by the donor as relating to specific accounting periods or alternatively which are subject to conditions which are still to be met are deferred on an accruals basis to the period to which they relate.
Such deferrals are shown in the notes to the accounts and the sums involved are included as creditors in the financial statements.
## _**Recognition of Liabilities**_
Liabilities are recognised on the accruals basis in accordance with normal accounting principles, modified where necessary in accordance with the guidance given in the Statement of Recommended Practice for Accounting and Reporting issued by the Chairty Commissioners for England and Wales.
## _**Charitable Expenditure**_
Charitable expenditure includes all expenditure directly related to the charity and comprises the following:-
## _**Activities in furtherance of the charity's objectives**_
The cost of activities in furtherance of the chairty's objectives represents the cost of goods and services and ancillary trading costs that have been incurred in charitable activities.
## _**Management and administration of the charity**_
Management and administration costs represent expenditure incurred in the management of the Charity's assets, organisational administration and compliance with the charitable and statutory requirements.
## _**Allocation of costs within types of resources expended**_
The charity's operating costs include staff costs, rent and other related costs. Such costs are allocated between types of resources expended on the basis of estimates made by the trustees.
Administration expenditure includes all expenditure not directly related to direct charitable activity. In respect of certain items of expenditure it is a matter of judgement as to whether such items are direct charitable expenditure or administrative, and the trustees have applied what they consider to be reasonable judgement in apportioning such costs.
7
**OPEN DOORS BAPTIST CHURCH Notes to the Accounts for the year ended 5 April 2021**
The Companies Act 1985 requires all properties belonging to companies to be depreciated. However, this requirement conflicts with the generally accepted principle set out in SSAP 19 and the overriding requirement to show a true and fair view. The Board of Trustees considers that because the property is not held for consumption, but for its investment potential, to depreciate it would not give a true and fair view, and that although the charity is exempt from the full application of SSAP 19, and has not had a formal professional valuation, of the property, but has relied on the best of the board of the market value, in order to conserve funds for the charitable purposes of the charity.
If this policy had not been adopted, the deficit for the financial year would have been increased by depreciation. However, the amount of depreciation cannot reasonably be quantified because depreciation is only one of many factors reflected in the annual valuation and the amount to which might otherwise have been shown cannot be separately identified.
## **Fixed Asset and Depreciation**
The tangible fixed assets are stated at cost less depreciation.
Depreciation has been provided at the following rates in order to write off the assets (less their expected value) over their estimated useful lives.
A regular annual review of the likelihood of asset impairment is undertaken.
The principal annual rates used for depreciation are as follows:
|Land and Building|0% per annum straight line.|
|---|---|
|Office Equipment|25% per annum straight line.|
|Fixtures, fittings, tools and equipment|25% per annum straight line.|
## _**Capital Grants**_
The Board of Trustees considers that, in order to comply with the Statement of Recommended Practice for Accounting and Reporting issued by the Charity Commissioners for England and Wales (effective October 2000), grants of a capital nature given for specific purposes and fully utilised in the furtherance of the purposes of the charity should be credited to the fixed assets fund after the funds have been properly expended on the restricted purpose. The related assets is shown in the balance sheet at the cost of acquisition or subsequent valuation.
The related assets are subject to restrictions by the grant making organisation on their use and disposal, and these restrictions are noted in the fixed asset section of these accounts. The fixed asset fund so created is treated as a restricted fund.
## _**Taxation**_
As a charity, the organisation is exempt from income and corporation tax to the extent that its income and gains are applicable to charitable purposes only. Value Added Tax (VAT) is not recoverable by the organisation, and is therefore included in the relevant costs in the Statement of Financial Activities.
## _**Funds Structure Policy**_
The charity maintains a general unrestricted fund which represents funds which are expendable at the discretion of the trustees in furtherance of the objects of the charity. Such funds may be held in order to finance both working capital and capital investment.
Restricted funds have been provided to the charity for particular purposes, and it is the policy of the trustee to carefully monitor application of those funs in accordance with the restrictions placed upon them.
There is no formal policy on the allocation of funds to designated funds.
There is no formal policy to transfer between funds, other than that described under the Capital Gains policy above. Any proposed transfer between funds would be considered on the particular circumstances.
8
**OPEN DOORS BAPTIST CHURCH Notes to the Accounts for the year ended 5 April 2021**
## _**Analysis of incoming resources and analysis of management and administration costs**_
The details required by the Statement of Recommended Practice for the Accounting and Reporting issued by the Charity Commissioners for England and Wales are shown in the detailed schedule to the Statement of Financial Activities on pages 7 to 11
|**Staff costs and Emoluments**
Salaries and wages
PAYE & National Insurance Cont.
Pension Contributions
Number of full time employees or full time equivalents|**2021**
**£**
15,882
3,421
7,663
26,966
1|**2020**
**£**
19,068
3,400
6,327
28,795
1|
|---|---|---|
There were no employees with emoluments in excess of £50,000 per annum.
## **2 Tangible Fixed Assets**
|**Church**
**Building**
**Manse**
**£**
**£**
**Cost**
Cost as at 6 April 2020
1,817,369
168,653
Additions
-
-
**Cost as at 5 April 2021**
**1,817,369**
**168,653**
**Depreciation**
Accumulated dep. as at 6 April 2020
1,386,370
164,653
Charge for the year
**Accumulated dep. As at 5 April 2021**
**1,386,370**
**164,653**
**Net book value at 5 April 2021**
**430,999**
**4,000**
Net book value at 5 April 2020
430,999
4,000
**3**
**Loan Creditors**
Amount at 6 April 2020
Additional Loan
Interest re-payment on loans
Balances outstanding 5 April 2021|**Equipments,**
**Fixtures &**
**Musical**
**Instruments**
**£**
113,218
-
**113,218**
98,124
4,722
**102,846**
**10,372**
15,094
**LBA (Grant)**
**£**
3,179
-
-
3,179|**Total**
**£**
2,099,240
-
**2,099,240**
1,649,147
4,722
**1,653,869**
**445,371**
450,093
**Total**
**£**
3,179
-
-
3,179|
|---|---|---|
9
**OPEN DOORS BAPTIST CHURCH Notes to the Accounts for the year ended 5 April 2021**
## **Accruals and amounts payable 4 within one year**
|**within one year**
Loan creditors (as per note 2)
Accountancy fees
Salary, PAYE & Pension
Repairs and Maintenance|**2021**
**£**
3,179
800
132
4,111|**2020**
**£**
3,179
1,000
2,136
6,315|
|---|---|---|
- **5 Incoming Resources**
|**Incoming Resources**
Crant, Legacies & Donations
Tithes & offering
Anniversary & Thanksgiving
Gift aid receivable
Other donations
Church building funds
HMRC JRS Grant
Charity shop contribution|Unrestricted
funds
£
5,500
37,847
2,552
11,962
1,440
6,400
9,000
74,701|Restricted
funds
£
1,815
1,815|**2021**
Total funds
£
5,500
37,847
2,552
11,962
1,440
1,815
6,400
9,000
76,516|**2020**
Prior year total
funds
£
-
44,989
15,533
15,834
22,520
936
-
9,531
109,343|
|---|---|---|---|---|
## **Charitable Expenditure - Cost of activities in furtherance of the 6 charity's objectives**
|Manse expenses
Children & Youth Ministry
Depreciation
Music & Publicity
Missions support & outreach
Honorarium
Telephone, Fax & Internet
Training & Development
Seminars, Conf. & Revivals
Repairs & Maintenance
Water, Gas & Electricity
Insurance
Governance cost
Social & Entertainment
Subscriptions & Licences
Printing, postage & stationery
Welfare donations
Anniversary expense|**2021**
**£**
3,981
100
4,722
2,769
375
-
2,233
-
-
4,407
4,701
5,601
870
-
102
528
15,558
45,947|**2020**
**£**
5,116
836
3,620
18,864
4,281
3,815
509
2,233
10,138
9,758
6,731
5,741
1,000
542
1,716
2,656
4,000
6,644
88,200|
|---|---|---|
10
**OPEN DOORS BAPTIST CHURCH Notes to the Accounts for the year ended 5 April 2021**
## **7 Capital & Reserve**
|At 6 April 2020
Net movement in funds
At 5 April 2021|Unrestricted
funds
**£**
58,861
1,787
60,648|Restricted
funds
**£**
392,419
1,815
394,234|**2021**
Current
YearTotal
**£**
451,280
3,602
454,882|**2020**
Prior Year Total
**£**
458,932
(7,652)
451,280|
|---|---|---|---|---|
11