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WORLD MISSION AGENCY - WINNERS CHAPEL INTERNATIONAL (A company limited by guarantee) REGISTERED NUMBER: 06994834

ANNUAL REPORT 2021

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

A company limited by guarantee Registered number: 06994834 Charity number: 1134421

Annual Report 2021

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

Company Report 2021 Registered number: 06994834 Charity number: 1134421

Year 2021

Reference and administrative details of the Charity,
its Trustees and advisers	4 - 5
Chairman’s statement	6 - 9
Trustees’ report	10 - 23
Independent auditors’ report on the fnancial statements	24 - 30
Statement of fnancial activities	31
Balance sheet	32
Statement of cash fows	33
Notes to the fnancial statements	34 - 52
Pictures of Donations and Community Development Activities	54 - 69

Trustees

	Mr Enoch Akame, Chairman		Mr Charles Lwanga Kijjambu
	(appointed 13 June 2021)		(resigned 13 June 2021)
	Miss Bethel Cynthia Alloyda,		Mr Michael Douglas Marsh
	Secretary
	(appointed 13 June 2021)
	Mr Adebayo Arowolo		Mr Olajide Sunday Obarotimi
	(resigned 13 June 2021)		(appointed 13 June 2021)
	Mr Adekunle Adeniyi		Dr Olubunmi Ademola
	Benjamin, Treasurer		Olorunfemi
			(appointed 13 June 2021)
	Miss Oghenetega Elizabeth		Dr Olumuyiwa John
	Edoja		Olumoroti
			(resigned 13 June 2021)
	Mr Ajiri-Oghene Ewomazino		Mr Ayodeji Tokunbo Oni
	Esalomi		(resigned 13 June 2021)
	Mr Ayi Asuquo Iboh		Mr Charles Omo Usiosefe
	(appointed 13 June 2021)		(resigned 13 June 2021)

Company Registered Number 06994834

Charity Registered Number 1134421

Registered Office

1 Churchill Close Green Street Green Road Dartford Kent DA1 1QE

Company Secretary

Miss Bethal Cynthia Alloyda

Independent Auditors

Goodman Jones LLP 29/30 Fitzroy Square London W1T 6LQ

Bankers

HSBC 74 Goswell Road Clerkenwell London EC1V 7DA

Solicitors

Wellers Tenison House Tweedy Road Bromley Kent BR1 3NF

Chairman’s Statement

I count it a great privilege, pleasure, and honour to write the Chairman’s Statement for the 2021 Annual Report as the Chairman of the Board of Trustees of the World Mission Agency-Winners Chapel International (WMAWCI) England & Wales.

Our covenant theme for the year 2021 was prophetically declared as “Turn Around Era” Meaning it is a year of a supernatural turnaround for the church and individual members.

The year 2021 also marked 40 years since the mandate that gave birth to the church was given to the Presiding Bishop

and founder of Living Faith Church Worldwide (aka WCIWMA), Bishop David Oyedepo. This event was marked with a weeklong prophetic anniversary in May 2021, attracting hundreds of thousands of people coming from all over the world to gather at the International Headquarters in Nigeria and several millions of online viewers.

It was prophetically declared at the event that, the year 2021 is ushering the church and individuals to their promised land according to the order of the children of Israel who God brought to their promised land after 40 years in the wilderness.

The church reached out to members of the community

According to our tradition, the year starts with our 21 days of fasting and prayers in order to spiritually prepare the church and individuals for the year ahead. 2Chronicles 27:6 Although the nationwide lockdown was now lifted, inperson services had resumed, but the church continued to observe Covid precautionary measures to keep worshippers, visitors and staff safe. As the effect of Covid-19 was still prevalent, the church continued to support other charities, organisations, and members that were affected by COVID-19. WMA-WCI’s well-established

grassroots neighbourhood group, Winners Satellite Fellowships (WSF), continued to play a significant role in getting support to those who needed them within the same locality. The WSF framework has an embedded Welfare Committee that provides support with food, funds for medication, rent and bereavement. Due to the robust welfare and community support system, we already have, we continued to support the expanded operations in order to robustly and effectively reach out to more members and to our community. Everyone who turned up for help is still being supported.

With our well-established Community Development Committee, the church reached out to members of the community across England and Wales, providing food for needy families and financially supporting other charities that are reaching out to various

people in the communities due to the adverse economic impact of Covid-19.

In the year 2021, the church also experienced expansion, where a few new branches were established.

It is my pleasure to announce that a new church facility was acquired in Newcastle to the glory of God.

Community Development Committee (CDC) is the arm of the Charity that is set up to make a positive impact in the communities where our churches are situated in England and Wales.

Financial Report 2021

Chairman’s Statement (Continued)

We aim to support the communities we serve and promote their inspiring stories of change by investing in 5 core areas:

Our projects serves as a means of meeting people’s needs and as well as spreading the love of Jesus Christ beyond the walls of our church

Foodbank and poverty alleviation. We operate foodbank (The Ark Foodbank) in most of our churches where they have the facility to do so.
Tackling homelessness.
Improving health, safety and the environment.
Improving collaboration, inclusion and diversity.

Some of our projects include:

The Ark Foodbanks up and down the country. (All year round)
Elderly Outreach (In Care homes)
Homeless Outreach
Christmas Outreach
Children’s Fun Day
Skill development through education, enterprise and employability training.
Hope Day (City Funfair Crusade) in many cities across the country

...For members’ welfare, community development activities and other Charities

Over £500,000 was spent as of December 2021 for members’ welfare, community development activities and other Charities

Charitable Activities FYE 31 Dec 2021

£ 240,795

Welfare

£ 85,392

Community Development

£ 188,343

Donation to other Charities

Total = £514,530

2021 financial year performance was better than 2020, partly due to the return of in-person services and church growth.

The charity will continue to support her members and the community as the nation gradually moves into recovery and beyond.

I want to use this opportunity to appreciate members of the Board of Trustees, the pastors, staff, statutory body members, the volunteer workforce and the entire members of WMA-WCI for the resilience, commitment and dedication we have all shown.

We look forward to a better 2022 as a year of recovery.

28-09-22

Pastor Enoch Akame

Chairman Board of Trustees WMA-WCI England & Wales

Trustees’ Report

The Annual report serves the purposes of both a Trustees’ report and a directors’ report under company law

The Trustees present their annual report together with the audited financial statements of the Charity for the year 1 January 2021 to 31 December 2021. The Annual report serves the purposes of both a Trustees’ report and a directors’ report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company’s governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102).

Objectives and activities

Policies and objectives

The primary objective of the Charity is the advancement of the Christian faith. This is achieved through our church services, the advancement of education, and the relief of those in need by reason of age, health, disability, financial hardship or other disadvantage; as well as the advancement of such other charitable purposes as the Trustees shall from time to time decide.

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance ‘Public benefit: running a charity (PB2)’.

Our Services

Our services are designed to offer a unique spiritual atmosphere of peace and joy as a result of the presence of God. Our services are unique in effect as every aspect of the services is focused in releasing God’s blessing upon His people. Our services are destiny-molding services which take place every Sunday and Wednesday, where all attendees are taught how to win over the challenges of life and provoke divine intervention as well as the blessing of God in their lives. The services are a medley of praise and worship, corporate intercessory prayer, teaching and bold declarations based on the infallible word of God. Recognising the different needs of our church members, separate services are held for Children, Teenagers and people with Special Needs which run concurrently with the adult church services. We also have a Youth & Singles Ministry which caters for the needs of young people.

Other Activities

Volunteers

During the year, we held a series of community based events and evangelical outreaches, including the humanitarian services to impact people both within and outside the congregation. We delivered the Word of Faith Bible Institute, a leadership program that trained hundreds of students in faith and leadership. We may need to increase our spending on CDC during the year.

During the year, we had the support of about 210 active volunteers contributing numerous hours supporting administration, estate management, finance, member follow up, and the Word of Faith Bible Institute. Several hundreds of other volunteers contributed towards evangelism, the efficient running of church services and support in other church events.

Main activities undertaken to further the Charity’s purposes for the public benefit

In line with the requirements of the Charity Commission under the Charities Act 2011, Charities are required to demonstrate that their The Board of Trustees aims are for public benefit. of World Mission Agency - Winners Chapel International is confident that our aims and all the activities of the Charity fully meet the public benefit test. The Charity exists for the benefit of the public and opens its services and activities to all. Furthermore, the activities of the Charity also:

Support less privileged and needy people through gifts in kind and, where appropriate, financial assistance;
Give financial support to other Charities who share common values and aims
Respond to social needs, where applicable.
In the past 5 years, we have spent over £1m on charitable activities across some of our church

networks through Community Development Committee, which focuses on providing support to our immediate communities.

How we do it:

Our Charity believes in community impact and we use resources within our control to reach out to the community and public. Various church volunteers carry out periodic public outreaches to propagate the Christian faith and share the message of Christ to people in the community. This is followed up by invitation to attend the church as the church always opens its doors to members of the public. Services are conducted to meet the spiritual, emotional, and core needs of members of the public. Words of motivation and encouragements are shared to the attendees in all services. Past services are archived on the church’s website for the public to access and

listen to at their convenience. Also, books and CDs are available at discounted prices for the public.

The church runs free introductory classes through ‘Winning Foundation School’ for all new members coming into the church towards their individual empowerment. This ensures their all-round development. Interpreters for various languages are engaged to interpret our services to attendees whose first language is not English.

Resources and Benefits to Wider Society:

The Charity provides welfare support to members and to the public, being the key parts of our public benefits activities. The support for members are either in terms of finance, advisory, counselling, guidance, and other means of empowerments; depending on the circumstances of each welfare applicant. Food items are provided for anyone requiring food with no questions asked. Some members were supported financially to pay for their house rent, upkeep or other means of financial support.

Our focus is on eradicating poverty and promoting inclusion, diversity, and spiritual growth for public support. We do all these through our Community Development Committee (CDC), which is charged with representing the Charity to identify areas to support the public with the most beneficial effect and reach to people that require help. These support are either done to individual persons or through organisations like other charities, hospitals, homes etc. For example, during the year, we operated Food Banks at Dartford and Liverpool churches all year round, providing food for the needy. We also financially supported other charities spending a total of £188,343 (2020: £180,257) during the year.

World Mission Agency - Winners Chapel International, where deemed necessary, pays for training needs and obtains necessary certification where required. The Charity also provides counselling for various categories of people based on their needs.

Pre and post marital counselling are provided respectively for intending and married couples. The pre marital counselling involves some degree of mentoring, taking the couples through various sessions to prepare them for the marital journey ahead. This is in line with the church’s view that a healthy family is the backbone of a healthy society. Hence, World Mission Agency - Winners Chapel International remained committed to investing in families and where necessary, post marital counselling is also provided.

As a charity, we continued to execute structured programmes for youth thereby building them to become responsible adults. A separate weekly service is provided for youths and various events are organised and executed by them with adult leading. Some of these events are conducted at key public places.

During the year, the Charity visited Prisons and Hospitals. This is to give hope and support to the people in these places. This is a continuous year round programme contained to a key part of our public benefit program.

Overall, World Mission Agency - Winners Chapel International, as a church, remained committed to giving back to the community using every available opportunity. During the year, donations and non-financial supports were made to various local groups as identified by the mission Community Development Committee (CDC).

Trustees’ Report Continue

There were also a number of welfare programs and partnering with the local community and churches

Achievement and Performance

The Charity carried out numerous activities in the year in accordance with its objects and plans outlined in the previous year. These included Christian outreach, training, and conferences including the Annual Convention. There were also a number of welfare programs and partnering with the local community and churches. Highlights of the key achievements and performance in the year are provided in the Chairman’s Report on page 1.

Review of Financial Position

The financial statements cover the operations of World Mission Agency - Winners Chapel International in England & Wales. For the year ended 31 December 2021, the Statement of Financial Activities shows the total incoming resources of £11,207,252 (2020: £8,938,724). This was spent on charitable activities totalling £7,205,674 and investment management costs of £16,625 (2020: £7,203,249, with other expenditure of £2,550,000). We closed the year with a surplus net movement on funds of £4,169,523 (2020: deficit £814,516). This surplus has been added to reserves for use in future accounting periods.

£11,207,252 2021 Incoming Resources

£8,938,724 2020 Incoming Resources

Principal Funding Sources

The financial statements cover the operations of World Mission Agency - Winners Chapel International in England & Wales.

Individual donations and gifts continued to be the main sources of income. Donations and Gift Aid credits including fees from the Word of Faith Bible Institute and other sundries amounted to £9,819,672 (2020: £8,080,220). Other incoming resources were from the sale of books, tapes, bank interest and funds for Mission Expansion. The total of these amounted to £1,387,580 (2020: £858,504) for the year.

The majority of voluntary income is unrestricted, but some donations are given for specific purposes and these totaled £34,105 for the year (2020: £9,485). Charitable expenditure has also increased with the growth of the church as the key departments expand to cater for the growth in visitors and members.

Investment Policy

The Trustees have the power to invest the Charity’s funds in any way they see fit. The Charity currently has an investment portfolio of 75% in bonds and a 25% balanced Multi-Asset Strategy. The cash and value are stated in the balance sheet. The objective of the investment policy is primarily to preserve capital and maximise interest while limiting risk. The investments fall into a very low-risk to medium-risk profile, with a short time to 2 year horizon. All investments are within the approved charitable investments and are in organisations that provide social and environmental services to society.

Financial Review

Going concern

After making appropriate enquiries, the Directors have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. The Charity’s responded adequately to the effect of Covid-19 by reviewing and reducing all expenditure in line with income, i.e. our income level was 111% of budget whilst our expenditure was 102% of budget. Given the Charity’s current cash reserve, in full consideration of donations refunded (note 9), the Trustee’s are of the opinion that the Charity can continue as a going concern; hence, it continues to adopt the going concern basis in preparing its financial statements. Further details regarding the adoption of the going concern basis can be found in the statement of accounting policies.

111% Income budget

102% expenditure budget

Reserves Policy

The Trustees have considered that, given the nature of the Charity to establish and operate churches within England & Wales funded by the tithes and offerings of its members, and given the growth in stations and members, the risk of there being a sudden and total cessation of income is extremely remote. The Trustees are, however, mindful of the fact that the Charity needs to pay its bills as they fall due. With this in mind, the Trustees have calculated that the core expenses of the Charity (principally salaries of full time staff and premises costs equate to approximately £500,000 a month. The Trustees will, therefore, plan to ensure that there will always remain at least £2.0m of unrestricted income in the Charity’s bank accounts, equivalent to core costs for four months, to meet such expenditure.

The Trustees continue to designate funds towards the acquisition of properties to conduct church services at a number of locations. It is estimated that this will be carried out as part of a rolling plan over the next 3-5 years.

There are also designated funds of approximately 2% of total income set aside for ongoing humanitarian activities, as well as sums agreed to be donated to Living Faith Church Worldwide, a church of which WMA WCI is a branch.

£0.7m Free Reserves

With this in mind, the Charity’s free reserves (funds not tied up in fixed assets or designated) stood at £0.7m (2020: £7.9m) at the balance sheet date. The designated reserve is planned to be used towards the major church property acquisition and renovation projects in 2022, currently standing at a budget of £12m.

Fundraisin g

The Charity does not currently generate funds from the use of professional fundraisers.

There are also designated funds of approximately 2% of total income set aside for ongoing humanitarian activities

Structure, Governance and Management

The Charity are administered by a governing body of unpaid members, acting as trustees, and management committees who serve alongside paid executives.

Constitution

World Mission Agency - Winners Chapel International is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association on 22/02/2010. The operations of the Charity are administered by a governing body of unpaid members, acting as trustees, and management committees who serve alongside paid executives. The Resident Pastor serves as the Chief Executive Officer responsible to the governing body for the overall management of the church and for ensuring that all policies are carried out. The Board of Trustees also act as Directors of the Charity for the purposes of company law.

Recruitment and Appointment of New Trustees

Trustees and Members of Committees are appointed by the Church Ministerial Board (CMB) using a basic skills survey method. Due consideration is given to what is needed to make the Board and Committees as effective as can be. Also, care is taken to ensure the Board has the right mix of skills and experience to discharge its duties and ensure effective governance and management. Trustees serve a term of two years which is renewable at the discretion of the Board. However, only in exceptional cases will trustees be asked to stay on for more than four years.

Induction and Training for Trustees

A Trustee induction is organised for new trustees to familiarise them with the Memorandum & Articles of Association, their legal obligations, roles and responsibilities under Charity Commission and company law, and World Mission Agency - Winners Chapel International risk management processes, policies, and procedures. Continuous formal training is also organised for the Trustees to equip them with the knowledge and required skills for their role. Trustees are also made aware of the sources of information, and guidance on best practice to enable them to be effective in their role.

Organisational Structure

The board delegates power of decision making to the following committees:

Church Ministerial Board (CMB) Church Office Management Commitee (COMC) Project Advisory Committee (PAC)

National Community Development Committee (NCDC) Local Church Council (LCC) Financial Management Committee (FMC)

Each committee has clear terms of reference and defined roles and responsibilities. They advise the Board of Trustees, which approves major decisions and has overall responsibility for all World Mission Agency - Winners Chapel International activities. The Board and all committees meet at least once a month and the committees report monthly progress to the Board.

The Board is supported by the Pastorate in the proclamation of the Gospel of Jesus Christ, our Primary Objective, through the Praise and Worship services, Evangelism,

Counselling, Word of Faith Bible Institute etc. The Pastorate is assisted by the Deaconary, who head up the various departments. The Church Ministerial Board (CMB) co ordinates the spiritual oversight of our Mission.

The running of day to day operations is delegated to the executive management team led by the Resident Pastor. Their remuneration is set by the Trustees by benchmarking against other similar charities and in consultation with HR professionals.

Each committee has clear terms of reference and defined roles and responsibilities.

Risk Management

Trustees take seriously their responsibility to assess and manage the major risks that the Charity faces and therefore, reviews all risk twice a year. A formal risk management process is in place to ensure risks are identified and appropriate mitigating actions are taken. This is captured in our Risk Management Policy. In addition, the Charity operates a comprehensive annual planning and budgeting process which is approved

by the Board of Trustees and reviewed midyear. Detailed financial monitoring takes place monthly and is carried out by the Executive Team as well as the Financial Management Committee (FMC). On a monthly basis, administrative and financial reports are presented to the Board of Trustees (BOT) to ensure prudent financial management is observed at all times and all non-financial risks (e.g. safeguarding) are well managed

Plans for future periods

In implementing the Charity’s plans for church planting, Evangelism, and Mission work in England & Wales, the Trustees have determined that within the next 3 years, the estimated cost of implementing its plans is likely to be in excess of £12m including covering the acquisition costs of permanent places of worship for a number of our churches in England & Wales. To this end, we have designated £2.4m of the Charity’s cash reserves in order to meet this expenditure when it is incurred. The Trustees

have resolved to review the Charity’s cash balances in line with its projected growth on an annual basis.

The Charity plans to continue the activities outlined above in the forthcoming years. It will continue seeking ways and means of working in collaboration with other welfare organisations in the various local communities in which it operates. The aims and objectives of the Charity remain unchanged.

There are also designated funds of approximately 2% of total income set aside for ongoing humanitarian activities

Impact of Covid-19 on the Charity’s activities

In accordance with government direction, all of the Charity’s churches and offices were closed to the public and members of the church from 20 March 2020 until September 2020 when it was partially opened according to numbers allowed by the government, with the rule of mask-wearing and social distancing. Our Services were delivered online all through the lockdown period and partial opening.

With the government’s lockdown restrictions in place, our churches were not able to

generate income as usual as only online giving was available to the public. On the other hand, our expenditure also went down due to fewer activities at our church premises. However, we used the opportunity to increase the welfare and other financial supports to members that lost their jobs and ensuring our elders are well taken care of. The Charity continues to pay all staff salary at the salary payment date, and no one was placed on leave without pay.

The Annual report serves the purposes of both a Trustees’ report and a directors’ report under company law

Refund of donations

On 23 November 2021 a claim was made against the charity by the liquidators of a donor company seeking repayment under the Insolvency Act 1986. The parties reached a settlement in pursuant to a deed dated 3 March 2022. Further details are given in note 9 of the accounts.

Statement of Trustees’ responsibilities

The Trustees (who are also the directors of the Charity for the purposes of company law) are responsible for preparing the Trustees’ report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles of the Charities SORP (FRS 102);

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees’ report is approved has confirmed that:

so far as that Trustee is aware, there is no relevant audit information of which the charity’s auditors are unaware, and
that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity’s auditors are aware of that information.
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards (FRS 102) 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 responsible for keeping adequate accounting records that are sufficient to show and explain the Charity’s transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. 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.

Auditors

The auditors, Goodman Jones LLP, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.

Approved by order of the members of the board of Trustees and signed on their behalf by:

Mr Enoch Akame (Chair of Trustees)

Date: 28-09-22

INDEPENDENT AUDITORS’ REPORT

Opinion

We have audited the financial statements of World Mission Agency - Winners Chapel International (the ‘charity’) for the year ended 31 December 2021 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
give a true and fair view of the state of the charitable company’s affairs as at 31 December 2021 and of its incoming resources and application of resources, including its income and expenditure for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditors’ report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with

the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Trustees’ report for the financial year for which the financial statements are prepared is consistent with the financial statements.
the Trustees’ report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ report. We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

and returns; or

certain disclosures of Trustees’ remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records

Responsibilities of trustees

As explained more fully in the Trustees’ responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud

or error.

In preparing the financial statements, the Trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditors’ responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

we identified that the principal risks of non-compliance with laws and regulations related to charity sector regulations and unethical and prohibited business practices, and we considered the extent to which noncompliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011 and and UK Tax Legislation. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls).

Appropriate audit procedures in response to these risks were carried. These procedures included:

Based on our understanding of the charity,

Discussions with management, including consideration of known or suspected instances of noncompliance with laws and regulation and fraud;
Reading minutes of meetings of those charged with governance;
Obtaining and reading correspondence from legal and regulatory bodies including HMRC;
Identifying and testing journal entries;
Challenging assumptions and judgements made by management in their significant accounting estimates.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members; and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or

intentional misrepresentations, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/ auditorsresponsibilities. This description forms part of our Auditors’ report.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an Auditors’ report and for no other purpose.

To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Sign: ______

Julian Flitter (Senior statutory auditor) for and on behalf of Goodman Jones LLP 29/30 Fitzroy Square London W1T 6LQ

Date: ______28-09-22

Statement Of Financial Activities

(Incorporating Income And Expenditure Account) For The Year Ended 31 December 2021

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Unrestricted Restricted Unrestricted Total funds
Note funds 2021 funds 2021 funds 2021 2020
£ £ £ £
Income from
Donations and legacies 4 £9,785,567 £34,105 £9,819,672 £8,080,220
Charitable activities 5 1,302,850 - 1,302,850 £842,755
Investments 6 84,730 - 84,730 15,749
Total Income
11,173,147 34,105 11,207,252 8,938,724
Expenditure on:
Investment management fees 7 16,625 - 16,625 -
Charitable activities 8 7,198,458 7,216 7,205,674 7,203,240
Other expenditure 9 - - - 2,550,000
Total Expenditure 7,215,083 7,216 7,222,299 9,753,240
Net income/(expenditure) before net gains on
3,958,064 26,889 3,984,953 (814,516)
investments
Net gains on investments 15 184,570 - 184,570 -
Net movement in funds
4,142,634 26,889 4,169,523 (814,516)
Reconciliation of funds:
Total funds brought forward 25,001,072 6,681 25,007,753 25,822,269
Net movement in funds 4,142,634 26,889 4,169,523 (814,516)
Net movement in funds
29,143,706 33,570 29,177,276 25,007,753
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The Statement of financial activities includes all gains and losses recognised in the year. The notes on pages 34 to 52 form part of these financial statements.

WORLD MISSION AGENCY - WINNERS CHAPEL INTERNATIONAL (A company limited by guarantee) REGISTERED NUMBER: 06994834

Balance Sheet As At 31 December 2021

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Note 2021 2020
Fixed assets £ £
Tangible assets 14 14,005,865 13,374,452
Investments 15 10,167,945 -
Total 24,173,810 13,374,452
Current assets
Stocks 16 198,847 162,712
Debtors 17 823,539 477,058
Cash at bank and in hand 8,829,116 15,507,970
Total
9,851,502 16,147,740
Creditors: amounts falling due within one year 18 (721,836) (388,239)
Net current assets 9,129,666 15,759,501
Total assets less current liabilities 33,303,476 29,133,953
Provisions for liabilities 20 (4,126,200) (4,126,200)
Total net assets 29,177,276 25,007,753
Charity funds
Restricted funds 21 33,570 6,681
Unrestricted funds
Designated funds 21 28,397,541 17,070,775
General funds 21 746,165 7,930,297
Total unrestricted funds 21 29,143,706 25,001,072
Total funds 29,177,276 25,007,753
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The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

................................................

Mr Enoch Akame (Chair of Trustees)

Date: 28-09-22

The notes on pages 36 to 54 form part of these financial

statements.

Statement Of Cash Flow

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Note 2021 2020
Cash flows from operating activities £ £
Net cash used in operating activities 4,691,697 2,938,438
Cash flows from investing activities
Dividends, interests and rents from investments 84,582 15,749
Purchase of tangible fixed assets (1,454,763) (567,399)
Purchase of investments (10,000,000) -
Net cash used in investing activities (11,370,181) (551,650)
Change in cash and cash equivalents in the year (6,678,484) 2,386,788
Cash & cash equivalents at the beginning of the year 15,507,970 13,121,182
Cash and cash equivalents at the end of the year 8,829,486 15,507,970
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The notes on pages 34 to 52 form part of these financial statements

Notes To The Financial Statements

The Charity’s object is the advancement of the Christian faith as stated in the Trustees’ Report

1. General information

World Mission Agency - Winners Chapel International is a charitable company, limited by guarantee, registered in England and Wales, and whose registered office address is 1 Churchill Close, Green Street, Green Road, Dartford Kent DA1 1QE. The Charity’s object is the advancement of the Christian faith as stated in the Trustees’ Report. The Charity is a company limited by guarantee. The members of the company are the Trustees named on page 1. In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the Charity.

2. Accounting Policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) 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 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

World Mission Agency - Winners Chapel International meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The statements are financial prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.

2.2 Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. The Trustees have considered the impacts that the Covid-19 pandemic may have for the Charity and it is deemed that the Charity can meet its commitments

and liabilities and can continue for the foreseeable future. Given the Charity’s current cash reserve, in full consideration of donations refunded (note 9), the Trustee’s are of the opinion that the Charity can continue as a going concern; hence, it continues to adopt the going concern basis in preparing its financial statements.

2.3 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Investment income, gains and losses are allocated to the appropriate fund.

2.4 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Gifts in kind donated for distribution are included at valuation and recognised as income when they are distributed to the projects. Gifts donated for resale are included as income when they are sold.

Donated facilities are included at the value to the Charity where this can be quantified and a third party is bearing the cost. No amounts are included in the financial statements for services donated by volunteers.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

2.5 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is

normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.6 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which

are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity’s objectives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT.

2.7 Pensions

The Charity operates a defined contribution pension scheme and the pension charge

represents the amounts payable by the Charity to the fund in respect of the year.

The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity.

2.8 Operating leases

Rentals paid under operating leases are charged to the Statement of financial

activities on a straight line basis over the lease term.

2.9 Tangible fixed assets and depreciation

Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any

accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following bases:

Freehold property	- 2% straight line
Short-term leasehold property	- Period of lease
Plant and machinery	- 25% straight line
Motor vehicles	- 25% straight line
Fixtures and fttings	- 25% straight line
Ofce equipment	- 25% straight line
Computer equipment	- 25% straight line

Land and buildings include the costs of enhancements to the buildings after acquisition. The land element is not depreciated.

2.10 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at

2.11 Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.

2.12 Debtors

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

2.13 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from

the date of acquisition or opening of the deposit or similar account.

2.14 Liabilities

Liabilities and provisions are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services

it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.

2.15 Financial instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently

measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

3. Critical accounting estimates and areas of judgment

The preparation of financial statements requires the use of certain critical accounting estimates. Management must also exercise judgemental in applying the Charity’s accounting policies. The Trustees do not consider that there are any key sources of material uncertainty in the preparation of these financial statements other than the below.

Critical accounting estimates and assumptions:

The dilapidation provision has been made in respect of expected costs of repairs to leasehold properties at the end of the lease agreements. The provision is calculated by an independent, third-party expert.

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Unrestricted Restricted Unrestricted Total funds
4. Income from donations and legacies
funds 2021 funds 2021 funds 2021 2020
£ £ £ £
Donations 9,785,567 34,105 9,819,672 8,080,220
Total 2020
8,070,375 9,845 8,080,220
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Unrestricted Total funds Total funds
5. Income from charitable activities
funds 2021 2021 2020
£ £ £
Bookshop 103,805 103,805 55,547
Mission Expansion (see note 28) 1,199,045 1,199,045 787,208
Total 2021 1,302,850 1,302,850 842,755
Total 2020
842,755 842,755
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Unrestricted Total funds Total funds
6. Investment income
funds 2021 2021 2020
£ £ £
Income from investments 84,464 84,464 -
Deposit account interest 266 266 15,749
Total 84,730 84,730 15,749
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Unrestricted Total funds Total funds
7. Investment management costs
funds 2021 2021 2020
£ £ £
Investment management fees 16,625 16,625 -
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8. Analysis of expenditure on charitable Unrestricted Restricted Unrestricted Total funds
activities Summary by fund type funds 2021 funds 2021 funds 2021 2020
£ £ £ £
Evangelism 1,958,326 7,216 1,965,542 1,622,014
Welfare 240,795 - 240,795 474,561
Education 83,325 - 83,325 100,013
Church services 3,428,138 - 3,428,138 3,564,890
Bookshop 235,399 - 235,399 269,366
Joint Ministerial Agreement (JMA) 978,740 - 978,740 802,899
Donations and community development 273,735 - 273,735 369,497
Total 2021 7,198,458 7,216 7,205,674 7,203,240
Total 2020 7,195,076 8,164 7,203,240 -
Unrestricted Total funds Total funds
9. Other expenditure
funds 2021 2021 2020
£ £ £
Provision addition - - 2,550,000
Total 2020 2,550,000 2,550,000 -
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Between 2015 and 2020 the charity received donations and contributions towards the charity’s activities from companies under the control of one of the members of the church congregation. On the 4 August 2021, a claim was made by the liquidators of the primary donor company seeking repayment under

the Insolvency Act 1986. A settlement was reached between the parties and pursuant to a settlement deed dated 3 March 2022 the charity agreed to repay £3,550,000 to the liquidators - £2,550,000 of unrestricted donations and £1,000,000 held as agent. This was paid in full on 4 March 2022.

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Activities
Support Total Costs Funds
10. Analysis of expenditure by activities undertaken
Total 2021 directly 2021 2020
funds 2021
£ £ £ £
Evangelism 1,163,374 802,168 1,965,542 1,817,932
Welfare 240,795 - 240,795 474,561
Education 43,382 39,943 83,325 97,624
Church services 232,743 3,195,395 3,428,138 3,373,750
Bookshop 195,456 39,943 235,399 266,977
Joint Ministerial Agreement (JMA) 978,740 - 978,740 802,899
Donations and community development 273,735 - 273,735 369,497
3,128,225 4,077,449 7,205,674 7,203,240
Total 2020 3,212,011 3,991,229 7,203,240 -
Evangelism Welfare Education Church Bookshop
Analysis of direct costs
2021 2021 2021 Services 2021
£ £ £ £ £
Staff costs 521,945 - 8,557 154,016 171,130
Other staff costs - 240,795 34,825 18,300 -
Office costs - - - 56,636 -
Admin 641,429 - - 3,791 24,326
1,163,374 240,795 43,382 232,743 195,456
Total 2020 1,043,875
474,561 58,390 235,046 227,743
Joint
Ministerial Donations Total funds Total funds
Agreement 2021 2021 2020
2021
£ £ £ £
Staff costs - - 855,648 920,021
Other staff costs - - 293,920 535,511
Office costs - - 56,636 54,457
Admin 978,740 273,735 1,922,021 1,702,022
978,740 273,735 3,128,225 3,212,011
Total 2020 802,899 369,497 3,212,011 -
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Church Total Total
Evangelism Education Bookshop
Analysis of support costs Service Funds Funds
2021 2021 2021
2021 2021 2020
£ £ £ £ £ £
Staff costs 140,296 7,794 623,537 7,794 779,421 792,928
Depreciation 148,203 8,234 658,679 8,234 823,350 841,056
Premises 275,072 15,282 1,222,544 15,282 1,528,180 1,478,005
Office costs 42,709 2,373 189,820 2,373 237,275 214,452
Admin 112,683 6,260 500,815 6,260 626,018 596,938
Governance Costs 83,205 - - - 83,205 67,850
802,168 39,943 3,195,395 39,943 4,077,449 3,991,229
Total 2020 774,057
39,234 3,138,704 39,234 3,991,229
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11. Auditors’ remuneration	11. Auditors’ remuneration	2021	2020
		£	£
	The auditors’ remuneration amounts to	19,180	17,760

12. Staf costs		2021	2020
		£	£
	Wages and salaries	1,509,825	1,576,471
	Social security costs	138,211	146,630
	Contribution to defned contribution pension schemes	32,414	33,348
Total 2020		1,680,450	1,756,449

Staf	costs	2021	2020
The average number of persons employed by the Charity during the year was as follows:
	Support	26	30
	Charitable activities	32	32
Total		58	62

12. Staff costs (continued)

No employee received remuneration amounting to more than £60,000 in either year.

The total employee benefits provided to key management personnel (The Executive Team) of the Charity was £529,069 (2020: £358,196).

13. Trustees’ remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2020 - £NIL).

During the year ended 31 December 2021, expenses totalling

£11,776 were reimbursed or paid directly to 14 Trustees (2020

£6,300 to 9 Trustees).

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Short-term
Freehold Plant and Motor Fixtures and
leasehold
14. Tangible fixed assets property machinery vehicle fittings
property
Cost or valuation £ £ £ £ £
At 1 January 2021 14,085,078 1,033,910 2,251,171 21,569 824,478
Additions 423,216 87,823 129,132 - 19,538
Transfers between classes 628,255 36,730 - - -
At 31 December 2021 15,136,549 1,158,463 2,380,303 21,569 844,016
Depreciation £ £ £ £ £
At 1 January 2021 1,576,001 878,755 1,826,678 21,569 756,716
Charge for the year 230,659 85,231 311,649 - 50,985
At 31 December 2021 1,806,660 963,986 2,138,327 21,569 807,701
Net book value £ £ £ £ £
At 31 December 2021 13,329,889 194,477 241,976 - 36,315
At 31 December 2020 12,509,077 155,155 424,493 - 67,762
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Included in land and buildings is freehold land at cost of £3,942,827 (2020: £3,942,827) which is not depreciated.

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Office Computer Assets Total
14. Tangible fixed assets Equipment construction equipment
Cost or valuation £ £ £ £
At 1 January 2021 1,797,802 299,970 17,277 20,331,255
Additions 63,389 - 731,665 1,454,763
Transfers between classes - - (664,985) -
At 31 December 2021 1,861,191 299,970 83,957 21,786,018
Depreciation £ £ £ £
At 1 January 2021 1,648,920 248,164 - 6,956,803
Charge for the year 100,587 44,239 - 823,350
At 31 December 2021 1,749,507 292,403 - 7,780,153
Net book value £ £ £ £
At 31 December 2021 111,684 7,567 83,957 14,005,865
At 31 December 2020 148,882 51,806 17,277 13,374,452
Listed
15. Fixed asset investments Cash Total
Investments
Cost or valuation £ £ £
Purchase of investments 10,032,294 (10,032,294) -
-
Disposals of investments (216,829) 216,829
Revaluations 184,570 - 184,570
-
Investment management fees (16,625) (16,625)
Additions - 10,000,000 10,000,000
At 31 December 2021 10,000,035 167,910 10,167,945
16. Stocks 2021 2020
£ £
Finished goods and goods for resale 198,847 162,712
17. Debtors 2021 2020
Due within one year £ £
Other debtors 212,333 109,877
Prepayments and accrued income 611,206 367,181
823,539 477,058
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18. Creditors: Amounts falling due within one year 2021 2020
£ £
Trade creditors 86,430 39,044
Other creditors 513,878 232,997
Accruals and deferred income 121,528 116,198
Total 721,836 388,239
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Within other creditors is £513,878 (2020: £232,697) and within other debtors is £44,968 (2020: £nil) in respect of Shiloh donations and the JMA (Joint Ministries Agreement) commitment. Shiloh represents amounts collected on behalf of Living Faith Worldwide for the Annual Conference. The JMA commitment relates to the tithe to Living

Faith Church Worldwide in accordance with the agreement between both entities.

From December 2020, Shiloh donations are no longer collected on behalf of Living Faith Church, and are to be used for Mission Expansion within the United Kingdom.

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19. Financial instruments 2021 2020
Financial assets £ £
Financial assets measured at fair value through income and expendi-
18,997,061 15,507,970
ture
Other
20. Provisions Dilapidation Total
Provision
£ £ £
At 1 January 2021 and 31 December 2021 576,200 3,550,000 4,126,200
Total 576,200 3,550,000 4,126,200
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Dilapidation Provision

Other Provision

A provision has been made in respect of expected costs of repairs to leasehold properties at the end of the lease agreements.

The provision of £3,550,000 relates to a refund of donations in accordance with a settlement agreement dated 3 March 2022. This was paid in full on 4 March 2022. Further details are given in note 9 to these accounts

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Balance at
Balance at 1
21a. Statement of funds Transfers Gains/ 31
January Income Expenditure
current year in/out (Losses) December
2021
2021
Unrestricted funds
£ £ £ £ £ £
Designated funds
Humanitarian 476,868 - (273,735) 222,483 - 425,616
Fixed Assets Fund 13,374,452 - (823,350) 1,454,763 - 14,005,865
Property Acquisition Fund 2,432,247 - - 9,567,753 - 12,000,000
Mission Expansion 787,208 - (20,193) 1,199,045 - 1,966,060
- -
17,070,775 (1,117,278) 12,444,044 28,397,541
General Funds 7,930,297 11,173,147 (6,097,805) (12,444,044) 184,570 746,165
Total Unrestricted funds 25,001,072 11,173,147 (7,215,083) - 184,570 29,143,706
Restricted funds
Transport Offering - 7,216 (7,216) - - -
Project offering 6,681 26,889 - - - 33,570
6,681 34,105 (7,216) - - 33,570
Total of funds 25,007,753 11,207,252 (7,222,299) - 184,570 29,177,276
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----- Start of picture text -----
Balance at
Balance at 1
Transfers 31
21b. Statement of funds prior year January Income Expenditure
in/out December
2020
2020
Unrestricted funds
£ £ £ £ £
Designated funds
Humanitarian 667,591 - (369,497) 178,774 476,868
Fixed Assets Fund 13,693,420 - (841,056) 522,088 13,374,452
Property Acquisition Fund 2,827,409 - - (395,162) 2,432,247
Mission Expansion - - - 787,208 787,208
17,188,420 - (1,210,553) 1,092,908 17,070,775
General Funds 8,628,849 8,928,879 (8,534,523) (1,092,908) 7,930,297
Total Unrestricted funds 25,817,269 8,928,879 (9,745,076) - 25,001,072
Restricted funds
Transport Offering - 8,164 (8,164) - -
Project offering 5,000 1,681 - - 6,681
5,000 9,845 (8,164) - 6,681
Total of funds 25,822,269 8,938,724 (9,753,240) - 25,007,753
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The Designated Humanitarian Fund relates to amounts the Trustees have committed towards local humanitarian activities.

The Designated Fixed Assets Fund represents the net book value of the Charity’s fixed assets. Without these assets, the Charity will be unable to carry out its activities. Accordingly, a designated fund has been created to recognise this.

The Designated Property Acquisition Fund represents amounts allocated toward the acquisition of properties to conduct church services at a number of locations.

The Designated Fund - Shiloh represents

amounts no longer remitted to the Living Faith Church from December 2020 as they are to be used for Mission Expansion in the United Kingdom.

The Restricted Fund for Transports Offerings represents all of the donations received in the year towards transportation expenses.

The Restricted Fund for Project Offering represents a specific donation towards the purchase of an altar in the Dartford location, a saxophone, a drum set, for a gym project, for electricity, for laptops, for the homeless food bank, for welfare, and mostly for church building costs.

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Unrestricted Restricted Total
22a. Analysis of net assets between funds - current year
Fund 2021 Fund 2021 Fund 2021
£ £ £
Tangible fixed assets 14,005,865 - 14,005,865
Fixed asset investments 10,167,945 - 10,167,945
Current assets 9,817,932 33,570 9,851,502
-
Creditors due within one year (721,836) (721,836)
-
Provisions for liabilities and charges (4,126,200) (4,126,200)
Total 29,143,706 33,570 29,177,276
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----- Start of picture text -----
Unrestricted Restricted Total
22b. Analysis of net assets between funds - prior year
Fund 2020 Fund 2020 Fund 2020
£ £ £
Tangible fixed assets 13,374,452 - 13,374,452
Current assets 16,141,059 6,681 16,147,740
-
Creditors due within one year (388,239) (388,239)
-
Provisions for liabilities and charges (4,126,200) (4,126,200)
Total 25,001,072 6,681 25,007,753
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23. Reconciliation of net movement in funds to net cash flow from operat- 2021 2021
ing activities
£ £
Net income/expenditure for the year (as per Statement of Financial
4,169,523 (814,516)
Activities)
Adjustments for: £ £
Depreciation charges 823,350 840,723
Gains/(losses) on investments (184,570) -
Dividends, interests and rents from investments (84,512) (15,749)
Loss on the sale of fixed assets - 45,644
Increase in stocks (36,135) (31,695)
Decrease/(increase) in debtors (346,181) 194,491
Increase in creditors 333,597 2,719,540
Investment management cost within investments 16,625 -
Net cash provided by operating activities 4,691,697 2,938,438
24. Analysis of cash and cash equivalents 2021 2020
£ £
Cash in hand 1,544,522 8,023,890
Notice deposits (less than 3 months) 7,284,964 7,484,080
Total cash and cash equivalents 8,829,486 15,507,970
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----- Start of picture text -----
At 31
At 1 January
25. Analysis of changes in net debt 2021 Cash flows December
2021
£ £ £
Cash at bank and in hand 15,507,970 (6,678,854) 8,829,116
Total 15,507,970 (6,678,854) 8,829,116
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26. Pension commitments

The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The

pension cost of contributions in the year was £32,479 (2020: £33,348) and there was no balance payable to the fund at the balance sheet date.

27. Operating lease commitments

At 31 December 2021 the Charity had commitments to make future minimum lease payments under noncancellable operating leases as follows:

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2021 2020
£ £
Not later than 1 year 423,577 319,810
Later than 1 year and not later than 5 years 935,255 567,041
Later than 5 years 250,792 71,458
Total 1,609,624 958,309
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27. Related party transactions

The Charity is a branch of Living Faith Church Worldwide with headquarters in Nigeria. During the year, the Charity received donations on behalf of Living Faith Church for the International Convention of the Church - (Shiloh). Due to overpayment in prior years, the amount outstanding to be received as at 31 December 2021 was £44,968 (2020: £20,032 to be remitted in other creditors) and is included in other debtors. As of December 2020, the Shiloh donations are no longer remitted to the Living Faith Church, and are to be used for Mission Expansion in the United Kingdom. As a result, only the Shiloh donations received prior to December 2020 are outstanding at the balance sheet date. The income received for Mission Expansion amounted to £1,199,045 (2020: £787,208).

Under the terms of a Joint Ministries Agreement (JMA) signed in January 2013,

£978,740 (2020: £802,899), was payable to Living Faith Church in the year in respect of tithes. As at 31 December 2021, £513,878 (2020: £212,665) was outstanding to be remitted to Living Faith Church Worldwide.

During the year, donations totalling £17,444 (2020: £46,807) were received from trustees. No restrictions were attached to these donations. In addition, throughout the year the Trustees attend services and other events within the Church in their capacity as worshippers and church members, and not just as trustees. In the course of doing so, they contribute to the offertory and make tithes and other financial contributions. The nature of such giving means that it is not always possible to quantify the total amount donated to the Charity by the Trustees during any financial year.

WINNERS CHAPEL INTERNATIONAL COMMUNITY SUPPORT ACROSS ENGLAND 2021 Charity no.. 113424 T1 C Dariford CDC ai work nalional.cdc@winners-chapel.org.uk 01322 292 097 wivi*u.wln n&rsl!IlliecoiM muiilly com @winnerslnthecommunlty 54