Financial Annual and Business Report 2022 TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Company Report 2022 Registered number: 06994834 Charity number: 1134421
| its Trustees | and advisers | and advisers | 4-5 | |
|---|---|---|---|---|
| Chairman's | statement | 6-9 | ||
| Trustees' report |
10-24 | |||
| Independent | auditors' | report on the | financial statements | 25 —31 |
| Statement | offinancial | activities | 32 | |
| Balance sheet | 33 | |||
| Statement | of cash flows | 34 | ||
| Notes to the Financial | Statements | 35 —53 | ||
| Community | Support Across England | 2022 | 54- 57 |
| Mr Enoch Akame, Chairman | — Dr Oladapo |
Ogunoye |
|---|---|---|
| (appointed 13June 2021) |
(appointed | 16 April 2023) |
| Mrs Angela Alabi, Secretary | Mrs Kikelomo Olaleye | |
| (appointed 16 April 2023) |
(appointed | 16 April 2023) |
| Mr Olajide Sunday | Mr Olajide Sunday | Mr Adekunle Adeniyi |
Mr Adekunle Adeniyi |
Mr Adekunle Adeniyi |
|---|---|---|---|---|
| Obarotimi, | Treasurer | Benjamin, | Treasurer | |
| (appointed | 13June 2021) | (resigned | 16April | 2023) |
| Mr Ayi Asuquo Iboh | Mr Michael Douglas Marsh | |||
| (appointed | 13June 2021) | (resigned | 16April | 2023) |
| Dr Olubunmi | Ademola | Miss Bethel Cynthia Alloyda, | ||
| Olorunfemi | Secretary | |||
| (appointed | 13June 2021) | (resigned | 16April | 2023) |
| Mr Anthony | Oluwatosin | Miss Oghenetega | Elizabeth | |
| Fasusi | Edoja | |||
| (appointed | 16 April 2023) | (resigned | 16April | 2023) |
| Mrs Oghogho Joy Ogbonna | Mr Ajiri-Oghene | Ewomazino | ||
| (appointed | 16 April 2023) | Esalomi | ||
| (resigned | 16April | 2023) |
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| Note | Restricted funds2022 |
Totaifunds 2021 |
|||
|---|---|---|---|---|---|
| Income from | |||||
| Donations | and legacies | 85,889 | 9,819,672 | ||
| Chantable | activities | 1,302,850 | |||
| Investments | 84,730 | ||||
| Total Income | 85,889 | 11,207,252 | |||
| Total income Expenditure on |
|||||
| Investment | management | fees | 16,625 | ||
| Chantable | activities | 59,718 | 7,205,674 | ||
| Total Expenditure | 59,718 | 7,222,299 | |||
| ~et income/(expenditure) | |||||
| Before net | (losses)/gains | on investments | 26,171 | 3,984,953 | |
| ~et (losses)/gains on investments |
14 | 1ij4,570 | |||
| uet movement in |
funds | 26,171 | 4,169,523 | ||
| Reconciliauon offunds |
|||||
| Total funds | brought forward |
33,570 | 25,007,753 | ||
| luet movement in funds |
26,171 | 4,169,523 | |||
| Total funds carried forward | 59,741 | 29,177,276 |
| Note | 2021 | ||||||
|---|---|---|---|---|---|---|---|
| Fixed assets | |||||||
| Tangible assets | 13 | 14,005,865 | |||||
| Investments | 14 | 10,167,945 | |||||
| Total | 24,173,810 | ||||||
| Current | assets | ||||||
| Stocks | 15 | 198,847 | |||||
| Debtors | 16 | 823,539 | |||||
| Cash at bank | and | in hand | 8,829,116 | ||||
| Total | 9,851,502 | ||||||
| creditors: amounts | falling due | within one year | 17 | (721,836) | |||
| Net current assets | 9,129,666 | ||||||
| Total assets | less | current | habilities | 33,303,476 | |||
| Provisions | for Iiabihties | 19 | (4,726,200) | ||||
| Totalnatassets | 29,177,276 | ||||||
| Chanty | funds | ||||||
| Restncted | funds | 20 | 33,570 | ||||
| unrestncted | funds | ||||||
| Designated | funds | 20 | 28,397,541 | ||||
| Generalfunds | 20 | 746,165 | |||||
| Totalunrastricted | funds | 20 | 29,143,706 | ||||
| Totalfunds | 29,177,276 |
| Note | 2021 | |||||
|---|---|---|---|---|---|---|
| Cash flows from | operating | activities | ||||
| Net cash used in | operating | activities | 4,691,697 | |||
| Cash flows from | investing | activities | ||||
| owidends | and interests | 84,582 | ||||
| Purchase | oftangible | fixed assets | (1,454,763) | |||
| Purchase | /sale of investments | (10,000,000) | ||||
| Net cash used in | investing | activities | (11,370,181) | |||
| Change in |
cash and | cash equivalents | in the year | (6,678,484) | ||
| Cash &cash equivalents at the beginning |
ofthe year | 15,507,970 | ||||
| Cash and cash equivalents | atthe end ofthe | year | 8,839,486 |
| 0.Analysis of | expenditure | expenditure | expenditure | on charitable | Restricted | Totalfunds |
|---|---|---|---|---|---|---|
| activities Summary | by fund | type | funds2022 | 2021 | ||
| Evangehsm | 59,718 | 1,965,542 | ||||
| Welfare | 240,795 | |||||
| Education | WOFBI | / Training | 83,325 | |||
| Church serwces | 3,428,138 | |||||
| Bookshop | 235,399 | |||||
| loint Ministerial | Agreement | (IMA) | 978,740 | |||
| Donations to other c hermes development |
and community | 273,735 | ||||
| 59,718 | 7,203,240 | |||||
| Total2021 | 8,164 |
| 9.Analysis of | expenditure | expenditure | by activities | Support Total2022 |
TotalFunds 2020 |
|---|---|---|---|---|---|
| Evangehsm | 1,103,814 | 1,965,542 | |||
| Welfare | 240,795 | ||||
| Education | 54,521 | 83,325 | |||
| Church serwces | 4,361,726 | 3,428,138 | |||
| Bookshop | 54,521 | 235,399 | |||
| loint Ministerial | Agreement | (IMA) | 978,740 | ||
| Donations to other chantics and community development |
273,735 | ||||
| 5,574,582 | 7,205,674 | ||||
| Total2021 | 4,077,449 |
| 14.Tangible fixed assets | 14.Tangible fixed assets | 14.Tangible fixed assets | Computer construction |
Total |
|---|---|---|---|---|
| Cost or valuation | ||||
| At I lanuary 2022 |
299,970 | 21,786,018 | ||
| Additions | 60,859 | 7,115,155 | ||
| Transfers between |
classes | |||
| At 31December 2022 | 360,829 | 28,901,173 | ||
| Depreciation | ||||
| At I lanuary 2022 |
292,403 | 7,780,153 | ||
| Charge forthe year | 18,732 | 970,328 | ||
| At 31December 2022 | 311,135 | 8,750,481 | ||
| Net book value | ||||
| At 31 December 2022 | 49,694 | 20,150,692 | ||
| At 31December 2021 | 7,567 | 1II,005,865 | ||
| 15.Fixed asset investments | Cash | |||
| Cost or valuation | ||||
| At I lanuary 2022 |
||||
| Disposals of investments | ||||
| Revaluations | ||||
| Investment manager |
fees | (25,968) | ||
| At 31December 2022 | (25,968) |
| 23.Reconciliation ofnet operating activities |
23.Reconciliation ofnet operating activities |
movement | in funds to | net cash flow from | 2021 |
|---|---|---|---|---|---|
| ~et income/expenditure Actiwties) |
for the year | (as per Statement | of Financial | 4,169,523 | |
| Adjustments for: |
|||||
| Depreciation charges |
823,350 | ||||
| Gains/(losses) on investments |
(184,570) | ||||
| Dividends, interests and |
rents from investments | (84,512) | |||
| Decrease/(increase) in |
stocks | (36,135) | |||
| Increase in debtors |
(346,181) | ||||
| Increase/(decrease)in | creditors | 333,597 | |||
| Investment management |
cost within | investments | 16,625 | ||
| Net cash provided by operating |
activities | 4,691,697 |
| 24.Analysis ofcash and c | ash equivalents | 2021 |
| Cashin hand |
1,544,522 | |
| Notice deposits (less than | 3 months) | 7,284,964 |
| Total cash and cash equivalents | 8,829,486 |