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
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|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|
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|||||||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|
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|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||
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|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)||
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|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|
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|---|---|---|
|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|
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