IMPACT GOSPEL CENTRE
FINANCIAL STATEMENTS 31[ST] DECEMBER 2020
Charity Number - 1138605 Company Number - 7199684
IMPACT GOSPEL CENTRE
Trustees
Festus Onerhime Babatunde Ogedengbe Adebayo Ogunjimi
Minister in Charge
Pastor Ayodeji Fayoyin
Charity number 1138605
Registered address
14 Bolton Road Luton LU1 3HR
Accountants
Abica Phil & Co Financial Accountants 1 Cotleigh Road West Hampstead London NW6 2NL
Bankers
Yorkshire Bank
IMPACT GOSPEL CENTRE FINANCIAL STATEMENTS
YEAR ENDED 31[st] December 2020
| CONTENTS | PAGE |
|---|---|
| Trustees’ annual report | 4 |
| Independent Examiner | 7 |
| Statement of the financial activities | 8 |
| Balance sheet | 9 |
| Notes to the financial statements | 10 |
IMPACT GOSPEL CENTRE TRUSTEES ANNUAL REPORT
YEAR ENDED 31[st] December 2020
The trustees have pleasure in presenting their report and accounts for the period ended 31[st] December 2020.
Principal Objects of the charity
The principal aims and objectives of the Church are
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a) The advancement of the Christian faith.
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b) The furtherance of the charitable work of the charity by advancement of charitable purposes consistent with our Christian moral and spiritual values.
Government
The Directors of the Charity are its Trustees who for the purpose of charity law and throughout this report are collectively referred to as the Trustees. The policy and operating decisions of the charity rest with the Trustees who meet regularly to monitor the activities of the Company. All Trustees give their time to the Charity freely and no Trustee received remuneration in the year.
Review of Activities
1. Regular programmes
The charity’s principal activity during the year continued to be religious activities, education and training.
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Sunday worship services are held regularly every week and messages focus on teaching of the bible in a simple and practical way for worshipers.
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Wednesday Bible study services are held regularly where participants can study through a structured bible study program.
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We also hold weekly small group meetings called Impact Life Groups, to provide attendees with a platform to interact, pray and study the bible together.
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Since March 2020, we have been streaming our services live on our website and various social media platforms. Children's services are currently being conducted virtually on Sunday afternoons.
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IMPACT GOSPEL CENTRE
TRUSTEES ANNUAL REPORT (continued)
YEAR ENDED 31[st] December 2020
- Community Outreach and Public Benefits
The charity exists for the public benefit and is successfully ministering to the needs of various social groups within and outside the church. During the year in review:
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As the country went into a lockdown, the Church continued to provide help for the members who faced challenges by providing moral, material and financial support.
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We ministered to the communities from which we operate, sending a message of hope and encouragement to the local community.
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We ministered to the wider audience through our website, social media and TV Ministry.
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We visited those who were bereaved or facing challenges to pray and support them.
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In December, we organised a virtual Christmas party and carol service which was open to all.
The coming Year
The church looks forward to further growth spiritually, financially and socially in the coming year thus furthering the church objectives. During the New Year we plan to
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Continue the regular church activities and achievements from the previous year.
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Organise specific community outreach programmes with the aim of blessing the communities from which we operate.
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Encourage more members to serve in the Church helping to foster the vision of the church and our outreach activities.
Financial Review
Please refer to the annexed account for the details of the Financial Statements for the year ended 31[st] December 2020.
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IMPACT GOSPEL CENTRE
TRUSTEES ANNUAL REPORT (continued)
YEAR ENDED 31[st] December 2020
RESPONSIBLITIES OF THE TRUSTEES
The trustees are responsible for preparing the Trustees Annual Report and the financial statements in accordance with applicable law and regulations.
The law requires the trustees to prepare financial statements in accordance with the United Kingdom, General Accepted Accounting Practice (United Kingdom Accounting Standard and applicable law). The financial statements are required by law to give a true and fair view of the state of affairs of the charity and of the surplus or deficit for that period.
In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply the Charities Act 1993, The Charity (Accounts and Reports) Regulations 2008 and the provision of the trust deed.
The trustees 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.
Signed by order of the trustees
Name: Festus Onerhime
Approved by the trustees on 20[th] July 2021 -6-
IMPACT GOSPEL CENTRE
TRUSTEES ANNUAL REPORT (continued)
YEAR ENDED 31[st] December 2020
RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER
The charity’s trustees consider that an audit is not required for this year (under section 43(2) of the Charities Act 1993 (the Act) and that an independent examination is needed.
It is my responsibility to:
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examine the accounts (under section 43 of the Act);
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to follow the procedures laid down in the General Directions given by the Charity Commission (under section 43(7) (b) of the Act); and
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to state whether particular matters have come to my attention.
BASIS OF THE INDEPENDENT EXAMINER’S REPORT
My examination was carried out in accordance with the 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 accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as 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 view given by the accounts.
INDEPENDENT EXAMINER’S STATEMENT
In the course of my examination, no matter has come to my attention:
(1) which gives me reasonable cause to believe that in, any material respect, the trustees have not met the requirements to ensure that:
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proper accounting records are kept (in accordance with section 41 of the 1993 Act); and
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accounts are prepared which agree with the accounting records and comply with the accounting requirements of the Act; or
(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
20[th] July 2021
P. Mensan FFA, MBA Fellow of the Institute of Financial Accountants
ABICA PHIL & CO 1 Cotleigh Road West Hampstead London NW6 2NL
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IMPACT GOSPEL CENTRE
STATEMENT OF FINANCIAL ACTIVITIES
YEAR ENDED 31[st] December 2020
| Total Funds | ||||
|---|---|---|---|---|
| 20202019 | ||||
| Note | ||||
| Unrestricted | Restricted | |||
| INCOMING RESOURCES | ||||
| Incoming resources from generated funds | ||||
| Voluntary income: donations | 2 | 148,115 | 0 | 148,115143,219 |
| Gift Aid | 24,769 | 0 | 24,76926,554 | |
| Investment Income | 3 | 0 | 0 | 00 |
| Total Incoming Resources |
172,884 |
0 |
172,884169,773 | |
| RESOURCES EXPENDED | ||||
| Cost of generating funds: | ||||
| Fundraising and Publicity |
0 | 0 | 0 0 | |
| Charitable expenditure | 3 | 134,922 | 0 | 134,922142,477 |
| Governance Costs | 4 | 41,836 | 0 | 41,83638,495 |
| TOTAL RESOURCES EXPENDED | 176,758 | 0 | 176,758180,972 | |
| Net Incoming (Outgoing) Resources | -3,874 | 0 | -3,874 -11,199 | |
| Net Movement in Funds | 5 | -3,874 | 0 | -3,874-11,199 |
| Prior Year Adjustment | 0 | 0 | 00 | |
| Balance at 1stJanuary | 17,377 | 0 | 17,37728,576 | |
| Balances at 31stDecember | 6 | 13,503 | 0 | 13,50317,377 |
All movements are in Unrestricted Funds The notes on page 8 to 13 form part of these financial statements.
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IMPACT GOSPEL CENTRE BALANCE SHEET YEAR ENDED 31[st] December 2020
Note FIXED ASSETS Tangible assets 7 CURRENT ASSETS Debtors Cash at bank in hand 8 CREDITORS: Amounts falling due within one year 9 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS: Amounts falling due10 after one year NET ASSETS TOTAL FUNDS |
2020 2019 £ £ £ 14,244 18,587 - - 1,927 1,420 1,927 1,420 (2,668) (2,630) -741 -1,210 13,50317,377 0 0 13,503 17,377 13,503 17,377 |
|---|---|
Audit Exemption Statement
For the year ending 31[st] December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors’ responsibilities:
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the members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476,
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the directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts
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these accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.
These financial statements were approved and signed by the director and authorised for issue on 20[th] July 2021.
Signature:_________ Name: Festus Onerhime
The notes on page 8 to 13 form part of these financial statements. - 9 –
IMPACT GOSPEL CENTRE
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31[st] December 2020
1. ACCOUNTING POLICIES
Basis of accounting
The financial statements have been prepared under the historical cost convention and in accordance with the Statement of Recommended Practice "Accounting and Reporting by Charities" (SORP 2005).
Incoming Resources
Income from tithes and offerings is included in incoming resources when these are receivable.
Investment income consists of net interest received during the year and accounted for as unrestricted.
Resources expended
Resources expended are included in the Statement of Financial Activities on accrual basis, inclusive of VAT which cannot be recovered. Certain expenditure is attributable to specific activities and has been in those cost categories.
Depreciation
Depreciation is calculated so as to write off the cost of an asset on a straight-line basis over the useful economic life of the asset concerned. The principal rates used for this purpose which are consistent with those of past years as follows:
Musical Equipment 25% straight line Fixtures & Fittings 25% straight line Motor Vehicle 33% reducing balance
| 2. VOLUNTARY INCOME: DONATIONS Tithes & Offerings Gift Aid |
Total Funds 2020 £ 148,115 24,769 172,884 |
2019 £ 143,219 26,554 169,773 |
|---|---|---|
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IMPACT GOSPEL CENTRE
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31[st] December 2020
3. COSTS IN FURTHERANCE OF CHARITABLE OBJECTS
| Total Funds 2020 £ Provision of charitable services: Minister’s Salary 18,250 Staff Salary 14,900 Pension 614 Outreach Activities 55,306 Rent 35,062 Advertising 0 Business Rates 1,382 Hospitality 81 Guest Speakers/Psalmist 2,350 Donation 4,600 Training 293 Welfare 2,084 134,922 |
2019 £ 18,250 13,250 533 46,753 44,953 0 1,512 3,128 10,473 1,500 1,029 1,096 142,477 |
|---|---|
No Salaries or benefits have been paid to trustees, including the members of the various departments during the year.
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IMPACT GOSPEL CENTRE
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31[st] December 2020
4. GOVERNANCE COSTS:
Utilities Maintenance Subscription Insurance Other General Expenses Stationeries Transport Repairs and Renewals Professional Fees Telephone Bank Charges Accounts Fees Depreciation TOTAL |
2020 2019 ££ 7,3284,708 00 1,070575 3,8732,157 0 1 3,3082,812 9,96314,625 3,423178 2880 1,9341,468 16 16 1,8601,620 8,773 10,335 41,83638,495 |
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5. NET MOVEMENT IN FUNDS
The net movement in funds for the year is stated after charging depreciation on tangible fixed assets:
| Depreciation |
2020 £ 8,773 |
|---|---|
6. FUNDS
| Unrestricted Restricted Funds Funds £ £ At 1st January 17,377 - Prior Year Adjustment 0 - Surplus / (Deficit) for the year -3,874 - At 31st December 13,503 - |
Total 2020 £ 17,377 0 -3,874 13,503 |
Total 2019 £ 28,576 0 -11,199 17,377 |
|---|---|---|
Unrestricted funds comprise those funds which the trustees are free to use in accordance with the charitable objects. Restricted funds are funds which have been given for particular purposes and projects.
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IMPACT GOSPEL CENTRE
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31[st] December 2020
7. TANGIBLE FIXED ASSETS
| Fixtures & | Motor | Musical | Total | ||
|---|---|---|---|---|---|
| Fittings | Vehicle | Equipment | |||
| £ | £ | £ | £ | ||
| COST: | |||||
| At 1stJanuary | 20 | 16,634 | 55,044 | 30,405 | 102,083 |
| Additions | 0 | 0 | 4,430 | 4,430 | |
| Disposals | 0 | 0 | 0 | 0 | |
| At 31st December 20 |
16,634 | 55,044 | 34,835 | 106,513 | |
| DEPRECIATION | |||||
| At 1stJanuary | 20 | 11,991 | 47,397 | 24,108 | 83,496 |
| Charge for the year |
2,065 | 2,524 | 4,184 | 8,773 | |
| Disposals | - |
- | - | ||
| At 31st December 20 |
14,056 | 49,921 | 28,292 | 92,269 | |
| NET BOOK VALUE | |||||
| At 31st December 20 | 2,578 | 5,123 | 6,543 | 14,244 | |
| At 31stDecember 19 | 4,643 | 7,647 | 6,297 | 18,587 | |
| 8. BANK | |||||
| 2020 | 2019 | ||||
| £ | |||||
| Deposit/Savings | Account | 0 | 0 | ||
| Current Account | 1,927 | 1,420 | |||
| 1,927 | 1,420 |
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IMPACT GOSPEL CENTRE
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31[st] December 2020
9. CREDITORS: Amounts falling due within one year
HMRC Pension Salary Accounts fees 10. CREDITORS: Amounts falling due after one year |
20202019 ££ 218 669 141 142 449 199 1,860 1,620 2,668 2,630 20202019 ££ - - |
|---|---|
11. TAXATION
As a charity, there is exemption from taxation on income and gains falling within section 505 of the Taxes Act 1988 or s256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
12. RELATED PARTY TRANSACTIONS
No payments were made to trustees or any other persons connected with them during this financial period in their capacity as trustees. No material transaction took place between the Charity and a trustee or any person connected with them.
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