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2021-03-31-accounts

Registered number: 07406467 Charity number: 1138718

AMAZING GRACE WORSHIP CENTRE

(A Company Limited by Guarantee)

UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

AMAZING GRACE WORSHIP CENTRE

(A Company Limited by Guarantee)

CONTENTS

Page
Reference and Administrative Details of the Charity, its Trustees and Advisers 1
Chairman's Statement 2
Trustees' Report 3 - 11
Independent Examiner's Report 12
Statement of Financial Activities 13
Balance Sheet 14 - 15
Notes to the Financial Statements 16 - 26

AMAZING GRACE WORSHIP CENTRE (A Company Limited by Guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2021

Trustees

Company registered number

07406467

Charity registered number

1138718

Registered office

449 Kingsland Road Dalston Hackney London E8 4AU

Company secretary

Mr John Williams

Independent Examiner and Accountants

Martin Bailey, FCA Goodman Jones LLP 29/30 Fitzroy Square London W1T 6LQ

Bankers

National Westminster Bank 20 Amhurst Road London E8 1QZ

Page 1

AMAZING GRACE WORSHIP CENTRE (A Company Limited by Guarantee)

SENIOR PASTOR'S REPORT FOR THE YEAR ENDED 31 MARCH 2021

The chairman presents his statement for the year.

Amazing Grace Worship Centre remains part of Assemblies of God Churches in Great Britain. As a local Church our main purpose is to promote the worship of God as revealed in three Persons- Father, Son and Holy Spirit- according to the New Testament principles.

Focus

Our primary spiritual strategic focus is on prayer as a local Church. It is absolutely necessary at every level of our ministry. We constantly pray for peace in the country and those in authority, both locally and nationally since the decisions they take affect the ordinary lives of the people.

Social concerns

There are a lot of social concerns in Hackney. We believe in a practical ministry that addresses the needs of hurting people in the community. We normally do this through counselling service, visiting the elderly and the sick through the departments in the Church- the Men’s Ministry, the Women’s Ministry, and our Sunday School Ministry called ‘Here we Grow’. However in view of the pandemic and the government’s lockdown regulations, we could not visit families as we normally would. We could only do telephone calls, giving practical advice and praying with those who were sick and living in anxiety.

Other challenges

The year under review has been most challenging and distressing. The lockdown affected our church attendance adversely resulting in a big drop of our income. This in turn affected the refurbishment of our large church building.

However the positive side of the challenges was that we were able to conduct our services on zoom which reached a much wider audience than one would have expected.

Leadership

The current leadership was very united and committed to working together as responsible stewards to meet the challenges.

Rev. Emmanuel Dampare Pastor January 2022

Page 2

AMAZING GRACE WORSHIP CENTRE (A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2021

The Trustees present their annual report together with the financial statements of the Charity for the year 1 April 2020 to 31 March 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) (effective 1 January 2019).

Since the Charity qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

Objectives and activities

a. Policies and objectives

The objectives of the Charity are:

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)'.

b. Main activities undertaken to further the Charity's purposes for the public benefit

Page 3

AMAZING GRACE WORSHIP CENTRE (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Objectives and activities (continued)

c. Activities undertaken to achieve objectives

Regular weekly meetings are held every Wednesday evening, Saturday, and Sunday morning.

Saturday morning is the main prayer meeting during which a wide range of individual needs are prayed for, confidentially as required, with counselling provided straight after or at other more convenient times. Needs include health, unemployment, financial problems, family/relationship issues, court/immigration matters, spiritual, emotional and behavioural issues. These prayer meetings are open to members and non-members alike, plus Christians and non-Christians. It is well attended and highly valued.

Sunday morning is the main bible teaching and preaching time accompanied with prayer, singing, praise and worship. The bible teaching uses material personally prepared by the Pastor on a quarterly basis entitled ‘Here We Grow’. The singing, praise and worship time is one of huge inspiration aided by the skilful team of resident singers and musicians (drummers, pianists, guitarist, PA technicians). Our members and visitors grow their bible knowledge and confidence in their Christian faith. Guest preachers are occasionally invited to preach the sermon.

Wednesday evening prayer is a further opportunity to support and intercede for other peoples needs and challenges.

The young people gather straight after each Sunday service for informal fellowship, encouragement and often focus on the musical instruments they have been playing during the services.

The musicians meet regularly to practice to ensure the highest quality support of praise and worship every Sunday morning. They will also actively maintain their instruments and the related PA system.

Monthly meetings are held on the second Wednesday of each month for the men’s and women’s departments to come together for bible sharing fellowship and encouragement, and to plan their programme of activities for the forthcoming months.

All night-prayer meetings are held regularly, usually on the last Friday of the designated month. This enables members/visitors to sacrificially spend extended periods of time supporting other people’s needs through prayer. Periodic days of prayer and fasting are held throughout the year to help sharpen the church’s focus on prayer and commitment to service.

Evangelism leafleting in the local Dalston area has been undertaken several times throughout the year.

Regular Church Council Meetings (deacons/trustees/directors) are held throughout the year typically once or twice a month or more frequently as required, to discuss and make decisions on governance, finance, projects and departmental matters.

Hall letting was a large and significant feature of the activities this year. Given the large size of our hall the hire costs were very competitive. Consequently, scores of enquires were received with several dozen converting into actual confirmed hall bookings. The hall hire purposes were varied, as were the hirers' ethnicities.

The church has a number of professionals who can sign passports, provide job references, assist with completing forms, and provide free music coaching.

Page 4

AMAZING GRACE WORSHIP CENTRE (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Achievements and performance

a. Review of activities

DEPARTMENTS LEADER’S REPORT - Stephen Addai-Nimoh (Elder in charge of the Departments)

Reporting on departments of AGWC: The Men’s Ministry; The Women Ministry; Youth Ministry; and Sunday School (Here We Grow) Ministry.

The Men Ministry predominantly occupies the major offices in the Church organisation. The men provide services that include Preaching and Teaching, Church Administration, and the maintenance of the church building.

The Women Ministry meets more regularly than all other ministries. The Annual Women’s Day was successfully celebrated. They also occasionally provide meals to support members when they are celebrating their birthdays.

The Youth Ministry met on many occasions, sometimes with other Youth Movements from sister churches.

The Sunday School Ministry has been very active. The materials used and the teaching processes have been very helpful and imparting. The materials used this year was centred on ‘Family Affairs’.

The main goal of the ministry is to equip members with the wisdom of God, knowledge and understanding of Christian development.

All the ministries are determined to improve and do better in the future.

Reporting: Stephen Addai-Nimoh (Elder and Trustee)

WOMEN’S MINISTRY LEADER’S REPOR T - Madeline Santulu

In 2020/2021, the Women’s Ministry met at 1pm every second Sunday of the month at Amazing Grace Worship Centre (Dalston). As the Covid restrictions continued, it was agreed that we meet by zoom meeting every second Friday of the month for prayer and discussions the church and women issues in general.

April to May meetings were held but on group WhatsApp then on Church Zoom.

On 12 June 2020 the ladies helped prepare food to share on Fathers’ Day.

The Women’s Ministry group continued to meet after church until 2021 when we started using Zoom for our meetings on every second Friday of the month.

We continued to meet from May to November in preparation for the Amazing Grace Women’s Ministry Annual Celebrations that were held on Sunday 27th September 2020. The women led the entire Sunday programme, with the theme being: “Shaping the Future with Prayer”.

A word of encouragement was brought by Sister Salome and other sisters from the Women’s Ministry. Food was prepared by the Women’s Ministry and served to everyone who attended that Sunday.

13th December 2020, The Women’s ministry organised the church Christmas celebration, where food was shared and music played.

January 2021 to March, the Women’s Ministry has continued to meet on Zoom for prayer, teaching of the word, planning and reviewing issues concerning women in general and the church.

Page 5

AMAZING GRACE WORSHIP CENTRE (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Achievements and performance (continued)

Women in the worship leading team continue to spend time praying for our worship leaders, the musicians and young worshipers in the church worship team.

As women we have continued to avail ourselves to maintain the cleanliness of the church, decorating, as well as preparing food, as and when it is required.

We continue to make contributions to the Women’s Ministry funds in order to facilitate any expense required to further the development and support of the ministry. Our funds have helped women and their family who have been sick during the pandemic and could not come out to shop at grocers for themselves, some ladies facilitated that.

We also gave love offering from the women’s ministry group account to the bereaved in our church. We also use the money to buy for items for cooking whenever there is food required to serve the church members and visitors.

The year has been uncertain but we thank the lord we have not lost one of our own to Covid, few have been sick but the lord has always covered us and we thank him for his Divine protection over our lives.

Amen.

Madeline Santulu: Women’s Lead Betty Addai-Nimoh: Women’s Lead Assistant Susan Kyeremeh: Secretary Maureen Williams: Assistant Secretary

SECRETARY'S REPORT - John Williams

Leadership

Amazing Grace Worship Centre maintained productive relationships with our fellow denominational church leaders regionally and nationally, facilitated by the pastor and secretary attending periodic AoG regional conferences. A ‘Stronger Together’ theme for co-operation and collaboration, instituted from AOG GB senior, zone and hub leadership has been facilitated completely via Zoom calls due to COVID-19. This served to strengthen mutual leadership support, greater awareness of who’s who and what going on in AoG locally and nationally. Pastor attend the AoG Area, Zone and Hub Meetings as they arose. The Hub meeting was held via Zoom on Mon 8 Feb, first Zone Meeting (Thames North Zone 2 “Beyond 2020”) was held via Zoom on Wed 24 Feb. AoG’s Annual Conference Meeting (“Ascend”) was held on Sat 6 Mar again via Zoom.

The Church Council and other leaders in the church met regularly throughout the year to re-state the church vision and plan towards events and growth throughout the year, and navigate the challenges created by COVID19.

Administration/Building

Our church opted to return to meeting in person at the earliest opportunity when relaxation of COVID-19 restrictions permitted this in December 2020. Other churches continued over Zoom, YouTube, etc, not meeting in person until June/July of this year. Some congregations across the country have seen their face-to-face attendance drop by up to 80% because of COVID’s impact. Thankfully the impact on our numbers were nowhere near this, though individual church members personal finances had been impacted by job losses, furlough, etc which impacted church finances.

Page 6

AMAZING GRACE WORSHIP CENTRE (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Achievements and performance (continued)

The subsequent increase in weekly church hires required additional part-time staff to be used to caretake this.

The whole building was electrically re-wired and large areas of our flat roofs were repaired. Which was a very large expense.

Numerous smaller internal cosmetic improvements, refurbishments and repairs were undertaken to the kitchen area, toilets, stairwell and other rooms.

We have maintained good relationships with our professional services providers, accountants, solicitors, letting agent, insurance company, mortgage providers.

Guest speakers

Guest speakers at our church this year were all in-house from our deacons and our leaders.

COVID-19 resulted in the lockdown closure of the building in late March 2020 for several months. During this period our Wednesday Prayer Meeting, Saturday Prayer Meeting and Sunday Here We Grow were all conducted over Zoom. Pastor’s Sunday Morning Preaching was shown on YouTube.

Evangelism

Pastor and deacons previously met with a rep from the Graham Tour, for our church to be a Partner Church supporting a series of crusades across eight UK cities, led by Billy Graham’s son, Franklin Graham. COVID-19 coupled with hostile venue cancellations prevented it from proceeding.

COVID resulted in the closure of the building twice in 2020, late March through to mid-July and all of November. During this period our Wednesday Prayer Meeting, Saturday Prayer Meeting and Sunday Here We Grow was conducted over Zoom. Pastor’s Sunday Morning Preaching was shown on initially on YouTube and then also on Facebook Live.

Prayer

Prayer and Fasting sessions took place in Summer (Thu 6 Aug 20 – Sat 8 Aug 20) and then during the week prior to Christmas (Thu 17 Dec 20 – Sat 19 Dec 20).

Several All-Night Prayer meetings were held through the year.

The church met every Wednesday evening on Zoom to pray.

A 24-Hour Prayer Chain was held on the last Friday of every month, with 1-hour slots for members to elect to pray throughout.

Cross-Denominational Prayer Breakfasts were hosted several times throughout the year including an online session with 13 Hour Prayer Ministries from the US.

Fellowship/Community

A thoroughly enjoyable and memorable Church Retreat Week was held at the Tudor Wing Cottage, Kent. Mon 20 – Fri 24 July 2020. We enjoyed lovely warm and sunny weather which strengthened our spiritual unity and social cohesion via daily times of joint prayer and bible sharing, sports, swimming, cooking together, debating, indoor games, and a barbeque.

Page 7

AMAZING GRACE WORSHIP CENTRE (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Achievements and performance (continued)

We held a Church Carol Service and Christmas Banquet was held on Sunday 20 December on conclusion of the Prayer and Fasting, and invited our local neighbours to attend.

We’ve maintained contact with the local community policing office (De Beauvoir Ward Neighbourhood Policing Team). We receive communication occasionally by email, lately mainly via Twitter, regarding policing news and crime in the areas, eg anti-social behaviour, criminal arrests, burglaries, local community meetings.

Lettings

We have had many lettings enquiries in the last year. We use various channels to market the hall including mycommunityspace.org.uk, Gumtree, HireSpace, VenueScanner, HallHire.com, Yell.com, our website, and latterly, increasingly, by word of mouth.

Financial review

a. 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. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

b. Reserves policy

It is the policy of the Charity that funds should be maintained at a level equivalent to between three and six months' recurring expenditure. The Trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Charity's current activities while consideration is given to ways in which additional funds may be raised.

At the balance sheet date, the Charity held general reserves totalling £556,982 (2020: £579,156). The Charity holds fixed assets and investments totalling £754,942 (2020: £753,403). The Trustees continue to examine all opportunities to generate unrestricted funds.

c. Review of the year

We are very grateful for the generous support of members of the Church. Expenditure has decreased on the prior year.

The Trustees have reviewed the current accounting systems and processes of the Charity as part of a review of operations and individuals' duties. Professional advice has been sought regarding improvements to the Charity's accounting function, and in respect of the preparation of the annual financial statements.

Page 8

AMAZING GRACE WORSHIP CENTRE (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

d. Principal risks and uncertainties

Amazing Grace Worship Centre leadership meet regularly to ensure any financial risks are exposed quantified and plans put in place to mitigate them. We carefully monitor income and expenditure to ensure we are operating within our means. We take steps to maximise income through promotion and operation of Gift Aid on a monthly basis. We have periodic reviews of rent we charge the tenants of our properties in Dalston and Clapton to ensure we are getting the best deal. We limit expenditure to necessary items. We prioritise financial obligations to HMRC and other legal/statutory bodies and health and safety before addressing other demands.

Structure, governance and management

a. Constitution

Amazing Grace Worship Centre is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association dated 4th October 2010 and is a registered charity number 1138718 and under company number 07406467.

b. Methods of appointment or election of Trustees

The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Memorandum of Association.

c. Organisational structure and decision-making policies

The church is in fellowship with the Assemblies of God in Great Britain and holds membership with both the Evangelical Alliance and Churches Together ln England.

The Pastor attends an annual Assemblies of God conference plus several other regional meeting pertaining to the management and direction of the fellowship and consequently the local church. Through involvement in other local inter-denominational initiatives, the church is able to steer direction for the overall Christian voice in the locality.

The Church has the Pastor plus caretakers of hired events that are paid employees. All other staff are very hard-working, committed volunteers.

Page 9

AMAZING GRACE WORSHIP CENTRE (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Plans for future periods

Our immediate circumstances as a church and as individuals may be relentlessly challenging. However, under God's Holy Spirit-inspired direction, we will be engaging everyone's ideas, giving, commitment, and continued faithfulness to craft and shape a future which will glorify God. God will build the spiritual house which will be for the spiritual and physical/emotional healing of our community turning men, women and children to Christ. With God's help we will serve the community in many practical and useful ways through early-years activities, education, wellbeing and senior citizens activities. We will maximise the space, time and opportunity that this building and location gives us.

We have had increasing interest shown by individuals and bodies wanting to share/hire our space. We believe this will be a key vehicle through which we will be able to serve the local community and achieve our objectives.

ln the Holy Bible the Old Testament book of Micah Chapter 7 verse 11 reads "The day for building your walls will come, the day for extending your boundaries. ln that day people will come to you from Assyria and the cities o Egypt, even from Egypt to the Euphrates and from sea to sea and from mountain to mountain."

Our main plans for the future are:

Page 10

AMAZING GRACE WORSHIP CENTRE (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

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:

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.

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

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

Mr John Williams Trustee

Date: 31-01-22

Page 11

AMAZING GRACE WORSHIP CENTRE (A Company Limited by Guarantee)

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2021

Independent Examiner's Report to the Trustees of Amazing Grace Worship Centre ('the Charity')

I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 March 2021.

Responsibilities and Basis of Report

As the Trustees of the Charity (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Charity's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent Examiner's Statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the Charity as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.

Signed:

Martin Bailey, FCA

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

Dated: 31-01-22

Page 12

AMAZING GRACE WORSHIP CENTRE

(A Company Limited by Guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2021

Note
Income from:
Donations and legacies
3
Investments
4
Total income
Expenditure on:
Raising funds
Charitable activities
Total expenditure
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2021
£
110,347
63,865
174,212
-
196,386
196,386
(22,174)
579,156
(22,174)
556,982		 Total
funds
2021
£
110,347
63,865
174,212
-
196,386
196,386
(22,174)
579,156
(22,174)
556,982		 Total
funds
2020
£
121,546
53,069
174,615
7,095
192,460
199,555
(24,940)
604,096
(24,940)
579,156

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 16 to 26 form part of these financial statements.

Page 13

AMAZING GRACE WORSHIP CENTRE (A Company Limited by Guarantee) REGISTERED NUMBER: 07406467

BALANCE SHEET AS AT 31 MARCH 2021

Note
Fixed assets
Tangible assets
8
Investments
9
Investment property
10
Current assets
Debtors
11
Cash at bank and in hand
Creditors: amounts falling due within one
year
12
Net current liabilities
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
13
Net assets excluding pension asset
Total net assets
Charity funds
Restricted funds
14
Unrestricted funds
14
Total funds		 46,952
9,832
56,784
(122,483)		 2021
£
2,942
2,000
750,000
754,942
(65,699)
689,243
(132,261)
556,982
556,982
-
556,982
556,982		 26,711
2,582
29,293
(100,591)		 2020
£
1,403
2,000
750,000
753,403
(71,298)
682,105
(102,949)
579,156
579,156
-
579,156
579,156

The Charity was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

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 have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

Page 14

AMAZING GRACE WORSHIP CENTRE

(A Company Limited by Guarantee)

BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2021

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

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

Mr John Williams Trustee

Date: 31-01-22

The notes on pages 16 to 26 form part of these financial statements.

Page 15

AMAZING GRACE WORSHIP CENTRE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

1. General information

Amazing Grace Worship Centre is a charitable company registered in England and Wales. The registered office is 449 Kingsland Road, Dalston, Hackney, London, E8 4AU. The objects of the Charity are set out in the Trustees' Report.

The Charity is a company limited by guarante. In the event that the Charity is wound up, the liability in respect of the guarantee is limited to £1 per member.

2. Accounting policies

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.

Amazing Grace Worship Centre 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.

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 Charity is reliant upon public donations and rental income but there is no evidence that these have been significantly impacted by the Covid-19 pandemic, although the Charity did obtain a bounceback loan in June 2020. Accordingly, the Trustees do not believe that there is a material uncertainty regarding the going concern status of the Charity and continue to adopt the going concern basis in preparing the financial statements.

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.

Investment income, gains and losses are allocated to the appropriate fund.

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.

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

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

Page 16

AMAZING GRACE WORSHIP CENTRE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

2. Accounting policies (continued)

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 Tangible fixed assets and depreciation

Tangible fixed assets 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, .

Depreciation is provided on the following basis:

Page 17

AMAZING GRACE WORSHIP CENTRE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

2. Accounting policies (continued)

2.8 Investments and investment properties

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 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. Investments held as fixed assets are shown at cost less provision for impairment.

Investment properties are held at open market value on an existing use basis. Investment properties are subject to regular third party valuations by qualified chartered surveyors, supported by annual reviews by the Trustees.

2.9 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.

2.10 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.

Liabilities 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.

2.12 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.

2.13 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.

Page 18

AMAZING GRACE WORSHIP CENTRE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

3. Income from donations and legacies

Donations
Total 2020		 Unrestricted
funds
2021
£
110,347
121,546		 Total
funds
2021
£
110,347
121,546		 Total
funds
2020
£
121,546

4. Investment income

Unrestricted
funds
2021
£
Rental income from investment properties
63,452
Interest income
413
63,865
Total 2020
53,069		 Total
funds
2021
£
63,452
413
63,865
53,069		 Total
funds
2020
£
52,794
275
53,069

5. Analysis of expenditure by activities

Charitable activities
Total 2020		 Activities
undertaken
directly
2021
£
159,950
113,438		 Support
costs
2021
£
36,437
79,022		 Total
funds
2021
£
196,387
192,460		 Total
funds
2020
£
192,460

Page 19

AMAZING GRACE WORSHIP CENTRE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

5. Analysis of expenditure by activities (continued)

Analysis of support costs

Depreciation
Insurance
Gas, electric & water
Repairs & maintenance
Travel & transport
Donations
Telephone & internet
Printing, postage & stationery
Legal & professional
Independant examination
Bank charges
Interest paid
Sundry
Exp type 16
Exp type 17
Total 2020		 Religious
services
2021
£
671
13,196
(27,345)
17,432
383
6,303
2,739
100
3,485
9,180
7,518
820
529
181
1,245
36,437
79,022		 Total
funds
2021
£
671
13,196
(27,345)
17,432
383
6,303
2,739
100
3,485
9,180
7,518
820
529
181
1,245
36,437
79,022		 Total
funds
2020
£
1,381
7,679
9,265
28,409
352
7,713
1,384
3,613
6,947
2,500
772
8,702
305
-
-
79,022

Page 20

AMAZING GRACE WORSHIP CENTRE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

6. Net income/(expenditure)

This is stated after charging:

Depreciation of tangible fixed assets
- owned by the charity		 2021
£
671
671		 2020
£
1,381
1,381

During the year, no Trustees received any remuneration for their role as a trustee (2020 - £Nil). During the year, no Trustees received any benefits in kind (2020 - £Nil). During the year, no Trustees received any reimbursement of expenses (2020 - £Nil).

7. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 2021
£
49,442
620
88
50,150		 2020
£
43,610
1,637
-
45,247

The average number of persons employed by the Charity during the year is detailed below, although some part-time employees are used for caretaking duties during the year as and when required.

2021 2020
No. No.
Pastor 1 1

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

Page 21

AMAZING GRACE WORSHIP CENTRE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
8.
Tangible fixed assets
Cost or valuation
At 1 April 2020
Additions
At 31 March 2021
Depreciation
At 1 April 2020
Charge for the year
At 31 March 2021
Net book value
At 31 March 2021
At 31 March 2020
9.
Fixed asset investments
Cost or valuation
At 1 April 2020
At 31 March 2021
Net book value
At 31 March 2021
At 31 March 2020		 Fixtures and
fittings
£
10,929
2,210
13,139
9,526
671
10,197
2,942
1,403
Other fixed
asset
investments
£
2,000
2,000
2,000
2,000

Page 22

AMAZING GRACE WORSHIP CENTRE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

10. Investment property

Valuation
At 1 April 2020
At 31 March 2021		 Freehold
investment
property
£
750,000
750,000

The investment properties were valued in the 2017 by a firm of qualified chartered surveyors, on an open market value for existing use basis. The Trustees have considered the valuation of these properties, including an impact arising as a result of the Covid-19 pandemic, and consider there to be no change in the valuation this year.

11. Debtors

Due within one year
Trade debtors
Other debtors
Prepayments and accrued income		 2021
£
25,673
17,993
3,286
46,952		 2020
£
6,790
17,875
2,046
26,711

Page 23

AMAZING GRACE WORSHIP CENTRE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

12. Creditors: Amounts falling due within one year

Bank overdrafts
Bank loans
Other loans
Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income		 2021
£
-
10,656
10,850
45,275
-
27,365
28,337
122,483		 2020
£
1
7,992
10,850
-
395
22,270
59,083
100,591

Other loans represent monies advanced to the Charity by members of the congregation. Included within the above figure carried forward is an amount of £4,600 (2020: £4,600) due to the wife of one of the Trustees. All of the loans are unsecured, interest free and repayable on demand.

13. Creditors: Amounts falling due after more than one year

2021 2020
£ £
Bank loans 132,261 102,949

Bank loans represent a bank loan subject to interest at 6.35%, secured against the Charity's investment properties, and is due for repayment in April 2037, and a bounceback loan of £34,792 due for repayment in 5 years.

Page 24

AMAZING GRACE WORSHIP CENTRE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

14.
Statement of funds
Statement of funds - current year
Balance at 1
April 2020
£
Unrestricted funds
General Funds
579,156
Statement of funds - prior year
Balance at
1 April 2019
£
Unrestricted funds
General Funds
604,096
15.
Analysis of net assets between funds
Analysis of net assets between funds - current year
Tangible fixed assets
Fixed asset investments
Investment property
Current assets
Creditors due within one year
Creditors due in more than one year
Total		 Income
£
174,212
Income
£
174,615		 Expenditure
£
(196,386)
Expenditure
£
(199,555)
Unrestricted
funds
2021
£
2,942
2,000
750,000
56,784
(122,483)
(132,261)
556,982		 Balance at
31 March
2021
£
556,982
Balance at
31 March
2020
£
579,156
Total
funds
2021
£
2,942
2,000
750,000
56,784
(122,483)
(132,261)
556,982

Page 25

AMAZING GRACE WORSHIP CENTRE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

15. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior year

Tangible fixed assets
Fixed asset investments
Investment property
Current assets
Creditors due within one year
Creditors due in more than one year
Total		 Unrestricted
funds
2020
£
1,403
2,000
750,000
29,293
(100,591)
(102,949)
579,156		 Total
funds
2020
£
1,403
2,000
750,000
29,293
(100,591)
(102,949)
579,156

16. Related party transactions

Excluding those items disclosed elsewhere in the notes to the financial statements, there were no related party transactions requiring disclosure in either the current or prior years.

17. Controlling party

The Charity is under the control of the Board of Trustees. No individual has overall control.

Page 26