EASTWOOD ANABA MINISTRIES (EAM)
FINANCIAL STATEMENT - YEAR ENDED 31 DECEMBER 2021
EASTWOOD ANABA MINISTRIES
FINANCIAL STATEMENT AS OF 31 DECEMBER 2021
CHARITY REGISTRATION: 1146397
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Accounts prepared and certified by: PMCT Chartered and Certified Accountants Address: 322B Ability House, 121 Brooker Road, Waltham Abbey, Essex, EN9 IJH, UK Telephone: +44 208 004 8040. Website: www.pmct.co.uk
EASTWOOD ANABA MINISTRIES (EAM)
FINANCIAL STATEMENT - YEAR ENDED 31 DECEMBER 2021
Contents
| 1. | Trustees Report .......................................................................................................... 3 |
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| 1.1 Source of Financing and allocation of funding..................................................... 4 |
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| 2. | Accountants' Independent Report ............................................................................... 6 |
| 3. | Eastwood Anaba Ministries Annual Report for the year ended 31 December 2021 .... 7 |
| 3.1 Scope of Operation and Undertaken Activities .................................................... 7 |
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| 3.2 Income and Expenditure Summary as of 31 December 2021 ............................... 7 |
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| 3.3 Status of Position (Balance Sheet) as of 31 December 2021 ................................ 8 |
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| 4 | Notes to the accounts: Year ended 31 December 2021 ............................................... 9 |
| 4.1 Accounting Policies ............................................................................................. 9 |
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| 4.1.1 Basis of measurement and preparation of accounts ....................................... 9 |
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| 4.1.2 Tangible Fixed Assets depreciation policy .................................................... 9 |
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| 4.1.3 Income Recognition ...................................................................................... 9 |
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| 4.1.4 Expenditure .................................................................................................. 9 |
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| 4.1.5 Valuation information and policy .................................................................. 9 |
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| 4.2 Trustees Commitment ......................................................................................... 9 |
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| 4.3 Detailed Income and Expense Performance Statement as of 31 December 2021 10 |
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| 4.4 Fixed Asset and Depreciation as of 31 December 2021 ..................................... 11 |
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Accounts prepared and certified by: PMCT Chartered and Certified Accountants Address: 322B Ability House, 121 Brooker Road, Waltham Abbey, Essex, EN9 IJH, UK Telephone: +44 208 004 8040. Website: www.pmct.co.uk
EASTWOOD ANABA MINISTRIES (EAM)
FINANCIAL STATEMENT - YEAR ENDED 31 DECEMBER 2021
1. Trustees Report
The Trustees of Eastwood Anaba Ministries (EAM) present their report and accounts for the year ended 31 December 2021. The trustees report that the financial year ending 31 December 2021 brought growth and expansion of our services to the community.
Principal activity:
EAM principal activity is Christ Centred Ministration undertakings. Secondly, activities are services to humanity and general local community. Within UK we have adopted and expanded our scope of humanity consideration and deliberately chosen to work with charities supporting vulnerable individuals within our local communities.
During the year various prayer and teaching conferences were organised periodically and attendance to these conferences were very good. We also provided training seminars for preachers and evangelists.
Constraints and Challenges
During the financial year we dealt with many challenges successfully, however our main challenge has been inadequate sources of funding for continued demand for our services in areas of supporting young ministers of the gospel especially in areas of managing social issues.
We are ever prepared to expand scope of consideration, offer training and education to volunteers where needed, however our objectives are constrained by financial resources available. Due to covid-19 impact in UK, the country was largely locked down thereby limiting EAM hosting planned events in UK till last few months of the year.
Achievements during the Year
We were able to meet all planned objectives and operations especially maintaining and increasing our membership numbers. Most challenging of consideration beyond our control was covid-19 pandemic and its devastating impacts. Due to various lockdowns by national and local governments most of our members were supported in kinds with occasional shopping to help ease difficulties.
EAM has associate operations managed by EAM Ghana in Ghana; and together many underprivileged children were helped during covid-19 pandemic in Ghana. To avoid duplication and reduce operational cost, Trustees engineered the process of working closely with other EAM organisations worldwide especially EAM Ghana. As EAM funding are derived mostly from organised global events, it has been decided that EAM Ghana would organise events on behalf of EAM and we would contribute fair share of any event hosting cost; and for this reason we would continue with periodic transfer of funds. Following research and discussions with event organisers on logistics needed, we decided to significantly reduce hiring of equipment for hosting events as cost is ever increasing. Event equipment whereby possible would hereon be purchased by EAM and managed by EAM Ghana. Purchased equipment is to be capitalised between 2 to 3 years
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Accounts prepared and certified by: PMCT Chartered and Certified Accountants Address: 322B Ability House, 121 Brooker Road, Waltham Abbey, Essex, EN9 IJH, UK Telephone: +44 208 004 8040. Website: www.pmct.co.uk
EASTWOOD ANABA MINISTRIES (EAM)
FINANCIAL STATEMENT - YEAR ENDED 31 DECEMBER 2021
depending on asset type. We spent £12,041.10 on event laptop, camera and accessories and asset is held in custody of EAM Ghana on our behalf.
During the year EAM decided against hosting events to be broadcast on respective TV stations. Previous allocated funding for TV broadcasting was used to enhance EAM online presence and on respective social medias including YouTube, Zoom and on platforms recommended by our members. Overall, we enhanced our online presence and scope of consideration which led to significant increase in membership and donations. EAM Ghana taking responsibility for hosting arrangements and managing events reduced administration and operational costs by more than 35% of planned would-be UK corresponding cost. We anticipate significant increase of our fair share of cost going forward especially towards training and investment in use of technology.
Charitable Donations
In UK a minimum spending on core activities was £21,061.41 and allocated to three main areas of support. We contributed £5,000.00 (Great Ormond Street Hospital - £2,500.00, Christian Against Poverty - £1,500.00, and Transforming Lives For Good - £1,000.00) to UK charities, £6,150.00 to Christian ministries, and £9,911.41 was provided as support to our members and families in need of urgent help.
As per previous commitment given, we continued to support Help Foundation, a charity based in Northern Ghana where deprivation is so evident for children. Though much help is needed from medium to long term we supported Help Foundation with £27,652.00 as committed contribution. Help Foundation provided many videos showcasing how money had been used as part of our requested evidence and audit trails as per PMCT Accountants & Consultants recommendation.
1.1 Source of Financing and allocation of funding
We plan to widen scope of sources of financing to reduce over reliance on contributions by members of Eastwood Anaba Ministries. It is our objective to solicit external assistance including claiming applicable gift aid on UK taxpayers’ contribution to enable us meet ever increasing demand for our services from 2023.
Use of technology and relocating controllable costs to EAM Ghana is justified on many fronts. For instance, EAM income has continued to increase from 2018 of £32,530.00 to £59,083.00 in 2019 (increased by £26,553.00. In 2020 income increased by £61,161.00 to £120,244.00; and in 2021 increased by £106,742.00 to £226,957.00.
Our finances for the year ended 31 December 2021 was stable due to relocation of events mainly to online and effective use of social media platforms. Our income was greater than projected and
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Accounts prepared and certified by: PMCT Chartered and Certified Accountants Address: 322B Ability House, 121 Brooker Road, Waltham Abbey, Essex, EN9 IJH, UK Telephone: +44 208 004 8040. Website: www.pmct.co.uk
EASTWOOD ANABA MINISTRIES (EAM)
FINANCIAL STATEMENT - YEAR ENDED 31 DECEMBER 2021
for this very reason we would like to express our sincere gratitude to EAM members for their generous donations and contributions which has mainly been sole funding of our programmes.
Since involving EAM Ghana our income stream increased by £194,457.00 from £32,530.00 in 2018 to £226,957.00 in 2021; thus, an increase of £106,743.00 in 2021 from £120,244.00 in 2020. For same period under consideration, cost increased by £113,647.00 from £20,960.00 in 2018 to £134,607.00.00 in 2021. thus, an increase of £55,943.00 in 2021 from £78,664.00 in 2020. In summary, we have net income of £80,810.00 since involving EAM Ghana from 2018, thus every £1.00 spent it generates net income of £0.71 (71.11%).
Strategically involving EAM Ghana, use of social media and online broadcast largely has contributed to increase of income from £20,930.00 in 2017 to £226,957.00 in 2021, thus an increase of £206,057.00 implying 984.53%. EAM humanitarian and support considerations has continued to expand since 2017 by 950.63%.
Strategy of reducing rented accommodation cost.
From above analysis, EAM would continue to host its events in Ghana to comparatively reduce cost and increase income. We would contribute to long term accommodation for administering and hosting our programme from Ghana as opposed to duplicating exact cost elements in UK at even higher costs of £45,000.00. From costs and benefits analysis contributing agreed amount of £25,000.00 annually since 2020 towards EAM building project would be £20,000.00 cheaper than undertaking considerations in UK. Reduction in administration and operational cost of £20,000.00 forms part of EAM committed £28,000.00 annual support to reducing poverty and literacy levels in Northern Ghana in partnership with Help Foundation in Ghana. This has been independently certified by PMCT Accountants & Consultants in UK and in Ghana.
A provision of £50,000.00 as committed restricted reserve on the face of status of position (balance sheet). We undertake to contribute fair share towards ongoing building projects to host EAM events in Ghana till project is completed as it saves us cost in medium to long term. On completion of the project, we plan to extend present commitment to other humanitarian considerations in UK. As EAM is contributing to ongoing building project, it is anticipated upon completion, there will be no significant cost towards rent.
Overall, it has been a good year and we would continue reviewing our consideration.
Signed: kwadwoBossman
Kwadwo Twum-Bossman
Chairman of the Trust
For and on behalf of Trustees and Members of Eastwood Anaba Ministries Date: 23 December 2022
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Accounts prepared and certified by: PMCT Chartered and Certified Accountants Address: 322B Ability House, 121 Brooker Road, Waltham Abbey, Essex, EN9 IJH, UK Telephone: +44 208 004 8040. Website: www.pmct.co.uk
EASTWOOD ANABA MINISTRIES (EAM)
FINANCIAL STATEMENT - YEAR ENDED 31 DECEMBER 2021
2. Accountants' Independent Report
As Accountants we report on the unaudited accounts to the Trustees of Eastwood Anaba Ministries. It is our responsibility to state, based on the procedures specified in the General Directions given by the Charity Commissioners under section 43 (7) (b) of the Act, whether matters have come to our attention.
Respective responsibilities of trustees and examiner
As described on the balance sheet the Trustees of Eastwood Anaba Ministries are responsible for the preparation of the accounts for the year ended 31 December 2021, set out on pages below and the Trustees consider that the charity is exempt from an audit requirement of section 43 (2) of the Charities Act 2016 (the Act) does not apply. In accordance with Trustees of Eastwood Anaba Ministries instructions, we have compiled these unaudited accounts to assist Trustees of Eastwood Anaba Ministries to fulfil its statutory responsibilities, from the accounting records, information and explanations made available to us leading on to reasonable assumptions and estimations whereby it is deemed appropriate and prudent.
Basis of independent examiner's report
Our examination was carried out in accordance with the General Direction 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 on any such matters. The procedures undertaken do not provide all the evidence that would be required by an audit, and consequently, we do not express an audit opinion on the view given by the accounts. We propose that EAM consider HMRC registration for Gift Aid Claim from 2023 and we would assist with required due diligence for bookkeeping and anti-money laundering (AML).
Independent examiner's statement
In accordance with our examination, no matter has come to our attention:
(1) Which gives us reasonable cause to believe that in any material respect the requirements:
(a) To keep accounting records in accordance with section 41 of the Act: and
(b) To prepare accounts which accord with the accounting records and to Comply with the accounting requirements of the Act have not been met, or
(2) To which, in our opinion, attention should be drawn to enable a proper understanding of the accounting to be reached.
Signature: VincSant
PMCT Accountants senior partner: Vincent Santeng – FCCA
In a Capacity as a Qualified Chartered and Certified Accountant. Date: 23 December 2022
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Accounts prepared and certified by: PMCT Chartered and Certified Accountants Address: 322B Ability House, 121 Brooker Road, Waltham Abbey, Essex, EN9 IJH, UK Telephone: +44 208 004 8040. Website: www.pmct.co.uk
EASTWOOD ANABA MINISTRIES (EAM)
FINANCIAL STATEMENT - YEAR ENDED 31 DECEMBER 2021
3. Eastwood Anaba Ministries Annual Report for the year ended 31 December 2021
- 3.1 Scope of Operation and Undertaken Activities
The Trustees report that the financial year ended 31 December 2021 continued to bring new challenges for the organisation.
In line with our Christian ethos, during the year, various teachings and prayer seminars were organised on regular basis. Again, the attendances to these activities have continued to increase especially in the areas of helping young and new ministers of the Gospel about living a Christ centred life.
3.2 Income and Expenditure Summary as of 31 December 2021
| 31/12/2021 | 31/12/2020 | |
|---|---|---|
| INCOME: | ||
| Donations | 226,987 | 120,244 |
| 226,987 | 120,244 | |
| EXPENSES | ||
| Direct Charitable Expenditure on Direct Charitable Objectives | 103,628 | 68,145 |
| Management and Administration Expenses | 30,978 | 10,519 |
| Total Expense | 134,607 | 78,664 |
| Net Surplus / Deficit | 92,380 | 41,580 |
| Income and Expense Reserve Brought Forward | 58,491 | 16,911 |
| Profit and Loss Reserve | 150,871 | 58,491 |
The net movement in funds for the year stated above arose entirely from continuing activities. There are no recognised gains or losses for the year above other than included in the above Statement of Financial Activities. The notes from Pages 9 to 10 form part of these accounts.
Eastwood Anaba Ministries performance statement above and the Balance Sheet below is reflection of true and fair view of the trust position as of 31 December 2021.
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Accounts prepared and certified by: PMCT Chartered and Certified Accountants Address: 322B Ability House, 121 Brooker Road, Waltham Abbey, Essex, EN9 IJH, UK Telephone: +44 208 004 8040. Website: www.pmct.co.uk
EASTWOOD ANABA MINISTRIES (EAM)
FINANCIAL STATEMENT - YEAR ENDED 31 DECEMBER 2021
3.3 Status of Position (Balance Sheet) as of 31 December 2021
| 31/12/2021 | 31/12/2020 | |
|---|---|---|
| FIXED ASSETS | 13,676 | 8,474 |
| CURRENT ASSETS | ||
| Prepaid on nextyear events | ||
| Balance at Bank and in Hand | 153,235 | 65,935 |
| LIABILITIES: | ||
| Amounts fallingdue within oneyear(Note) | 16,039 | 15,918 |
| Net Current Assets | 137,196 | 50,017 |
| Net Assets | 150,872 | 58,491 |
| FUNDS | ||
| Restricted Funding Committed - Administration Office Project inGhana |
50,000 | 25,000 |
| Accumulated Unrestricted Reserve | 100,872 | 33,491 |
| Total Reserve | 150,872 | 58,491 |
Approved by the Board of Trustees on 23 December 2022
Signed: kwadwoBossman
Kwadwo Twum-Bossman
Chairman of EAM
For and on behalf of Trustees and Members of Eastwood Anaba Ministries (EAM) Date: 23 December 2022
The notes to accounts are on pages 9 to 11
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Accounts prepared and certified by: PMCT Chartered and Certified Accountants Address: 322B Ability House, 121 Brooker Road, Waltham Abbey, Essex, EN9 IJH, UK Telephone: +44 208 004 8040. Website: www.pmct.co.uk
EASTWOOD ANABA MINISTRIES (EAM)
FINANCIAL STATEMENT - YEAR ENDED 31 DECEMBER 2021
4 Notes to the accounts: Year ended 31 December 2021
- 4.1 Accounting Policies
4.1.1 Basis of measurement and preparation of accounts
The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).
The financial statement reflects requirements of revised Statement of Recommended Practice 'Accounting for Charities' (SORP). The charity complied with best practice at the time of preparing these accounts.
4.1.2 Tangible Fixed Assets depreciation policy
All fixed Assets are capitalised after taking account of any grants receivable (if any), at the following annual rates to write off each asset over its estimated useful life. The charge for depreciation is calculated to write-off the costs of fixed assets are capitalised over their usefulness on the following bases:
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Equipment 18% on Net Book Value (reducing balancing capitalising method)
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Furniture 18% on Net Book Value (reducing balancing capitalising method)
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Fittings 18% on Net Book Value (reducing balancing capitalising method)
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Camara and laptops would be depreciated by 2 to 3 years.
4.1.3 Income Recognition
Income is accounted for on an accrual’s basis, except for donations, which are credited to income when received during the period.
4.1.4 Expenditure
AII expenditure is accounted for on an accrual basis. Direct charitable expenditure relates to those incurred or grants payable, which directly relate to the furtherance of the charity's objects.
Management and administration costs include wages and related costs of central administration.
4.1.5 Valuation information and policy
Where applicable valuations would be undertaken as the lower of cost and net realisable value, after making do allowance for obsolete. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.
4.2 Trustees Commitment
No amounts were paid to any trustees during the year in respect of their duties as trustees. The office of Ministers was also not paid for duties as a fulltime Christian Ministers. The need to
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Accounts prepared and certified by: PMCT Chartered and Certified Accountants Address: 322B Ability House, 121 Brooker Road, Waltham Abbey, Essex, EN9 IJH, UK Telephone: +44 208 004 8040. Website: www.pmct.co.uk
EASTWOOD ANABA MINISTRIES (EAM)
FINANCIAL STATEMENT - YEAR ENDED 31 DECEMBER 2021
remunerate Eastwood Anaba Ministries’ ministers would be addressed as part of our future consideration.
4.3 Detailed Income and Expense Performance Statement as of 31 December 2021
| 31/12/2021 | 31/12/2020 | |
|---|---|---|
| Income | ||
| Donations | 226,987 | 120,244 |
| 226,987 | 120,244 | |
| Expenses | ||
| Direct Charitable Expenditure on Direct Charitable Objectives | ||
| Rentals | 10,614 | 10,500 |
| Administration | 17,600 | 6,004 |
| OperationalCost | 8,050 | 6,689 |
| Community Involvement | 50,331 | 33,781 |
| Travel and Subsistence | 15,134 | 6,671 |
| Telephone | 1,899 | 4,500 |
| 103,628 | 68,145 | |
| Management and Administration Expenses | ||
| Advertisingand Marketing | 19,829 | 1,833 |
| Hire of Equipment and Consultants for Programmes | 1,848 | 3,000 |
| Depreciation | 6,839 | 4,239 |
| Software | 1,963 | 947 |
| Accountants andConsultants | 500 | 500 |
| 30,978 | 10,519 | |
| Total Expenses | 134,607 | 78,664 |
| Yearly Net Surplus Position | 92,380 | 41,580 |
| Income and Expense Reserve Brought Forward | 58,491 | 16,911 |
| Income and Expense Performance Reserve | 150,871 | 58,491 |
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Accounts prepared and certified by: PMCT Chartered and Certified Accountants Address: 322B Ability House, 121 Brooker Road, Waltham Abbey, Essex, EN9 IJH, UK Telephone: +44 208 004 8040. Website: www.pmct.co.uk
EASTWOOD ANABA MINISTRIES (EAM)
FINANCIAL STATEMENT - YEAR ENDED 31 DECEMBER 2021
4.4 Fixed Asset and Depreciation as of 31 December 2021
| 2021 | 2020 | |
|---|---|---|
| General Pool: Camera, Accessories and Laptop | ||
| Cost Brought Forward | 12,712.27 | |
| Cost Addition | 12,041.10 | 12,712.27 |
| Total Cost | 24,753.37 | 12,712.27 |
| **Depreciation ** | ||
| Brought Forward | 4,238.27 | |
| Depreciation Addition | 6,839.10 | 4,238.27 |
| **Total Depreciation ** | **11,077.37 ** | 4,238.27 |
| Net Book Value | 13,676.00 | 8,474.00 |
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Accounts prepared and certified by: PMCT Chartered and Certified Accountants Address: 322B Ability House, 121 Brooker Road, Waltham Abbey, Essex, EN9 IJH, UK Telephone: +44 208 004 8040. Website: www.pmct.co.uk