2020-12-31-accounts - The Glorious Church International Ministries

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GLORIOUS CHURCH INTERNATIONAL MINISTRIES

Report and Financial Statements For the year ended 31st December 2020 Charity number: 1142284

GLORIOUS CHURCH INTERNATIONAL MINISTRIES

Legal and administrative information

__________

Reference and administrative details

Trustees

Mrs Georgina Obodoechina

Mr Idrissa Koloto - Kamara

Ms Ronnella Kawaley

Charity office

Block B Chartwell Business Park Paulet Road Camberwell London SE5 9HW

Charity number

1142284

GLORIOUS CHURCH INTERNATIONAL MINISTRIES

Report of the trustees for the year ended 31 December 2020

__________

The trustees are pleased to present their report together with the financial statements of the charity for the year ended 31 December 2020.

Structure, Governance and Management

At GCIM the membership of the leaders consists of the Pastor, Leaders and Head of the various departments of the church. The Leaders and Elders are responsible for making decisions on all matters of general concern and importance to the ministry. Meetings are held monthly, the different departments are Women, Children, Men, Protocol, Welfare, Admin & Finance and Evangelism.

GCIM is situated at Camberwell in London and the members who served during the year from 1st January 2020 – 31st December 2020 were:

Pastor Sylvanus Freeman Pastor in charge Sis Georgina Obodechina Bro Ibrahim Jalloh Bro Albert Momoh

Objectives and Activities

The objects of the charity are to provide a place for Christian worship and to help children and the elderly.

There have been no changes in the objectives since the last annual report.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

During the year the charity was challenged with the global COVID 19 pandemic that saw the closure of the church. Sunday worship and bible study continued online.

Financial Review

Total receipts on unrestricted fund were £81,552 which includes a loan of £22,500 and grant of £2,500 from the local council and £877.12 from the Corona Job Retention Scheme (CJRS) to help the charity during the pandemic. A total payment of £61,291 was made by the ministry during the year.

The net result for the year was a surplus of receipt over payment of £20,261 on unrestricted funds, total cash funds at the yearend was £26,578 which includes

£5,500 held as a refundable deposit by the landlord. Rent remains the highest cost of the charity.

Reserve Policy

It is GCIM’s policy to maintain a balance on unrestricted funds (if possible) which equals 3 months’ unrestricted payment totalling £8,250 to cover emergency situations that may arise from time to time. The balance at the end of the year is above this target.

Volunteer

We would like to thank all the volunteers who worked so hard during the year to make the church a blessing to the community. We want to thank especially all those who took turns to clean the church and worked during the lockdown to ensure that online services were successful. A big thank you to the women fellowship and the men fellowship for their tireless support to the ministry. A special thank you to all Elders and Leaders for keeping the church running, and members who joined the activities online.

Approved by the trustees on 29th October 2020 and signed on its behalf by:

Georgina Obodechina

Mrs Georgina Obodechina

Trustee

GLORIOUS CHURCH INTERNATIONAL MINISTRIES

Financial Statements for the year ended 31 December 2020

Section A Receipts and payments

	Unrestricted funds	Restricted funds	Endowment funds	Total funds	Last year
	to the nearest £	to the nearest £	to the nearest £	to the nearest £	to the nearest £
Receipts
General Offering	38,757	-	-	38,757	51,762
Gift Aid	11,057	-	-	11,057	10,488
Grants	3,377	-	-	3,377	-
Pledge	5,860	-	-	5,860	467
Rent received	-	-	-	-	9,600
**Sub total **	59,052	-	-	59,052	72,318

Asset and investment sales.
Loan	22,500	-	-	22,500
	-	-	-	-	-
*Sub total*	22,500	-	-	22,500	-

**Total receipts **	81,552	-	-	81,552	72,318

Payments
Evangelism & Special Events	9,522	-	-	9,522	27,730
Ministryexpenses	9,434	-	-	9,434	9,600
Office expenses	1,277	-	-	1,277	50
Rents & rates	24,495	-	-	24,495	28,800
Telephone & broadband	998	-	-	998	2,122
Insurance	500	-	-	500	638
Utilities	200	-	-	200	822
Wages	14,112	-	-	14,112	1,266
Travel	752	-	-	752	752
**Sub total **	61,291	-	-	61,291	71,780

Asset and investment purchases
	-	-	-	-
	-	-	-	-
**Sub total **	-	-	-	-	-

**Totalpayments **	61,291	-	-	61,291	71,780

*Net of receipts/(payments)*	20,261	-	-	20,261	537
Transfers between funds	-	-	-	-	-
Cash funds lastyear end	6,317	-	-	6,317	5,780
*Cash funds thisyear end*	26,578	-	-	26,578	6,317

Section B Statement of assets and liabilities at the end of the period

Categories	Details	Unrestricted funds	Restricted funds	Endowment funds
		to nearest £	to nearest £	to nearest £
Cash funds	Current Account	21,078	-	-
	Rent Deposit	5,500	-	-
		-	-	-
	*Total cash funds*	26,578	-	-

		Unrestricted funds	Restricted funds	Endowment funds
	Details	to nearest £	to nearest £	to nearest £
Liabilities	Pension	96	-	-
	Loan	22,500	-	-
Signed by one or two trustees on behalf of all the trustees	Signature	Print Name		Date of approval
	Georgina Obodoechina	Georgina Obodoechina		29/10/2021

GLOURIOUS CHURCH INTERNATIONAL MINISTRIES Notes to the financial statements for the year ended 31 December 2020

1 Accounting policies

a) The financial statements of GCIM have been prepared in accordance with the Church Accounting Regulations 2006 using the Receipts & Payments basis

b) Fund structure The principal accounting policies are set out below. The accounting policies have been adopted consistently throughout the year.

The funds held by the charity are either:

Unrestricted general funds - these are funds which can be used in accordance with the charitable objects at the discretion of the trustees.

Designated funds - these are funds earmarked by the trustees out of unrestricted general funds for specific future purposes or projects.

Restricted funds - these are funds that can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Endowment funds - these are funds that represent assets which must be held permanently by the charity. Income arising on the endowment fund can be used in accordance with the objects of the charity and is included in unrestricted income. Any capital gains or losses arising on the investments form part of the fund. Investment management charges and legal advice relating to the fund are charged against the fund.

c) VAT The charity is not registered for VAT and accordingly expenditure includes VAT where appropriate.

2 Unrestricted funds

Outgoing 1st January2020£	Incoming Resources£	Outgoing Resources£	Balance at 31st December 2020£
£6,317.00	£81,552	£61,291	£26,578

GLORIOUS CHURCH INTERNATIONAL MINISTRIES

Independent Examiners Report to the Trustee’s/ Members of Glorious Church International Ministries (GCIM)

I report on the accounts for the year ended 31st December 2020 which are set out in page 5

Respective responsibilities of trustees and examiner

The charity's trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed.

It is my responsibility to:

examine the accounts under section 145 of the Charities Act,
to follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act, and
to state whether particular matters have come to my attention.

My examination was carried out in accordance with general Directions given by the Charity Commission. 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 the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.

In connection with my examination, no matter has come to my attention

which gives me reasonable cause to believe that in, any material respect, the requirements:
to keep accounting records in accordance with section 130 of the Charities Act; and

 to prepare accounts which accord with the accounting records and

comply with the accounting requirements of the Charities Act have not been met; or

to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Erica Freeman

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