## **GLORIOUS CHURCH INTERNATIONAL MINISTRIES** ## **Report and Financial Statements** **For the year ended 31st December 2022 Charity number: 1142284** 1 ## **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** 114 -126 Westmoor Street London SE7 8NQ ## **Charity number** 1142284 2 ## **GLORIOUS CHURCH INTERNATIONAL MINISTRIES** **Report of the trustees for the year ended 31 December 2022** ## **________________________________________________________________** The trustees are pleased to present their report together with the financial statements of the charity for the year ended 31 December 2022. 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. Members who served during the year from 1st January 2022 – 31st December 2022 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 high cost of living. Sunday worship and bible study has started in church, and it run alongside online service for members who are still uncomfortable to meet in person. ## **Financial Review** Total receipts on unrestricted fund were £125,214 which includes a loan of £5,000 and insurance payout of £15,142. A total payment of £128,781 was made by the ministry during the year. The net result for the year was a deficit of £3,567 on unrestricted funds, total cash funds at the yearend was £5,898 which includes £5,500 held as a refundable deposit by the landlord. Rent remains the highest cost of the charity. 3 ## **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. ## **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 30th October 2023 and signed on its behalf by: ## _Georgina Obodechina_ Mrs Georgina Obodechina Trustee 4 ## **GLORIOUS CHURCH INTERNATIONAL MINISTRIES Financial Statements for the year ended 31 December 2022** ## **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|**70,808**|**-**||**-**||**70,808**||**48,653**| |Gift Aid|**20,805**|**-**||**-**||**20,805**||**14,325**| |Grants||**-**||**-**||**-**||**23,507**| |Pledge|**9,458**|**-**||**-**||**9,458**||| |Rent received|**4,000**|**-**||**-**||**4,000**||| |**_Sub total_ **|**105,072**|**-**||**-**||**105,072**||**86,485**| |||||||||| |**Asset and investment sales.**||||||||| |**Loan**|**5,000**|**-**||**-**||**5,000**||| |Insurance|**15,142**|**-**||**-**||**15,142**||**-**| |**_Sub total_**|**20,142**|**-**||**-**||**20,142**||**-**| |||||||||| |**_Total receipts_ **|**125,214**|**-**||**-**||**125,214**||**86,485**| |||||||||| |**Payments**||||||||| |Evangelism & Special Events|**25,800**|**-**||**-**||**25,800**||**18,187**| |Ministry expenses|**22,430**|**-**||**-**||**22,430**||**17,893**| |Office expenses|**609**|**-**||**-**||**609**||**4,324**| |Rents & rates|**45,000**|**-**||**-**||**45,000**||**32,928**| |Telephone & broadband|**601**|**-**||**-**||**601**||**720**| |Insurance|**545**|**-**||**-**||**545**||**577**| |Utilities|**399**|**-**||**-**||**399**||**600**| |Equipment|**3,000**|||||**3,000**||**8,162**| |Loan|**2,174**|||||**2,174**||**1,863**| |Pension|**1,308**|||||**1,308**||**670**| |Bank Interest|**12**|||||**12**||**114**| |Tax & National Insurance|**1,000**|||||**1,000**||| |Wages|**13,433**|**-**||**-**||**13,433**||**16,933**| |Repairs & maintenance|**11,414**|||||**11,414**||| |Travel|**1,055**|**-**||**-**||**1,055**||**627**| |**_Sub total_ **|**128,781**|**-**||**-**||**128,781**||**103,598**| |||||||||| |**Asset and investment purchases**||||||||| ||**-**|**-**||**-**||**-**||| ||**-**|**-**||**-**||**-**||| |**_Sub total_ **|**-**|**-**||**-**||**-**||**-**| |||||||||| |**_Totalpayments_ **|**128,781**|**-**||**-**||**128,781**||**103,598**| |||||||||| |**_Net of receipts/(payments)_**|**- 3,567**|
**-**||**-**||**- 3,567**||**- 17,113**| |**Transfers between funds**|**-**|
**-**||**-**||**-**||**-**| |**Cash funds lastyear end**|**9,465**|
**-**||**-**||**9,465**||**26,578**| |**_Cash funds thisyear end_**|**5,898**|
**-**||**-**||**5,898**||**9,465**| |||||||||| |||||||||| ## **Section B Statement of assets and liabilities at the end of the period** |**Categories**|**Details**|**Details**||**Unrestricted funds**||**Restricted funds**||**Endowment funds**| |---|---|---|---|---|---|---|---|---| |||||**to nearest £**||**to nearest £**||**to nearest £**| |**Cash funds**|Current Account|||**398**||**-**||**3,965**| ||Rent Deposit|||**5,500**||**-**||**5,500**| |||||**-**||**-**||**-**| ||**_Total cash funds_**|||**5,898**||**-**||**9,465**| |||||||||| |||||||||| |**Assets**|_Musical instrument, Computer_
_equipment & furniture_|||**31,517**
**10,000**||||| |||||**Unrestricted funds**||**Restricted funds**||**Endowment funds**| ||**Details**|||**to nearest £**||**to nearest £**||**to nearest £**| |**Liabilities**|Pension|||**119**||**-**||| ||Loan|||**25,750**||||| ||Tax & NIC|||**2,865**||||| ||Other|||**2,783**||||| |||||||**-**||| |Signed by one or two trustees on behalf
of all the trustees|Signature|||Print Name||||Date of approval| ||_Georgina Obodoechina_|||Georgina Obodoechina||||30/10/2023| 5 ## **GLOURIOUS CHURCH INTERNATIONAL MINISTRIES** **Notes to the financial statements for the year ended 31 December 2022** ________________________________________________________________ ## 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
January2022|Incoming
Resources|Outgoing
Resources|Balance at 31st
December 2022| |---|---|---|---| |£9,465|£125,214|£128,781|£5,898| 6 ## **GLORIOUS CHURCH INTERNATIONAL MINISTRIES** ## **Independent Examiners Report to the Trustee’s/ Members of Glorious Church International Ministries (GCIM)** ________________________________________________________________ ## **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 2022 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 1. 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 7 2. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Erica Freeman F & F Business Strategies Ltd Room 2B01 South Bank Technopark 90 London Road London SE1 6LN 8