INTERNATIONAL GOSPEL OF TRUTH CHURCH
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30[TH] JUNE 2022
REGISTERED CHARITY NUMBER: 1143509
INTERNATIONAL GOSPEL OF TRUTH CHURCH FOLKESTONE ROAD LONDON E17 9SD
INDEX Page Index 1 Legal & Administrative Details 2 Trustee’s Report 3-5 Independent Examiner’s Report 6 Statement of Financial Activities 7 Balance Sheet 8 Notes on the financial Statements 9 -12
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INTERNATIONAL GOSPEL OF TRUTH CHURCH
LEGAL & ADMINISTRATIVE DETAILS YEAR ENDED 30[TH] JUNE 2022
ADDRESS FOR CORRESPONDENCE
FOLKESTONE ROAD LONDON E17 9SD
REGISTERED CHARITY NUMBER
1143509
GOVERNING DOCUMENT
DECLARATION OF TRUST 29[TH] JULY 2011.
TRUSTEES/ DIRECTORS
Ms Jennifer Quaye Ms Victoria Badoe Rev Sylvester Opoku Manu
PRINCIPAL BANKERS
National Westminster Bank Plc 1 – 11 Stratford Broadway Stratford E15 4BQ
ACCOUNTANTS
FRESH FIRE ORGANISATION GENERATOR BUSINESS CENTRE 95 MILES ROAD MITCHAM CR4 3FH
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INTERNATIONAL GOSPEL OF TRUTH CHURCH
TRUSTEES’ REPORT YEAR ENDED 30[TH] JUNE 2022
The trustees are pleased to present their report for the year ended 30[TH] June 2022 for the charity, International Gospel of Truth Church with Charity Number 1143509.
The Trustees of the charity are: Ms Jennifer Quaye Ms Victoria Badoe Rev Sylvester Opoku Manu
The principal address of the charity is : Folkestone Road London E17 9SD
OBJECTS
The main object of the charity is advancing the Christian faith worldwide in accordance with the doctrines set out in the statement of beliefs.
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Church is governed by a leadership team on which the trustees are represented. It meets regularly to review, plan activities and monitor the financial position. The trustees appointed have served in an exemplary manner in providing much needed governance and administrative support and guidance to the charity throughout the year. None of the trustees received any remuneration during the financial year.
OBJECTIVES AND ACTIVITIES
The Objects of the organisation are to advance the Christian Faith [in accordance with the Statement of faith] in such ways and in such parts of the United Kingdom as the trustees see fit. The trustees confirm that they have had due regard to the guidance issued by the Charity Commission on public benefit before deciding what activities the charity should undertake.
ACHIEVMENTS AND PERFORMANCE
The church continues to develop itself in the community. The church also continues to hold regular services that are open to the general public. The church also was holding conferences in the United Kingdom that was well attended by members of the community. The church experienced a large growth in membership during the year. The church has continued to establish itself in the new premises with a new community.
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The trustees have been able to monitor the performance of the organisation through increased attendance to the services and testimonials given by members of the church on how their spiritual lives were impacted and improved by the organisation. The trustees believe that the objectives of the organisation was met this year as more attendants were present at the services and there were more testimonials of the positive impact of the church in the lives of the attendants.
FINANCIAL REVIEW
The income of the church is above £279,000. This is a higher amount than on the previous year and the costs have been well managed over this period. So the church hopes to continue its work in the coming year without any unnecessary financial constraints. The church used most of its income on the rent for its building, the renovating the new building. The church donated money to its branch in Ghana for building maintenance. The charity is a going concern.
PLANS FOR THE FUTURE
The church intends to continue to host its regular yearly conferences in UK. They will continue to support their yearly conferences and events. They plan to continue to hold conferences in the United Kingdom. The intended re-appointment of our present independent examiner at the upcoming trustee meeting is expected to support the financial operations by making it more effective.
RESERVE POLICY
It is the policy of the Church to maintain unrestricted funds, which are the reserves of the charity at about 3 months of unrestricted expenditure .This provides sufficient funds to cover any emergency expenditures that may arise from time to time. The church will maintain this level throughout the year.
RISK MANAGEMENT
The charity have assessed all the major risks to which the charity is exposed to, in particular those related to operations and finances of the charity, and are satisfied that systems are in place to mitigate exposure to major risks.
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TRUSTEE RESPONSIBILITIES
Under the Charities Act 2011, the trustees are required to prepare a statement of accounts for each accounting year which gives a true and fair view of the state of the church. They are required to:
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Select suitable accounting policies and apply them consistently.
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Make judgements and estimates that are reasonable and prudent.
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State whether the applicable accounting standards have been followed.
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Prepare financial statements on an ongoing basis.
They are responsible for keeping proper records which disclose with reasonable accuracy the finances of the church at any time and to ensure that such accounts comply with the Charities Act 2011.They also have a responsibility to safeguard the assets of the church and to take reasonable steps to detect fraud or other irregularities.
Approved by the Trustees on 8[th] July 2022 and signed on their behalf by:
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Independent Examiner’s Report To the Trustees INTERNATIONAL GOSPEL OF TRUTH CHURCH
I report on the accounts of the church for the year ended 30[th ] June 2022 set out on the following pages which have been prepared on the basis of the accounting policies shown in the corresponding pages.
Respective responsibilities of trustees and examiner
The trustees of the church are responsible for the preparation of accounts: they consider that the audit requirement under section 144(2) of the Charities Act 2011 (the 2011 Act),does not apply. It is my responsibility to :
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Examine the accounts under section 145 of the 2011 Act.
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Follow the procedures laid down in the General Directions given by the Charity Commissioners made under section 145(5)(b) of the 2011 Act.
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State whether particular matters have come to my attention.
Basis of 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 church 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;
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(1) which gives me reasonable cause to believe that, in any material aspect, the trustees have not met the requirements to ensure that:
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proper accounting records are kept( in accordance with section 130 of the 2011 Act
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accounts are prepared which agree with the accounting records and comply with the accounting requirements of the 2011 Act: or
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(2) to which , in my opinion , attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Chuks Ajuka BSc(Man), FICB PMDip (License number 17362) FRESH FIRE ORGANISATION Generator Business Centre 95 Miles Road Mitcham Surrey CR4 3FH
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INTERNATIONAL GOSPEL OF TRUTH CHURCH
Statement of Financial Activities for the year ended 30th June 2022
| Incoming ResourcesNote from generated funds Donations and Legacies 2 Investment income 3 Other Total Incoming Resources Resources Expended Expenditure on: Charitable Activities 5 Other 4 Total Resources Expended Net movement in funds Other recognised losses Loss on investments Reconciliation of Funds Total Funds brought forward Total Funds carried forward |
Unrestricted Total Funds Funds 2022 2021 £ £ £ 229289 229289 245066 0 0 0 |
|---|---|
| 229289 229289 245066 50683 50683 27678 |
|
| 279972 279972 272744 |
|
| 236,538 236,538 294402 12982 12982 24698 |
|
| 249,520 249,520 319100 |
|
| 30,452 30,452 -46356 0 0 0 103288 103288 149644 133,740 133,740 103288 |
The above funds are all classed as to purpose All movements of funds and all recognised gains and losses are included above.
The notes on the accounts form part of these accounts.
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INTERNATIONAL GOSPEL OF TRUTH CHURCH Balance Sheet as at 30th June 2022
| Note 2022 Fixed Assets £ Tangible fixed assets 5 56913 56913 Current Assets Cash at bank and 60473 in hand Debtors & prepaymen 9 17844 78317 Creditors:amounts falling due within one year Creditors & accruals 8 990 Net Current Assets 77327 Creditors:amounts falling due after one year 10 500 Net Assets 133740 Unrestricted Funds 133740 TOTAL FUNDS 133740 |
2021 £ 55288 |
|---|---|
| 55288 | |
| 39496 17844 |
|
| 57340 990 ___ |
|
| 56350 8350 |
|
| 103288 103288 ___ |
|
| 103288 |
Approved by the trustees on 15th July 2021 and signed on their behalf by :
The notes on these accounts form part of these accounts
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INTERNATIONAL GOSPEL OF TRUTH CHURCH NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30[TH] JUNE 2022
1.1 Basis of Accounting
These accounts have been prepared under the historic cost convention with items Recognised at cost or transaction values otherwise stated in the relevant note(s) to These accounts. The accounts have been prepared in accordance with: The Statement of Recommended Practice: Accounting and Reporting by Charities Preparing their accounts in accordance with the Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS102) issued on 16 July 2014.
- 1.2 Going Concern: The accounts are prepared on a going concern basis.
1.3 The accounts present a true and fair view and no change have been made to the accounting policies adopted.
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1.4 No changes to the accounting estimates have occurred in the reporting period
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1.5 No material prior year error have been identified in the reporting period.
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INTERNATIONAL GOSPEL OF TRUTH CHURCH ACCOUNTING POLICIES FOR YEAR ENDED 30[TH] JUNE 2022
- Recognition of Income
These are included in the Statement of Financial Activities (SOFA) when:
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The charity becomes entitled to resources;
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It is more likely than not that the trustees will receive the resources;
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The monetary value can be measured with sufficient reliability.
Grants and Donations
Grants and Donations are only included in the SOFA when the general income recognition criteria are met (5.10 to 512 FRS102 SORP)
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Tax reclaim on donations and gifts
Gift Aid receivable is included in the income when there is a valid declaration from the donor. Any gift aid amount recovered on a donation is considered to be part of that gift and is treated in addition to the same fund as the initial donation unless the donor or the terms of the appeal have specified otherwise.
EXPENDITURE AND LIABILITIES
Liability Recognition
Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out resources and the amount of the obligation can be measured with reasonable certainty.
Grants and Support Costs
Support costs have been allocated between the governance costs and other support. Governance costs comprise all costs involving public accountability of the charity and its compliance with regulation and good practice.
Creditors
The charity has creditors which are measured at settlement amounts less any trade discounts.
ASSETS
Tangible Fixed Assets for use by the charity
They are capitalised if they can be used for more than one year. They are valued at cost. The depreciation is calculated at 20% reducing balance method.
Debtors
Debtors are measured on initial recognition at settlement amount. Subsequently they are measured at cash.
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INTERNATIONAL GOSPEL OF TRUTH CHURCH Notes to the accounts for year ended 30th June 2022
Donations
| Unrestricted | Unrestricted | Total fundsTotal funds | Total fundsTotal funds | |||
|---|---|---|---|---|---|---|
| Funds | Restricted | 2022 | 2021 | |||
| Church collections | £ | £ | £ | £ | ||
| All donations | 229289 | 229289 | 245066 | |||
| _________ | ||||||
| Total | 229289 | 229289 | 245066 | |||
| _________ | ||||||
| Investment income | ||||||
| Unrestricted | Total fundsTotal funds | |||||
| Funds £ | 2022/£ | 2021/£ | ||||
| Bank Interest | 0 | 0 | 0 | |||
| Other | amount £/2022 | Amount £/2021 | ||||
| Speakers expenses | 1452 | 7400 | Missions | |||
| Grants to individuals<£1500 | 1771 | 2648 | Charitable | giving | ||
| Food bank supplies | 9759 | 14650 | ||||
| _________ | ||||||
| Total | 12982 | 24698 | ||||
| _________ | ||||||
| Tangible Fixed Assets | Instrument | Fittings | Equipment | Vehicle | Total 2022 | |
| Cost | £ | £ | £ | £ | £ | |
| At 01/07/2021 | 9522 | 21501 | 35714 | 32490 | 99227 | |
| Disposals | -18403 | -18403 | ||||
| Additions | 0 | 0 | 6777 | 16010 | 22787 | |
| At 30/06/2022 | 9522 | 21501 | 42491 | 30097 | 103611 | |
| Depreciation | ||||||
| At 01/07/2021 | 4288 | 10304 | 17651 | 11696 | 43939 | |
| Disposal | -8696 | -8696 | ||||
| charge for the year | 1047 | 2239 | 4967 | 3202 | 11455 | |
| At 30/06/2022 | 5335 | 12543 | 22618 | 6202 | 46698 | |
| Net Book Value at 30/06/2022 | 4187 | 8958 | 19873 | 23895 | 56913 | |
| Net Book Value at 01/07/2021 | 5234 | 11197 | 18063 | 20794 | 55288 |
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International Gospel of Truth Church Notes to the accounts for year ended 30th June 2022
| **6 ** | Cost of Activities in furtherance of Charity's Objectives | Cost of Activities in furtherance of Charity's Objectives | Cost of Activities in furtherance of Charity's Objectives |
|---|---|---|---|
| Unrestricted | 2022/£ | 2021/£ | |
| Rent of building | 77023 | 96454 | |
| Travel | 4066 | 2637 | |
| Repair/Refurbishment | 4400 | 12488 | |
| Mission house rent | 0 | 11400 | |
| Stationary | 690 | 69 | |
| Website costs | 0 | 348 | |
| Telephone & Internet | 1239 | 1350 | |
| Wages | 42810 | 39037 | |
| Pension | 4177 | 3675 | |
| Governance costs | 0 | 4040 | |
| Depreciation | 11455 | 13820 | |
| Tax/Ni | 19377 | 15946 | |
| Rates | 549 | 3292 | |
| Light & Heat | 6431 | 927 | |
| Bank charges | 868 | 1126 | |
| Admin | 2005 | 2851 | |
| Professional fees | 6776 | 46157 | |
| Church events | 9759 | 300 | |
| Card Payments | 3184 | 3688 | |
| Church Supplies | 1774 | 8157 | |
| Insurance | 2083 | 5950 | |
| Missions | 7468 | 10290 | |
| Transport | 16841 | 6687 | |
| Hospitality | 503 | 2269 | |
| Music services | 11710 | 360 | |
| Waste services | 790 | 263 | |
| Television costs | 0 | 416 | |
| Hotel | 611 | 405 | |
| Total | 236589 | 294402 |
Staff Costs 2022/£ 2021/£ Salaries 42810 39037 HMRC 19377 15946 Pensions 4177 3675 Total 66364 58658
No employee earned more than £50,000 p.a. There was 1 employee during the year.
8 Creditors: amounts falling due within one year Creditors
Trustee Remuneration
Trustee Sylvester Opoku Manu received £42810 for services provided as Pastor.
9 Debtors and Prepayments
Debtors
Debtors 17844 17844 10 Creditors: amounts fallng more than one year 2022/£ 2021/£ Loan 500 8350
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