2020-12-31-accounts - Calvary Of Freedom Evangelical Ministry

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CALVARY OF FREEDOM EVANGELICAL MINISTRY

Charity No. 1147544

Trustees' Report and Unaudited Accounts

31 December 2020

CALVARY OF FREEDOM EVANGELICAL MINISTRY Contents

	Pages
Trustees' Annual Report	2 to 3
Statement of Financial Activities	4
Balance Sheet	5
Notes to the Accounts	6 to 13
Detailed Statement of Financial Activities	14 to

Page 1

CALVARY OF FREEDOM EVANGELICAL MINISTRY Trustees Annual Report

The Trustees present their report with the unaudited financial statements of the charity for the year ended 31 December 2020.

REFERENCE AND ADMINISTRATIVE DETAILS

Charity No. 1147544

Trustees

The following Trustees served during the year:

I. Ajayi F.K. LAWAL K.R. OKETOLA

Trustee for the charity in holding title to charity property

Pastor Israel Ajayi Kayode Oketola Fatai Lawal

Accountants

Charles Luf & Co

OBJECTIVES AND ACTIVITIES

TO ADVANCE THE CHRISTIAN RELIGION FOR THE BENEFIT OF THE PUBLIC IN ACCORDANCE WITH THE STATEMENTS OF BELIEF APPEARING IN THE ATTACHED SCHEDULE IN BARKING AND DAGENHAM.

The main activities undertaken in relation to those purposes...The first function of the church in any community is educa- tion in religion and morality,—the ministry to the inner life. The churches have it within their power to bring to the people the con- sciousness of God, and of the invisible world, and to release the spiritual forces that lie back in every man's heart.This includes these purposes are worship, fellowship, discipleship, ministry, and mission,

Activity / project / service 1Provision of mobile food bank for the homeless

Activity / project / service 2Assisting church members financially in times of hardship Provision of Lecture, symposium, seminars and confrences

Statement of trustees' responsibilities in relation to the financial statements

The charity trustees are responsible for preparing a trustees' annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

Signed on behalf of the charity's trustees

Page 2

CALVARY OF FREEDOM EVANGELICAL MINISTRY Trustees Annual Report

I. Ajayi Trustee 31 December 2020

Page 3

CALVARY OF FREEDOM EVANGELICAL MINISTRY Statement of Financial Activities

for the year ended 31 December 2020

Unrestricte d funds 2020 £ 75,034	Total funds 2020 £ 75,034	Total funds 2019 £ 58,034
75,034 4,760 30,468	75,034 4,760 30,468	58,034 4,892 46,751
35,228 -	35,228 -	51,643 -
39,806 -	39,806 -	6,391 -
39,806	39,806	6,391
39,806 18,323	39,806 18,323	6,391 11,932
58,129	58,129	18,323

Page 4

CALVARY OF FREEDOM EVANGELICAL MINISTRY Balance Sheet

at 31 December 2020

Charity No. 1147544 Fixed assets Tangible assets 8 Current assets Debtors 9 Cash at bank and in hand Creditors:Amount falling due within one year 10 Net current assets Total assets less current liabilities Net assets excluding pension asset or liability Total net assets The funds of the charity Restricted funds 11 Unrestricted funds 11 General funds Reserves 11 Total funds Approved by the trustees on 31 December 2020	2020 £ 16,091 16,091 13,483 30,611 44,094 (2,056) 42,038 58,129 58,129 58,129 58,129 58,129 58,129	2019 £ 16,091
		16,091 - 2,413
		2,413 (181)
		2,232 18,323
		18,323
		18,323
		18,323
		18,323
		18,323

And signed on their behalf by:

F.K. LAWAL Trustee 31 December 2020

Page 5

CALVARY OF FREEDOM EVANGELICAL MINISTRY Notes to the Accounts

for the year ended 31 December 2020

1 Accounting policies

Basis of preparation

The financial statements have been prepared in accordance with 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 if Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

Change in basis of accounting or to previous accounts

There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.

Fund accounting

Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity.
Designated funds These are unrestricted funds earmarked by the trustees for particular purposes. Revaluation funds These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values.
Restricted funds These are available for use subject to restrictions imposed by the donor or through terms of an appeal.

Income

Recognition of Income is included in the Statement of Financial Activities (SoFA) when the charity income becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability.
Income with related Where income has related expenditure the income and related expenditure is expenditure reported gross in the SoFA. Donations and Voluntary income received by way of grants, donations and gifts is included in the legacies the SoFA when receivable and only when the Charity has unconditional entitlement to the income.
Tax reclaims on Income from tax reclaims is included in the SoFA at the same time as the donations and gifts gift/donation to which it relates. Donated services These are only included in income (with an equivalent amount in expenditure) and facilities where the benefit to the Charity is reasonably quantifiable, measurable and material.

Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gains/(losses) on This includes any gain or loss resulting from revaluing investments to market value revaluation of fixed at the end of the year. assets Gains/(losses) on This includes any gain or loss on the sale of investments. investment assets

Page 6

CALVARY OF FREEDOM EVANGELICAL MINISTRY Notes to the Accounts

Expenditure

Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any VAT which expenditure cannot be fully recovered, and is reported as part of the expenditure to which it relates.
Expenditure on These comprise the costs associated with attracting voluntary income, fundraising raising funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and charitable activities services in the furtherance of its objects, including the making of grants and governance costs.
Grants payable All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid.
Governance costs These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs.
Other expenditure These are support costs not allocated to a particular activity.

Taxation

The charity is exempt from tax on its charitable activities.

Freehold investment property

Investment properties are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gains or losses are taken to the Statement of Financial Activities as they arise.

Stocks

Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.

Trade and other debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.

Trade and other creditors

Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Page 7

CALVARY OF FREEDOM EVANGELICAL MINISTRY Notes to the Accounts

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Monetary assets and liabilities denominated in currencies other than the functional currency of the charity are translated at the rates of exchange prevailing at the end of the reporting period.

Transactions in currencies other than the functional currency of the charity are recorded at the rate of exchange on the date that the transaction occurred.

All exchange differences are are taken into account in arriving at net income/expenditure.

Leased assets

Where the charity enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.

Leases which do not transfer substantially all the risks and rewards of ownership to charity are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the charity at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the charity's policy on borrowing costs.

Assets held under finance leases are depreciated in the same way as owned assets.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.

Pension costs

The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the charity pays fixed contributions into a separate entity. Once the contributions have been paid the charity has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the charity in independently administered funds.

Receipt of donated goods, facilities and services

All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity.

Page 8

CALVARY OF FREEDOM EVANGELICAL MINISTRY

Notes to the Accounts

2 Statement of Financial Activities - prior year

2 Statement of Financial Activities - prior year
Income and endowments from: Donations and legacies Total Expenditure on: Charitable activities Other Total Net income Net income before other gains/(losses) Other gains and losses: Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward 3 Income from donations and legacies Donations are also inform of Thithes and Offerings 4 Expenditure on charitable activities Expenditure on charitable activities WEALFARISM Governance costs	Unrestricted £ 75,034 - 75,034 Unrestricted £ 4,760 4,760	Unrestricted funds 2019 £ 58,034 58,034 4,892 46,751 51,643 6,391 6,391 6,391 11,932 18,323 Total 2020 £ 75,034 - 75,034 Total 2020 £ 4,760 4,760	Total funds 2019 £ 58,034
			58,034 4,892 46,751
			51,643
			6,391
			6,391
			6,391 11,932
			18,323
			Total 2019 £ 14,060 43,974
			58,034
			Total 2019 £ 4,892
			4,892

Page 9

CALVARY OF FREEDOM EVANGELICAL MINISTRY Notes to the Accounts

5 Other expenditure

5	Other expenditure
		Unrestricted	Total	Total
			2020	2019
		£	£	£
	Other interest payable	5	5	260
	Employee costs	14,012	14,012	24,672
	Motor and travel costs	10,642	10,642	765
	Premises costs	800	800	12,479
	Amortisation, depreciation,
	impairment, profit/loss on	-	-	3,490
	disposal of fixed assets
	General administrative costs	3,859	3,859	3,585
	Legal and professional costs	1,150	1,150	1,500
		30,468	30,468	46,751
6	Net income before transfers
		2020		2019
	This is stated after charging:	£		£
	Depreciation of owned fixed assets	-		3,490
	Independent Examiner's fee	1,150		800
7	Staff costs
	Salaries and wages	13,188		23,760
	Social security costs	-		912
		13,188		24,672
	No employee received emoluments in excess of £60,000.
	The average monthly number of full time equivalent employees during the year		was as follows:
		2020		2019
		Number		Number
	Number of Employees	3		3
		3		3
8	Tangible fixed assets
		£	£	£
	Cost or revaluation
	At 1 January 2020	25,527	16,708	42,235
	At 31 December 2020	25,527	16,708	42,235
	Depreciation and
	impairment
	At 1 January 2020	13,555	12,589	26,144
	At 31 December 2020	13,555	12,589	26,144
	Net book values
	At 31 December 2020	11,972	4,119	16,091
	At 31 December 2019	11,972	4,119	16,091

Page 10

CALVARY OF FREEDOM EVANGELICAL MINISTRY Notes to the Accounts

9 Debtors Other debtors 10 Creditors: amounts falling due within one year Trade creditors Other creditors		2020 £ 13,483 13,483 2020 £ 181 1,875 2,056		2019 £ -
				-
				2019 £ 181 -
				181

11 Movement in funds Restricted funds: Unrestricted funds: General funds Revaluation Reserves: Total funds 12 Analysis of net assets between funds Fixed assets Net current assets 13 Reconciliation of net debt Cash and cash equivalents Net debt	At 1 January 2020 18,323 18,323	Incoming resources (including other gains/losses ) £ 75,034 75,034 At 1 January 2020 £	Resources expended £ (35,228) (35,228) Unrestricted funds £ 16,091 42,038 58,129 Cash flows £	At 31 December 2020 £ 58,129
				58,129
				Total £ 16,091 42,038
				58,129
				At 31 December 2020 £
		2,413	28,198	30,611
		2,413 2,413	28,198 28,198	30,611
				30,611

Page 11

CALVARY OF FREEDOM EVANGELICAL MINISTRY Statement of Cash flows

for the year ended 31 December 2020

Cash flows from operating activities Net income per Statement of Financial Activities Adjustments for: Increase in trade and other receivables Increase in trade and other payables Net cash provided by operating activities Net cash used in investing activities Net cash from financing activities Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year	2020 £ 39,806 (13,483) 1,875 28,198 - - 28,198 2,413 30,611	2019 £ 6,391 - 181
		9,962
		(19,083)

		-

		(9,121)
		-
		(9,121)

Components of cash and cash equivalents
Cash and bank balances	30,611	2,413

	30,611	2,413

Page 12

CALVARY OF FREEDOM EVANGELICAL MINISTRY Detailed Statement of Financial Activities

for the year ended 31 December 2020

Income and endowments from: Donations and legacies Donations are also inform of Thithes and Offerings Total income and endowments Expenditure on: Charitable activities WEALFARISM Total of expenditure on charitable activities Other expenditure Other interest payable Employee costs Salaries/wages Employer's NIC Staff welfare Motor and travel costs Vehicles - General costs Vehicles - Insurance and licences Vehicles - Repairs and maintenance Travel and subsistence Premises costs Rent Light, heat and power General administrative costs, including depreciation and amortisation Depreciation of Information and publications Software, IT support and related costs Stationery and printing	Unrestricted funds 2020 £ 75,034 - 75,034 75,034 4,760 4,760 4,760 5 5 13,188 - 824 14,012 - - 433 10,209 10,642 800 - 800 - 338 - 39	Total funds 2020 £ 75,034 - 75,034 75,034 4,760 4,760 4,760 5 5 13,188 - 824 14,012 - - 433 10,209 10,642 800 - 800 - 338 - 39	Total funds 2019 £ 14,060 43,974
			58,034
			58,034 4,892
			4,892
			4,892 260
			260
			23,760 912 -
			24,672
			566 264 - (65)
			765
			11,653 826
			12,479
			3,490 52 1,080 81

Page 13

CALVARY OF FREEDOM EVANGELICAL MINISTRY

Detailed Statement of Financial Activities

Subscriptions Sundry expenses Telephone, fax and broadband Legal and professional costs Accountancy and bookkeeping Solicitor's fees Total of expenditure of other costs Total expenditure Net gains on investments Net income Net income before other gains/(losses) Other Gains Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward	16 540 2,926 3,859 1,150 - 1,150 30,468 35,228 - 39,806 39,806 - 39,806 18,323 58,129	16 540 2,926 3,859 1,150 - 1,150 30,468 35,228 - 39,806 39,806 - 39,806 18,323 58,129	- - 2,372
			7,075
			800 700
			1,500

			46,751
			51,643 -
			6,391
			6,391 -
			6,391
			11,932
			18,323

Page 14