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|---|---|---|---|---|
|Reference and administrative|details||||
|Report ofthe trustees||2|to|6|
|Report ofthe independent
auditors||7|lo|10|
|Statement offinancial activities|||||
|Statement offinancial
position|||12||
|Statement ofcash flows|||13||
|Notes to the statement ofcash flows|||14||
|Notes to the financial statements||15|to|21|
|Detailed statement oftinancial|activities|22|lo|23|
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||||||||2020|2019|
|---|---|---|---|---|---|---|---|---|
||||||Unrestricted|Restricted|Total|Total|
||||||fund|fund|funds|funds|
|||||Notes|||g||
|INCOME|AND ENDOWMENTS||FROM||||||
|Donations|and legacies|||2|2,831,583|6,907|2,838,490|2,933,422|
|Charitable|activities|||4|||||
|Church|||||29,546||29,546|188,737|
|investment|income|||3|92,013||92,013|155,378|
|Other incoine|||||83,820||83,820|15,463|
|Total|||||3,036,962|6,907|3,043,869|3,293,000|
|EXPENDITURE ON|||||||||
|Charitable|activities||||||||
|Church|||||1,755,828|6,907|1,762,735|2,510,053|
|NET INCOME|||||1,281,134||1,281,134|782,947|
|RECONCILIATION||OF FUNDS|||||||
|Total funds|brought|forward|||12,231,086|107,559|12,338,645|11,555,698|
|TOTAL FUNDS CARRIED FORWARD|||||13,512,220|107,559|13,619,779|12,338,645|
|||2020|2019|
|---|---|---|---|
|FIXEDASSETS|Notes|f|f|
|Tangible assets
Jnvestments|10
ll|11,947,551
80,058|12,099,494
80,058|
|||12,027,609|12,179,552|
|CURRENT ASSETS||||
|Debtors
Cash at bank and in hand|12|281,886
2,341,202|209,241
1,850,027|
|||2,623,088|2,059,268|
|CREDITORS||||
|Amounts
falling due within one year|13|(90,233)|(89,707)|
|NET CURRENT ASSETS||2,532,855|t)969,56)|
|TOTAL ASSETSLESSCURRENT||||
|LIABILITIES||14,560,464|14,149,113|
|CREDITORS||||
|Amounts
falling due after more than one year|14|(940,685)|(1,810,468)|
|NET ASSETS||13,619,779|12,338,645|
|FUNDS|17|||
|Unrestricted
funds:||||
|General
fund||13,512,220|12,231,086|
|Restricted funds:||||
|Building Fund||107,559|107,559|
|TOTAL FUNDS||13,619,779|12,338,645|
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|||STA E|ENTOF|SBFLOW||
|---|---|---|---|---|---|
||FORTBEYEAR||ENDED 31STDECEMDER2 2|||
|||||2020|2019|
|||Notes||K||
|Cash flows from operating
activities||||||
|Cash generated
from operations||||1,429,829|948,047|
|Net cash provided
by operating
activities||||1,429,829|948,047|
|Cash flows from investing|activities|||||
|Purchase oftangible
fixed assets
Purchase offixed asset investments
Interest received||||(69,652)
781|(109,947)
(2,425)
1,783|
|Net cash used in investing|activities|||(68,871)|(110,589)|
|Cash tlows from financing
activities||||||
|Loan repayments
in year||||(869,783)|(699,511)|
|Net cash used in financing|activities|||(869,783)|(699,511)|
|Change
in cash and cash|equivalents|in||||
|the reporting
period||||491,175|137,947|
|Cash and cash equivalents|at the|||||
|beginning
ofthe reporting|period|||1,850,027|1,712,080|
|Cash and cash equivalents|at the end|of||||
|the reporting
period||||2,341,202|1,850,027|
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|RECONCILIATIO
ACTIVITIES|N
OFNE|T INCOME TO NET CASH FLOW F|ROM OPERATING||
|---|---|---|---|---|
||||2020|2019|
|Net income for the|reporting|period (as per the Statement of|||
|financial activities)
Adjustments
for:|||1,281,134|782,947|
|Depreciation
charges
Interest received
Increase in debtors
Increase/(decrease)
in creditors|||221,595
(781)
(72,645)
526|222,411
(1,783)
(40,708)
(14,820)|
|Net cash provided|by operations||1,429,829|948,047|
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|||At 1.1.20|Cash flow|At31.12.20|
|---|---|---|---|---|
|Net cash|||||
|Cash at bank and in hand||1,850,027|491,175|2,341,202|
|||1,850,027|491,175|2,341,202|
|Debt|||||
|Debts falling due atter|1 year|(1,810,468)|869,783|(940,685)|
|||(1,810,468)|869,783|(940,685)|
|Total||39,559|1,360,958|1,400,517|
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|||FOR THE YEAR ENDED 31STDECEM|BER202||
|---|---|---|---|---|
|2.|DONATIONS
AND|LEGACIES|||
||||2020|2019|
||Tithes and offerings
Gift aid
Gbagada HQ Offerings||2,378,045
377,908
82,537|2,560,120
306,370
66,932|
||||2,838,490|2,933,422|
|3.|INVESTMENT INCOME||||
||||2020|2019|
||Rents received
Deposit account interest||91,232
781|153,595
1,783|
||||92,013|155,378|
|4.|INCOME FROM CHARITABLE ACTIVITIES||||
||||2020|2019|
|||Activity|||
||Books and Cd's sales
Conference
and retreat|Church|28,346|22,427|
||income|Church|1,200|166,310|
||||29,546|188,737|
|5.|CHARITABLE ACTIVITIES COSTS||||
|||||Direct|
|||||Costs (see|
|||||note 6)|
||Church|||1,762,735|
|6.|DIRECT COSTSOF|CHARITABLE ACTIVITIES|||
||||2020|2019|
||Trustees' remuneration
etc
Staffcosts
Telephone
Postage and stationery
Advertising
and tracts
Church refreshments
Missions, grants 4 donations
Satellite church expenses
Gbagada HQ cost
Properties
and facilities cost
Conferences
and retreats
Books and CD's expenses
Other expenses
Service charges||78,061
253,538
36,990
8,057
721
10,473
196,335
119,313
100,015
386,193
28,805
34,405
17,642
79,662|75,870
257,696
32,205
23,308
6,109
30,310
144,119
160,684
126,062
675,738
307,571
22,068
40,197
94,425|
||Carried forward||1,350,210|1,996,362|
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|DIRECT COST|S OF|CHARITABLE ACTIVITIES|-continued||
|---|---|---|---|---|
||||2020|2019|
||||8||
|Brought forward|||1,350,210|1,996,362|
|Subscriptions|||837|5,257|
|Welfare, Training|and courses||13,766|32,718|
|Transport
and travel|||54,305|116,044|
|Audit fees|||21,255|21,045|
|Legal and professional||fees|25,519|23,205|
|Bank charges & interest|||75,248|93,011|
|Depreciation|||221,595|222,411|
||||1,762,735|2,510,053|
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||||||2020|2019|
|---|---|---|---|---|---|---|
||||||8||
|Depreciation||- owned assets|||221,595|222,412|
|TRUSTEES'||REMUNERATION||AND BENEFITS|||
||||||2020|2019|
|||||||8|
|Trustees'|salaries||||69,928|68,054|
|Trustees'|social security||||7,234|7,021|
|Trustees'|pension contributions||to|defined benefit schemes|899|795|
||||||78,061|75,870|
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|STAF|FCOSTS|||
|---|---|---|---|
|||2020|2019|
||||8|
|Wages|and salaries|305,105|305,622|
|Social|security costs|19,694|20,904|
|Other|pension costs|6,800|7,040|
|||331,599|333,566|
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|||2020|2019|
|---|---|---|---|
|Direct charitable||9|9|
|Management|and administration|3|3|
|||12|12|
||There were no employees
whose annual
remuneration
was $6|There were no employees
whose annual
remuneration
was $6|0,000or more.|||
|---|---|---|---|---|---|
|10.|TANGIBLE FIXEDASSETS|||||
|||Land and|Plant and|Motor||
|||buildings|machinery|vehicles|Totals|
|||8||8|8|
||COST|||||
||At lstlanuary
2020|13,758,114|1,461,629|231,673|15,451,416|
||Additions||69,652||69,652|
||At 31stDecember 2020|13,758,114|1,531,281|231,673|15,521,068|
||DEPRECIATION|||||
||At 1st January 2020|1,803,471|1,357,109|191,342|3,351,922|
||Charge for year|141,891|65,924|13,780|221,595|
||At 31stDecember 2020|1,945,362|1,423,033|205,122|3,573,517|
||NET BOOKVALUE|||||
||At 31stDecember 2020|11,812,752|108,248|26,551|11,947,551|
||At 31st December 2019|11,954,643|104,520|40,331|12,099,494|
|11.|FIXEDASSET INVESTMENTS|||||
||||||Listed|
||||||investments|
||||||8|
||MARKET VALUE|||||
||At 1st January 2020 and|||||
||31stDecember 2020||||80,058|
||NET BOOKVALUE|||||
||At 31stDecember 2020||||80,058|
||At 31stDecember 2019||||80,058|
||There were no investment|assets outside the UK.||||
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|ANALY|SIS|OFNET ASSETSBE|TWEEN FUNDS||||
|---|---|---|---|---|---|---|
||||||2020|2019|
||||Un restricted|Restricted|Total|Total|
||||fund|fund|funds|funds|
|Fixed assets|||11,947,551||11,947,551|12,099,494|
|Investments|||80,058||80,058|80,058|
|Current|assets||2,515,529|107,559|2,623,088|2,059,268|
|Current
liabilities
Long term liabilities|||(90,233)
(940,685)||(90,233)
(940,685)|(89,707)
(1,810,468)|
||||13,512,220|107,559|13,619,779|12,338,645|
|MOVEMENT IN IiUNDS|||||||
||||||Net||
||||||movement|At|
|||||At 1.1.20|in funds|31.12.20|
|Unrestricted||funds|||||
|General|fund|||12,231,086|1,281,134|13,512,220|
|Restricted funds|||||||
|Building|Fund|||107,559||107,559|
|TOTAL|FUNDS|||12,338,645|1,281,134|13,619,779|
##
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||||Incoming|Resources|Movement|
|---|---|---|---|---|---|
||||resources|expended|in funds|
||||8|||
|Unrestricted|funds|||||
|General fund|||3,036,962|(1,755,828)|1,281,134|
|Restricted funds||||||
|Building Fund|||6,907|(6,907)||
|TOTAL FUNDS|||3,043,869|(1,762,735)|1,281,134|
|Comparatives|for movement|in funds||||
|||||Net||
|||||movement|At|
||||At 1.1.19|in funds|31.12.19|
||||8|||
|Unrestricted|funds|||||
|General fund|||11,463,223|767,863|12,231,086|
|Restricted funds||||||
|Building
Fund|||92,475|15,084|107,559|
|TOTAL FUNDS|||11,555,698|782,947|12,338,645|
|||Incoming|Resources|Movement|
|---|---|---|---|---|
|||resources|expended|in funds|
||||8||
|Unrestr|icted funds||||
|General|fund|3,204,781|(2,436,918)|767,863|
|Restricted funds|||||
|Building|Fund|88,219|(73,135)|15,084|
|TOTAL|FUNDS|3,293,000|(2,510,053)|782,947|
##
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|FORT
EYEAR ENDED 31|
STDECEMBER2020||
|---|---|---|
||2020|2019|
||8|f.|
|INCOME AND ENDOWMENTS|||
|Donations
and legacies|||
|Tithes and offerings
Gilt aid
Gbagada HQ Offerings|2,378,045
377,908
82,537|2,560,120
306,370
66,932|
||2,838,490|2,933,422|
|Investment
income|||
|Rents received|91,232|153,595|
|Deposit account interest|781|1,783|
||92,013|155,378|
|Charitable
activities|||
|Books and Cd's sales|28,346|22,427|
|Conference
and retreat income|1,200|166,310|
||29,546|188,737|
|Other income|||
|Other income|83,820|15,463|
|Total incoming resources|3,043,869|3,293,000|
|EXPENDITURE|||
|Charitable
activities|||
|Trustees'
salaries
Trustees' social security
Trustees'
pension
contributions|69,928
7,234
899|68,054
7,021
795|
|Wages
Social security
Pensions
Telephone
Postage and stationery|235,177
12,460
5,901
36,990
8,057|237,568
13,883
6,245
32,205
23,308|
|Advertising
and tracts
Church refreshments|721
10,473|6,109
30,310|
|Missions, grants tk donations
Satellite church expenses|196,335
119,313|144,119
160,684|
|Gbagada HQ cost|100,015|126,062|
|Properties
and facilities cost
Conferences
and retreats
Books and CD's expenses
Other expenses
Service charges
Subscriptions
Carried forward|386,193
28,805
34,405
17,642
79,662
837
1,351,047|675,738
307,571
22,068
40,197
94,425
5,257
2,001,619|
##
||FORTHE YEAR E DED31S|TDECEMBER2020||
|---|---|---|---|
|||2020|2019|
|Charitable
activities||||
|Brought forward||1,351,047|2,001,619|
|Welfare, Training
and courses||13,766|32,718|
|Transport
and travel||54,305|116,044|
|Audit fees||21,255|21,045|
|Legal and professional|fees|25,519|23,205|
|Bank charges dt interest||75,248|93,011|
|Depreciation oftangible|fixed assets|221,595|222,411|
|||1,762,735|2,510,053|
|Total resources expended||1,762,735|2,510,053|
|Net income||1,281,134|782,947|