| Page | |||||
|---|---|---|---|---|---|
| Reference and administrative | details | ||||
| Report ofthe trustees | 2 | to | 6 | ||
| Report ofthe independent auditors |
7 | to | 10 | ||
| Statement offinancial | activities | ||||
| Statement offinancial | position | 12 | |||
| Statement ofcash flows | |||||
| Notes to the statement | ofcash | flows | 14 | ||
| Notes to the financial | statements | 15 | to | 21 | |
| Detailed statement of | iinancial | activities | 22 | to | 23 |
| 2021 | 2020 | |||||
|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | |||
| fund | fund | funds | funds | |||
| Notes | ||||||
| INCOME AND ENDOWMENTS FROM | ||||||
| Donations and legacies |
2 | 3,158,199 | 77,151 | 3,235,350 | 2,838,490 | |
| Charitable activities |
||||||
| Church | 29,815 | 29,815 | 29,546 | |||
| Inveshnent income |
3 | 115,710 | 115,710 | 92„013 | ||
| Other income | 90798 | 9ll798 | 83 82ll | |||
| Total | 3,394,522 | 77,151 | 3,471,673 | 3,043,869 | ||
| EXPENDITURE ON | ||||||
| Charitable activities |
||||||
| Church | 2,034,748 | 123,935 | 2,158,683 | 1,762,735 | ||
| Net gains/(losses) on investments |
19495 | ~294937 | ||||
| NET INCOME/(EXPENDITURE) | 1,340,279 | (46,784) | 1,293,495 | 1,281,134 | ||
| Transfers between funds | 37 | ~366.664 | 166,064 | |||
| Net movement in funds |
1,174,215 | 119,280 | 1,293,495 | 1,281,134 | ||
| RECONCILIATION | OF FUNDS | |||||
| Total funds brought | forward | 13,512,220 | 107,559 | 13,619,779 | 12,338,645 | |
| TOTAL FUNDS CARRIED FORWARD | 14686435 | 226 839 | 14,91L274 | 13619779 |
| KC B 2 |
|||
|---|---|---|---|
| 2021 | 2020 | ||
| Notes | |||
| FIXEDASSETS | |||
| Tangible assets | 10 | 11,922,405 | 11,947,551 |
| Investments | ll | 60563 | 80058 |
| 11,982,968 | 12,027,609 | ||
| CURRENT ASSETS | |||
| Debtors | 12 | 294,545 | 281,886 |
| Cash at bank and in hand | 3 529,604 | 2 341 202 | |
| 3,824,149 | 2,623,088 | ||
| CREDITORS | |||
| Amounts falling due within one year |
13 | (38,723) | (90,233) |
| NET CURRENT ASSETS | 3785426 | 2532 855 | |
| TOTAL ASSETSLESSCURRENT | |||
| LIABILITIES | 15,768,394 | 14,560,464 | |
| CREDITORS | |||
| Amounts falling due atter more than one year |
14 | (855,120) | (940,685) |
| NET ASSETS | 14913274 | 13619'179 | |
| FUNDS | 17 | ||
| Unrestricted funds: |
|||
| General fund |
14,686,435 | 13,512,220 | |
| Restricted funds: | |||
| Building Fund |
226 039 | 307359 | |
| TOTAL FUNDS | 14 913274 | 13619.779 |
| DEEP | ERCHRISTIAN LIFE I TR |
ERCHRISTIAN LIFE I TR |
Y | |||
|---|---|---|---|---|---|---|
| MENT OFCASH FLOWS | ||||||
| F R | ENDED 31STDECEMBER 2021 | |||||
| 2021 | 2020 | |||||
| Notes | g | |||||
| Cash flows from operating | activities | |||||
| Cash generated from operations |
1 | I 508 | 021 | I 429829 | ||
| Net cash provided by operating activities |
1,508,021 | 1,429,829 | ||||
| Cash flows from investing | activities | |||||
| Purchase oftangible fixed | assets | (234,146) | (69,652) | |||
| Interest received | 92 | 781 | ||||
| Net cash used in investing | activities | ~234.054 | ~68.67I) | |||
| Cash flows from financing Loan repayments in year |
activities | ~85 | 565 | 869783 | ||
| Net cash used in financiug | activities | ~85 | 565) | ~86978.) | ||
| Change in cash and cash | equivalents | in | ||||
| the reporting period |
1,188,402 | 491,175 | ||||
| Cash and cash equivalents | at the | |||||
| beginning ofthe reporting |
period | 2,341 | 202 | 1,850,027 | ||
| Cash and cash equivalents | at the end | of | ||||
| the reporting period |
3 529 | 6)l4 | 2,341,202 |
| 2021 | 2020 | |||||
|---|---|---|---|---|---|---|
| 0 | 0 | |||||
| Net income | for the | reporting | period (asper the Statement of | |||
| financial activities) |
1,293,495 | 1,281,134 | ||||
| Adjustments | for: | |||||
| Depreciation | charges | 259,292 | 221,595 | |||
| Losses on investments | 19,495 | |||||
| Interest received | (92) | (781) | ||||
| Increase in debtors (Decrease)/increase |
in | creditors | (12,659) ~5L510) |
(72,645) 526 |
||
| Net cash provided | by | operations | I 501).02) | I 429 )129 | ||
| ANALYSIS | OF CHANGES IN NET FUNDS | |||||
| At 1.1.21 | Cash fiow | At 31.12.21 | ||||
| 0 | ||||||
| Net cnsh | ||||||
| Cash at bauk | and in | hand | 2341202 | 11118402 | 3529604 | |
| 2 341 202 | I 188.402 | 3 529604 | ||||
| Debt | ||||||
| Debts falliug | due after | 1 year | ~940605 | 05565 | ~8551211) | |
| ~9406851 | 85.565 | ~855.120) | ||||
| Total | I 400.517 | I 27. 967 | 2 074404 |
| 2. | DONATIONS AND |
LEGACIES | ||
|---|---|---|---|---|
| 2021 | 2020 | |||
| g | ||||
| Tithes and offerings | 2,879,808 | 2,378,045 | ||
| Gift aid | 278,391 | 377,908 | ||
| Gbagada HQ Offerings | 77,151 | 82 537 | ||
| 3,233,330 | 2.8'18.490 | |||
| 3. | INVESTMENT INCOME | |||
| 2021 | 2020 | |||
| g | ||||
| Rents received | 115,618 | 91,232 | ||
| Deposit account interest | 92 | 781 | ||
| 115710 | 92013 | |||
| 4. | INCOME FROM CHARITABLE ACTIVITIES | |||
| 2021 | 2020 | |||
| Activity | ||||
| Books and Cd's sales | Clturch | 25,352 | 28,346 | |
| Conference and retreat |
||||
| income | Church | 4,463 | 1 200 | |
| 29,815 | 29,546 | |||
| 5. | CHARITABLE ACTIVITIES COSTS | |||
| Direct | ||||
| Costs (see | ||||
| note 6) | ||||
| Church | 2,158,683 | |||
| 6. | DIRECT COSTSOF | CHARITABLE ACTIVITIES | ||
| 2021 | 2020 | |||
| Trustees' remuneration | etc | 78,729 | 78,061 | |
| Staffcosts | 251,331 | 253,538 | ||
| Telephone | 33,906 | 36,990 | ||
| Postage and stationery | 8,205 | 8,057 | ||
| Advertising and tracts |
3,336 | 721 | ||
| Church refreshments | 20,965 | 10,473 | ||
| Missions, grants &donations | 190,456 | 196,335 | ||
| Satellite church expenses | 183,828 | 119,313 | ||
| Gbagada HQ cost | 123,935 | 100,015 | ||
| Properties and facilities |
cost | 388,171 | 386,193 | |
| Conferences and retreats |
91,674 | 28,805 | ||
| Books and CD's expenses | 120,132 | 34,405 | ||
| Other expenses | 11,191 | 10,621 | ||
| Service charges | 179,083 | 79,662 | ||
| Subscriptions | 9 143 | 837 | ||
| Carried forward | 1,694,085 | 1,344,026 |
| DIRECT COSTSOF | CHAR | ITA | BLE ACTIVITIES -continued | ||
|---|---|---|---|---|---|
| 2021I | 2020 0 |
||||
| Brought forward | 1,694,085 | 1,344,02G | |||
| Welfare, Training and courses | 1G,168 | 13,766 | |||
| Transport and travel |
60,144 | 54,305 | |||
| Audit fees | 26,400 | 21,255 | |||
| Legal and professional | fees | 44,685 | 25,519 | ||
| Bank charges &interest | 33,390 | 75,248 | |||
| Equipment hire |
5,391 | 7,021 | |||
| Depreciation | 27242ij | 221 595 | |||
| 2 158683 | 1 762 735 | ||||
| NET INCOME/(EXPENDITURE) | |||||
| Net income/(expenditure) | is stated | after charging/(crediting): | |||
| 2021 | 2020 | ||||
| Depreciation - owned assets | 259,292 | 221 595 | |||
| TRUSTEES' REMUNERATION | AND BENEFITS | ||||
| 2021 | 2020 | ||||
| Trustees' salaries |
70,516 | 69,928 | |||
| Trustees' social security | 7,306 | 7,234 | |||
| Trustees' pension contributions | to defined benefit schemes | 907 | 899 | ||
| 78729 | 78061 |
| STAF | F COSTS | ||
|---|---|---|---|
| 2021 | 2020 | ||
| Wages | and salaries | 299,279 | 305,105 |
| Social | security costs | 23,290 | 19,694 |
| Other | pension costs | 7,491 | 6,800 |
| 330,060 | 331,599 |
| 2021 | 2020 | ||
|---|---|---|---|
| Direct charitable | 9 | 9 | |
| Management | and administration | 3 | 3 |
| 12 | 12 |
| There were no employees whose 4umual |
remuneration was f |
60,000ormore. | |||
|---|---|---|---|---|---|
| 10. | TANGIBLE FIXEDASSETS | ||||
| Land and | Plant and | Motor | |||
| buildings | machinery | vehicles | Totals | ||
| COST | |||||
| At 1st January 2021 | 13,758,114 | 1,531,281 | 231,673 | 15,521,068 | |
| Additions | 51,363 | 157783 | 25,000 | 234 146 | |
| At 31stDecember 2021 | 13809477 | 1689064 | 256;673 | 15,755,214 | |
| DEPRECIATION | |||||
| At 1stJanuary 2021 | 1,945,362 | 1,423,033 | 205,122 | 3,573,517 | |
| Charge for year | 142,155 | 98 149 | 18988 | 259292 | |
| At 31stDecember 2021 | 2,087,517 | 1 521182 | 224 110 | 3 832 809 | |
| NKT BOOK VALUE | |||||
| At 31stDecember 2021 | 11,721,960 | 167 882 | 32 5G3 | 11922405 | |
| At 31stDecember 2020 | 11,812,752 | 108,248 | 2G 551 | 11947 551 | |
| 11. | FIXEDASSETINVESTMENTS | ||||
| Listed | |||||
| investments | |||||
| MARKET VALUE | |||||
| At 1st January 2021 and | |||||
| 31stDecember 2021 | 80,058 | ||||
| PROVISIONS | |||||
| Provision written off | 19495 | ||||
| NET BOOK VALUE | |||||
| At 31stDecember 2021 | 60 5G3 | ||||
| At 31stDecember 2020 | ~80 058 |
| DEBTORS:AMOU | NTS FALLING DUE WITHIN ONE YEAR | ||
|---|---|---|---|
| 2021 | 2020 | ||
| Other receivables | 250 | 6,963 | |
| Staffloan | 749 | 2,399 | |
| Prepayrnents and accrued income |
293,546 | 272,524 | |
| 294 545 | 281886 | ||
| CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | |||
| 2021 | 2020 | ||
| Social security and other taxes | 5,475 | ||
| Accruals and deferred | income | 38723 | 84758 |
| 38723I | 90233 | ||
| CREDITORS: AMOUNTS FALLING DUE AFTERMORE THAN ONE YEAR | |||
| 2021 | 2020 | ||
| Bank loans (see note | 15) | 855 120 | 940685 |
| ANALYSIS OF NET ASSET | SBETWEEN FUNDS | |||
|---|---|---|---|---|
| 2021 | 2020 | |||
| Unrestricted | Restricted | Total | Totnl | |
| fund | fund | funds | funtls | |
| Fixed assets | 11,922,405 | 11,922,405 | 11,947,551 | |
| Invesunents | 60,563 | 60,563 | 80,058 | |
| Current assets | 3,597,310 | 226,839 | 3,824,149 | 2,623,088 |
| Current liabilities Long term liabilities |
(38,723) ~855 120) |
(38,723) ~855 120) |
(90,233) ~940685) |
|
| 14.686.435 | 226 839 | 14.9k1 274 | 13.619,779 |
| MOVEMENT | IN FUNDS | ||||
|---|---|---|---|---|---|
| Net | Transfers | ||||
| movement | between | At | |||
| At 1.1.21 | in funds | funds | 31.12.21 | ||
| Unrestricted | funds | ||||
| General fimd | 13,512,220 | 1,340,279 | (166,064) | 14,686,435 | |
| Restricted funds | |||||
| Building Fund | 107,559 | (46,784) | 166,064 | 226,839 | |
| TOTAL FUNDS | \:1619779 | L293493 | 14 91-'I 274 |
| Incoming | Resources | Gains and | Movement | ||
|---|---|---|---|---|---|
| resources | expended | losses | in funds | ||
| Unrestricted | funds | ||||
| General fund | 3,394,522 | (2,034,748) | (19,495) | 1,340,279 | |
| Restricted funds | |||||
| Building Fund | 77,151 | (123,935) | (46,784) | ||
| TOTAL FUNDS | 3473673 | J2 33116833 | ~39 4933 | I 29 149S |
| 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 | 12,338,613 | 1.281 LI4 | I'1.639779 |
F RTHE YEAR ENDED 3 |
1STDECEMBER 2021 |
||
|---|---|---|---|
| 2021 | 2020 | ||
| INCOME AND | ENDOWMENTS | ||
| Donations and legacies |
|||
| Tithes and offerings | 2,879,808 | 2,378,045 | |
| Gift aid | 278,391 | 377,908 | |
| Gbagada HQ Offerings | 77 151 | 82 537 | |
| 3,235,350 | 2,838,490 | ||
| Investment income |
|||
| Rents received | 115,618 | 91,232 | |
| Deposit account | interest | 92 | 781 |
| 115,710 | 92,013 | ||
| Charitable activities |
|||
| Books and Cd's Conference and |
sales retreat income |
25,352 ~4463 |
28,346 1,200 |
| 29,815 | 29,546 | ||
| Other income | |||
| Other income | 90.798 | 83.820 | |
| Total incoming | resources | '3,471,673 | 3,043,869 |
| EXPENDITURE | |||
| Charitable activities |
|||
| Trustees' salaries | 70,516 | 69,928 | |
| Trustees' social security | 7,306 | 7,234 | |
| Trustees' pension | contributions | 907 | 899 |
| Wages | 228,763 | 235,177 | |
| Social security | 15,984 | 12,460 | |
| Pensions | 6,584 | 5,901 | |
| Telephone | 33,906 | 36,990 | |
| Postage and stationery | 8,205 | 8,057 | |
| Advertising and |
tracts | 3,336 | 721 |
| Church rei'resiunents | 20,965 | 10,473 | |
| Missions, grants |
dt donations | 190,456 | 196,335 |
| Satellite church expenses | 183,828 | 119,313 | |
| Gbagada HQ cost | 123,935 | 100,015 | |
| Properties and facilities cost |
388,171 | 386,193 | |
| Conferences and |
retreats | 91,674 | 28,805 |
| Books and CD's | expenses | 120,132 | 34,405 |
| Other expenses | 11,191 | 10,621 | |
| Service charges | 179,083 | 79,662 | |
| Subscriptions | 9,143 | 837 | |
| Welfare, Training | and courses | 16,168 | 13,766 |
| Carried forward | 1,710,253 | 1,357,792 |
| F RTHEYEARE DED31 |
STDE EMBER2021 | ||||
|---|---|---|---|---|---|
| 2021 | 2020 | ||||
| Charitable activities |
g | ||||
| Brought forward | 1,710,253 | 1,357,792 | |||
| Transport and travel |
60,144 | 54,305 | |||
| Audit fees | 26,400 | 21,255 | |||
| Legal and professional | fees | 44,685 | 25,519 | ||
| Bank charges &interest | 33,390 | 75,248 | |||
| Equipment hire Depreciation oftangible |
fixed assets | 5,391 278429 |
7,021 221 595 |
||
| 2 I58683 | I | 762 735 | |||
| Total resources expended | 2 l58 683 | I | 762735 | ||
| Net incorue | I | 312996 | I | 2lll I'.!4 |