| Page | |||||
|---|---|---|---|---|---|
| Reference and administrative | details | ||||
| Report ofthe trustees | 2 | to | 6 | ||
| Report ofthe independent auditors |
7 | to | 10 | ||
| Statement ofBinancial | activities | ||||
| Statement offinancial | position | 12 | |||
| Statement ofcash flows | 13 | ||||
| Notes to the statement | ofcash | tlows | 14 | ||
| Notes to the financial | statements | 15 | to | 21 | |
| Detailed statement of | financial | activities | 22 | to | 23 |
| TRUSTEES | Dr WF Kumuyi | ||
|---|---|---|---|
| Pastor SPAkowe | |||
| Mrs EFA Kumuyi | |||
| Mrs M A Okenwa | |||
| Mrs M M Akinsanya | |||
| COMPANY SECRETARY | Mrs EFA Kumuyi | ||
| REGISTERED OFFICE | Transformation House |
||
| 66St John's Hill | |||
| Clapham Junction |
|||
| London | |||
| SW11 1AD | |||
| REGISTERED COMPANY | 08134602(England | and Wales) | |
| NUMBER | |||
| REGISTERED CHARITY | 1150036(England and | Wales) | |
| NUMBER | SC040673 (Scotland) | ||
| INDEPENDENT AUDITORS | Leroy Reid th Co | ||
| Chartered Certified |
Accountants | ||
| and Statutory Auditors |
|||
| 299Northborough | Road | ||
| Norbury | |||
| London | |||
| SW16 4TR | |||
| SOLICITORS | Clive Hindle | ||
| 8Northumberland | Square | ||
| North Shields | |||
| NE30 1QQ | |||
| BANKERS | CAF Bank Limited | ||
| 25 Kings Hill Avenue, | Kings Hill | ||
| West Mailling | |||
| Kent ME194JQ | |||
| National Westminster |
Bank PLC | ||
| 2a Princess Road Liverpool L8 1JT | |||
| Barclays Bank PLC | |||
| 5th Floor, Corinthian | House | ||
| 17Lansdowne Road |
|||
| Croydon CRO2BX | |||
| HSBC Bank PLC | |||
| 28 Borough High Street London SE1 1YB |
| 2022 | 2021 | |||||
|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | |||
| Notes | fund | fund f |
funds | fundsf | ||
| INCOME | AND ENDOWMENTS FROM | |||||
| Donations | and legacies | 2 | 3,751,219 | 76,373 | 3,827,592 | 3,235,350 |
| Charitable | activities | |||||
| Church | 139,481 | 139,481 | 29,815 | |||
| Investment | income | 3 | 141,105 | 141,105 | 115,710 | |
| Other income | 118,052 | 118D52 | 9D,798 | |||
| Total | 4149857 | 76373 | 4226239 | 3471673 | ||
| EXPENDITURE ON | ||||||
| Charitable | activities | |||||
| Church | 28811377 | 64486 | 2 952 863 | 2158683 | ||
| Net gains/(losses) on investments |
19,495 | |||||
| NKT INCOME | 1,261,480 | 11,887 | 1,273,367 | 1,293,495 | ||
| RECONCILIATION OF FUNDS | ||||||
| Total funds | brought forward |
14,686,435 | 226,839 | 14,913,274 | 13,619,779 | |
| TOTAL FUNDS CARRIED FORWARD | 15947915 | 238 726 | 16186441 | 14913 274 |
| 3 | ~a* | MSL | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2022 | 2021 | |||||||||||
| Nates | ||||||||||||
| FIXEDASSETS | ||||||||||||
| Tangible assets | 10 | 11,863,669 | 11,922,405 | |||||||||
| investments | ll | |||||||||||
| I1,924332 | 11,982,968 | |||||||||||
| CURRENT ASSETS | ||||||||||||
| 1)ebtara | 12 | 323,763 | 294,545 | |||||||||
| Cash at bank and | in hand | 3,529,604 | ||||||||||
| 4,299,057 | 3,824,149 | |||||||||||
| CREDITORS | ||||||||||||
| Amounts falling due within |
one year | 13 | (36,648) | (38,723) | ||||||||
| NKT CURRENT | ASSETS | n | ||||||||||
| TOTAL ASSETSLESSCURRENT | ||||||||||||
| LIABILITIES | 16,186,641 | 15,768,394 | ||||||||||
| CREDITORS | ||||||||||||
| Amounts fallmg due after more than one year |
14 | (855,120) | ||||||||||
| NET ASSETS | «6 | |||||||||||
| FUNDS | 17 | |||||||||||
| Unrestricted funds: |
||||||||||||
| General fund | 15,947,915 | 14,686,435 | ||||||||||
| Restricted funds: | ||||||||||||
| Building Fund | 238,726 | ~226 839 | ||||||||||
| TOTAL FUNDS | 16,186,641 | )4.9I3274 | ||||||||||
| The financial statements ...2 1-..?..........Q.....akQQQ |
were and were |
approved signed on |
by the its behalf |
Board by: |
of | Trustees | and | authorised | for | tssue on |
| FOR | THE | YEAR ENDED | 31STDECEMBER2022 | ||||
|---|---|---|---|---|---|---|---|
| 2022 | 2021 | ||||||
| Notes | 8 | ||||||
| Cash flows from operating | activities | ||||||
| Cash generated from operations |
1,448,367 | 1,508 | 021 | ||||
| Net cash provided by operating activities |
I 448 367 | 1508021 | |||||
| Cash flows from investing | activities | ||||||
| Purchase oftangible fixed assets | (149,798) | (234,146) | |||||
| Interest received | 2241 | 92 | |||||
| Net cash used in investing | activities | ~147,557) | 234 | 054 | |||
| Cash flows from financing | activities | ||||||
| Loan repayments in year |
855 120 | 85 | 565 | ||||
| Net cash used in financing | activities | 855 120 | ~85,565) | ||||
| Change in cash and cash | equivalents | in | |||||
| the reporting period |
445,690 | 1,188,402 | |||||
| Cash and cash equivalents | at the | ||||||
| beginning ofthe reporting |
period | 3,529,604 | 2,341,202 | ||||
| Cash and cash equivalents | at the end | of | |||||
| the reporting period |
~3975 294 | 3 523 | 604 |
| RECONCILIATIO | N OF NE | T INCOME TONET CASH FLOW FROM | OPERATING A | CTIVITIES |
|---|---|---|---|---|
| 2022 | 2021 | |||
| g | f. | |||
| Net income for the | reporting | period (as per the Statement offinancial | ||
| activities) | 1,273,367 | 1,293,495 | ||
| Adjustments for: |
||||
| Depreciation charges |
208,533 | 259,292 | ||
| Losses on investments | 19,495 | |||
| Interest received | (2/A 1) | (92) | ||
| Increase in debtors Decrease in creditors |
(292.17) ~2073 |
(12,659) ~51.510 |
||
| Net cash provided | by operati | ons | 14411367 | 1508021 |
| ANALYSIS OF CHANGES IN NET FUNDS | |||
|---|---|---|---|
| At 1.1.22 | Cash flow | At 31.12.22 | |
| g | g | ||
| Net cash | |||
| Cash at bank and in hand | ~3529,604 | 445,690 | 3,975 294 |
| 3 529604 | 445 690 | 3 975 294 | |
| Debt | |||
| Debts falling due afler I year | ~055 120 | 855 12D | |
| ~055 12D) | 855,12D | ||
| Total | 2 574484 | 1,300,810 | 3,975 294 |
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| 8 | |||||
| Tithes and offerings | 3,527,571 | 2,879,808 | |||
| Gift aid | 285,852 | 278,391 | |||
| Gbagada HQ Offerings | 14,169 | 77 151 | |||
| 3827392 | 3235338 | ||||
| 3. | INVESTMENT | INCOME | |||
| 2022 | 2021 | ||||
| Rents received | 138,864 | 115,618 | |||
| Deposit account | interest | 2,241 | 92 | ||
| 141,105 | 115,710 | ||||
| 4. | INCOME FROM CHARITABLE ACTIVITIES | ||||
| 2022 | 2021 | ||||
| Activity | 8 | 8 | |||
| Books and Cd's | sales | Church | 97,744 | 25,352 | |
| Conference and |
retreat | ||||
| income | Church | 41,737 | 4,463 | ||
| 139,481 | 29,815 | ||||
| 5. | CHARITABLE | ACTIVITIES COSTS | |||
| Direct | |||||
| Costs (see | |||||
| note 6) | |||||
| Church | 2 952 863 | ||||
| 6. | DIRECT COSTS OF | CHARITABLE ACTIVITIES | |||
| 2022 | 2021 | ||||
| g | |||||
| Trustees' remuneration | etc | 81,964 | 78,729 | ||
| Staffcosts | 256,912 | 251,331 | |||
| Telephone | 40,569 | 33,906 | |||
| Postage and stationery | 13,436 | 8,205 | |||
| Advertising and |
tracts | 66,351 | 3,336 | ||
| Church refieshments | 49,990 | 20,965 | |||
| Missions, grants | 6ft donations | 224,841 | 190,456 | ||
| Satellite church | expenses | 131,257 | 183,828 | ||
| Gbagada HQ cost | 300,060 | 123,935 | |||
| Properties and facilities |
cost | 454,601 | 388,171 | ||
| Conferences and |
retreats | 201,006 | 91,674 | ||
| Books and CLvs | expenses | 48,720 | 120,132 | ||
| Other expenses | 26,128 | 11,191 | |||
| Service charges | 390,315 | 179,083 | |||
| Regional expenses | 226 368 | ||||
| Carried forward | 2,512,518 | 1,684,942 |
| 2022 | 2021 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Brought forward | 2,512,518 | 1,684,942 | ||||||||
| Subscriptions | 5,425 | 9,143 | ||||||||
| Welfare, Training and courses |
16,336 | 16,168 | ||||||||
| Transport and travel |
111,552 | 60,144 | ||||||||
| Audit fees | 24,000 | 26,400 | ||||||||
| Legal and pmfessional | fees | 23,913 | 44,685 | |||||||
| Bank charges //c interest |
41,127 | 33,390 | ||||||||
| Equipment hire |
9,459 | 5,391 | ||||||||
| Depreciation | 208,533 | 278,420 | ||||||||
| 2,952,863 | 2 158,683 | |||||||||
| 7. | NKT INCOME/(EXPENDITURE) | |||||||||
| Net income/(expenditure) | is stated | after charging/(crediting): | ||||||||
| 2022 | 2021 | |||||||||
| 8 | ||||||||||
| Depreciation -owned |
assets | 208 534 | ~259 292 | |||||||
| 8. | TRUSTEES' REMUNERATION | AND BENEFITS | ||||||||
| 2022 | 2021 | |||||||||
| 8 | ||||||||||
| Trustees' salaries |
73,156 | 70,516 | ||||||||
| Trustees' social security | 7,864 | 7,306 | ||||||||
| Trustees' pension contributions | to defined | benefit schemes | 944 | 907 | ||||||
| 81,964 | ~78 729 | |||||||||
| TRUSTEES' EXPENSES | ||||||||||
| A Bereavement Gilt off3000,was |
paid to | one ofthe trustees. | ||||||||
| 9. | STAFFCOSTS | |||||||||
| 2022 | 2021 | |||||||||
| 8 | ||||||||||
| Wages and salaries | 312,750 | 299,279 | ||||||||
| Social security costs | 19,880 | 23,290 | ||||||||
| Other pension costs | 6246 | ~7491 | ||||||||
| 338,876 | 330,060 | |||||||||
| StaffCosts noted above | includes | Trustees | Renumeration | reported | in Note.8 | |||||
| The average monthly | number ofemployees | during the | year was as | follows: | ||||||
| 2022 | 2021 | |||||||||
| Direct charitable | 9 | 9 | ||||||||
| Management and administration |
3 | 3 | ||||||||
| 12 | 12 |
| There were no employees whose annual r |
emuneration was 660, |
000 ormore. | |||
|---|---|---|---|---|---|
| 10. | TANGIBLE FIXEDASSETS | ||||
| Land and | Plant and | Motor | |||
| buildings | machinery | vehicles | Totals | ||
| g | |||||
| COST | |||||
| At 1st January 2022 | 13,809,477 | 1,689,064 | 256,673 | 15,755,214 | |
| Additions | 87,420 | 62 3711 | 149,798 | ||
| At 31stDecember 2022 | 13809477 | 1776484 | 319051 | 15905 012 | |
| DEPRECIATION | |||||
| At 1stJanuary 2022 | 2,087,517 | 1,521,182 | 224,110 | 3,832,809 | |
| Charge foryear | 142 612 | 49 771 | 16,151 | 208,534 | |
| At 31stDecember 2022 | 2230 129 | 1 570 953 | 240,261 | ~041 343 | |
| NET BOOK VALUE | |||||
| At 31stDecember 2022 | 11,579,348 | 205,531 | 78,790 | 11863 059 | |
| At 31stDecember 2021 | 11,721,960 | 167,882 | 32 563 | 11922 405 | |
| 11. | FIXEDASSETINVKSTMKNTS | ||||
| Listed | |||||
| investments | |||||
| g | |||||
| MARKET VALUE | |||||
| At 1stJanuary 2022 and | |||||
| 31stDecember 2022 | ~80 058 | ||||
| PROVISIONS | |||||
| At 1stJanuary 2022 and | |||||
| 31stDecember 2022 | 19,495 | ||||
| NKT BOOK VALUE | |||||
| At 31stDecember 2022 | 60,563 | ||||
| At 31stDecember 2021 | 60,563 |
| DEBTORS:AMOUNTS FALLING DUK WITHIN ONE YEAR | ||
|---|---|---|
| 2022 | 2021 | |
| Other receivables | 250 | 250 |
| Staffloan | 17,459 | 749 |
| Prepayments and accrued income |
~306054 | 293,546 |
| 323,763 | 294,545 | |
| CREDITORS: AMOUNTS FALLING DUK WITHIN ONE YEAR | ||
| 2022 | 2021 | |
| 8 | ||
| Accruals and deferred income | 36,648 | 38723 |
| CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR | ||
| 2022 | 2021 | |
| 8 | ||
| Bank loans (see note 15) | 855,120 |
| ANALYSIS OFNET ASSETS | BETWEEN FUNDS | |||
|---|---|---|---|---|
| 2022 | 2021 | |||
| Unrestricted | Restricted | Total | Total | |
| fund | fund | funds | funds | |
| f. | ||||
| Fixed assets | 11,863,669 | 11,863,669 | 11,922,405 | |
| Investments | 60,563 | 60,563 | 60,563 | |
| Current assets | 4,060,331 | 238,726 | 4,299,057 | 3,824,149 |
| Current liabilities Long term liabilities |
(36,648) | (36,648) | (38,723) ~855 128) |
|
| 15947.915 | 238,726 | 16,186,641 | 1~913274 |
| MOVEMENT | IN FUNDS | |||
|---|---|---|---|---|
| Net | ||||
| movement | At | |||
| At 1.1.22 | in funds | 31.12.22 | ||
| 8 | 8 | |||
| Unrestricted | funds | |||
| General fund | 14,686,435 | 1,261,480 | 15,947,915 | |
| Restricted funds |
||||
| Building Fund | 226,839 | 11,887 | 238,726 | |
| TOTAL FUNDS | 14,913274 | 1273367 | 16,181,641 |
| Incoming | Resources | Movement | ||||||
|---|---|---|---|---|---|---|---|---|
| resources | expended | in funds | ||||||
| f. | f. | |||||||
| Unrestricted | funds | |||||||
| General fund | 4,149,857 | (2,888,377) | 1,261,480 | |||||
| Restricted funds | ||||||||
| Building Fund | 76,373 | (64,486) | 11,887 | |||||
| TOTALFUNDS | 4226236 | ~2952 863 | \ 273367 | |||||
| Comparatives | for movement | in funds | ||||||
| Net | Transfers | |||||||
| movement | between | At | ||||||
| At 1.1.21 | in funds | funds | 31.12.21 | |||||
| 8 | ||||||||
| Unrestricted | funds | |||||||
| General fund | 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 | 13,619,779 | 1,293,495 | - | 14913274 | ||||
| Comparative | net movement | in | funds, included | in the above are | as follows: | |||
| Incoming | Resources | Gains and | Movement | |||||
| resources | expended | losses | in funds | |||||
| g | ||||||||
| 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 | 3 | 471 673 | ~2158683 | ~194953 | 1693495 |
| FORTHE YEAR ENDED 3 | 1STDECEMBER 2022 | |
|---|---|---|
| 2022 | 2021 | |
| 8 | ||
| INCOME AND ENDOWMENTS | ||
| Donations and legacies |
||
| Tithes and offerings | 3,527,571 | 2,879,808 |
| Giit aid | 285,852 | 278,391 |
| Gbagada HQ Offerings | 14 169 | 77,151 |
| 3,827,592 | 3,235,350 | |
| Investment income |
||
| Rents received | 138,864 | 115,618 |
| Deposit account interest | 2,241 | 92 |
| 141,105 | 115,710 | |
| Charitable activities |
||
| Books and Cd's sales | 97,744 | 25,352 |
| Conference and retreat income |
41,737 | 4463 |
| 139,481 | 29,815 | |
| Other income | ||
| Other income | 110063 | 90790 |
| Total incoming resources |
4,226,230 | 3,471,673 |
| EXPENDITURE | ||
| Charitable activities |
||
| Trustees' salaries |
73,156 | 70,516 |
| Trustees' social security | 7,864 | 7,306 |
| Trustees' pension contributions | 944 | 907 |
| Wages | 239,594 | 228,763 |
| Social security | 12,016 | 15,984 |
| Pensions | 5,302 | 6,584 |
| Telephone | 40,569 | 33,906 |
| Postage and stationery | 13,436 | 8,205 |
| Advertising and tracts |
66,351 | 3,336 |
| Church refreshments | 49,990 | 20,965 |
| Missions, grants dt donations | 224,841 | 190,456 |
| Satellite church expenses | 131,257 | 183,828 |
| Gbagada HQ cost | 300,060 | 123,935 |
| Properties and facilities cost |
454,601 | 388,171 |
| Conferences and retreats |
201,006 | 91,674 |
| Books and CD's expenses | 48,720 | 120,132 |
| Other expenses | 26,128 | 11,191 |
| Service charges | 390,315 | 179,083 |
| Regional expenses | 226,368 | |
| Subscriptions | 5,425 | 9,143 |
| Carried forward | 2,517,943 | 1,694,085 |
| FOR THK YEAR ENDED 3 | 1STDECEMBER 2022 | ||
|---|---|---|---|
| 2022 | 2021 | ||
| 8 | 8 | ||
| Charitable activities |
|||
| Brought forward | 2,517,943 | 1,694,085 | |
| Welfare, Training and courses |
16,336 | 16,168 | |
| Transport and travel |
111,552 | 60,144 | |
| Audit fees | 24,000 | 26,400 | |
| Legal and professional | fees | 23,913 | 44,685 |
| Bank charges dr interest | 41,127 | 33,390 | |
| Equipment hire |
9,459 | 5,391 | |
| Depreciation oftangible | fixed assets | ~208 533 | 278 429 |
| 2952,863 | 2158,683 | ||
| Total resources expended | 2952863 | 2158683 | |
| Net income | 1273367 | 1312998 |