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|---|---|---|---|---|---|
|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|||
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||||||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|
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||||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|
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|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|
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|||||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|
##
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|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|