Charity Registration No. 1152510 Company Registration No. 08321396 (England and Wales) ## DESTINY CHRISTIAN CENTRE MINISTRIES ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 ## DESTINY CHRISTIAN CENTRE MINISTRIES ## LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr Olufunmilayo Okeowo Mrs R Anekwe Mr Olayiwola Jimoh Charity number 1152510 Company number 08321396 Registered office Suite 127 186 St Albans Road Watford WD24 4AS Independent examiner Reddy Siddiqui LLP 183-189 The Vale Acton London W3 7RW ## DESTINY CHRISTIAN CENTRE MINISTRIES ## CONTENTS ||Page| |---|---| |Trustees' report|1 - 2| |Independent examiner's report|3| |Statement of financial activities|4| |Balance sheet|5| |Notes to the financial statements|6 - 10| ## DESTINY CHRISTIAN CENTRE MINISTRIES ## TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2020 The trustees present their report and financial statements for the year ended 31 December 2020. The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the morandum and articles of association, the Companies Act 2006 and the Statement of Recommended Practice, "Accounting and Reporting by Charities", issued in March 2005. ## Objectives and activities ## The objects are: - the advancement of the christian faith including missionary activities in the United Kingdom and overseas. This includes, but is not limited to, the planting of new churches and organisations of congregations - the relief of the poor and needy, and the sick and elderly - Such other charitable object for the benefit of such othr charitable bodies and institutions as the trustees shall in their absolute discretion see fit. The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. ## Achievements and performance Destiny Christian Centre Ministries continues to experience elevation and promotion in 2019. Both the London and Leeds churches flourished under their respective dynamic leadership and eldership teams. ## Financial review A majority of the charity's activities were supported by loan received from Destiny Christian Centre Limited. Gift Aid receivables were the main source of income. Considerable amount of legal expense was incurred to procure the lease and planning application for the building currently being used by the charity for it's activities. The trustees expect this expense to normalise in the following year. It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year. The trustees has assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. Going forward in 2021 we expect to establish the Ministry as one of the foremost Christian Ministries in the UK. We also aim to broad our international contacts whilst further accomplishing the Charities aims & objectives in the UK. ## Structure, governance and management The charity is a company limited by guarantee, incorporated on 6 December 2012. The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were: Mr Olufunmilayo Okeowo Mrs R Anekwe Mr Olayiwola Jimoh None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up. - 1 - DESTINY CHRISTIAN CENTRE MINISTRIES TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (coKfiNUED) FOR THE YEAR ENDED 31 DECEMBER 2020 Mrs Ruth An0￿8, one of tha trust88s of the thrity. is 8150 a dIr￿r and 100% sharghold8r of 095tiny Christian C8ntre Lknitad. o ccThpany reglslefed In England and I￿106. The Iruste8s' report was apprnved ty th8 8oard ofrrustees. Mr8 R Aftekwo Trustee Dated.. 14 Soptember 2021 DESTINY CHRISTIAN CENTRE MINISTRIES INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF DESTINY CHRISTIAN CENTRE MINISTRIES l i¢port lo the Iruslees on my examinat￿yn of the finanaal statements of Destsny Christian Centre Ministries Ithe chartyl for the year ended 31 December 2020. R•sponsibilitles and bas1$ of report As the trustees of the charity land also its directofs for the purposes of company lawl you are responsible for the preparation of the linancial statements in accordance wrth the requirements ol the Companies Act 2006 (the 2006 Act). Having satisfied myself that the financtal statemènts of the chaity arè not required lo be audited under Part 16 of the 2006 A¢1 and are eligible lor independent examination. I report in respect of my examination of the charity's financrdl statement5 Garried oul under Sed￿rt 145 01 the Charities Act 2031 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions gNen by the Charity Commission under section 145151{bl of the 2011 Act Ind•p•nd•nt examine￿$ statom•nt I have completed my examination. I confirm that no matters have come to my attenlKJn in connection with the examinatson giving me cause to beI￿ve that in any material respect". a￿OUnting records were not kept in respe¢t of the charity as required by section 386 of the 2C#)6 Act,. or the financial statements do not accor(I wrth those records., or the financial statements do not comply with the accountsng requirements of seclion 396 01 the 2006 Act other than any ièquiremenl that the accounts give a tn￿ and fair ¥￿W which t5 not a matter considered as part of an independent examinatK)n. or the finan￿81 statement5 have nol beèn p￿pared in a￿rdance with the methods and principles of the Statèmènt of Recommended Practice for accounting and reporting by charities applicable lo ¢harities prepaTrng Ihesr accounts in accordance wth the Finanaal Reportin9 Standard appltsble in the UK and Republic of Ireland IFRS 1021. I have no concerns and have come across no other maiters in connection with the examination to wh￿h attention should be drawn in this report in order to enable a proper under51andiAg of the financial statements to be reached. Lili189 The Va Acton London J7RW Dated.. 14 Sèptember 2021 ## DESTINY CHRISTIAN CENTRE MINISTRIES ## STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT ## FOR THE YEAR ENDED 31 DECEMBER 2020 |||||2020|2019| |---|---|---|---|---|---| ||||Notes|£|£| |Income from:|||||| |Donations and legacies|||3|15,005|33,485| |Charitable activities|||4|88,629|105,575| ||||||| |Total income||||103,634|139,060| ||||||| |Expenditure on:|||||| |Charitable activities|||5|101,966|153,604| ||||||| |Net income/(expenditure) for the year/|||||| |Net movement in||funds||1,668|(14,544)| |Fund balances at 1 January 2020||||(40,313)|(25,769)| ||||||| |Fund balances at 31 December 2020||||(38,645)|(40,313)| The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006. - 4 - DESTINY CHRISTIAN CENTRE MINISTRIES BALANCE SHEET AS AT31 DECEMBER 2020 2020 2019 Cuff•nt 18SOts Deblors Cash at bank and in hand 6,000 1.351 6.000 7.351 6.000 Crodllorn.. amoun1• lalllng du• wlthln on8 yoar 10 {45,9961 146,313) Nel current Ilabilitt88 138,645) (40,313) Incomo fund8 UnTestrtctsd funds 138,6451 140,313} 138,645) (40,313) The ciyrpany ts enlthed to the 8xomption fTom the audit requlrermnt contslngd in sgction 477 of Ihe Companlos Act 2006. tor the yeaf ended 31 DécOFnb8f 2020. Thg directors ackntr•wl8dgÈ thgir r8sponsiknlibes for comptying wfth tha r8quir8mgnts of thg Comp8nle8 Act 2008 wllh respact to accounting recolds and tha preparaknn offinancial $tatThnts. The members have not required the company to obtsin an audit of Its financHI ststemènts for the ￿ar In question in accord8n¢8 wth sgction 476. Th8s8 finandal stal8ments have been wyr8d In aC￿r￿r￿a wilh the FKOVi5iOllS appltcable to compni98 suty'Kt tr> the gmall c4mp8nio8 regime. Th8 financial statements wgrg approved ty the Tn￿ on 14 Sgptwnber 2021 Mrs R Anekwe TrugtO0 Company Rfjglslrallon No. 08321396 ## DESTINY CHRISTIAN CENTRE MINISTRIES ## NOTES TO THE FINANCIAL STATEMENTS ## FOR THE YEAR ENDED 31 DECEMBER 2020 ## 1 Accounting policies ## Charity information Destiny Christian Centre Ministries is a private company limited by guarantee incorporated in England and Wales. The registered office is Suite 127, 186 St Albans Road, Watford, WD24 4AS. ## 1.1 Accounting convention The financial statements have been prepared in accordance with the charity's [governing document], the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below. ## 1.2 Going concern At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. ## 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity. ## 1.4 Incoming resources Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. - 6 - ## DESTINY CHRISTIAN CENTRE MINISTRIES ## NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) ## FOR THE YEAR ENDED 31 DECEMBER 2020 ## 1 Accounting policies (Continued) ## 1.5 Resources expended Expenditure is accounted for on an accrual basis and has been classified under headings that aggregate all costs relating to the category. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with the use of resources. ## 1.6 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. ## 1.7 Financial instruments The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. ## Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. ## Basic financial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. ## Derecognition of financial liabilities Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled. - 7 - ## DESTINY CHRISTIAN CENTRE MINISTRIES ## NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) ## FOR THE YEAR ENDED 31 DECEMBER 2020 ## 2 Critical accounting estimates and judgements In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. ## 3 Donations and legacies ||Unrestricted|Unrestricted| |---|---|---| ||funds|funds| ||2020|2019| ||£|£| |Grants|15,005|33,485| ## 4 Charitable activities ||2020|2019| |---|---|---| ||£|£| |Receivables and donations|88,629|105,575| - 8 - ## DESTINY CHRISTIAN CENTRE MINISTRIES ## NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) ## FOR THE YEAR ENDED 31 DECEMBER 2020 ## 5 Charitable activities ||2020||2019| |---|---|---|---| ||£||£| |Staff costs|16,678||19,286| |Media & Marketing|1,651||2,430| |Insurance|2,006||1,794| |Light & Heat|3,528||4,520| |Repairs & Maintenance|1,277||1,484| |Postage|1,306||817| |Telephone|787||2,552| |Motor Expenses|4,065||11,737| |Travelling|2,713||1,268| |Legal & Professional|-||300| |Consultancy|11,170||9,276| |Sundry Expenses|5,883||20,624| |Bank Charges|3,453||4,205| |Rent|42,308||62,763| |Bookkeeping|300||2,771| |Accountancy|2,280||1,800| ||||| ||99,405||147,627| |Grant funding of activities (see note 6)|2,561||5,977| ||||| ||101,966||153,604| |Grants payable|||| ||2020||2019| ||£||£| |Grants to institutions:|||| |Grants to individuals|2,561||5,977| ||||| ||2,561||5,977| ## 6 Grants payable - ## 7 Trustees Some of the trustees (or any persons connected with them) received remuneration or benefits or reimbursements of £16,678.00 from the charity during the year. - 9 - ## DESTINY CHRISTIAN CENTRE MINISTRIES ## NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) ## FOR THE YEAR ENDED 31 DECEMBER 2020 ## 8 Employees The average monthly number of employees during the year was: |||||2020|||2019| |---|---|---|---|---|---|---|---| |||Number||||Number|| ||Administration|||2|||2| ||Employment costs|||2020|||2019| |||||£|||£| ||Wages and salaries||16,678||||19,286| ||There were no employees whose annual remuneration was £60,000 or more.||||||| |9|Debtors||||||| |||||2020|||2019| ||Amounts falling due within one year:|||£|||£| ||Prepayments and accrued income|||6,000|||6,000| |10|Creditors: amounts falling due within one year||||||| |||||2020|||2019| |||||£|||£| ||Other creditors|||43,716|||43,112| ||Accruals and deferred income|||2,280|||3,201| ||||||||| |||||45,996|||46,313| ## 11 Related party transactions Other creditors represents a loan received from Destiny Christian Centre Limited, a company registered in England and Wales. Mrs Ruth Anekwe, one of the trustees of the charity is the sole director and 100% shareholder of the company. - 10 -