Charity Registration No. 1153651
DOMINION LIFE ASSEMBLY
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
DOMINION LIFE ASSEMBLY
LEGAL AND ADMINISTRATIVE INFORMATION
J Agbugba Charity number 1153651 Principal address 110 Austen Close London SE28 8AZ
DOMINION LIFE ASSEMBLY
CONTENTS
| Page | |
|---|---|
| report | 1 - 2 |
| Statement of responsibilities | 3 |
| Independent auditor's report | 4 - 5 |
| Statement of financial activities | 6 |
| Statement of financial position | 7 |
| Notes to the financial statements | 8 - 12 |
DOMINION LIFE ASSEMBLY
REPORT
FOR THE YEAR ENDED 31 DECEMBER 2020
The present their report and financial statements for the year ended 31 December 2020.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the 's [governing document], the Charities Act 2011 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)".
Objectives and activities
THIS IS A CHURCH / RELIGIOUS WORSHIP THAT INVOLVES PREAHCING AND TEAHCHING OF THE BIBLE,
PRAYERS, COUNSELLING AND ADVICE, COMMUNITY OUTREACH.
The have paid due regard to guidance issued by the Charity Commission in deciding what activities the should undertake.
Achievements and performance Financial review
It is the policy of the 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 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 ’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 has assessed the major risks to which the is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
Structure, governance and management
The is a company limited by guarantee .... .
The , who are also the directors for the purpose of company law, and who served during the year were: Mr Victor Olajide Ogunmolade Mrs Patience Abena Owusu Mrs Sarah Chinonyerem Ikechukwu Mr Tari-Kingsley Kongha J Agbugba
[Details of method of recruitment and appointment of trustees.]
None of the has any beneficial interest in the company. All of the are members of the company and guarantee to contribute £1 in the event of a winding up.
The company's current policy concerning the payment of trade creditors is to follow the CBI's Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU).
The company's current policy concerning the payment of trade creditors is to:
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settle the terms of payment with suppliers when agreeing the terms of each transaction;
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ensure that suppliers are made aware of the terms of payment by inclusion of the relevant terms in contracts; and
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pay in accordance with the company's contractual and other legal obligations.
Trade creditors of the company at the year end were equivalent to XX day's purchases, based on the average daily amount invoiced by suppliers during the year.
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DOMINION LIFE ASSEMBLY
REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
[Details of organisational structure.]
The r eport was approved by the Board of .
J Agbugba
Dated: 30 April 2021
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DOMINION LIFE ASSEMBLY
STATEMENT OF RESPONSIBILITIES
FOR THE YEAR ENDED 31 DECEMBER 2020
The are responsible for preparing the Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the and of the incoming resources and application of resources of the for that year.
In preparing these financial statements, the are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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DOMINION LIFE ASSEMBLY
INDEPENDENT AUDITOR'S REPORT TO THE OF DOMINION LIFE ASSEMBLY
Opinion
We have audited the financial statements of Dominion Life Assembly (the ‘’) for the year ended 31 December 2020 which comprise the statement of financial activities, the statement of financial position and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice) .
In our opinion, the financial statements:
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give a true and fair view of the state of the charity’s affairs as at 31 December 2020 and of its incoming resources and application of resources, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the ’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
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the information given in the financial statements is inconsistent in any material respect with the r eport; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records; or
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we have not received all the information and explanations we require for our audit.
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DOMINION LIFE ASSEMBLY
INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE OF DOMINION LIFE ASSEMBLY
Responsibilities of
As explained more fully in the s tatement of r esponsibilities, the are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the are responsible for assessing the ’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the either intend to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below .
A further description of our responsibilities is available on the Financial Reporting Council’s website at: http s :// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Other matter s
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with "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)" (as amended) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
This has been done in order for the financial statements to provide a true and fair view in accordance with current Generally Accepted Accounting Practice.
30 April 2021
Chartered Accountants Statutory Auditor
is eligible for appointment as auditor of the by virtue of its eligibility for appointment as auditor of a company under of section 1212 of the Companies Act 2006.
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DOMINION LIFE ASSEMBLY
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2020
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2020 | 2019 | ||
| Notes | £ |
£ | |
| Income from: | |||
| Donations and legacies | 3 | 24,211 | 27,937 |
| Expenditure on: | |||
| Charitable activities | 4 | 17,807 | 29,187 |
| Net income/(expenditure) for the year/ | |||
| Net movement in funds | 6,404 | (1,250) | |
| Fund balances at 1 January 2020 | (7,207) | (5,957) |
|
| Fund balances at 31 December 2020 | (803) | (7,207) |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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DOMINION LIFE ASSEMBLY
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2020
| Notes Fixed assets Property, plant and equipment 7 Current assets Trade and other receivables 8 Cash at bank and in hand Net current assets Total assets less current liabilities Non-current liabilities 9 Net liabilities Income funds Unrestricted funds |
2020 £ £ - (1) 8,168 8,167 8,167 8,167 (8,970) (803) (803) (803) |
2019 £ £ 1,438 - 325 325 325 1,763 (8,970) (7,207) (7,207) (7,207) |
|---|---|---|
The financial statements were approved by the on 30 April 2021
J Agbugba Trustee
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DOMINION LIFE ASSEMBLY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
1 Accounting policies
Charity information
Dominion Life Assembly is a INSERT CONSTITUTIONAL DETAIL.
1.1 Accounting convention
The financial statements have been prepared in accordance with the 's [governing document], the Charities Act 2011 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 is a Public Benefit Entity as defined by FRS 102.
The 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 have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling , which is the functional currency of the . Monetary a mounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2 Going concern
These financial statements are prepared on the going concern basis. The have a reasonable expectation that the will continue in operational existence for the foreseeable future, however, the are aware of certain material uncertainties which may cause doubt on the charity's ability to continue as a going concern. [Disclose uncertainties]
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the 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 .
1.4 Income
Income is recognised when the 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 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 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.
1.5 Expenditure
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DOMINION LIFE ASSEMBLY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
1 Accounting policies
(Continued)
1.6 Property, plant and equipment
Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Motor vehicles
Enter depreciation rate via StatDB - cd78
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.
1.7 Impairment of non-current assets
At each reporting end date, the reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any ) .
1.8 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.
1.9 Financial instruments
The 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 's balance sheet when the 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 trade and other receivables 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.
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DOMINION LIFE ASSEMBLY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
1 Accounting policies
(Continued)
Basic financial liabilities
Basic financial liabilities, including trade and other payables 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 p aymen ts 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 payables 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 payables 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 ’s contractual obligations expire or are discharged or cancelled.
2 Critical accounting estimates and judgements
In the application of the ’s accounting policies, the 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 | |
| £ | £ | |
| Donations and gifts | 24,211 | 27,937 |
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DOMINION LIFE ASSEMBLY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
4 Charitable activities
| Charitable Expenditure Heading 1 Charitable Expenditure Heading 5 2020 2020 £ £ Depreciation and impairment 1,438 - Charitable expenditure heading 1 1 - Charitable expenditure heading 3 1,112 1,932 Charitable expenditure heading 4 - 147 Charitable expenditure heading 5 1,588 - Charitable expenditure heading 6 420 - Charitable expenditure heading 7 - 1,348 Charitable expenditure heading 8 1,680 - Charitable expenditure heading 9 2,141 - Charitable expenditure heading 10 6,000 - Charitable expenditure heading 12 - - 14,380 3,427 14,380 3,427 |
Total 2020 Charitable Expenditure Heading 1 Charitable Expenditure Heading 5 2019 2019 £ £ £ 1,438 1,078 - 1 - - 3,044 640 319 147 429 294 1,588 1,362 - 420 - - 1,348 - - 1,680 2,084 - 2,141 1,021 - 6,000 21,600 - - 360 - 17,807 28,574 613 17,807 28,574 613 |
Total 2019 £ 1,078 - 959 723 1,362 - - 2,084 1,021 21,600 360 29,187 29,187 |
|---|---|---|
5
None of the (or any persons connected with them) received any remuneration or benefits from the during the year.
6 Employees
The average monthly number of employees during the year was:
2020 2019 Number Number Total - -
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DOMINION LIFE ASSEMBLY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
7 Property, plant and equipment
| Property, plant and equipment | |
|---|---|
| Motor vehicles | |
| £ | |
| Cost | |
| At 1 January 2020 | 5,150 |
| At 31 December 2020 | 5,150 |
| Depreciation and impairment | |
| At 1 January 2020 | 5,150 |
| At 31 December 2020 | 5,150 |
| Carrying amount | |
| At 31 December 2019 | 1,438 |
Investment properties rented to another group entity have been accounted for using the cost model. The carrying value of these investment properties included within property, plant and equipment is £XXXX (2019 - £XXXX).
8 Trade and other receivables
| Amounts falling due within one year: Trade receivables 9 Non-current liabilities Other payables |
2020 £ (1) 2020 £ 8,970 |
2019 £ - 2019 £ 8,970 |
|---|---|---|
10 Related party transactions
There were no disclosable related party transactions during the year (2019 - none).
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