## **WORLD HARVEST CHRISTIAN CENTRE** **Financial Accounts Directors and Trustees Report 31[st] July 2021** **Charity No. 1160851 Company No. 09134042** WORLD HARVEST CHRISTIAN CENTRE CONSOLIDATED FINANCIAL STATEMENTS DIRECTORS AND TRUSTEES REPORT YEAR ENDED 31 JULY 2021 ## **ADDRESS** **Cobden Road, London SE25 5NX** **REGISTERED CHARITY NUMBER** 1160851 ## **DIRECTORS AND TRUSTEES** Deaconess Damaris James Pastor Adegboyega Carew Brother Oluwasegun Akinola Olaniregun Minister Edward Olabode ## **PASTOR AND MINISTER-IN-CHARGE** Rev Wale Babatunde ## **BANKERS** HSBC Bank The Royal Bank of Scotland Plc 47 Rye Lane 62/63 Threadneedle Street London London SE5 8RP EC2R 8LA ## **ACCOUNTANTS** O Olasode BSc MSc MBA AIPSM FCCA PhD Chartered Certified Accountant 1 Copers Cope Road Beckenham London BR3 1NB 2 WORLD HARVEST CHRISTIAN CENTRE CONSOLIDATED FINANCIAL STATEMENTS DIRECTORS AND TRUSTEES REPORT YEAR ENDED 31 JULY 2021 ## **DIRECTORS’ AND TRUSTEES’ REPORT 2021** Status and Administration The Directors of the company are also the Trustees of the charity. The company is constituted and registered with the Companies House under Company Number 09134042 on 16.07.2014 and with the Charity Commission under charity number 1160851 on 12.03.2015. ## **Objects** The objects are: - The advancement of the Christian Faith in accordance with the Statement of Beliefs - To relieve person who are in conditions of need or hardship or who are aged or sick and to relieve the distress caused thereby - To advance education of such means as the Trustees may consider appropriate ## **Governance and Internal Control** The Directors in conjunction make all decisions with the Senior Minister who chairs all meetings. The Company has different functional areas, which are headed by a director or a member of the church according to the required expertise. ## **Financial Activities and Results** The total incoming resources for the year amounted to £100,623.00 leading forward of £ 1,940.00 as at 31[st] July 2021. ## **Investment Powers, Policy and Performance** The memorandum and articles of association, which states clear guidelines on investments policy, governs the directors’ and trustees’ investments powers. ## **Reserves** The directors and trustees have forecast the level of free reserves (that is those funds not tied up in fixed assets and designated as restricted funds) that the charity will require to sustain its operations over the period when it is anticipated that some of the income generating activities will be further funded to gather more income. The level of free reserve as at 31[st] July 2021 was £1,940.00. ## **Volunteers** The Charity is grateful for the unstinting effort of its volunteers who are involved in service provision. Members are given the free will, without any form of coercion, to determine their form and level of support, manually or financially to the charity. ## **Directors’ Duties** The strategies adopted to meet our objectives include: - Regular planning meeting of the trustees - Regular meetings with the members of the church - Evangelism and Training - Holding events in the communities (youth programmes) - Reaching out to the less privileged through donations to worthwhile courses in the community - • Support, caring and nurturing the members of the church. 3 WORLD HARVEST CHRISTIAN CENTRE CONSOLIDATED FINANCIAL STATEMENTS DIRECTORS AND TRUSTEES REPORT YEAR ENDED 31 JULY 2021 ## **Review** The Directors have continued to keep and maintain an efficient and effective system to monitor and control the flow of funds within the company. The company’s account is examined by an Independent Examiner to ensure that financial transparency and accountability are evident in the organisation. A portion of the company’s fund is used to run the day-to-day activity of the organisation, and this is reflected in the records (Bank Statements and Accounts) The Organisation has got its own building in the UK-Southeast, London (South Norwood) Manchester and South Norwood. In addition, the Organisation also has various buildings in some countries outside the UK. The Directors will continue to work hard to realise the vision of the company. A lot of progress has been made but there is still a lot to be done. Some of the achievements are as follows: - Food bank going on in South Norwood branch (HQ) every fortnight. - Mission works going on Abuja and Malawi ## **Directors Responsibilities** The companies’ act 2006 requires the Directors to prepare financial statements for the year which give a true and fair view of the state of affairs of the company and of the surplus of the company for that period. In preparing those financial statements the trustees are required to: - Select suitable accounting policies and apply them consistently - Make judgements and estimates that are reasonable and prudent - Prepare financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in existence. The Directors are responsible for keeping proper accounting records, which disclose with reasonable accuracy at any time the financial position of the trust. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. ACCOUNTANT A resolution was proposed at the Annual General Meeting of the Directors that TL First Limited be re- appointed as the accountant to the company for the year. This report has been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities (issued in March 2005) and in accordance with the special provisions of Part VII of the Companies Act 1985 relating to small entities. Approved by the directors on ………………………………….. and signed on its behalf by: 4 WORLD HARVEST CHRISTIAN CENTRE CONSOLIDATED FINANCIAL STATEMENTS DIRECTORS AND TRUSTEES REPORT YEAR ENDED 31 JULY 2021 ## **ACCOUNTANTS’ AND INDEPENDENT EXAMINER’S REPORT INDEPENDENT EXAMINER’S REPORT** I report to the trustees on my examination of the accounts of the World Harvest Christian Centre for the year ended 31 July 2021. ## **Responsibilities and basis of report** As the charity's trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”). I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. ## **Independent examiner’s statement** I am qualified to undertake the examination by being a qualified member of the Chartered Association of Certified Accountants (ACCA) and Fellow of the Association (FCCA). I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination (other than that disclosed below *) which gives me cause to believe that in, any material respect: - the accounting records were not kept in accordance with section 130 of the Charities Act; or - the accounts did not accord with the accounting records; or - the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. **Dr Olu Olasode FCCA Chartered Certified Accountant TL First Accountants Limited TL First Limited** ## **Date:** 5 WORLD HARVEST CHRISTIAN CENTRE CONSOLIDATED FINANCIAL STATEMENTS DIRECTORS AND TRUSTEES REPORT YEAR ENDED 31 JULY 2021 |**STATEMENT OF FINANCIAL**
**ACTIVITIES**
**Incoming Resources**
Incoming Resources from
Generated Funds
Voluntary Income
Gift Aid Donation
Investment Income
Interest income
Learning Grant
Other incoming resources
**Total Incoming Resource**
**Resources Expended**
Cost of generating funds
Charitable activities
Governance costs
**Total Resources Expended**
**Net Incoming/(Outgoing)**
**Resources**
**Net Movements for the Year**
Total Funds Brought Forward
Total Funds
Total Funds accounted for the
Charity 1048925
**Total Funds Carried Forward**|**2021**
**2020**
**Total**
**Total**
**£**
**£**
97,823
87,979
-
-
-
-
0.08
-
-
-
2,800
-| |---|---| ||**100,623**
**87,979**
12,496
17,597
87,250
68,031| ||**99,746**
**85,628**
**877**
**2,351**| ||**877**
**2,351**
1,063
(1,288)| ||1,940
1,063
**-**
**-**| ||**1,940**
**1,063**| 6 WORLD HARVEST CHRISTIAN CENTRE CONSOLIDATED FINANCIAL STATEMENTS DIRECTORS AND TRUSTEES REPORT YEAR ENDED 31 JULY 2021 |**BALANCE SHEET**
**Fixed Assets**
Tangible Fixed Assets (Note 2)
**CURRENT ASSETS**
Other Debtors (Note 5)
Cash & Bank
**CREDITORS**- Within one year (Note 3)
**NET CURRENT ASSETS**
**CREDITORS**- Due after one year (Note 4)
**NET ASSETS**
**FINANCED BY**
Restricted Funds
Unrestricted Funds|**2021**
**£**
-
1,940|**2021**
**2020**
**2020**
**£**
**£**
**£**
898,156
898,156
-
1,063
-
**1,940**
**1,063**
898,156
898,156
**1,940**
**1,063**
-
-
1,940
1,063
**1,940**
**1,063**| |---|---|---| ||-|| |||| For the financial year 31 July 2021, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit of its accounts for the year 31 July 2020 in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibility for complying with the requirements of the Act with respect to accounting records and for the preparation of accounts. These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime. Approved by the Board of Directors and Trustees on ……………………………………….. and signed on their behalf **Name of Person -----------------------------------------------------** **Director -------------------------------------------------------** 7 WORLD HARVEST CHRISTIAN CENTRE CONSOLIDATED FINANCIAL STATEMENTS DIRECTORS AND TRUSTEES REPORT YEAR ENDED 31 JULY 2021 ## **NOTES TO THE FINANCIAL STATEMENTS – 31 July 2021** ## **1. ACCOUNTING POLICIES** The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year and in the preceding year. ## **(A) Accounting Convention & Compliance** These accounts have been drawn up on the basis of a going concern and the financial statements prepared under the historical cost convention in accordance with applicable Standards, Financial Reporting Standards and the Charities Acts 1992 & 1993. The statements comply with best practice and reflect the requirements of the revised Statement of Recommended Practice, Accounting and Reporting by Charities (SORP 2005) ## **(B) Recognition of Income and Expenditure** Income and Expenditure are recognised on an accrual basis. Donations and legacies are accounted for as received and accrued only when a value can be established before payment is received. Resources expended for both charitable activities and governance costs are apportioned 85% to charitable activities and 15% to governance costs. ## **General Fund** Revenue grants and other income and expenditure associated with the general operations of the charity and its international projects are dealt with in the General Fund. ## **Restricted Fund** These comprise donations, legacies or other income, the use of which has been specified by the donor. There is currently no restricted fund. ## **Endowment Fund** There is currently no endowment fund. ## **(C) Depreciation** All fixed assets over £1,000 are capitalised. The charge for depreciation is calculated to write off the cost of the fixed assets over their useful lives on the following bases: Office & Musical Equipment 25% on the reducing balance Furniture & fittings 25% on the reducing balance Freehold Office 1% on the Straight-line Method Assets are depreciated from the time at which they are brought into use. 8 WORLD HARVEST CHRISTIAN CENTRE FINANCIAL STATEMENTS DIRECTORS AND TRUSTEES REPORT YEAR ENDED 31 JULY 2021 ## **NOTES TO THE FINANCIAL STATEMENTS – 31 JULY 2021** |**2. TANGIBLE FIXED ASSETS**
**COST:**
At 01/08/2020
Disposal
Additions
At 31/07/2021
**DEPRECIATION:**
At 01/08/2020
Disposal
Charge for the year
At 31/07/2021
**NET BOOK VALUE:**
At 31/07/2021
At 31/07/2020
**3. DEBTORS**
**4. CREDITORS- after one year**
Creditors WHCC|**Freehold**
**Properties**
**£**
898,156
-
-
898,156
898,156
898,156|**Office**
**Equipment**
**£**
-
-
-
-
-
-|**Musical**
**Equip**
**£**
-
-
-|**Furniture**
**£**
-
-
-
**2021**
**£**
-|**TOTAL**| |---|---|---|---|---|---| ||||||**£**
898,156
-
-| ||||||898,156| ||||||| ||||||| ||||||898,156| ||||||898,156| 9 WORLD HARVEST CHRISTIAN CENTRE FINANCIAL STATEMENTS DIRECTORS AND TRUSTEES REPORT YEAR ENDED 31 JULY 2021 ## **Detailed Statement of Financial Activities** ||| |---|---| |**Detailed Statement of Financial Activities**
**Voluntary Income**
Tithes and Offerings
**Other Income**
**Total Incoming Resources**
**Resources Expended**
**Charitable Activities**
Media
Donations and Welfare
Honorarium
Events
**Governance Cost**
Accountancy
Legal and professional fees
**Support and Management Costs**
Salaries and wages
NEST
HMRC Tax
**Finance**
Bank charges
**Others**
Repairs & Renewals
Equipment
Rent
Admin/Office expenses
**Total Resources Expended**
**Net Income/ Expenditure**|**2021**
**2020**
**Total**
**Total**
**£**
**£**
97,823
87,978
2,800
-| ||**100,623**
**87,978**
-
-
9,185
10,937
1,620
6,180
1,691
480| ||**12,496**
**17,597**
9,577
4,943
-
3,150| ||**9,577**
**8,093**
24,487
28,486
3,577
5,243
2,791
21| ||**30,855**
**33,750**
2,690
3,126| ||**2,690**
**3,126**
15,648
2,440
-
2,880
2,500
-
25,980
17,742| ||**44,128**
**23,062**| ||**99,746**
**85,628**| ||**877**
**2,351**| 10