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2023-07-31-accounts

WORLD HARVEST CHRISTIAN CENTRE

Financial Accounts Directors and Trustees Report 31[st] July 2023

Charity No. 1160851 Company No. 09134042

WORLD HARVEST CHRISTIAN CENTRE CONSOLIDATED FINANCIAL STATEMENTS DIRECTORS AND TRUSTEES REPORT YEAR ENDED 31 JULY 2023

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

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WORLD HARVEST CHRISTIAN CENTRE CONSOLIDATED FINANCIAL STATEMENTS DIRECTORS AND TRUSTEES REPORT YEAR ENDED 31 JULY 2023

DIRECTORS’ AND TRUSTEES’ REPORT 2023

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:

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 £187,552eading forward of £ 59,868.00 as at 31[st] July 2023.

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 2023 was £59,868.00

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:

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WORLD HARVEST CHRISTIAN CENTRE CONSOLIDATED FINANCIAL STATEMENTS DIRECTORS AND TRUSTEES REPORT YEAR ENDED 31 JULY 2023

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:

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:

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:

Deaconess Damaris James

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WORLD HARVEST CHRISTIAN CENTRE CONSOLIDATED FINANCIAL STATEMENTS DIRECTORS AND TRUSTEES REPORT YEAR ENDED 31 JULY 2023

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 2023.

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:

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:

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WORLD HARVEST CHRISTIAN CENTRE CONSOLIDATED FINANCIAL STATEMENTS DIRECTORS AND TRUSTEES REPORT YEAR ENDED 31 JULY 2023

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		 2023
2023
2022
Unrestricted
Total
Total
£
£
£

157,332
157,332
89,320
20,876
20,876
-
-
-
172
172
0.20
-
-
9,172
9,172
3,410
187,552
187,552
92,730




31,726
31,726
19,958
100,835
100,85
69,835

132,561
132,561
89,793


54,991
54,991
2,937


54,991
54,991
2,937

4,877
4,877
1,940

59,868
59,868
4,877
-
-
59,868
59,868
4,877

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WORLD HARVEST CHRISTIAN CENTRE CONSOLIDATED FINANCIAL STATEMENTS DIRECTORS AND TRUSTEES REPORT YEAR ENDED 31 JULY 2023

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		 2023
£
898,156
-
59,868		 2023
2022
2022
£
£
£
898,156
-
4,877
-
4,877
898,156
59,868
4,877
-
-
59,868
4,877
59,868
4,877
-
59,868
898,156

For the financial year 31 July 2023, 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 2023 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 -------------------------------------------------------

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WORLD HARVEST CHRISTIAN CENTRE CONSOLIDATED FINANCIAL STATEMENTS DIRECTORS AND TRUSTEES REPORT YEAR ENDED 31 JULY 2023

NOTES TO THE FINANCIAL STATEMENTS – 31 July 2023

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.

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WORLD HARVEST CHRISTIAN CENTRE FINANCIAL STATEMENTS DIRECTORS AND TRUSTEES REPORT YEAR ENDED 31 JULY 2023

NOTES TO THE FINANCIAL STATEMENTS – 31 JULY 2023

2. TANGIBLE FIXED ASSETS
COST:
At 01/08/2022
Disposal
Additions
At 31/07/2023
DEPRECIATION:
At 01/08/2022
Disposal
Charge for the year
At 31/07/2023
NET BOOK VALUE:
At 31/07/2023
At 31/07/2022		 Freehold
Properties
£
898,156
-
-
898,156
898,156
898,156		 Office
Equipment
£
-
-
-
-
-
-		 Musical
Equip
£
-
-
-		 Furniture
£
-
-
-		 TOTAL
£
898,156
-
-
898,156
898,156
898,156
3. CREDITORS- after one year
2023 2022
£ £
Creditors WHCC
898,156 898,156

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WORLD HARVEST CHRISTIAN CENTRE FINANCIAL STATEMENTS DIRECTORS AND TRUSTEES REPORT YEAR ENDED 31 JULY 2023

4. Detailed Statement of Financial Activities
4. Detailed Statement of Financial Activities
Voluntary Income
Tithes and Offerings
Other Income
Total Incoming Resources
Resources Expended
Charitable Activities
Mission
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		 2023
2023
2022
Unrestric
ted
Total
Total
£
£
£
178,208
178,208
89,320
9,344
9,344
3,410
187,552
187,552
92,730
9,495
9,495
4,597
175
10,553
10,553
6,950
3,003
3,003
1,062
8,675
8,675
7,174
31,726
31,726
19,958
6,177
6,177
5,982
-
-
6,177
6,177
5,982
31,695
31,695
17,300
1,921
1,921
1,998
1,200
1,200
9,611
34,816
34,816
28,909
318
318
296
318
318
296
14,974
14,974
16,156
2,457
2,457
-
3,800
3,800
-
38,293
38,293
18,492
59,524
59,524
34,648
132,561
132,561
89,793
54,991
54,991
2,937

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