MIRACLE CENTRE (HOUSE OF GRACE)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31[st] JANUARY 2021
CHARITY NUMBER: 1163350
MIRACLE CENTRE (HOUSE OF GRACE)
LEGAL & ADMINISTRATIVE DETAILS YEAR ENDED 31[ST] JANUARY 2021
ADDRESS FOR CORRESPONDENCE
34 BARNWOOD ROAD
GLOUCESTER GL2 0RX
REGISTERED CHARITY NUMBER
1163350
GOVERNING DOCUMENT
CIO FOUNDATION REGISTERED 1 SEPT 2015
TRUSTEES/ DIRECTORS
MR KOFI KUMI- ADDO
MR YIADOM BOACHIE
REV GEORGE MIREKU - YEBOAH
PRINCIPAL BANKERS
LLOYDS BANK PLC
25 GRESHAM ROAD LONDON EC2V 7HN
INDEPENDENT EXAMINER
FRESH FIRE ORGANISATION
GENRATOR BUSINESS CENTRE UNIT 5 95 MILES ROAD MITCHAM CR4 3FH
1
MIRACLE CENTRE (HOUSE OF GRACE) 34 BARNWOOD ROAD GLOUCESTER GL2 0RX
INDEX Page Legal & Administrative Details 1 Index 2 Trustee’s Report 3-4 Independent Examiner’s Report 5 Statement of Financial Activities 6 Balance Sheet 7 Notes on the financial Statements 8-10
2
MIRACLE CENTRE (HOUSE OF GRACE)
TRUSTEES’ REPORT
YEAR ENDED 31[ST] JANUARY 2021
The trustees are pleased to present their report for the year ended 31[st] January 2021 for the charity, Miracle Centre (House of Grace) with charity number 1163350.
The Trustees of the charity are: Mr Kofi Kumi - Addo Mr Yiadom Boachie
Rev George Mireku- Yeboah
The principal address of the charity is : 34 Barnwood road
Gloucester GL2 0RX
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Charity governing document is a CIO foundation constitution that was adopted on 1[st] September 2015.The Charity is governed by a board on which the trustees are represented. It meets regularly to review, plan activities and monitor the financial position.
OBJECTIVES AND ACTIVITIES
The Objects of the organisation are first to advance the Christian faith in accordance with the statement of beliefs for the benefit in the United Kingdom and in such other parts of the world as the trustees may think fit from time to time.The trustees confirm that they have had due regard to the guidance issued by the Charity Commission on public benefit before deciding what activities the charity should undertake.
ACHIEVMENTS AND PERFORMANCE
The Organisation continues to hold successful meetings through the year in which individuals were equipped and educated on the principles and doctrines of the Christian faith. The organisation held several conferences during the year in which individuals came from all around the community to attend. This has produced good results in reaching and helping members of the community. All the meetings were conducted online due to the pandemic.
3
FINANCIAL REVIEW
The income of the charity is above £59,700. This is a good amount for this year of the charity the costs have been well managed over this period. The organisation is still in a good position to manage its costs. The main cost of the organisation was paying for the rent of its building that it uses for worship services and running special programs.
.
RESERVE POLICY
It is the policy of the Charity to maintain unrestricted funds, which are the reserves of the charity at about 3 months of unrestricted expenditure. This provides sufficient funds to cover any emergency expenditures that may arise from time to time. The charity will seek to maintain this level throughout the year.
RISK MANAGEMENT
The charity have assessed all the major risks to which the charity is exposed to, in particular those related to operations and finances of the charity, and are satisfied that systems are in place to mitigate exposure to major risks.
TRUSTEE RESPONSIBILITIES
Under the Charities Act 2011, the trustees are required to prepare a statement of accounts for each accounting year which gives a true and fair view of the state of the church. They are required to:
-
Select suitable accounting policies and apply them consistently.
-
Make judgements and estimates that are reasonable and prudent.
-
State whether the applicable accounting standards have been followed.
-
Prepare financial statements on an ongoing basis.
They are responsible for keeping proper records which disclose with reasonable accuracy the finances of the church at any time and to ensure that such accounts comply with the Charities Act 2011.They also have a responsibility to safeguard the assets of the church and to take reasonable steps to detect fraud or other irregularities.
Approved by the Trustees on 30[th] November 2021 and signed on their behalf by:
4
Independent Examiner’s Report To the Trustees
MIRACLE CENTRE (HOUSE OF GRACE)
I report on the accounts of the church for the year ended 31[st] January 2021 set out on the following pages which have been prepared on the basis of the accounting policies shown in the corresponding pages.
Respective responsibilities of trustees and examiner
The trustees of the church are responsible for the preparation of accounts: they consider that the audit requirement under section 144(2) of the Charities Act 2011 (the 2011 Act),does not apply. It is my responsibility to :
-
Examine the accounts under section 145 of the 2011 Act.
-
Follow the procedures laid down in the General Directions given by the Charity Commissioners made under section 145(5)(b) of the 2011 Act.
-
State whether particular matters have come to my attention.
Basis of Independent examiner’s report
My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the church and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts.
Independent examiner’s statement
In the course of my examination, no matter has come to my attention;
-
(1) which gives me reasonable cause to believe that, in any material aspect, the trustees have not met the requirements to ensure that:
-
proper accounting records are kept( in accordance with section 130 of the 2011 Act
-
accounts are prepared which agree with the accounting records and comply with the accounting requirements of the 2011 Act: or
-
(2) to which , in my opinion , attention should be drawn in order to enable a proper understanding of the accounts to be reached.
CHUKS AJUKA BSc(Man), FICB PMDip FRESH FIRE ORGANISATION 95 Miles Road Mitcham Surrey CR4 3FH
5
MIRACLE CENTRE (HOUSE OF GRACE)
Statement of Financial Activities for the year ended 31st January 2021
| Unrestricted | Total Funds | |||
|---|---|---|---|---|
| Funds | 2021 | 2020 | ||
| Incoming Resources from | Note | £ | £ | |
| generated funds | ||||
| Voluntary Income | 59740 | 59740 | 75791 | |
| Investment income | 115 | 115 | 304 | |
| 59855 | 59855 | 76095 | ||
| Other Income | ||||
| Other | 0 | 0 | 19906 | |
| Total Incoming | 59855 | 59855 | 96001 | |
| Resources | ||||
| Resources Expended | ||||
| Charitable activities in furtherance of objectives | ||||
| Cost of Activities | 3 | 37,450 | 37,450 | 27497 |
| Other | 4 | 16,985 | 16,985 | 17135 |
| Total Resources | 54,435 | 54,435 | 44632 | |
| Expended | ||||
| Net movement in funds | 5,420 | 5,420 | 51369 | |
| Reconciliation of Funds | ||||
| Total Funds brought forward | 162532 | 162532 | 111163 | |
| Total Funds carried forward | 167,952 | 167,952 | 162532 |
The above funds are all classed as to purpose All movements of funds and all recognised gains and losses are included above.
The notes on the accounts form part of these accounts.
6
MIRACLE CENTRE (HOUSE OF GRACE) Balance Sheet as at 31st January 2021
| Note | 2021 | 2020 | |||
|---|---|---|---|---|---|
| Fixed Assets | £ | £ | |||
| Tangible fixed assets | 2 | 7755 | 9693 | ||
| ___ | |||||
| 7755 | 9693 | ||||
| ___ | |||||
| Current Assets | |||||
| Cash at bank and | 132414 | 153199 | |||
| in hand | |||||
| Debtors & prepayment | 6 | 28143 | 0 | ||
| 160557 | 153199 | ||||
| Creditors:amounts falling due within one year | |||||
| Creditors & accruals | 5 | 360 | 360 | ||
| ___ | |||||
| Net Current Assets | 160197 | 152839 | |||
| ___ | |||||
| Net Assets | 167952 | 162532 | |||
| Unrestricted Funds | |||||
| General Fund | 167952 | 162532 | |||
| ___ | |||||
| TOTAL FUNDS | 167952 | 162532 | |||
| ___ |
Approved by the trustees on 30th November 2021 and signed on their behalf by:
7
MIRACLE CENTRE (HOUSE OF GRACE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31[ST] JANUARY 2021
1) Accounting Policies
The financial statements are prepared under the historic cost convention ( as modified by the revaluation of fixed asset investments) and in accordance with applicable accounting standards: Statement of Recommended Practice: Reporting and Accounting by Charities issued March 2005 and the provisions of the Charities Act 1993. Significant policies adopted are
Incoming Resources
Incoming resources are recognised in the statement of financial activities when entitlement has passed to the charity and the amounts are certain and measurable. Any incoming resources received that relate exclusively to future periods are Deferred on the Balance Sheet
Resources Expended
Expenditure is recognised in the statement of financial activities when a liability is incurred or increased without a commensurate increase in recognised assets or a reduction in liabilities.
Allocation of Costs
Direct Activity Costs comprise those costs that contribute directly to an activity and are allocated to the relevant activity
Support Costs comprise those costs that are necessary to deliver an activity but in themselves do not produce or deliver an activity. Support costs are allocated to activities based on the direct salary costs of the activity compared with total activity salary costs
Governance costs are those costs incurred to meet statutory and constitutional requirements.
Funds
Restricted funds represent income received that is subject to restrictions on use as determined by the donor which are narrower than the general objects. Designated funds represent funds set aside by the Trustees for specific purposes General funds are those funds made available for the charity’s general objects.
Depreciation
Items of equipment over £500 are capitalised and depreciated so as to write off Cost in equal instalments over their useful lives. Rates are set at equipment 5 to 10 years.
8
MIRACLE CENTRE (HOUSE OF GRACE) Notes to the accounts for year ended 31st January 2021
| 2 Tangible Fixed Assets Cost At 01/02/2020 Additions At 31/01/2021 Depreciation At 01/02/2020 charge for the year At 31/01/2021 Net Book Value at 31/01/2021 Net Book Value at 01/02/2020 |
Instrument Vehicle Equipment Total 2021 £ £ £ £ 1440 14750 1900 18090 0 0 0 0 _____ 1440 14750 1900 18090 850 6425 1122 8397 118 1665 155 1938 _____ 968 8090 1277 10335 472 6660 623 7755 590 8325 778 9693 |
|---|---|
3 Charitable Activities
| Charitable Activities | |
|---|---|
| Church supplies Post, Printing & Stationary Pastors' Allowance Hall Rent Youth and Children outreach Members Welfare Church events Men and Women outreach costs Conference costs Advertising Donations Catering costs Refreshments Total Other Resource Costs Vehicle Expenses Speakers expenses Stationery & Printing Transport costs Depreciation Media Services Professional fees Admin Accounting services Total |
2021/£ 2020/£ 399 215 22438 11242 1872 4679 300 2844 4485 2545 50 100 1639 3490 200 882 0 230 6028 0 0 0 39 1270 |
| 37450 27497 1340 4967 1600 3012 950 958 1500 180 1938 2424 2926 2857 0 590 6251 2147 480 |
|
| 16985 17135 |
4 Other Resource Costs
9
MIRACLE CENTRE ( HOUSE OF GRACE) Notes to the accounts for year ended 31st January 2021
5 Creditors: amounts falling due within one year
| Independent examination Creditors Total |
2021/£ 2020/£ 360 360 0 0 |
|---|---|
| 360 360 |
| 6 Debtors and Prepayments Debtors Loans |
2021/£ 2020/£ 14143 0 14000 28143 |
|---|---|
10