MIRACLE CENTRE (HOUSE OF GRACE)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31[st] JANUARY 2022
CHARITY NUMBER: 1163350
MIRACLE CENTRE (HOUSE OF GRACE)
LEGAL & ADMINISTRATIVE DETAILS YEAR ENDED 31[ST] JANUARY 2022
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. The meetings were partly conducted online and in different hired halls in the community.
3
FINANCIAL REVIEW
The income of the charity is above £63,000. 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 17[th] March 2022 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 2022 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 2022
| Unrestricted | Total Funds | |||
|---|---|---|---|---|
| Funds | 2022 | 2021 | ||
| Incoming Resources from | Note | £ | £ | |
| generated funds | ||||
| Voluntary Income | 63028 | 63028 | 59740 | |
| Investment income | 15 | 15 | 115 | |
| 63043 | 63043 | 59855 | ||
| Other Income | ||||
| Other | 0 | 0 | 0 | |
| Total Incoming | 63043 | 63043 | 59855 | |
| Resources | ||||
| Resources Expended | ||||
| Charitable activities in furtherance of objectives | ||||
| Cost of Activities | 3 | 34,554 | 34,554 | 37450 |
| Other | 4 | 9,251 | 9,251 | 16985 |
| Total Resources | 43,805 | 43,805 | 54435 | |
| Expended | ||||
| Net movement in funds | 19,238 | 19,238 | 5420 | |
| Reconciliation of Funds | ||||
| Total Funds brought forward | 167952 | 167952 | 162532 | |
| Total Funds carried forward | 187,190 | 187,190 | 167952 |
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 2022
| Note | 2022 | 2021 | |||
|---|---|---|---|---|---|
| Fixed Assets | £ | £ | |||
| Tangible fixed assets | 2 | 7979 | 7755 | ||
| ___ | |||||
| 7979 | 7755 | ||||
| ___ | |||||
| Current Assets | |||||
| Cash at bank and | 116217 | 132414 | |||
| in hand | |||||
| Debtors & prepayment | 6 | 63354 | 28143 | ||
| 179571 | 160557 | ||||
| Creditors:amounts falling due within one year | |||||
| Creditors & accruals | 5 | 360 | 360 | ||
| ___ | |||||
| Net Current Assets | 179211 | 160197 | |||
| ___ | |||||
| Net Assets | 187190 | 167952 | |||
| Unrestricted Funds | |||||
| General Fund | 187190 | 167952 | |||
| ___ | |||||
| TOTAL FUNDS | 187190 | 167952 | |||
| ___ |
Approved by the trustees on 17th March 2022 and signed on their behalf by:
7
MIRACLE CENTRE (HOUSE OF GRACE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31[ST] JANUARY 2022
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 2022
| 2 Tangible Fixed Assets Cost At 01/02/2021 Additions At 31/01/2022 Depreciation At 01/02/2021 charge for the year At 31/01/2022 Net Book Value at 31/01/2021 Net Book Value at 01/02/2020 |
Instrument Vehicle Equipment Total 2022 £ £ £ £ 1440 14750 1900 18090 619 0 1600 2219 _____ 2059 14750 3500 20309 968 8090 1277 10335 218 1332 445 1995 _____ 1186 9422 1722 12330 873 5328 1778 7979 472 6660 623 7755 |
|---|---|
3 Charitable Activities
| Charitable Activities | |
|---|---|
| Subscriptions Post, Printing & Stationary Pastors' Allowance Hall Rent Youth and Children outreach Members Welfare Church events Men and Women outreach costs Conference costs Repairs Donations Insurance Refreshments Total Other Resource Costs Vehicle Expenses Speakers expenses Stationery & Printing Transport costs Depreciation Media Services Card services Admin Accounting services Total |
2022/£ 2021/£ 380 0 346 399 12265 22438 8773 1872 1075 300 4677 4485 1908 50 0 1639 66 200 678 0 2803 6028 1428 0 155 39 |
| 34554 37450 1209 1340 1600 1600 0 950 1500 1500 1995 1938 1526 2926 390 0 381 6251 650 480 |
|
| 9251 16985 |
4 Other Resource Costs
9
MIRACLE CENTRE ( HOUSE OF GRACE) Notes to the accounts for year ended 31st January 2022
5 Creditors: amounts falling due within one year
| Independent examination Creditors Total |
2022/£ 2021/£ 385 360 0 0 |
|---|---|
| 385 360 |
| **6 ** | Debtors and Prepayments | 2022/£ | 2021/£ |
|---|---|---|---|
| Debtors | 40354 | 14143 | |
| Loans | 23000 63354 |
14000 28143 |
10