2022-07-31-accounts - Christ Glory Word Ministries

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CHRIST GLORY WORD MINISTRIES FINANCIAL STATEMENT FOR THE PERIOD ENDED 31 JULY 2022

CONTENTS
PAGES
1.COMPANY INFORMATION	1
3. ACCOUNTANTS REPORT	2
4. STATEMENT OF DIRECTORS’ REPORT	3-4
5. ACCOUNTANT’S REPORT	4-5
6. BALANCE SHEET	5-6
7. SUMMARIZED & DETAILED INCOME & EXPENDITURES	7-8
8. NOTES TO THE FINANCIAL STATEMENT	9-10

CHRIST GLORY WORD MINISTRIES FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JULY 2022

INCORPORATION NUMBER: 08604938

STATUS: PRIVATE COMPANY LIMITED BY GUARANTEE

DIRECTORS: ABOLADE AKINREMI

SECRETARY: OLAWALE OLUSOLA OGUNYODE

REGISTERED OFFICE: 21 HOLST AVENUE BASILDON ESSEX SS15 5RD

ACCOUNTANTS:

Colinson and Company Ltd Accountants and Tax Consultants Regent 88, Unit 3 201 Church Road London, E10 7JQ

Page 1

REPORT OF THE ACCOUNTANTS TO MEMBERS OF CHRIST GLORY WORD MINISTRIES FOR THE PERIOD ENDED 31 JULY 2022

We have examined the accounts for the period 31 July 2022.

Respective Responsibilities of Directors and Reporting Accountants

As described on page 4 the company’s directors are responsible for the preparation of accounts. It is our responsibility to examine the accounts and based on our examination to report our opinion, as set out below, to the shareholders.

Basis of Opinion

We conducted our opinion in accordance with the appropriate standards for reporting accounts issued by the Auditing Practices Board. This examination consisted of comparing the accounts with the accounting records kept by the company and making such limited enquiries of the officers of the company, as we considered necessary for the purposes of this report.

Opinion

In our opinion:-

(a) The accounts are in agreement with the accounting records kept by the company under S386 of the Companies Act 2006.
(b) Having regards only to, and on the basis of, the information contained in those accounting records:
(i) The accounts have been drawn up in a manner consistent with the accounting requirements specified in S393 of the Act: and
(ii) The company satisfied the conditions for exemption from audit of the accounts for the period specified in S477 of the Act and did not, at any time within that period, fall within any of the categories companies not entitled to the exemption specified in S478 of the Companies Act 2006.

COLINSON AND COMPANY LTD. ACCOUNTANTS AND TAX CONSULTANTS

REGENT 88, UNIT 3 210 CHURCH ROAD LEYTON LONDON E10 7JQ

DATE ..............................…............

Page 2

CHRIST GLORY WORD MINISTRIES DIRECTOR’S REPORT FOR THE PERIOD ENDED 31 JULY 2022

The Director presents his report and financial statements for the year period 31 July 2022.

OBJECTIVES AND ACTIVITIES

Our principal activity is the liberation of lost souls by the word of God and raising great nations through the teaching of Jesus Christ. In addition, the charity helps in the relief of poverty in all parts of the world; directly to our immediate members, their families, members of local and international communities as occasion demands, in cash and in kind.

DIRECTORS’ RESPONSIBILITIES

Company law requires the directors to prepare accounts for each financial year, which gives a true and fair view of the state of affairs of the company and the profit or loss of the company of that period. In preparing those accounts, the directors are required to:

select suitable accounting policies and then apply them consistently
make judgements and estimates that are reasonable and prudent
follow applicable accounting standards, subject to any material departures disclosed and explained in the accounts
prepare the accounts on the going concern basis unless it is inappropriate to presume that the company will continue in business

The directors are responsible for keeping proper account records which, disclosed with reasonable accuracy at any time, the financial position of the company and to enable them to ensure that the accounts comply with the Companies Act. 2006. 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.

Page 3

CHRIST GLORY WORD MINISTRIES DIRECTOR’S REPORT CONTINUED FOR THE PERIOD ENDED 31 JULY 2022

Colinson & Co, Accountants and Tax Consultants have indicated their willingness to continue to act for the company. Accordingly a resolution will be proposed at the forthcoming Annual General Meeting.

Basis of Preparation

In preparing the above report, the directors have taken advantage of special exemptions applicable to small companies under S477 of the Companies Act. 2006.

SIGNED ON BEHALF OF THE BOARD

………………………….…………………. DIRECTOR ABOLADE AKINREMI

…………………………………………….. SECRETARY OLAWALE O. OGUNYODE

APPROVED BY THE BOARD

DATED THIS …………………….. Page 4

DAY OF ……..……………….. 20…

CHRIST GLORY WORD MINISTIRES BALANCE SHEET AS AT 31 JULY 2022 (CONTD)

The directors have taken the advantage of the Companies Act 2006 in not having these Accounts audited Under Section 477.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 July 2015 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

a. Ensuring that the company keeps accounting records which comply with Section 386 of the Companies Act 2006 and
b. Preparing financial statement which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Section 393 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as application to the company.
c. These accounts have been prepared in accordance with the provisions applicable to companies subject to small companies’ regime.

SIGNED ………. .….….……..……DIRECTOR ABOLADE AKINREMI

SIGNED ------------------------------------SECRETARY OLAWALE O. OGUNYODE

Page 6

CHRIST GLORY WORD MINISTRIES BALANCE SHEET AS AT 31ST JULY 2022

FIXED ASSETS Tangible Assets CURRENT ASSETS Cash in Hand Cash in transit Cash at Bank Debtors Prepayment CURRENT LIABILITIES Sundry Creditors: Amounts falling due within 1 year NET CURRENT ASSETS NET ASSETS/LIABILITIES	Notes 4 5	Unrestricted	Fund
		2022 £ 529 0 80,461 8,503 1,759 91,253 600

CREDITORS: Amount falling due after more than 1 year 5

UNRESTRICTED FUNDS

Shares Guaranteed		10
Add: Net Income/Outgoing Resources		137,695
Prior Year Adjustment	-
Accumulated Funds C/F

Page 5

CHRIST GLORY WORD MINISTRIES STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST JULY 2022

INCOME Incoming resources from donation Other incoming resources TOTAL INCOMING RESOURCES RESOURCES EXPENDED	Notes 2 3	Unrestricted Funds £ 83,149 - 83,149	Restricted	Restricted
				Funds £ 0 - -

Costs of generating funds Missionary and Charitable giving (3a) Activities directly relating to the work of the church (3b) Church Management and Administration (3c) TOTAL RESOURCES EXPENDED NET INCOMING/(OUTGOING) RESOURCES BALANCE BROUGHT FORWARD AT 01/08/2021 PRIOR YEAR ADJUSTMENT NET MOVEMENT IN FUNDS	856 - 43,619 - 26,674 - 71,149 - 12,000 - -13,834 - - - -1,834 -

Page 7

CHRIST GLORY WORD MINISTRIES NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31st JULY 2022

1 ACCOUNTING POLICIES

a. The accounts are prepared under the historical cost convention with the exception of which are stated at market value. They comply with the requirements of Statement o

Recommended Practice 'Accounting Charities' ('SORP') and are in accordance with accounting standards.

b. General accumulated funds are unrestricted funds available to the church for its gen and include funds designated by the Church for a particular purpose; the use of such funds remains at the discretion of the Church's Trustees.
c. There is no Restricted Fund at the moment.
d. The governance, management and administration expenses reported in note 3 relate of the Church's activities and a proportion of these charges are allocated to expendit on a basis consistent with the use of the resources.
e. Investments are stated at market value. It is the Church's policy to keep valuations u such that when investments are sold there is no gain or loss arising to previous years
f. Tangible assets are included at cost and depreciation is provided on a straight line ba write off the assets over their useful lives.

f the assets over their useful lives.
Motor Vehicles	20% per annum on
Equipments	15% per annum on
Fixtures & Fittings	15% per annum on
Computers and Accessories	15% per annum on
Building Renovation	10% per annum on
Leasehold	25% per annum on

g. All expenditure is accounted for on an Accrual Basis.

2 INCOMING RESOURCES

2 INCOMING RESOURCES
Gift Aid Offering Tithes Evangelism Rental Income Other Income (Donation) Interest Received Event(s) TOTAL INCOMING RESOURCES	Unrestricted Funds £ 11,939 4,524 55,094 0 3,100 1,644 9 6,840 83,149	Restricted Funds £ - - - - - - 0

Page 8

CHRIST GLORY WORD MINISTRIES NOTES TO THE ACCOUNTS (CONTD) FOR THE YEAR ENDED 31st July 2022

3. RESOURCES EXPENDED 3a. Missionary and charitable giving: 3b. Activities directly relating Church work Church - running expenses Church maintenance Sunday School Leaders Training Parish Magazines & Bookstall Evangelism Events Welfare 3c. Church Management and Administration Administration Bank Charges Loan Interest Arrangement Fees Charge for year TOTAL RESOURCES EXPENDED 4 FIXED ASSET Office & Leasehold Musical Equipments Cost £ £ At 1 August 2021 42,085 31,845 Additions 2,677	Unrestricted Funds £ 856 856 30,991 0 - - 0 8,478 4,150 43,619 25,918 756 0 - - 26,674 71,149 Motor Vehicle £ 48,788 0	Restricted
	Funds	Funds £ - - - - - - - - - - - - - - - - - Building Renovation
3a. 3b. 3c. 4
		£ 18,468 0

	0	0
42,085	34,522 48,788	18,468
8,417 11,223	18,952 48,788 5,178 0	5,067 1,847
19,640	24,131 48,788	6,914
22,446 33,668	10,391 0 12,893 0	11,554 13,401

Page 9

CHRIST GLORY WORD MINISTRIES NOTES TO THE ACCOUNTS (CONTD) FOR THE YEAR ENDED 31st July 2022

£

5 CREDITORS AND ACCRUALS

Accountancy and Bookkeeping 600 Motor Vechicle - Soft Loan - £ 6 DEBTORS Gift Aid 8,503

7 CLERGY ALLOWANCE

No employee received remuneration amounting to more than £50,000 in the yea

8 FUNDS

Unrestricted funds comprise those funds which the trustees are free to use in accord the charitable objectives.

This is an incorporated charity, constituted by trust deed. It's principal objective is s the word and preaching the Gospel of Christ and the life after life and to contribute t and educational needs of the community. It has unrestricted funds. It prepares its ac accordance with SORP and with applicable accounting standards.

9 Leases

Payments made under operating leases (net of any incentives received from the lesso to the Statement of Comprehensive Income on a straight-line basis over the period o

Page 10

ds	Unrestricted Funds	Unrestricted Funds
		2021
£	£	£
	47,052		65,176
		322
		0
		88,833
		4,648
		0
		93,802
		25,480
	90,653		68,322
	137,705		133,498
	0		7,794

137,705

125,704

10 125,694 - 137,705 125,704

Endowment Funds £ 0 - -	Total Funds 2022 £ 83,149 - 83,149	2021 £ 55,523 - 55,523

- - - - - - - -	856 43,619 26,674 71,149 12,000 -13,834 - -1,834	908 34,439 34,010
		69,357
		-13,834 - -13,834

f investments of

applicable

eral purposes h designated

to the whole ture headings

up to date s.

asis, in order to

n a straight line basis n a straight line basis n a straight line basis n a straight line basis n a straight line basis n a straight line basis

Endowment Total Funds Total Funds

Funds		2022	2021
£		£	£
-		11,939	8,673
-		4,524	6,523
-		55,094	33,385
		0	0
-		3,100	3,500
-		1,644	1,806
-		9	16
		6,840	1,620
	0	83,149	55,523

Endowment Funds £ - - - - - - - - - - - - - - - - -	Endowment Funds £ - - - - - - - - - - - - - - - - -	Total Funds 2022 £ 856 856 30,991 0 - - 0 8,478 4,150 43,619 25,918 756 0 - - 26,674 71,149	2021 £ 908 908 29,167 0 0 0 668 4,446 158 34,439 33,870 140 0 - - 34,010 69,357

Computer &	Fixtures &
Accessories	Fittings	Total
£	£	£
3,522	16,749	161,457
575	0	3,251

0 0 0	0 0 0	0 0 0
4,096 16,749 164,708
3,298 11,758 96,281 614 2,512 21,375
3,913 14,271 117,656
184 223	2,478 4,991	47,052 65,176

	2022 £ £ 480 7,794 25,000 600 2022 £ £ 4,648 8,503	2021 £
		33,274
		2021 £
		4,648