REGISTERED COMPANY NUMBER: 09892495 (England and Wales) REGISTERED CHARITY NUMBER: 1169430
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
FOR
FIVE GRACE CHURCH
FIVE GRACE CHURCH
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
| Page | Page | |
|---|---|---|
| Report of the Trustees | 1to | 2 |
| Independent Examiner’s Report | 3 | |
| Statement of Financial Activities | 4 | |
| Statement of Financial Position | 5to | 6 |
| Notes to the Financial Statements | 7to | 12 |
| Detailed Statement of Financial Activities | 13 |
FIVE GRACE CHURCH
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021
Review of Activities:
The Trustees are pleased to report our activities as follows: - We provide Christian Church services online and in-person through the use of a Trustee’s home (Pastor Bayo Oniye) during the COVID Pandemic and use of rented facility — Novotel Hotel in the heart of Birmingham after the lockdown restrictions were lifted.
We raise awareness and understanding of the Christian faith by various means including producing CD's, audio and video messages, online video streaming on YouTube, other social media platform and a weekly TV program. We also promote the study of religious teachings and practices with the annual Grace Conference. Our Grace Conference 2021 themed Amplify, held in December 2021, was mainly an in-person conference, held in a physical location. This conference attracted over 100 people who heard the gospel of grace shared together with the Christmas message of Jesus Christ our Saviour.
As part of their pastoral responsibility our leaders and pastors look after the spiritual wellbeing of the members at the main church and care groups which include counselling, marriage, visiting the sick at home or in hospital and assisting with funeral arrangements.
Five Grace Church’s activities are available to Christians and non-Christians, members and nonmembers alike. The wider community at large have been particularly attracted to Five Grace’s services celebrating traditional Christian festivals including Easter, Grace Conference and social outdoor outings. The Church also held its first indoor picnic event after the restrictions were lifted and was also able to put together a family fun day out that attracted families of members and non-members of Five Grace Church.
Achievements:
Once the Lockdown restrictions were lifted, Five Grace Church commenced an in-person service in a physical location as well as the continued live streaming for those who were unable to attend the inperson service. Our YouTube channel saw a continued viewership of 6,700 with new subscribers, while our Facebook page reached 46,780.
Throughout the year, Five Grace Church Charity also continued broadcasting on TV —Sky Channel 589. Every Wednesday, we reached a potential audience of 700,000 people with the glorious gospel of Jesus Christ and shared the good news to encourage viewers during the dark times of COVID 19 pandemic. The advancement of the Christian faith for the benefit of the public as set out in our constitution was unhindered by the COVID 19 pandemic and this once again is a testament to the grace of our Lord Jesus Christ.
Public Benefit:
The Church was also able to financially support some of its members and members of the public including a homeless charity—Birmingham City Mission in financial donations.
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2021. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
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FIVE GRACE CHURCH REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Related parties
Name of Related Party : Bayo Oniye Resources Ltd
Description of relationship between parties: Trustee KA Oniye is also a director in Bayo Oniye Resources Ltd
Description of transaction: £12,000 in Office expenses
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
09892495 (England and Wales)
Registered Charity number
1169430
Registered office
116 Maidstone Road Chatham Kent ME4 6DQ
Trustees
Dr V L Kunene Consultant Dr A O Oluwole Consultant Ms T Cespedes-Grant Proprietress K H Dennis Pastor K A Oniye Pastor
Company Secretary
Dr V L Kunene
Approved by order of the board of trustees on 4 March 2022 and signed on its behalf by:
.......................................................... Dr V L Kunene - Trustee
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FIVE GRACE CHURCH
Independent Examiner's Report to the trustees of FIVE GRACE CHURCH
I report to the charity trustees on my examination of the accounts of FIVE GRACE CHURCH for the year ended 31 December 2020 which comprise the Statement of Financial Activities, the Summary Income and Expenditure Account, the Balance Sheet and the related notes.
Responsibilities and basis of report
As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act.)
Having satisfied myself that the accounts of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I can confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that:
-
accounting records were not kept in accordance with section 386 of the 2006 Act ; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements under section 396 of the 2006 Act 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; or
-
the accounts have not been prepared in accordance with the Charities SORP (FRS 102).
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.
Joseph Mulenga Chishimba
4 March 2022
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FIVE GRACE CHURCH
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021
| 31.12.21 31.12.20 Unrestricted Total fund funds Notes £ £ INCOME AND ENDOWMENTS FROM Donations and legacies 79,938 91,972 EXPENDITURE ON Raising funds 6,448 3,240 Charitable activities CHURCHACTIVITIES 49,432 51,467 Total 55,880 54,707 NET INCOME 24,058 37,265 RECONCILIATION OF FUNDS Total funds brought forward 69,344 32,079 TOTAL FUNDS CARRIED FORWARD 93,402 69,344 |
31.12.21 31.12.20 Unrestricted Total fund funds Notes £ £ INCOME AND ENDOWMENTS FROM Donations and legacies 79,938 91,972 EXPENDITURE ON Raising funds 6,448 3,240 Charitable activities CHURCHACTIVITIES 49,432 51,467 Total 55,880 54,707 NET INCOME 24,058 37,265 RECONCILIATION OF FUNDS Total funds brought forward 69,344 32,079 TOTAL FUNDS CARRIED FORWARD 93,402 69,344 |
31.12.21 31.12.20 Unrestricted Total fund funds Notes £ £ INCOME AND ENDOWMENTS FROM Donations and legacies 79,938 91,972 EXPENDITURE ON Raising funds 6,448 3,240 Charitable activities CHURCHACTIVITIES 49,432 51,467 Total 55,880 54,707 NET INCOME 24,058 37,265 RECONCILIATION OF FUNDS Total funds brought forward 69,344 32,079 TOTAL FUNDS CARRIED FORWARD 93,402 69,344 |
|---|---|---|
| 54,707 | ||
| 37,265 32,079 |
||
| 69,344 |
The notes form part of these financial statements
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FIVE GRACE CHURCH
STATEMENT OF FINANCIAL POSITION 31 DECEMBER 2021
| Notes FIXED ASSETS Tangible assets 6 CURRENT ASSETS Debtors 7 Cash in hand CREDITORS Amounts falling due within one year 8 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 9 Unrestricted funds TOTAL FUNDS |
31.12.21 Unrestricted fund £ 4,865 5,515 91,701 97,216 (8,679) 88,537 93,402 93,402 93,402 93,402 |
31.12.20 Total funds £ 4,328 - 66,456 66,456 (1,440) 65,016 69,344 69,344 69,344 69,344 |
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
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continued...
FIVE GRACE CHURCH
STATEMENT OF FINANCIAL POSITION - continued 31 DECEMBER 2021
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 4 March 2022 and were signed on its behalf by:
.............................................
V L Kunene - Trustee
The notes form part of these financial statements
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FIVE GRACE CHURCH
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
1. ACCOUNTING POLICIES
BASIS OF PREPARING THE FINANCIAL STATEMENTS
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
INCOME
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
EXPENDITURE
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
TAXATION
The charity is exempt from corporation tax on its charitable activities.
FUND ACCOUNTING
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
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FIVE GRACE CHURCH
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021
2. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
3.
| 31.12.21 | 31.12.20 | |
|---|---|---|
| £ | £ | |
| Depreciation - owned assets | 311 | 276 |
| TRUSTEES' REMUNERATION AND BENEFITS |
There was 1 trustee who received remuneration between £0-£10000 for the year ended 31 December 2021
TRUSTEES' EXPENSES
There was 1 trustee who received expenses between £0-£15000 which were paid for the year ended 31 December 2021
4. STAFF COSTS
The average monthly number of employees during the year was as follows:
5.
| 31.12.21 | 31.12.20 | |
|---|---|---|
| Trustee Remuneration | 1 | 1 |
| No employees received emoluments in excess of £60,000. | ||
| COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES | ||
| Unrestricte | ||
| fund | ||
| £ | ||
| INCOME AND ENDOWMENTS FROM | ||
| Donations and legacies | 91,972 | |
| EXPENDITURE ON | ||
| Raising funds | 3,240 | |
| Charitable activities | ||
| CHURCHACTIVITIES | 51,467 | |
| Total | 54,707 | |
| NET INCOME | 37,265 |
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FIVE GRACE CHURCH
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021
5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
| Unrestricted | ||||
|---|---|---|---|---|
| fund | ||||
| £ | ||||
| RECONCILIATION OF FUNDS | ||||
| Total funds brought forward | 32,079 | |||
| TOTAL FUNDS CARRIED FORWARD | 69,344 | |||
| 6. | TANGIBLE FIXED ASSETS | |||
| Motor | Computer | |||
| vehicles | equipment | Totals | ||
| £ | £ | £ | ||
| COST | ||||
| At 1 January 2021 | 1,750 | 2,854 | 4,604 | |
| Additions | - | 848 | 848 | |
| At 31 December 2021 | 1,750 | 3,702 | 5,452 | |
| DEPRECIATION | ||||
| At 1 January 2021 | 105 | 171 | 276 | |
| Charge for year | 99 | 212 | 311 | |
| At 31 December 2021 | 204 | 383 | 587 | |
| NET BOOK VALUE | ||||
| At 31 December 2021 | 1,546 | 3,319 | 4,865 | |
| At 31 December 2020 | 1,645 | 2,683 | 4,328 |
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FIVE GRACE CHURCH
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
|---|---|---|---|
| 31.12.21 | 31.12.20 | ||
| £ | £ | ||
| Trade debtors | 5,515 | - | |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
| Creditors are as follows; | |||
| Pastoral (paid in Jan 2022) - £3,000 | |||
| Tithes (paid in Jan 2022) - £4,239 | |||
| Accounting fees - £1,440 |
Total Creditors £8,679
9. MOVEMENT IN FUNDS
| MOVEMENT IN FUNDS | |||
|---|---|---|---|
| Net | |||
| movement | At | ||
| At 1.1.21 | in funds | 31.12.21 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| UNRESTRICTED | 69,344 | 24,058 | 93,402 |
| TOTAL FUNDS | 69,344 | 24,058 | 93,402 |
| Net movement in funds, included in the above are as follows: | |||
| Incoming | Resources | Movement | |
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| UNRESTRICTED | 79,938 | (55,880) | 24,058 |
| TOTAL FUNDS | 79,938 | (55,880) | 24,058 |
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FIVE GRACE CHURCH
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021
9. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Net | |||
|---|---|---|---|
| movement | At | ||
| At 1.1.20 | in funds | 31.12.20 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| UNRESTRICTED | 32,079 | 37,265 | 69,344 |
| TOTAL FUNDS | 32,079 | 37,265 | 69,344 |
| Comparative net movement in funds, included in the above are as follows: | |||
| Incoming | Resources | Movement | |
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| UNRESTRICTED | 91,972 | (54,707) | 37,265 |
| TOTAL FUNDS | 91,972 | (54,707) | 37,265 |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds UNRESTRICTED TOTAL FUNDS |
Net movement At At 1.1.20 £ in funds £ 31.12.21 £ 32,079 61,323 93,402 32,079 61,323 93,402 |
|---|---|
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FIVE GRACE CHURCH
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021
9. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| UNRESTRICTED | 171,910 | (110,587) | 61,323 |
| TOTAL FUNDS | 171,910 | (110,587) | 61,323 |
10. RELATED PARTY DISCLOSURES
Name of related party: Bayo Oniye Resources Ltd
Description of relationship between the parties: Trustee KA Oniye is also a director
Description of transaction and general amounts involved: £12,000 is included in Office Expenses Name of related party: Mmeyou Ltd.
Description of relationship between the parties: Trustee KA Oniye is also a director
11. ULTIMATE CONTROLLING PARTY
The company is limited by guarantee and has no share capital; thus no single party controls the company.
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FIVE GRACE CHURCH
| DETAILED STATEMENT OF FINANCIAL ACTIVITIES | ||
|---|---|---|
| FOR THE YEAR ENDED 31 DECEMBER 2021 | ||
| 31.12.21 | 31.12.20 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Gifts | 63,172 | 80,405 |
| Gift aid | 16,766 | 11,567 |
| 79,938 | 91,972 | |
| Total incoming resources | 79,938 | 91,972 |
| EXPENDITURE | ||
| Other trading activities | ||
| Media Broadcasting Rights | 6,448 | 3,240 |
| Charitable activities | ||
| Office Expenses | 12,000 | 12,000 |
| Information & Publicity | 3,006 | 3,896 |
| Travel | 503 | 411 |
| Computers & Equipment | 1,596 | 836 |
| Rent | 5,745 | 3,953 |
| Bank Charges | 779 | 978 |
| Pastoral Expenditure | 6,000 | 6,500 |
| Admin Expenses | 6,770 | 4,731 |
| Motor Vehicle Expenses | 764 | 521 |
| Tithes to Charity | 7,629 | 9,314 |
| Gifts & Donations | 2,890 | 6,611 |
| Accounting Fees | 1,440 | 1,440 |
| Depreciation-Motor vehicles | 99 | 105 |
| Depreciation-Computer Equip | 211 | 171 |
| 49,432 | 51,467 | |
| Total resources expended | 55,880 | 54,707 |
| Net income | 24,058 | 37,265 |
This page does not form part of the statutory financial statements
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