OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2020-11-30-accounts

Charity number: 1170277

AMAZING GRACE CHRIST FOUNDATION

TRUSTEES REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2020

AMAZING GRACE CHRIST FOUNDATION Report and Accounts for the period ended 30 November 2020

CHARITY REGISTRATION NUMBER IN ENGLAND AND WALES 1170277

AMAZING GRACE CHRIST FOUNDATION

Reports and Accounts

CONTENTS

Charity Information 1
Trustees annual report 2-4
Accountant's Report 5
Statement of Financial Activities 6
Balance Sheet 7
Notes to Accounts 8-10

AMAZING GRACE CHRIST FOUNDATION Charity Information

Trustees

Mrs. Elizabeth Durosomo Adefioye Mr. Michael Fola Taiwo Evangelist Williams Adefioye

Minister In Charge

Evangelist Williams Adefioye

Charity Registration No:

1170277

Worship Address

14 Coldstream Avenue Manchester M9 6PG

Bankers

Barclays Bank 1 Churchill Place London E14 5HP

Accountants

Gabriel Christopher & Co Suite 13, Forest House 8 Gainsborough Road London E11 1HT

Page 1

AMAZING GRACE CHRIST FOUNDATION TRUSTEES' REPORT FOR THE YEAR ENDED 30 NOVEMBER 2020

The Trustees submit their annual report and the financial statements of Amazing Grace Christ Foundation for the year ended 30 November 2020. The Trustees confirm that the annual report and financial Statements of the church comply with current statutory requirements, the requirements of the church's governing documents and the provisions of the Statement of Recommended Practise (SORP) "Accounting and Reporting by Charities" issued in March 2005.

Structure, governance and management

a. CONSTITUTION

The church is constituted as Charitable Incorporated Organisation and registered as a charity on 21 November 2016 and has a registered charity no 1170277

b. METHOD OF APPOINTMENT OR ELECTION OF TRUSTEES

The management of the church is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.

c. POLICIES ADOPTED FOR THE INDUCTION AND TRAINING OF TRUSTEES

The induction process for a newly appointed member of the Trustees comprises an initial meeting with other Trustees, followed by a series of short meetings with the Minister in Charge on the powers and responsibilities of the Trustees.

d. ORGANISATIONAL STRUCTURE AND DECISION MAKING

The church is organised so that the trustees meet regularly to manage its affairs. The day to day administration of the church is managed by the trustees.

e. RISK MANAGEMENT

The Trustees have assessed the major risks to which the church is exposed, in particular those related to the operations and finances of the church, and are satisfied that systems are in place to mitigate our exposure to the major risks.

Objectives and Activities

a. POLICIES AND OBJECTIVES

The objects of the Charity are:

b. STRATEGIES FOR ACHIEVING OBJECTIVES

The church has adopted the following strategies for achieving the above objectives:

*support for other charities and Christian events.

c. ACTIVITIES FOR ACHIEVING OBJECTIVES

*Community Outreach Events

*Provision of welfare support to members

Page 2

d. VOLUNTEERS

The church is grateful for the efforts of its volunteers who are involved in service provision, it is estimated that over 300 volunteer hours were provided during the year. If this is conservatively valued at £8.00 an hour the volunteer effort amounts to over £2,400

Achievements and performance

a. REVIEW OF ACTIVITIES

We have had tremendous growth in the physical and spiritual life of the church during the year and in the advancement of the Christian Faith in accordance with the doctrines set out in the Statement of Faith as contained in our Trust Deed.

b. INVESTMENT POLICY AND PERFORMANCE

The Trustees have decided that at present, funds should be retained in Banks and Building Societies. Any change in such banking arrangements should be agreed by the board. As far as possible, funds will be retained in interest bearing accounts.

Financial review

a. RESERVES POLICY

Reserves Policy

The trustees would like to work towards a situation whereby the charity could maintain unrestricted funds at a level which equates to approximately three months of unrestricted expenditure.

b. PRINCIPAL FUNDING

This is provided mainly through voluntary giving of tithes and offerings by the church members and through gift aid scheme. Pledges and donations are also taken for specific projects.

Plans for the future

a. FUTURE DEVELOPMENTS

The church continues to explore various ways of spreading the gospel of Christ in an effective manner. The charity is also looking to grow in membership and continue to develop its members to make life- changing impact in society.

Page 3

Trustees' Responsibilities in Relation to the Financial Statements

The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and regulations.

The Charities Act requires the Trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and of the surplus or deficit of the charity for that period. In preparing these financial statements, the trustees are required to:

a) Select suitable accounting policies and apply them consistently; b) Make judgments and estimates that are reasonable and prudent; c) State whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements.

d) Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The Trustees are responsible for keeping proper accounting records, which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 1993. They are also responsible for safeguarding the assets of the charity and hence for taking any reasonable steps for the prevention and detection of fraud and other irregularities.

Approval

This report was approved by the Board of Trustees and signed on their behalf by:

Signature: Williams Adefioye

Name: Evangelist Williams Adefioye

Date: 03/08/2021

Page 4

AMAZING GRACE CHRIST FOUNDATION

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF AMAZING GRACE CHRIST FOUNDATION

I report on the accounts of the Trust for the period ended 30 November 2020, which are set out on pages 6 to 10.

RESPECTIVE RESPONSIBILITIES OF THE TRUSTEES AND EXAMINER

As the Charity's Trustees, you are responsible for the preparation of the Account: you consider that the audit requirement of section 43(2) of the Charities Act 1993 ("the Act") does not apply. It is my responsibility to state, on the basis of procedures specified in the General Directions given by the Charity Commissioners under section 43(7) of the Act, 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 Charity 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 connection with my examination, no matter has come to my attention:

  1. Which gives me reasonable cause to believe that any material respect the requirements:

  2. to keep accounting records in accordance with section 41 of the Act, and

  3. to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the Act.

Have not been met: or

  1. To which, in my opinion, attention be drawn to enable a proper understanding of the accounts to be reached.

Gabriel Christopher & Co

Chartered Certified Accountants Business Advisers & Consultants Suite 13, Forest House 8 Gainsborough Road London E11 1HT

Page 5

AMAZING GRACE CHRIST FOUNDATION Statement of Financial Activities for the year ended 30 November 2020

Notes
Incoming Resources
Incoming resources from generated funds:
Voluntary income: donations
2
Other income
2
objects
Total Incoming Resources
Resources Expended
Charitable activities
3
Governance costs:
4
Total Resources expended
Net Incoming/(Outgoing) Resources for the year
Total fund at 01 DECEMBER 2019
Total funds at 30 NOVEMBER 2020 6		 2020
2019
Unrestricted
Restricted
Total
Total
£
£
£
£
19,095
-
19,095
22,362
550
-
550
200
19,645
-
19,645
22,562
15,885
-
15,885
15,675
1,610
-
1,610
1,579
17,494
-
17,494
17,254
2,151
-
2,151
5,308
5,297
-
5,297
(11)

7,448
-
7,448
5,297

All disclosures relate to the continuing operations. There are no recognised gains or losses other than those disclosed above.

Page 6

AMAZING GRACE CHRIST FOUNDATION Balance sheet as at 30 November 2020

AMAZING GRACE CHRIST FOUNDATION
Balance sheet as at 30 November 2020
Notes
FIXED ASSETS
Tangible Fixed Assets
7
CURRENT ASSETS
Debtors
8
Cash in Hand/ Bank
CREDITORS:
9
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
CREDITORS:
Amount falling due more than a year
NET ASSETS
ACCUMULATED FUNDS
Restricted
10
Unrestricted
10.1
TOTAL FUNDS
Amount falling due within a year		 £
-
4,412

Approved by the Trustees and Signed on their behalf:

Signature: Williams Adefioye

Name: Evangelist Williams Adefioye

Date: 03/08/2021

Page 7

AMAZING GRACE CHRIST FOUNDATION Notes to the financial statements for the period ended 30 November 2020

ACCOUNTING POLICIES

1.1 Basis of preparation of accounts

The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for smaller Entities (effective January 2007).The financial statements have been prepared in accordance with the Statement of Recommended Practice (SORP), "Accounting and Reporting by Charities" published in March 2005 and applicable accounting standards.

1.2 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Church and which have not been designated for other purposes

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors which have been raised by the Church for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the accounts.

1.3 Incoming resources

These are recognised in full in the Statement of Financial Activities in the period in which they are received Included are income from tithes, offerings, gift aid and interest received during the year from investments and accounted for as restricted or unrestricted-funds.

2. Voluntary Income: Donations
Tithes & Offerings
Mission support		 2020
2019
£
£
19,095
22,362
550
-
19,645
22,362

3.CHARITABLE ACTIVITIES- (Direct charitable expenditure Unrestricted)

This comprises all expenditure directly related to the objects of the charity. It also includes the expenditure in support of that activity where material.

Hall hire
Bank Charges
Missions project expenses
Music expenses
Admin expenses
Sunday school
Hospitality and welfare
Books, printing, postage & stationeries
Travelling Expenses
4. GOVERNANCE COSTS
Legal & professional fees
Depreciation		 2020
2019
1,636
3,648
200
120
8,813
7,263
-
522
483
358
94
-
2,879
1,185
260
354
1,519
2,225
15,885
15,675
2020
2019
-
-
360
360
1,250
1,219
1,610
1,579

Page 8

4.1 NET MOVEMENT IN FUNDS FOR THE YEAR

The net movement in funds for the year is stated
after charging
Depreciation of tangible fixed assets
Legal & Professional fees		 2020
2019
£
£
1,250
1,219
360
360
1,610
1,579

5.DEPRECIATION

Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:

Music equipment

18%- reducing balance

6. FUNDS
At 1 December
Surplus/(Deficit) for the year
At 31 November
7. FIXED ASSETS
COST
At 01 Dec 2019
Add: Additions
At 30 November 2020
Depreciation
At 01 Dec 2019
Charge for the year
At 30 November 2020
Net book value
At 30 November 2020
At 30 November 2019
8. DEBTORS
Other debtors
9.CREDITORS:AMOUNTS FALLING DUE WI
Professional fees
Loan		 Unrestricted
Restricted
Total
Total
Funds
Funds
Funds
Funds
2020
2019
£
£
£
£
5,297
5,297
11
-
2,151
-
2,151
5,308
7,448
-
7,448
5,297
Musical Instrument
Total
£
£
6,774
6,774
170
170
6,944
6,944
2,298
2,298
1,250
1,250
3,548
3,548
3,396
3,396
4,476
4,476
2020
2019
£
£
-
500
-
500
THIN ONE YEAR
2020
2019
£
£
360
720
-
-
360
720
6,944
2,298
1,250
3,548
3,396
4,476
THIN ONE YEAR

10. UNRESTRICTED FUNDS

These are grants and donations received or receivable for the objects of the charity without restrictions as to purpose but are available as general funds.

10.1 RESTRICTED FUNDS

Restricted funds are used for the purpose as specified by the donor. Expenditure that meets these criteria is identified to the fund.

Page 9