KWWEM
FINANCIAL STATEMENTS AS AT 31 DECEMBER 2020
RECEIPTS AND PAYMENTS ACCOUNT
| Income Donations Emergency Fund Gift Aid Purchases Charitable Expenditure - Grants Payable Cost of Charitable Activities Direct Expenses Gross Profit/(Loss): Overheads Support Costs - Rent and Rates Support Costs – IT and Website costs Support Costs - Telephone and Computer charges Support Costs - General Expenses Management & Admin - Professional Fees Net income for the year |
2020 GBP 19,722 1,396 148 21,266 1,200 500 1,700 19,566 264 2,826 482 753 2,400 6,725 12,841 |
2019 GBP GBP 13,871 13,871 1,569 1,903 3,472 0.00 10,399 2,640 648 507 347 1,000 5,142 5,257 |
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KWWEM
BALANCE SHEET AS AT 31 DECEMBER 2020
| Fixed Assets Office Equipment Furniture and Fixtures (Pulpit) Music Instruments Current Assets Deposits and Cash Bank Account Current Liabilities Current Assets less Current Liabilities: Net Current Assets Net Assets Funds General Funds b\fwd Funds for the year Total Funds |
2020 GBP 713 713 38,245 0.00 38,245 38,245 38,958 26,117 12,841 38,958 |
2019 GBP GBP 629 2379 3,008 25,963 25,963 0.00 25,963 25,963 0.00 28,971 23,714 5,257 28,971 |
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SUMMARY OF ACCOUNTS
Welcome to the Financial Review Meeting of KWWEM for the year ending 31 December 2020. This is the follow up to our last meeting which took place at the end of June 2020.
For today’s exercise, we will be reviewing our annual Income and Expenditure and Balance Sheet for the past year and also discuss how we can maintain and grow within the current landscape.
Income
We generated a total income of £21,266 which consisted mainly through tithing of £19,722 and £1,396 from Emergency Fund. We decided to freeze any involvement in Gift Aid for now though there was £148 net payment to us under Gift Aid category.
In light of the Covid-19 pandemic, which meant that we worshipped mostly on Zoom during this Financial Year, income was tremendously higher than last year’s where we recorded a total income of £13,871. This means that total income increased by over 53%.
We are encouraged to keep this up as God blesses a cheerful giver. We need to consider growing our Emergency Funds for the obvious purposes that it was set up for. I suggest that we treat it as our Church attendance collection, going forward. We can credit this fund account like we give out on Sundays had we been attending service.
Expenditure
Grants Payable
We continued the payment of grants to Barnados, Red Cross and Morris Cerrullo and we pray that our contributions help to support beneficiaries especially during this challenging landscape.
IT Developments
There was a lot of IT development during this Financial Period because we agreed that the best way forward is to have a web presence. Currently it is the way forward for any entity and staying at home has become the norm worldwide. We engage and have fellowship on Zoom and we see that as a progress. All of these developments are a reflection of our IT costs at £2,826 as opposed to last year’s figure of £648.
Balance Sheet
We have a healthy balance sheet and furthermore we have no liabilities with any stakeholder. Our Net Income (Funds) for the year is £12,841, an increase of 244% in comparison to last year’s £5,257.
We added a pulpit to the list of our Fixed Assets this year at a cost of £713 which includes the signpost.
Conclusion
We have been blessed this year and may we continue with our generosity to KWWEM to fortify the foundation and to bring new worshippers.