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2020-11-30-accounts

KINGDOM HARVEST CHURCH LTD
Charity Registered Number: 1176530
Company Registered Number: 09297941

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

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KINGDOM HARVEST CHURCH LTD

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

CONTENTS
Page
Trustee's Report 3-5
Independent Examiner's Report 6
Statement of Financial Activities 7
Balance sheet 8-9
Notes to the Accounts 10 – 13

1

KINGDOM HARVEST CHURCH LTD

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 NOVEMBER 2020

Trustees/Directors; Cynthia Dickson
Oluwatoyin Komolafe
Olugbenga. Obideyi
Pastor in Charge: Dele Komolafe
Charity registered number: 1176530
Company registered number: 09297941
Registered office: 3 Swaisland Road
Dartford,
KENT
DA1 3DA
Banker: Barclays bank
Independent Examiner: JOS Accountants Limited
Unit 3, 51-57 High Street South
East Ham, London
E6 6EJ
United Kingdom

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KINGDOM HARVEST CHURCH LTD

TRUSTEES REPORT FOR THE YEAR ENDED 30 NOVEMBER 2020

The Trustees who are also the Directors of Kingdom Harvest Church present their report and Financial Statements for the year ended 30 November 2020 which have been prepared in accordance with the Statement of Recommended Practice, “Accounting and Reporting by Charities” issued in October 2000 and Revised SORP 2005.

Structure, Governance and Management

a. CONSTITUTION

The church is constituted under a Trust deed and registered with Charity Commission with charity registration number 1176530 and constitutes a limited company, limited by guarantee as defined by Companies act 2006.

b. METHOD OF APPOINTMENT OR ELECTION OF TRUSTEES

New trustees are elected based on the contribution that they will make to the governance of the organization and the skills that they will bring into the life of the charity. They are provided with copies of the Charity Commission's guidance to trustees and introduced the activities of the charity by the existing board.

c. POLICIES ADOPTED FOR THE INDUCTION AND TRAINING OF TRUSTEES Existing trustees are provided with training as and when required.

d. ORGANISATIONAL STRUCTURE AND DECISION MAKING

The board of Trustees is headed by a Chairman, the Secretary to the trust and a Financial Administrator. The charity has two paid employees 35 other voluntary workers. The Trustees are responsible for making all decisions regarding allocation of fund and activities. The day to day administration of the church is managed by the Company Secretary/Parish Pastor who liaises with the board as need may arise.

The charity's objects are:

THE ADVANCEMENT OF THE CHRISTIAN FAITH THROUGH PROVISION OF A PLACE OF WORSHIP, EVANGELISM, TEACHING AND HOLDING PRAYER MEETINGS AND SEMINARS

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KINGDOM HARVEST CHURCH LTD

TRUSTEES REPORT FOR THE YEAR ENDED 30 NOVEMBER 2020 CONT’D

b. GRANT MAKING POLICIES

The charity does not make grants to other charitable bodies.

c. VOLUNTEERS

The charity is most appreciative of the unflinching support of its volunteers who tirelessly help in the provision of service. It is therefore with gratitude to God that we once again report a robust membership giving which has significantly impacted once again on our reported figures for the year. We are pleased and thankful for their continuous commitment and support. Members’ contribution accounted for most of our gross income.

d. RISK MANAGEMENT

The Trustees have assessed the major risks to which the charity is exposed, particularly those related to operations and finances of the charity and are satisfied that systems are in place to mitigate exposures to the major risks.

Achievements and performance

The Trustees are pleased to report that the Church continued to be successful spiritually and in general wellbeing of its members and worshippers. The Church has improved in membership strength and is increasingly reaching out to the community.

Review of Transactions and Financial Position

.
Gross Income
Net Income
General funds		 2020
2019
£
£
48,356
38,042
23,273
343
45,438
3,621

Future Development Plans

The charity aims at building on its current achievement in effectively spreading the ethos, of love and hope that Christian faith offers. It also aims at building upon its current efforts of community involvement, in its bid to make our community and the larger world a better place for all.

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KINGDOM HARVEST CHURCH LTD

TRUSTEES REPORT FOR THE YEAR ENDED 31 NOVEMBER 2020- CONT’D

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The Trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations. Charity law requires the Trustees to prepare financial statements for each financial year. Under that law the Trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The financial statements are required by law to give a true and fair view of the state of affairs of the Church and of the surplus or deficit of the Church for that period. In preparing these financial statements, the Trustees are required to:

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

Independent Examiner

The Trustees appointed JOS Accountants, a firm of Accounting & Management Consultants, as the Charity’s independent examiner. A resolution for re-appointment as independent examiner will be proposed during the Trustees meeting for the year.

This report was approved by the trustees and signed on its behalf by:

30/09/2021 -------------------------------------------------} Sign & Date Oluwatoyin Komolafe (Director/Trustee)

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KINGDOM HARVEST CHURCH LTD

INDEPENDENT EXAMINERS REPORT

We have examined the financial statements, which comprise the financial activities, the balance sheet, the related notes and the accounting policies of KINGDOM HARVEST CHURCH CIO for the year ended 30 November 2020.

Respective responsibilities of trustees and independent examiner

As described earlier, the trustees are responsible for the preparation of the financial statements. It is my responsibility to carry out an examination of those financial statements and to issue a report based on that examination.

Scope of examination

We conducted our examination in accordance with directions given by the Charity Commissioners under section 43(7)(b) of the Charities Act 1993. An examination is limited to enquiries of the charity's personnel and analytical and review procedures applied to financial data and this provides less assurance than an audit. We have not performed an audit, and accordingly, we do not express an audit opinion.

Independent examiner's statement

In connection with our examination, no matter has come to our attention:

  1. Which gives me reasonable cause to believe that in 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

  4. To which in our opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

30/09/2021

------------------------------------------ (signed and dated) JOS Accountants Limited Unit 3, 51-57 High Street South East Ham, London E6 6EJ United Kingdom

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KINGDOM HARVEST CHURCH LTD

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 30 NOVEMBER 2020

INCOME & ENDOWNMENT
Donations and legacies
EXPENDITURE ON:
Total charitable activities
Governance costs
Excess Income
Funds brought forward		 NOTES
2
5
6		 Current year
Current year
Current year
Prior year
Unrestricted
Restricted
Total
Total
Funds
Funds
Funds
Funds
2020
2020
2020
2019
£
£
£
£
48,356
-
48,356
38,042
24,632
-
24,632
29,515
450
-
450
8,184
25,082
-
25,082
37,699
23,273
-
23,273
343
3,621
-
3,621
3,278
26,894
-
26,894
3,621

The notes thereon form integral part of the accounts

7

KINGDOM HARVEST CHURCH LTD

BALANCE SHEET AS AT

30 NOVEMBER 2020
Assets:
NOTES
Fixed Assets
7
Current assets
Cash & bank
Creditors: Amount falling due
within one year
8
Net working capital
Financed by:
General funds
Prior year adjustment
9		 Current year
Current year
Current year
Prior year
Unrestricted
Restricted
Total
Total
Funds
Funds
Funds
Funds
2020
2020
2020
2019
£
£
£
£
4,738
4,738
3,657
4,738
-
4,738
3,657
41,295
-
41,295
2,756
41,295
-
41,295
2,756
595
-
595
2,792
40,700
-
40,700
-
36
45,438
-
45,438
3,621
26,894
-
26,894
3,621
18,544
-
18,544
-
45,438
-
45,438
3,621

The notes thereon form integral part of the accounts

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KINGDOM HARVEST CHURCH LTD

BALANCE SHEET AS AT 30 NOVEMBER 2020 CON’D

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2020. The members have not required the charitable company to obtain an audit of its financial statements for the year ended 30 November 2020 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. These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small charitable companies and with the Financial Reporting Standard for Smaller Entities (effective April 2008).

The financial statements were approved by the Board of Trustees and were signed on its behalf by:

----- Start of picture text -----
30/09/2021
-------------------------------------------------------------------} Sign & Date
Oluwatoyin Komolafe (Director/Trustee)
30/09/2021
-------------------------------------------------------------------} Sign & Date
Cynthia Dickson (Director/Trustee)
----- End of picture text -----

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KINGDOM HARVEST CHURCH LTD

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 NOVEMBER 2020

1 Accounting Policies:

The financial statements have been prepared in accordance with applicable Accounting Standards in the United Kingdom with the application of FRSSE and the Statement of Recommended Practice, “Accounting and Reporting by Charities” (“SORP 2000 and SORP 2005”) issued by the Charity Commission. A summary of the principal accounting policies, which have been applied consistently, is set out below.

a) Basis of Preparation of Financial Statements

The financial statements are prepared under the historic cost convention and include the results of the Charity's operations, which are described in the Trustees Report, all of which are continuing.

b) Comparative Figures

Comparative figures are shown on the statement of Accounts of the charity.

c) Incoming Resources

All income is credited to the Statement of Financial Activities on the earlier date of when they are received or when they are receivable.

d) Restricted funds

The restricted funds are to be used for specific purposes as specified within the objects of the Charity. Expenditure, which meets these criteria, will be identified to the fund, together with a fair allocation of management and support costs.

e) Unrestricted Funds

Unrestricted funds are donations and other incomes received or generated for the objects of the Charity without further specified purpose and are available for general funds.

f) Resources Expended

Direct Charitable Expenditure includes all expenditure incurred by the Charity in direct pursuit of its charitable objectives.

Governance expenditure includes all costs not directly related to the Charitable activities and cannot be allocated to direct charitable expenditure.

g) Donated Services and Gifts in Kind

The value of donated services and gifts in kind provided to the charity is recognised in the statement of financial activities and in the Balance Sheet at their value to the charity, as determined by the Trustees, in the period in which they are receivable, and where the benefit is both quantifiable and material.

f) Tangible fixed assets

Depreciation is provided on a straight line basis at the following annual rates in order to write off each asset over its estimated useful life.

Leasehold Property Refurbishment -5% Fixtures and fittings -25%

g) Taxation

The charity is exempt from corporation tax on its charitable activities.

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KINGDOM HARVEST CHURCH LTD

NOTES TO THE ACCOUNTS ENDED

30 NOVEMBER 2020 CONT'D

Detailed analysis of income and expenditure for the year ended 30 November 2020 as required by the SORP 2015

as required by the SORP 2015
NOTES
2
3		 Donations, grants and legacies
Tithe & offering
Building donation
Charitable activities-Direct
spending
Outreach & publicity
Welfares
Entertainment & hospitality
Conference
Visiting ministers		 Current
year
Current year
Current year
Prior year
Unrestricted
Restricted
Total
Total
Funds
Funds
Funds
Funds
2020
2020
2020
2019
£
£
£
£
33,214
-
33,214
38,042
15,142
-
15,142
-
48,356
-
48,356
38,042
230
-
230
-
1,792
-
1,792
738
1,170
-
1,170
-
201
-
201
-
5,770
-
5,770
-
9,163
-
9,163
738

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KINGDOM HARVEST CHURCH LTD

NOTES TO THE ACCOUNTS ENDED

30 NOVEMBER 2020 CONT'D

NOTES
4
Premises & administrative costs
Rent & rate
Postage and couriers
General church running expenses
Travel expenses
Stationery and printing
Insurance
Sundry expenses
Depreciation
5
Total charitable expenditure
Direct spending
Support costs
6
Other expenditure- governance costs
Independent examination
Legal and professional costs		 Current year
Current year
Current year
Prior year
Unrestricted
Restricted
Total
Total
Funds
Funds
Funds
Funds
2020
2020
2020
2019
£
£
£
£
9,202
-
9,202
22,420
620
-
620
3,218
2,625
-
2,625
-
- - -
120
- - -
934
1,294
-
1,294
916
184
-
184
450
1,544
-
1,544
719
15,470
-
15,470
28,777
9,163
-
9,163
738
15,470
-
15,470
28,777
24,632
-
24,632
29,515
450
-
450
720
- - -
7,464
450
-
450
8,184

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KINGDOM HARVEST CHURCH LTD

NOTES TO THE ACCOUNTS ENDED

30 NOVEMBER 2020 CONT'D

NOTES

7
8		 Fixed assets
Motor vehicle
Costs 1 December 2019
Addition during the year
Depreciation
As at 1 December 2019
Charged for the year
Net Book Value
30 November 2020
30 November 2019
Creditors: Amount falling due
within one year
Creditors		 £
5,095
2,625
7,720
1,438
1,544
2,982
4,738
3,657
Current year
Current year
Unrestricted
Restricted
Funds
Funds
2020
2020
£
£
595
-
595
-		 595
2,792

Building donations was not included in the account of previous year.

13