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2021-03-31-accounts

BREAD OF LIFE CHURCH INTERNATIONAL (BOLCI) CHARITY NO 1181078

Annual Report

And

Financial Statements

Of

Bread of Life Church International (BOLCI)

Year ended 31st March 2021

BREAD OF LIFE CHURCH INTERNATIONAL (BOLCI) CHARITY NO: 1181078

Charity Number: 1181078

Contents

Contents
Page
Legal and administrative information 1
Trustees' report 2-5
Statement of financial activities 6
Balance sheet 7
Notes to the financial statements 8-12
Independent Examiner’s report 13

BREAD OF LIFE CHURCH INTERNATIONAL (BOLCI) CHARITY NO: 1181078

Legal and administrative information

Registered Charity Number: 1181078

Business Address: 32 Popham Road London N1 8SJ

Registered Office: 18 Rosebery Road Hounslow TW3 2RE

Board of Trustees: Negash Aboneh Efrem Shiberu Tesfaye Assegedow Lemma Chair Anbesie Alemayehu Geberesilasie Tibebu Habtewold

Bankers: Lloyds Bank 44-45 The Broadway Ealing London W5 5JU

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BREAD OF LIFE CHURCH INTERNATIONAL (BOLCI) CHARITY NO: 1181078

Trustees Report

For the long Period of Year ended 31 March 2021

The Trustees present their report and the financial statements for the period of year ended 31 March 2021. The report has been prepared in accordance with the requirement of the standard recommended practice.

Structure, governance and management

Governing Document

The organisation is Charitable Incorporation Organisation and its governing documents is CIO - ASSOCIATION and registered on 10 December 2018.

Appointment of Trustees

The Board has five members of Trustees of the Charity Trustees; The appointment of trustees done in accordance with the governing documents. They receive no financial incentives except what is eligible for a Trustee. The Elders manage the day-to-day spiritual activities of the Charity, supported by a team of volunteers.

Organisational Structure

The Board of Trustees consist of five people. They meet on a quarterly basis to monitor the working progress of the Church. The responsibility for running the church’s spiritual activity and ensuring the provision of services rests on the Trustees, Pastors and Elders of the Church. The Trustees are responsible for ensuring that the church delivers the services specified and that key performance indicators are met.

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BREAD OF LIFE CHURCH INTERNATIONAL (BOLCI) CHARITY NO: 1181078

Trustees Report

Year ended 31 March 2021

Objectives and activities

Key objectives

The objectives of the charity are:

1) The principal objectives of the Bread of Life Church International (BOLCI) are to advance the Christian faith all-over the UK and worldwide, in accordance with the statement of Faith, creating and maintaining of spiritual and physical wellbeing of members.

BOLCI is committed to reach out as many people as possible to worship God. Our service and act of worship put faith in practice through prayer, scripture reading, learning, giving hands to the needy and signing praises.

When planning our activities, the Trustees and elders have considered the Commission's guidance on Public benefit and, in particular the specific guidance on charities for the advancement of religion. We try to enable ordinary people to live out their faith as part of the church members through worship, prayer, learning the Word of God and developing their Trust in Jesus. BOLCI is committed to provide Pastoral care to members and support on outreach activities.

Achievement and Performance

Worship and prayer

BOLCI is very keen to provide a range of community services during the outbreak of COVID. During the entire year our Church members find the service is beneficial and fulfilling. During the week we hold prayer meetings mainly on zoom and using other safe and creative way to continue the mission.

Since the start of our church, we were successful with welcoming new members to our church. Most of the members join the weekly local bible study group to have fellowship and study the bible by making sure maintaining the appropriate social distancing. At present the church has close to 120 committed church members.

Pastoral care

To those members who are unable to attend church service due to sickness or other issue, The Pastor and Elders when it is safe have visited all church members and particularly those requested their service to pray with them, keeping appropriate distance.

Co-operating with other Churches

We continue to have successful joint zoom meeting and discussion with other churches with whom we have similar doctrine as to how jointly spread the word of God to those who have never heard the Gospel. Moreover, BOLCI has assisted in the formation of the Ethiopian Evangelical Churches and Ministries Alliance in the UK (EECMA). EECMA is a UK wide alliance of churches

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BREAD OF LIFE CHURCH INTERNATIONAL (BOLCI) CHARITY NO: 1181078

& Ministries whose origins are from Ethiopia and committed to work together in the Kingdom of God.

Mission and Evangelism

It is the aim of BOLCI to help the needy as much as possible as this is a demonstration of our faith. During the year we managed to organise Christmas, Easter and New year annual conferences to spread the word of God and equip members of our church for ministry. As part of its mission duty, BOLCI assisted several asylum seekers to encourage them in life and provide them with some food and clothes.

Children Ministry

Since the start of our church, it is the aim of BOLCI to give a greater attention to children ministry. There were a number of initiatives that were encouraging and helped advance the work of children’s ministry. The goal is to promote and foster children’s ministry in the church, so that the next generation of members would have a strong foundation in their faith.

During the year the following activities were carried:

In addition to the usual Sunday Youth services partly on zoom and partly in person, we have organised Easter, Summer, Christmas and New Year’s Eve children conferences adhering to the government’s regulation with regards to wearing mask and keeping appropriate distance. We had a successful year in organising weekly online bible study programmes, family fun day outs, home visits, developing worship team, praying sessions, preparing youth for water Baptism. We continue to encourage our Youth to prepare for leadership and organise training to equip them.

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BREAD OF LIFE CHURCH INTERNATIONAL (BOLCI) CHARITY NO: 1181078

Trustees Report

Year ended 31 March 2021

Long period Financial Report

Total receipts on unrestricted funds during the long period were £94,451. £61,531 was spent to deliver the church services. The net result for the year was an excess of receipts over payments of £32,920 on unrestricted funds. The balance carried forward as at 31 March 2021 on unrestricted fund totalled £107,432.

Reserves Policy

The Trustees have reviewed the charity's needs for reserves in line with the guidance issued by the Charity Commission. It is BOLCI’s policy to maintain a balance on unrestricted funds, which equates to at least three months unrestricted payments equivalent to £10,000 to cover emergency situations that may arise from time to time. The reserve policy is reviewed by the trustees board every year.

Volunteers

The Trustees Board would like to thank all the volunteers who supported our church financially and worked so faithfully to make the church vibrant community that it is.

Risk Management

The Trustees of the charity consistently review the major governance, operational and financial risks which the charity faces as part of its annual business planning process and confirm that systems have been established to mitigate these risks.

BOLCI has a risk management strategy in place which comprises:

The Trustees are satisfied that appropriate financial systems and controls are in place. The Trustees consider the key risks facing the charity at this time to be Impact on BOLCI normal activities as a result of the COVID-19 and falling donation levels as a result of the pandemic.

The Trustees have managed the potential impact of these risks by ensuring that:

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BREAD OF LIFE CHURCH INTERNATIONAL (BOLCI) CHARITY NO: 1181078

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BREAD OF LIFE CHURCH INTERNATIONAL (BOLCI) CHARITY NO: 1181078

Bread of Life Church International_BOLCI Statement of financial activities for the Year Ended 31 March 2021

Recommended categories by
activity
Incoming resources
Income and endowments from:
Donations,tiths and love gifts
Charitable activities
Other
Resources expended
Expenditure on:
Raising funds
Charitable activities
Separate material item of expense
Other
Net gains/(losses) on investments
Extraordinary items
Other gains/(losses)
Reconciliation of funds:
Total
Total
Total funds brought forw ard
Total funds carried forward
Net income/(expenditure) gains/(losses)
Net income/(expenditure)
Transfers between funds
Other recognised gains/(losses):
Net movement in funds		 Notes
2		 Unrestricted
funds
Restricted
income
funds
Endowment
funds
Total funds
£
£
£
£
94,451
-

-
94,451
-
-

-
-
-
-

-
-
94,451
-

-
94,451		 Unrestricted
funds
Restricted
income
funds
Endowment
funds
Total funds
£
£
£
£
94,451
-

-
94,451
-
-

-
-
-
-

-
-
94,451
-

-
94,451		 Unrestricted
funds
Restricted
income
funds
Endowment
funds
Total funds
£
£
£
£
94,451
-

-
94,451
-
-

-
-
-
-

-
-
94,451
-

-
94,451		 Unrestricted
funds
Restricted
income
funds
Endowment
funds
Total funds
£
£
£
£
94,451
-

-
94,451
-
-

-
-
-
-

-
-
94,451
-

-
94,451		 Prior year
funds
£
98,143
-
-
98,143
3
- - - -
 -
61,531 - - 61,531 12,020
- - - - -
- - - -
 -
61,531 - - 61,531 12,020
32,920 - - 32,920 86,123
- - - -
 -
32,920 - - 32,920 86,123
-
-		 -
-		 -
-		 -
-		 -
-
7 - - - - -
32,920 - - 32,920 86,123
74,512
 - - 74,512 -
107,432 - - 107,432 74,512

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BREAD OF LIFE CHURCH INTERNATIONAL (BOLCI) CHARITY NO: 1181078

Bread of Life Church International (BOLCI)

Balance sheet as

at 31 March 2021

Notes Unrestricted
funds
£		 Restricted
income
funds
£		 Endowment
funds
£
Total this
year
£		 Total last
year
£
Fixed assets
Intangible assets
Tangible assets
Heritage assets
Investments
Total fixed assets
Current assets
Stocks
Debtors & Prepayment
Investments
Cash at bank and in hand
Total current assets
Creditors: amounts falling due
within one year
Net current assets/(liabilities)
Total assets less current liabilities
Creditors: amounts falling due
after one year
Provisions for liabilities
Total net assets or liabilities
Funds of the Charity
Endowment funds
Restricted income funds
Unrestricted funds
Revaluation reserve
Total funds		 F01 F02 F03 F04 F05
- - - - -
6 338 - - 338 423
- - - - -
- - - - -
338 - - 338 423
- - - - -
366 - - 366 -
- - - - -
4 108,727 - - 108,727 80,286
109,093 - - 109,093 80,286
5 (2,000) - - (2,000) (6,197)
107,093 - - 107,093 74,089
107,432 - - 107,432 74,512
- - - - -
- - - - -
107,432 - - 107,432 74,512
- - -
- - -
7 107,432 - 107,432 74,512
-
107,432 - - 107,432 74,512

The notes at pages 8 to 11 form part of these accounts.

Approved by the trustees on 14[th] May 2021 and signed on their behalf by:

TESFAYE ASSEGEDOW LEMMA CHAIR OF TRUSTEES

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BREAD OF LIFE CHURCH INTERNATIONAL (BOLCI) CHARITY NO: 1181078

Notes to the Accounts

1. Accounting Policies

These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.

The accounts have been prepared in accordance with:

The Statement of Recommended Practice Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014

the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and with Charities Act 2011

1.1 Going concern

Based on the projection of the charity performance, the board of trustees is of the opinion that BOLCI has adequate resources to continue in operational existence for the foreseeable future.

1.2 Changes to accounting estimates

No changes to accounting estimates have occurred in the reporting period

1.3 Material prior year errors

No material prior year error has been identified in the reporting period (3.47 FRS 102 SORP).

2. INCOME

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Donations, are recognised when the Trust has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the

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BREAD OF LIFE CHURCH INTERNATIONAL (BOLCI) CHARITY NO: 1181078

fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.

The charity hasn’t yet received any legacy. However, if there is a Legacy gift, it will be recognised on a case-by-case basis following the granting of probate when the administrator/executor for the estate has communicated in writing both the amount and settlement date. In the event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measurable with a degree of reasonable accuracy and the title to the asset having been transferred to the charity.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

2.1 Analysis of income

----- Start of picture text -----
Analysis Unrestricted funds Restricted Endowme Total funds
£ £
Donations and Donations,church
legacies: offerings,tiths and love
gifts to 31/03/2021
- -
94,451 94,451 98,143
Gift Aid - - - - -
Legacies - - - - -
General grants provided - - - - -
b t/ th - - - -
Membership
Donated goods,
facilities and services - - - - -
Other(Members - - -
ff i ) Total 94,451 - - 94,451 98,143
----- End of picture text -----

3. Analysis of Expenditures

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BREAD OF LIFE CHURCH INTERNATIONAL (BOLCI) CHARITY NO: 1181078

----- Start of picture text -----
Restricted
Unrestricted income Endowment Total funds Prior Year
funds funds funds
Analysis £ £
Expenditure on Incurred seeking donations - - - - -
raising funds: Incurred seeking legacies - - - - -
Total expenditure on raising funds - - - - -
Expenditure on Hall Rent for prayer gatherings 9,990 - - 9,990 12,020
charitable General expenses
activities - - - -
Charitable Funding 49,041 - - 49,041 7,266
Refreshment and other expenses - - - -
1,275
General expenses 257 - - 257 2,964
Insurance 158 - - 158
Accountancy fees - -
2,000 2,000
- - - - -
Total expenditure on charitable activities
61,446 - -
61,446 23,525
TOTAL EXPENDITURE 61,446 - - 61,446 23,525
----- End of picture text -----

4. Prepayments

----- Start of picture text -----
2021 2020
£ £
Short term cash investments (less than 3 months maturity date) - -
- -
Prepayments 366 -
Other - -
Total 366 -
----- End of picture text -----

4.1 Cash at bank and in hand

2021
£		 2020
£
Short term cash investments(less than 3 months maturity date) - -
Short term deposits - -
Cash at bank and on hand 108,727 80,286
Other - -
Total 108,727 80,286

5. Creditors and accruals

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BREAD OF LIFE CHURCH INTERNATIONAL (BOLCI) CHARITY NO: 1181078

----- Start of picture text -----
Amounts falling due Amounts falling due Amounts falling Amounts falling
within one year after more than one year due within one due after more
2021 2021 2020 2020
£ £ £ £ £ £ £ £
Accruals for grants payable - - - - - - - -
Bank loans and overdrafts - - - - - - - -
Trade creditors 2,000 - - - 6,197 - - -
Payments received on account for contracts or
performance-related grants - - - - - - - -
Accruals and deferred income - - - - - - - -
Taxation and social security - - - - - - - -
Other creditors - - - - - - - -
Total 2,000 - - - 6,197 - - -
----- End of picture text -----

6. Tangible fixed assets

Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life

6.1 Cost or valuation

Freehold land
& buildings		 Choir Gown Plant, office
equipment		 Music
equipment		 Total
At the beginning of
the year		 - 529 - - 529
Additions - - - - -
Revaluations - - - - -
Disposals - - - - -
Transfers - - - - -
At end of the year - 529 - - 529

6.2 Depreciation and impairments

Basis Basis RB RB RB RB RB Reducing
Balance
("RB")
Rate 20%
At beginning of the
year
- 106 - - 106
Disposals
- - - - -
Depreciation
- 85 - - 85
Impairment
- - - - -
Transfers
- - - - -
At end of the year
- 191 - - 191
Net book value at the
beginning of the year
- 423 - - 423
Net book value at the
end of the year
- 338 - - 338
6.3 Net book value
Net book value at the
beginning of the year		 - 423 - - 423
Net book value at the
end of the year		 - 338 - - 338

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BREAD OF LIFE CHURCH INTERNATIONAL (BOLCI) CHARITY NO: 1181078

7. Charity funds

----- Start of picture text -----
Fund Fund
balances balances
Type PE, EE Purpose and
brought Gains and carried
R or UR * Restrictions
forward Income Expenditure Transfers losses forward
Fund names £ £ £ £ £ £
Unristricted Fund UR 74,512 94,451 (61,531) - - 107,432
- - - - - -
Other funds N/a N/a - - - - - -
Total Funds 74,512 94,451 (61,531) - - 107,432
----- End of picture text -----

Independent examiner’s report to the trustees on the unaudited financial statement.

I report on the account of Bread of Life Church International (BOLCI) for the year ended 31 March 2021 set out on pages 5 to 12.

Respective responsibilities of trustees and independent examiner

The charity’s trustees are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section144(2) of the Charities Act 2011 (the 2011 Act), and that an independent examination is needed. It is my responsibility to examine the accounts under section 145 of the 2011 Act, to follow the procedures laid down in the General Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act; and to state whether particular matters have come to my attention.

Basis of independent examiner’s statement

My examination was carried out in accordance with the General Directions given by the Charity Commission. 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 no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.

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 in any material respect the requirements: · to keep proper accounting records in accordance with section 386 of the Company Act 2006; and

  2. to prepare accounts which accord with the accounting records, comply with the accounting requirements of section 396 of the company Act 2006 and with methods and

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BREAD OF LIFE CHURCH INTERNATIONAL (BOLCI) CHARITY NO: 1181078

principles of the Statement of Recommended Practice: Accounting and Reporting by Charities have not been met; or

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

Independent examiner

A Altaye, FCCA, MSc

A&B Accountants; 1 Orchard Close, Essex, RM15 6HS

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