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 2022
BREAD OF LIFE CHURCH INTERNATIONAL (BOLCI) CHARITY NO: 1181078
Charity Number: 1181078
Contents
| Contents | |
|---|---|
| Page | |
| Legal and administrative information | 1 |
| Trustees' report | 2-6 |
| Statement of financial activities | 7 |
| Balance sheet | 8 |
| Notes to the financial statements | 9-12 |
| 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 Year ended 31 March 2022
The Trustees present their report and the financial statements for the period of year ended 31 March 2022. 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 2022
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 are 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. 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 those who need personal prayer and help, the Pastor and Elders continue to visit all church members and particularly those requested their service to pray with them.
Co-operating with other Churches
We continue to have successful joint meeting and discussion with other churches with whom we have similar doctrine to 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.
As we are a member of the Ethiopian Evangelical Christian Alliance in Europe, we have participated in the conference and have contributed our share in Finance required to hold the conference
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.
After the Covid restrictions were lifted, we have held a couple of park events to carry out evangelism work. We have invited many people including friends and families to allow them to hear the gospel and gospel songs. We wanted these events to be enjoyable to people, we have also served food and drinks at the event
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.
The Children Ministry was restrengthened by appointing experienced person to lead on the Ministry and added a few volunteers to the team. Recently, we were able to establish a children choir who are consistently practicing and training on playing instruments.
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BREAD OF LIFE CHURCH INTERNATIONAL (BOLCI) CHARITY NO: 1181078
Trustees Report
Year ended 31 March 2022
Financial Report
Total receipts on unrestricted funds during the long period were £126,534. £66,110 was spent to deliver the church services. The net result for the year was an excess of receipts over payments of £60,424 on unrestricted funds. The balance carried forward as at 31 March 2022 on unrestricted fund totalled £167,856.
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:
-
a continuing review of the strategic risks the charity may face through the strategic plan
-
the setting up of planned action by trustees, systems and procedures to mitigate risks identified
-
the implementation of procedures designed to minimise any potential impact on the charity should those risks materialise.
The Trustees are satisfied that appropriate financial systems and controls are in place. The Trustees identified key risks that may cause falling donation levels.
The Trustees have managed the potential impact of these risks by ensuring that:
-
Sensible budgets have been set for the next financial year
-
Periodic management accounts are provided, showing the performance against budget
-
Reserve’s policies have been adopted which provide an appropriate number of uncommitted Reserves which will always enable the charity to meet all its liabilities even if income targets are not achieved
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BREAD OF LIFE CHURCH INTERNATIONAL IBOLCII CHARITY NO: 1181078 The charity maintains a low cost-base
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 2022
| 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 £ £ £ 126,530 - - - - - 4 - - 126,534 - - |
Unrestricted funds Restricted income funds Endowment funds £ £ £ 126,530 - - - - - 4 - - 126,534 - - |
Unrestricted funds Restricted income funds Endowment funds £ £ £ 126,530 - - - - - 4 - - 126,534 - - |
Total funds Prior year funds £ £ 126,530 94,451 - - 4 - 126,534 94,451 |
Total funds Prior year funds £ £ 126,530 94,451 - - 4 - 126,534 94,451 |
|---|---|---|---|---|---|---|
| 3 | ||||||
| - 66,110 |
- - |
- - |
- 66,110 |
- 61,531 |
||
| - - |
- - |
- - |
- - |
- - |
||
| 66,110 | - | - | 66,110 | 61,531 | ||
| 60,424 | - | - | 60,424 | 32,920 | ||
| - | - | - | - | - | ||
| 60,424 | - | - | 60,424 | 32,920 | ||
| - | - | - | - | - | ||
| - | - | - | - | - | ||
| 7 | - | - | - | - | - | |
| 60,424 | - | - | 60,424 | 32,920 | ||
| 107,432 | - | - | 107,432 |
74,512 | ||
| 167,856 | - | - | 167,856 | 107,432 |
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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 2022
| 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 | 1,070 | - | - | 1,070 | 338 | |
| - | - | - | - | - | ||
| - | - | - | - | - | ||
| 1,070 | - | - | 1,070 | 338 | ||
| - | - | - | - | - | ||
| 4 | 377 | - | - | 377 | 366 | |
| - | - | - | - | - | ||
| 4.1 | 168,737 | - | - | 168,737 | 108,727 | |
| 169,114 | - | - | 169,114 | 109,093 | ||
| 5 | (2,329) | - | - | (2,329) | (2,000) | |
| 166,785 | - | - | 166,785 | 107,093 | ||
| 167,856 | - | - | 167,856 | 107,431 | ||
| - | - | - | - | - | ||
| - | - | - | - | - | ||
| 167,856 | - | - | 167,856 | 107,432 | ||
| - | - | - | ||||
| - | - | - | ||||
| 7 | 167,856 | - | 167,856 | 107,432 | ||
| - | ||||||
| 167,856 | - | - | 167,856 | 107,432 |
The notes at pages 8 to 12 form part of these accounts.
Approved by the trustees on 20[th] June 2022 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
(a) Basis of preparation
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 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 has not 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
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BREAD OF LIFE CHURCH INTERNATIONAL (BOLCI) CHARITY NO: 1181078
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
- -
126,530 126,530 94,451
Gift Aid - - - - -
Bank Interest
4 - - 4 -
General grants provided - - - - -
b t/ th - - - -
Membership
Donated goods,
facilities and services - - - - -
Other(Members - - -
ff i ) Total 126,534 - - 126,534 94,451
----- End of picture text -----
3. Analysis of Expenditures
| Analysis | Unrestricted funds |
Restricted income funds |
Endowment funds |
Total funds £ |
Prior Year £ |
|
|---|---|---|---|---|---|---|
| Expenditure on raising funds: Expenditure on charitable activities |
Incurred seeking donations | - | - | - | - | - |
| Incurred seeking legacies | - | - | - | - | - | |
| Total expenditure on raising funds | - | - | - | - | - | |
| Hall Rent for prayer gatherings | 15,639 | - | - | 15,639 | 9,990 | |
| General expenses | - | - | - | - | ||
| Charitable Funding | 10,877 | - | - | 10,877 | 49,041 | |
| Staff salary | 25,000 | |||||
| Pension cost for employer | 563 | |||||
| Refreshment and other expenses | 2,658 | - | - | 2,658 | - | |
| Office Stationary | 228 | |||||
| Telephone and internet | 2,084 | |||||
| General expenses | 2,336 | - | - | 2,336 | 257 | |
| Media expenses | 3,356 | |||||
| Insurance | 528 | - | - | 528 | 158 | |
| Accountancy fees | 2,000 | - | - | 2,000 | 2,000 | |
| Transport expenses | 573 | - | - | 573 | - | |
| Total expenditure on charitable activities | 65,843 | - | - | 34,612 | 61,446 | |
| TOTAL EXPENDITURE | 65,843 | - | - | 34,612 | 61,446 |
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BREAD OF LIFE CHURCH INTERNATIONAL (BOLCI) CHARITY NO: 1181078
4. Prepayments
----- Start of picture text -----
2022 2021
£ £
Short term cash investments (less than 3 months maturity date) - -
- -
Prepayments 377 366
Other - -
Total 377 366
----- End of picture text -----
4.1 Cash at bank and in hand
| 2022 £ |
2021 £ |
|
|---|---|---|
| Short term cash investments(less than 3 months maturity date) | - | - |
| Short term deposits | - | - |
| Cash at bank and on hand | 168,737 | 108,727 |
| Other | - | - |
| Total | 168,737 | 108,727 |
5. Creditors and accruals
----- 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
2022 2022 2021 2021
£ £ £ £ £ £ £ £
Accruals for grants payable - - - - - - - -
Bank loans and overdrafts - - - - - - - -
Trade creditors 2,000 - - - 2,000 - - -
Payments received on account for contracts or
performance-related grants - - - - - - - -
Accruals and deferred income - - - - - - - -
Taxation and social security - - - - - - - -
Other creditors - - - - - - - -
Total 2,000 - - - 2,000 - - -
----- End of picture text -----
5.1 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
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BREAD OF LIFE CHURCH INTERNATIONAL (BOLCI) CHARITY NO: 1181078
6.1 Cost or valuation
----- Start of picture text -----
Freehold land Choir Gown Plant, office Music Total
& buildings equipment equipment
At the beginning of - 529 1,000 - 1,529
the year
Additions - - - - -
Revaluations - - - - -
Disposals - - - - -
Transfers - - - - -
At end of the year - 529 1,000 - 1,529
6.2 Depreciation and impairments
Basis RB RB RB RB RB Reducing
Balance
("RB")
Rate 20%
At beginning of the - 191 - - 191
year
Disposals - - - - -
Depreciation - 68 200 - 268
Impairment - - - - -
Transfers - - - - -
At end of the year - 259 200 - 459
----- End of picture text -----
6.3 Net book value
| Net book value at the beginning of the year Net book value at the end of the year |
- | 338 | - | - | 338 | |
|---|---|---|---|---|---|---|
| - | 270 | 800 | - | 1,070 |
6. 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 107,432 126,534 (66,110) - - 167,856
- - - - - -
Other funds N/a N/a - - - - - -
Total Funds 107,432 126,534 (66,110) - - 167,856
----- End of picture text -----
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BREAD OF LIFE CHURCH INTERNATIONAL (BOLCI) CHARITY NO: 1181078
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 2022 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:
-
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
-
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 principles of the Statement of Recommended Practice: Accounting and Reporting by Charities have not been met; or
-
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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