**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 2024 Charity Number: 1181078 **BREAD OF LIFE CHURCH INTERNATIONAL (BOLCI) CHARITY NO:** 1181078 ## Contents |Contents|| |---|---| ||Page| |Legal and administrative information|1| |Trustees' report|2-5| |Statement of financial activities|8| |Balance sheet|9| |Notes to the financial statements|10-14| |Independent Examiner’s report|15| **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 Tesfaye Assegedow Lemma Chair Tibebu Habtewold Dr Endrias Kululo (appointed 01 Sep 2022) Bankers: Lloyds Bank 44-45 The Broadway Ealing London W5 5JU 1 **BREAD OF LIFE CHURCH INTERNATIONAL (BOLCI) CHARITY NO:** 1181078 ## **Trustees Report** ## **For the Year ended 31 March 2024** The Trustees present their report and the financial statements for the period of year ended 31 March 2024. 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 four 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 Four 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. 2 **BREAD OF LIFE CHURCH INTERNATIONAL (BOLCI) CHARITY NO:** 1181078 ## **Trustees Report** ## **Year ended 31 March 2024** ## **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 has a vision 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. The bottom line is winning soles for Jesus. 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 continue to reach out as many soles as possible. During the entire year our Church members find the service very beneficial and fulfilling. BOLCI continue to grow in numbers and welcoming new members to our church families. The church holds a weekly Sunday service for church attendees, this includes for all age groups, adults, children, and young people in separate room. The service usually contains two main parts, the praises and sharing of scripture and end the service with warm friendship and fellowship time, where people gather for snack and coffee. The church also runs a weekly mid-week prayers and weekly small group bible study groups at various locations. Members encouraged to participate in person or virtually to go deeper in their faith and knowledge of the scripture. Our church continues to grow in number by witnessing to new souls and expanding by creating new branches where there is a need. We continue to be successful with welcoming new members to our church. ## **Pastoral care** To those members who are unable to attend church service due to sickness, bereavement 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. 3 **BREAD OF LIFE CHURCH INTERNATIONAL (BOLCI) CHARITY NO:** 1181078 ## **Co-operating with other Churches** We continue to have successful joint meeting and discussion with other churches with whom we have similar doctrine and share tender heart to 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 & 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 their conference and trainings. We have also paid our membership fees and contributed our share of Finance for holding 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 in ministry and spiritual growth in general. As part of its mission duty, BOLCI assisted several asylum seekers to encourage them in life and provide them with some food and clothes. We have held a couple of park events where many have invited to promote community spirit, encourage lonely people find friends, people to enjoy the day out with food and drink served at the event and carry out evangelism work. The Church has planted a few fellowships at three parts of London to use these fellowship groups as a mission field and reach new soles in these areas. Being able to be a sending Church internationally is one of the Church’s core parts of serving strategy. The church assisted a volunteer with financial support; hence he then travelled to a remote area of Ethiopia and ministered the gospel as Missionary. ## **Children Ministry** Since the start of our church, it is the aim of BOLCI to give a greater attention to children ministry. There were several 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 4 **BREAD OF LIFE CHURCH INTERNATIONAL (BOLCI) CHARITY NO:** 1181078 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. BOLCI is fully committed to ensuring that children, young people and vulnerable adults are safeguarded. 5 **BREAD OF LIFE CHURCH INTERNATIONAL (BOLCI) CHARITY NO:** 1181078 ## **Trustees Report** ## **Year ended 31 March 2024** ## **Financial Report** Total receipts on unrestricted funds during the long period were £203,887. £86,750 was spent to deliver the church services. The net result for the year was an excess of receipts over payments of £117,137 on unrestricted funds. The balance carried forward as at 31 March 2023 on unrestricted fund totalled £337,982. ## **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 £70,000, 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 6 **BREAD OF LIFE CHURCH INTERNATIONAL (BOLCI) CHARITY NO:** 1181078 - 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 - The charity maintains a low cost-base 7 **BREAD OF LIFE CHURCH INTERNATIONAL (BOLCI) CHARITY NO:** 1181078 **----- Start of picture text -----**
Bread of Life Church International_BOLCI
Statement of financial activities for the Year Ended 31 March 2024
Restricted
Recommended categories by Unrestricted income Endowment Prior year
activity Notes funds funds funds Total funds funds
£ £ £ £ £
Incoming resources
Income and endowments from:
Donations,tiths and love gifts 2 164,172 - - 164,172 136,891
Gift aid 39,043 39,043
Charitable activities - - - - -
Other 671 - - 671 127
Total 203,887 - - 203,887 137,018
Resources expended
Expenditure on:
Raising funds - - - - -
Charitable activities 3 86,750 - - 86,750 84,029
Separate material item of expense - - - - -
Other - - - - -
Total 86,750 - - 86,750 84,029
Net income/(expenditure) gains/(losses) 117,137 - - 117,137 52,989
Net gains/(losses) on investments - - - - -
Net income/(expenditure) 117,137 - - 117,137 52,989
- - - - -
Extraordinary items
Transfers between funds - - - - -
Other recognised gains/(losses):
Other gains/(losses) - - - - -
Net movement in funds 117,137 - - 117,137 52,989
Reconciliation of funds:
Total funds brought forw ard 220,845 - - 220,845 167,856
Total funds carried forward 7 337,982 - - 337,982 220,845
**----- End of picture text -----**
8 **BREAD OF LIFE CHURCH INTERNATIONAL (BOLCI) CHARITY NO:** 1181078 ## **Bread of Life Church International (BOLCI)** ## **Financial Position as** ## **at 31 March 2024** ||**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**|5,049|-|-|5,049|3,666| |||-|-|-|-|-| |||-|-|-|-|-| |||5,050|-|-|5,050|3,666| |||||||| |||-|-|-|-|-| ||**4**|1,298|-|-|1,298|1,298| |||-|-|-|-|-| ||**4.1**|334,091|-|-|334,091|217,990| |||335,389|-|-|335,389|219,288| |||||||| ||**5**|(2,471)|-|-|(2,471)|(2,109)| |||||||| |||332,918|-|-|332,918|217,179| |||||||| |||337,968|-|**-**|337,968|220,845| |||||||| |||-|-|-|-|-| |||-|-|-|-|-| |||||||| |||337,968|-|-|337,968|220,845| |||||||| |||-|||-|-| ||||-||-|-| ||**7**|337,982|-||337,982|220,845| ||||||-|| |||337,982|-|-|337,982|220,845| The notes at pages 10 to 14 form part of these accounts. Approved by the trustees on 20[th] September 2024 and signed on their behalf by: TESFAYE ASSEGEDOW LEMMA CHAIR OF TRUSTEES 9 **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 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 10 **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 Gift Aid claim** Tax Reclaims on Donations and Gifts Incoming resources from tax reclaims are included in the SOFA at the same time as the gift to which they relate. ## **3. EMPLOYEES** Employees who were engaged in the each of following activities: ||2024|2024| |---|---|---| |Activities in furtherance of the organization's objectives:|1|1| The charity operates a PAYE scheme to pay all employed members of staff and no employees received emoluments of over £60,000. (2023: None) ## **4. TRUSTEES AND OTHER RELATED PARTIES** No payments were made to Trustees or any persons connected with them during this financial period. No material transaction took place between the organization and a Trustee or any person connected with them 11 **BREAD OF LIFE CHURCH INTERNATIONAL (BOLCI) CHARITY NO:** 1181078 ## **4.1 Analysis of income** **----- Start of picture text -----**
Analysis Unrestricted funds Restricted Endowme Total funds 2023
£ £
Donations and Donations,church
legacies: offerings,tiths and love
gifts to 31/03/2023
- -
164,172 164,172 136,891
Gift Aid 39,043 - - 39,043 -
Bank Interest
671 - - 671 127
General grants provided - - - - -
b t/ th - - - -
Membership
Donated goods, facilities
and services - - - - -
Other(Members offering)
- - -
Total 203,887 - - 203,887 137,018
Analysis of Expenditures ysis of Expenditures sis of Expenditures penditures enditures
Restricted
Unrestricted income Endowment Total funds 2023
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 29,409 - - 29,409 19,336
charitable Church Minstry 6,571 6,571
activities
Charitable Funding 5,412 - - 5,412 13,692
Staff salary 25,000 25,000 24,066
Pension cost for employer 563 563 609
Refreshment and other expenses - -
5,167 5,167 4,020
Office Stationary - - 18
Telephone and internet
2,695 2,695 4,593
General expenses - -
1,132 1,132 70
Media expenses
1,812 1,812 251
Children Minstry -
1,155 1,155
Insurance 551 - - 551 557
Accountancy fees - -
2,000 2,000 2,000
Professional fee
1,700 1,700
Transport expenses - - - - 2,336
Membership fee 2,320 2,320
Total expenditure on charitable activities
85,487 - - 85,487 71,548
TOTAL EXPENDITURE 85,487 - - 85,487 71,548
**----- End of picture text -----**
## **5. Analysis of Expenditures ysis of Expenditures sis of Expenditures penditures enditures** 12 **BREAD OF LIFE CHURCH INTERNATIONAL (BOLCI) CHARITY NO:** 1181078 **6. Prepayments** **----- Start of picture text -----**
2024 2023
£ £
Short term cash investments (less than 3 months maturity date) - -
- -
Prepayments 379 364
Other - -
Total 379 364
**----- End of picture text -----**
## **6.1 Cash at bank and in hand** ||**2024**
**£**|**2023**
**£**| |---|---|---| |**Short term cash investments(less than 3 months maturity date)**|-|-| |**Short term deposits**|-|-| |**Cash at bank and on hand**|334,092|217,990| |**Other**|-|-| |**Total**|**334,092**|**217,990**| ## **7. 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
2024 2024 2023 2023
£ £ £ £ £ £ £ £
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 -----**
## **7.1 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 13 **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 1,900 2,612 5,041
the year
Additions - 2,645 - 2,645
Revaluations - - - - -
Disposals - - - - -
Transfers - - - - -
At end of the year - 529 4,545 2,612 7,686
**----- End of picture text -----**
## **6.2 Depreciation and impairments** **----- Start of picture text -----**
Basis RB RB RB RB RB Reducing
Balance
("RB")
Rate 20%
At beginning of the - 313 540 522 1,375
year
Disposals - - - - -
Depreciation - 43 801 418 1,262
Impairment - - - - -
Transfers - - - - -
At end of the year - 356 1,341 940 2,637
6.3 Net book value
Net book value at the - 216 1,360 2,090 3,666
beginning of the year
Net book value at the - 173 3,204 1,672 5,049
end of the year
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## **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 220,845 203,887 (86,750) - - 337,982
- - - - - -
Other funds N/a N/a - - - - - -
Total Funds 220,845 203,887 (86,750) - - 337,982
**----- End of picture text -----**
14 **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 2024 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 - 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 2. 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 15