ANNUAL REPORTS AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2023
SALT AND LIGHT MINISTRIES
(A COMPANY LIMITED BY GUARANTEE) COMPANY REGISTRATION No: 03603373 CHARITY REGISTRATION No: 1071600
Castle View Accounting Ltd New Barn Mudberry Lane Bosham Chichester West Sussex PO18 8TS
SALT AND LIGHT MINISTRIES
(A COMPANY LIMITED BY GUARANTEE)
| CONTENTS | |
|---|---|
| Page 3 | Legal & Administrative Information |
| Pages 4 to 6 | Report of the Directors' |
| Page 7 | Statement of Financial Activities |
| Page 8 | Balance Sheet |
| Pages 9 to 19 | Notes to the Financial Statements |
| Page 20 | Independent Examiner's Report |
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SALT AND LIGHT MINISTRIES
(A COMPANY LIMITED BY GUARANTEE)
LEGAL AND ADMINISTRATIVE INFORMATION
CHARITY NUMBER
CHARITY NUMBER 1071600 COMPANY REGISTRATION NUMBER 03603373 DATE OF INCORPORATION 24th July 1998 START OF FINANCIAL YEAR 1st September 2022 END OF FINANCIAL YEAR 31st August 2023 DIRECTORS AT 31ST AUGUST 2023 S.P Thomas A. Moyo S.H Neal
GOVERNING DOCUMENT
Memorandum and Articles of Association Incorporated 24th July 1998.
OBJECTS
To advance the Christian Faith in accordance with the statement of beliefs appearing in the schedule hereto in such parts of the World as the Directors of the Charity may from time to time think fit.
REGISTERED ADDRESS 33 Lower Hall Lane Walsall West Midlands WS1 1RR PRIMARY BANKERS Barclays Bank Plc 20-22 Park Street Walsall West Midlands WS1 1NG INDEPENDENT EXAMINERS Castle View Accounting Ltd New Barn Mudberry Lane Bosham Chichester West Sussex PO18 8TS
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SALT AND LIGHT MINISTRIES
(A COMPANY LIMITED BY GUARANTEE)
REPORT OF THE DIRECTORS'
FOR THE YEAR ENDED 31ST AUGUST 2023
Principal Activity
The principal activity of the company is the advancement of the Christian faith through the provision of training and support for Christian Ministries in a group of churches in the United Kingdom and internationally.
Charitable Status
The company has charitable status and is registered with the Charity Commission under registration number 1071600, and a company registered in England and Wales under registration number 3603373.
Governing Instrument
The company’s activities are regulated by the Memorandum and Articles of Association. The objects of the company are:
-
i) To advance the Christian faith
-
ii) To relieve those who are in conditions of need, hardship or who are aged or sick
-
iii) To advance education in accordance with Christian principles
-
iv) To promote other charitable objects as decided by the directors from time to time
Directors:
-
A Moyo
-
S H Neal
-
S P Thomas
The above named have served during the year. The Directors of the company are also the trustees of the charitable activities. The Directors are kept informed of the activities and performance of the charitable company and provided with regular management information. The composition of the Board is kept under review and additional appointments will be made should the need arise. All Directors are made aware of their responsibilities.
Persons of Significant Control
In line with recent changes to legislation we have created a register of persons of significant control and submitted their details as part of our Companies House return. These persons (who hold the right to appoint or remove the majority of the board of directors of the company) are therefore identical to our Members.
Members
The Members of the charity are the leaders of the Spheres on whose behalf the national framework is run. They are:
-
S Thomas
-
S Jones
-
D Richards
-
A Moyo
Administrative details
Key Staff: Oliver Russell and Andy O’Connell
Registered Office: 33 Lower Hall Lane, Walsall, England, WS1 1RR
Independent Examiners: Castle View Accounting Ltd, New Barn, Mudberry Lane, Bosham Chichester, PO18 8TS
Bankers: Barclays Bank PLC & Virgin Money
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SALT AND LIGHT MINISTRIES
(A COMPANY LIMITED BY GUARANTEE)
REPORT OF THE DIRECTORS' (Continued) FOR THE YEAR ENDED 31ST AUGUST 2023
Review of Activities
Within the UK we have continued with our strategy of releasing churches to invest more in their local Spheres, and have supported this work through a further round of a Training Grant processes to invest £27,000 in Sphere-sponsored training over this period.
We continue to maintain two residential properties in Oxford which substantially help to finance our grant making. These are maintained to a good standard with fair commercial rents set to a local Oxford charity to support the homeless or those who would otherwise struggle to find accommodation.
We also continue to handle a small number of regular donors to overseas development projects we initiated but which have been subsequently transferred to UK charities who carry on that work (Henley Baptist Church, Basingstoke Community Churches).
We held our first post-pandemic in person conference in Northampton in May 2023 and following that success are working towards other gatherings in Europe and Dubai in the coming year.
Financial Review
During the year the charity has received donations and other income amounting to £98,439 and has incurred expenditure of £119,143. The charity is largely dependent on voluntary support from many individuals and the family of churches, and this is gratefully acknowledged by the Directors.
Reserves
The Directors seek to hold adequate reserves to meet three months operating costs including emergency property costs . At year end we had cash at hand of £15,112 towards a 23/24 expenditure budget of £95,544.
Risk Management
The Directors have reviewed the major risks to which the charity is exposed and have taken steps to mitigate the potential impact of these.
Leadership Transition
In May 2023 we announced that Joemon and Sunita Joseph will be taking over the leadership of the International Team after a transitionary period. This was the culmination of an extensive consultation period and was warmly received across the international family. It will, however, require work in terms of reshaping finances and processes to ensure the work of the charity continues on a firm footing.
Public Benefit
The Directors have considered the guidance provided by the Charity Commission regarding public benefit and the work of the charity (in particular the specific guidance on charities for the advancement of religion).
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SALT AND LIGHT MINISTRIES (ACOMPANY UMrrED BYGUARApifE REPORT OF THE DIRECTORS. IContlnu•dl FOR THE YEAR ENDED 31ST AUGUST 2023 St•t•mMt olDhct¢rn' R•wi¥lblW' The Ch&rib0s A¢1 aTrJ the Ccrfnpar4es kt rerww8 808rd ¢4Trwtees lo kyepwo 1knaAll ytateTrnts for each fnanda ywr which oiv8 a Ino tsir ¥w of ts giat• of affairs of tho CW • •t ts •TrJ d th8 fin¥Kk¥l rnr Bnd of th8 suWu$ bl 11 ¢onDtNM in J88$., dl The are dao fc¢ miirtsfflir¥ ith raasonAtl• ai ny the cl ere $ufficth to th& chty5 tr8n8xthon8 on•W• thèm to tnwr• ¢hot stalamwts coftwy th Ccffip0 2((6 wth regLdknDnS made under tho Chonts¥¥ Act TW aro akn r•wroth for the ass•ty of tt tharity aTrJ c• l¢r rgasonatk Sts for thè aTrJ dotec11 Irrnwb"e4. Tho Dlr8Ctw I0 r•¥FbI9 fty tho ccffitertBolts Dty•rt¢xs' rwL re•rtI olts knd9F•rnlt oxaml In rda1V 10 lh• Diroctrys. r•wt * limrt•d to reF#yt on fK• of th• r•prt there •r• no Incon¥fj#endoB wfth the tyre8 st8t8pttl comp1n reLm. l approve &tt8cW si•i•meTrt of fir¥1 aTrJ tLgw #•t ky th• yJar 31•t 2023 ¢mnrm that I hav• mad8 avalatk all gned bohdlby DKI(.................... ..... ... Prin1 Naffw.
SALT AND LIGHT MINISTRIES
(A COMPANY LIMITED BY GUARANTEE)
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST AUGUST 2023
(Incorporating Income and Expenditure Account)
| Notes INCOMING RESOURCES Incoming Resources from Generated Funds Donations, Grants & Legacies 3a Investment Income 3b Charitable Activities 3c Activities for Generating Funds 3d Other Incoming Resources 3e TOTAL INCOMING RESOURCES RESOURCES EXPENDED Cost of Generating Funds Charitable Activities 4a Governance Costs 4b TOTAL RESOURCES EXPENDED NET INCOMING/ (OUTGOING) RESOURCES Balance Brought Forward Revaluation of Investment Properties 9 Transfer Between Funds 5 TOTAL FUNDS CARRIED FORWARD |
Unrestricted Designated Restricted TOTAL TOTAL Funds Funds Funds 2022/23 2021/22 £ £ £ £ £ 2,647 6,614 2,913 12,174 24,047 6 - - 6 5 300 37,345 - 37,645 4,660 48,600 - - 48,600 48,000 13 - - 13 3 51,567 43,959 2,913 98,439 76,716 25,231 74,073 17,653 116,957 42,567 2,186 - - 2,186 1,881 27,417 74,073 17,653 119,143 44,449 24,150 (30,114) (14,740) (20,704) 32,267 716,089 29,310 17,355 762,754 730,487 133,600 - - 133,600 - (804) 804 - - - 873,035 - 2,615 875,650 762,754 |
|---|---|
Movements on all reserves and all recognised gains and losses are shown above. All of the organisation's operations are classed as continuing.
The notes on pages 9 to 19 form part of these financial statements.
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SALT AND LIGHT MINISTRIES IA COMPANY UMITED BY GUARANTEEI BALANCE SHEET AS AT 31ST AUGUST 2023 Peytricted TOTAL TOTAL Fwd8 31-Aw23 31.Au22 FuThYs Flx•dA•••t• Tangit4eAssets Social Inveslmenl 719,OCKJ 10.0 10.C 852.61 10,CKXI Totsl Flx•d AM•ts 862.600 729.C Curr•ntAswts 08bl(n & Propaynts Cash at Bank in 11 1,077 34.135 12,497 2,615 1&112 Tot•l Currthtt A•wts 12,497 2,61S 18,112 35,812 12 2,059 NET¢URReMfAaSETS iQ435 2.615 13.050 33,754 Cr•dltorn". Aft¥nts ¢kn In rthy• than 13 TOTAL ASSETS kns rI•m 673,035 2.615 875.650 782,754 NET ASSETS 673,035 2.115 875,850 762,754 Funds oftr• clIty Gener Fts De¥lgnated Fund8 R95tncted Funds 873.035 873,035 716,089 29.310 17,35S 2,615 2.615 Tot•1 Fur 873.035 2.615 875,650 782,754 Dlr•¢tors' R•4n11b1kn¢. Tho Dlociorn are Satis that for fv 3141 Aw 3)23 IIRTr GhDrrtth cufipany wJ¥ enbded lo exemptr frn Ihe r8qthm8nt lo otiw'n w atyrt tmdor ¥ecticffi 477 of th8 Cryrvr 20Cfj •NJ Ihal rK> rnemr MomrI h4ve reQred th¢ ¢omp•ny to otstsfft an 4jrt cl ts aCc0Jn tr ¢N• r in acoNdanc8 iln S•¢tw 476 of the Art MowEver. In or¢•re wnn 14> 01 ijie 2011. been examinod by In lThYyndent Examiwwhw apF•ars on p9gE 20. The acwmts hAv• W•p•j in arte in Part 15 d lh• Act 20Cfj apr4e lo comF4nN88 Wt48Ct to thv small rew •ThJ act(Ydanco IN• Fv4ndal ReFth'w SIWld apF4a in t UK 8TrJ ROwt4 of1rd (FRS12l. The Dir¢5 thr rosF¥Slty lor erwJrw that 4x4rwny fecL¥¢Js c(*nply with 386 of tha A¢X •rd for kwrirq slatem8nts whh a tru• and f•"r vitrw of the &ate ol affairB of the company as ai orthe financi4 lor ar 4ccordènce Ymth IhE requirernents so far as lo Its ccffipany. qlgn•J onth•k (JK1....................... PTlnt&l N•
(A COMPANY LIMITED BY GUARANTEE)
SALT AND LIGHT MINISTRIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2023
1. ACCOUNTING POLICIES
Basis of Preparation & Assessment of Going Concern
Basis of Preparation
The financial statements 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 financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities (SORP 2015) (Second Edition, effective 1st January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Charities Act 2011.
The Charity meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost unless otherwise stated in the relevant accounting policy notes.
Assessment of Going Concern
Preparation of the accounts is on a going concern basis. The trustees consider that there are no material uncertainties about the Charity’s ability to continue as a going concern.
Incoming Resources
Recognition of Incoming Resources
These are included in the Statement of Financial Activities (SOFA) when:
▪ the charity becomes entitled to the resources;
▪ the Directors are virtually certain they will receive the resources; and
▪ the monetary value can be measured with sufficient reliability
Incoming Resources with Related Expenditure
Where incoming resources have related expenditure (as with fundraising or contract income) the incoming resource and related expenditure are reported gross in the SOFA.
Grants and Donations
Grants and Donations are only included in the SOFA when the charity has unconditional entitlement to the resources.
Tax Reclaims on Donations and Gifts
Incoming resources from tax reclaims are included in the SOFA in the same financial period as the gift to which they relate.
Contractual Income and Performance Related Grants
This is only included in the SOFA once the related goods or services has been delivered.
Gifts in Kind
Gifts in kind are accounted for at a reasonable estimate of their value to the charity or the amount actually realised. Gifts in kind for sale or distribution are included in the accounts as gifts only when sold or distributed by the charity. Gifts in kind for use by the charity are included in the SOFA as incoming resources when receivable.
Donated Services and Facilities
These are only included in incoming resources (with an equivalent amount in resources expended) where the benefit to the charity is reasonably quantifiable, measurable and material. The value placed on these resources is the estimated value to the charity of the service or facility received.
Volunteer Help
The value of any voluntary help received is not included in the accounts but is described in the Directors' annual report.
Investment Income
This is included in the accounts when receivable.
Investment Gains and Losses
This included any gain or loss on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year.
9
SALT AND LIGHT MINISTRIES
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST AUGUST 2023
1. ACCOUNTING POLICIES (Continued)
Expenditure and Liabilities
Liability Recognition
Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources.
Governance Costs
Include costs of the preparation and examination of statutory accounts, the costs of the Directors' meetings and cost of any legal advice to Directors on governance or constitutional matters.
Changes in Accounting Policies and Previous Accounts
There has been no change to the accounting policies (variation rules and methods of accounting) since last year, and no changes to the previous accounts.
Grants Payable without Performance Conditions
These are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to a grant which remain in control of the charity.
Taxation
The charity is exempt from tax on its charitable activities.
Legal Status of the Charity
The charity is a company limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £10 per member of the charity.
Investments
Investments quoted on a recognised stock exchange are valued at market value at the year end. Other investment assets are included at Directors' best estimate of market value.
Fixed Asset Investments
Fixed asset investments are held to generate income and a return on investment. The investments are held to generate income and for their future investment potential and capital appreciation. Fixed asset investments are investments that are held specifically to generate income to further the Charity's objects and due to capital appreciation the Charity expects to generate a profit on disposal to further the Charity's objects.
Current Asset Investments
Current asset investments are held to generate income and/or for their investment potential. Current asset investments are investments that are held specifically for sale or are investments that the Charity expects to sell by the next balance sheet date.
Investments, other than social investments (see below), are valued as follows:
i ) Investment property and listed investments are valued at their market value (fair value) at the balance sheet date.
Social Investments
Social investments are investments where the primary motive is to further the charity's objects, not to generate an investment return.
Concessionary Loans
These are initially recognised as the amount paid and thereafter the carrying value at every balance sheet date is adjusted for repayments, interest charges and provisions for impairment if the amount owed may not be fully recoverable.
Impairment Losses
Impairment losses and losses arising on the disposal of social investments are included in the Statement of Financial Activities.
10
SALT AND LIGHT MINISTRIES
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST AUGUST 2023
Critical Accounting Estimates and Areas of Judgement
ln preparing financial statements certain judgements, estimates and assumptions have to be made that affect the amounts recognised:
i ) The valuation of fixed asset investments and the recoverability of social investments. These estimate are reassessed annually and the valuations are adjusted to reflect current expectations of the fair value of each.
ii ) The constructive obligation for grants payable is based on an assessment of the likely duration of the supported activity. Again this estimate is re-assessed annually and the obligation is adjusted to reflect current expectations.
Investment Property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.
Tangible Fixed Assets
These are capitalised if they can be used for more than one year, and cost at least £5,000. They are valued at cost or, if gifted, at the value to the charity on receipt.
Depreciation Expense
Depreciation is calculated at a rate to write off the cost of tangible fixed assets over their estimated useful lives. The rates applied per annum are as follows:
| nnum are as follows: | |
|---|---|
| Equipment Cost | 25% - Reducing Balance Basis |
| Fixtures and Fittings | 25% - Reducing Balance Basis |
Land & Buildings
Land and Buildings have been valued and included within the accounts at cost value as at the 31st August 2016 in accordance with FRS 102 - Previous revaluation as deemed cost.
Valuation of Land and Building
During the financial year ended 31st August 2016 the Director of Salt and Light Ministries sought guidance and advice regarding the current market value of the Land and Building held by the Charity at 88 Pinnocks Way, Botley, OX2 9DQ and 161 Southern By-Pass, North Hinksey, OX2 0LN. The Land and Buildings have been included in the accounts at market value as at the 31st August 2016 and are included in the accounts in accordance with FRS102 Previous Valuation Deemed Cost.
2. TANGIBLE FIXED ASSETS
| Cost 01-Sep-22 Additions Reclassification to Investment Property Cost at 31-Aug-23 Depreciation 01-Sep-22 Charge Depreciation at 31-Aug-23 Net Book Value 31-Aug-23 Net Book Value 31-Aug-22 |
Pinnocks Southern Total Way By-Pass 2022/23 £ £ £ 365,000 354,000 719,000 - - - (365,000) (354,000) (719,000) - - - - - - - - - - - - - - - 365,000 354,000 719,000 Land & Buildings |
|---|---|
The annual commitments under non-cancelling operating leases and capital commitments are as follows: 31st August 2023 : None
31st August 2022 : None
11
SALT AND LIGHT MINISTRIES
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST AUGUST 2023
3. INCOMING RESOURCES
| a) Donations, Grants & Legacies Gifts & Donations Gift Aid Tax Recovered b) Investment Income Interest c) Charitable Activities Conference & Events King's School of Theology d) Activities for Generating Funds Rental Income e) Other Incoming Resources Sundry Income |
Unrestricted Designated Restricted TOTAL TOTAL Funds Funds Funds 2022/23 2021/22 £ £ £ £ £ 2,647 6,614 2,913 12,174 21,688 - - - - 2,359 2,647 6,614 2,913 12,174 24,047 6 - - 6 5 6 - - 6 5 - 37,345 - 37,345 4,460 300 - - 300 200 300 37,345 - 37,645 4,660 48,600 - - 48,600 48,000 48,600 - - 48,600 48,000 13 - - 13 3 13 - - 13 3 |
|---|---|
12
SALT AND LIGHT MINISTRIES
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST AUGUST 2023
4. RESOURCES EXPENDED
| Note a) Charitable Activities Bank Charges Basingstoke Reseeding Costs Conference & Events Gifts & Donations Insurance Costs International Church Relief Fund King's School of Theology New Hope Uganda Office Costs Pearls Expenditure Repairs & Maintenance Staff Costs 16 Training Grants Travel & Subsistence b) Governance Costs Independent Examiners Fee 12 Legal & Professional Fees |
Unrestricted Designated Restricted TOTAL TOTAL Funds Funds Funds 2022/23 2021/22 £ £ £ £ £ 1,325 663 - 1,988 1,611 - - 11,793 11,793 - 9,885 32,490 - 42,375 3,599 58 - 2,500 2,558 58 2,123 - - 2,123 1,843 - - 300 300 - - 492 - 492 - - - - - 18 319 311 - 630 1,034 - - 60 60 40 6,275 - - 6,275 19,995 4,339 10,055 - 14,394 14,369 - 27,000 3,000 30,000 - 906 3,062 - 3,968 - 25,231 74,073 17,653 116,957 42,567 1,500 - - 1,500 1,425 686 - - 686 456 2,186 - - 2,186 1,881 |
|---|---|
13
SALT AND LIGHT MINISTRIES
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST AUGUST 2023
5. DESIGNATED FUNDS
CURRENT FINANCIAL YEAR
| Transform Summer Camp King's School of Theology International Operations UK Operations Housing Fund Training Grants Events Fund |
Balance Balance 01-Sep-22 Income Expenditure Transfers 31-Aug-23 £ £ £ £ £ (158) 158 - - - 192 300 492 - - (3,672) 6,156 9,236 6,752 - 1,831 - - (1,831) - 79,117 - - (79,117) - (48,000) - 27,000 75,000 - - 37,345 37,345 - - 29,310 43,959 74,073 804 - |
|---|---|
PREVIOUS FINANCIAL YEAR
| Transform Summer Camp King's School of Theology International Operations UK Operations Housing Fund Training Grants |
Balance Balance 01-Sep-21 Income Expenditure Transfers 31-Aug-22 £ £ £ £ £ (158) - - - (158) - 200 8 - 192 (1,866) 3,767 5,573 - (3,672) 2,713 7,710 8,592 - 1,831 47,241 48,000 16,124 - 79,117 (48,000) - - - (48,000) (70) 59,677 30,297 - 29,310 |
|---|---|
Designated Funds are mainly training related courses or events where any final surplus or deficit is transferred to the General Fund.
Transfers include both these final balance transfers and a management charge levied on the event to cover central costs.
The Designated Funds held are wholly represented by the Charity's Cash Reserves. The Designated Funds in deficit are classed as continued operations and funds will be replenished in the coming financial period.
14
SALT AND LIGHT MINISTRIES
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST AUGUST 2023
6. RESTRICTED FUNDS
CURRENT FINANCIAL YEAR
| Ministry Support - UK Development Fund Ministry Support - International Development Fund Church Relief Fund New Hope Uganda Pearls of Africa International Church Relief Fund Eternal Wall Basingstoke Development Fund |
Balance Balance 01-Sep-22 Income Expenditure Transfers 31-Aug-23 £ £ £ £ £ 3,000 - 3,000 - - 1,000 - - - 1,000 1,580 35 - - 1,615 (18) 18 - - - - 60 60 - - - 300 300 - - - 2,500 2,500 - - 11,793 - 11,793 - - 17,355 2,913 17,653 - 2,615 |
|---|---|
PREVIOUS FINANCIAL YEAR
| Ministry Support - UK Development Fund Ministry Support - International Development Fund Church Relief Fund New Hope Uganda Pearls of Africa International Church Relief Fund Basingstoke Development Fund |
Balance Balance 01-Sep-21 Income Expenditure Transfers 31-Aug-22 £ £ £ £ £ 3,000 - - - 3,000 1,000 - - - 1,000 1,580 - - - 1,580 - - 18 - (18) (20) 60 40 - - (185) 330 145 - - - 11,793 - - 11,793 5,375 12,183 203 - 17,355 |
|---|---|
Ministry Support Funds are monies given for development for both the UK and International branches of the Church Family.
Church Relief International and Church Relief International Education Funds include monies given specifically to support overseas aid and education projects, the biggest of which is the Children's Centre - New Hope Uganda. The grant giving is made to institutions and individuals who undertake activities that further the Charity's objects. These funds are gradually being transferred to other organisations who will continue to administer the funds to intended recipients.
The Youth Development Fund has been set to provide for Charitable work with young people in furthering the Charity's objects.
The Eternal Wall was a campaign run to plant a tree in memorial of the Salt & Light founder Barney Coombs.
The Basingstoke Development Fund was a specific gift towards the replanting of a Salt & Light Church in the Basingstoke area.
The Restricted Funds held are wholly represented by the Charity's Cash Reserves. Any Restricted Funds in deficit are classed as continued operations and funds will be replenished in the coming financial period.
15
SALT AND LIGHT MINISTRIES
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST AUGUST 2023
7. GRANTS PAYABLE
| Grants for UK and Overseas Missions Grants for the Relief of Poverty Grants for Education, including Ministry Training |
Grants to Grants to TOTAL TOTAL Institutions Individuals 2022/23 2021/22 £ £ £ £ 2,558 - 2,558 58 360 - 360 203 30,000 - 30,000 - 32,918 - 32,918 261 |
|---|---|
8. SOCIAL INVESTMENT
CURRENT FINANCIAL YEAR
| Concessionary Loans PREVIOUS FINANCIAL YEAR Concessionary Loans |
Balance Loans Loans Provision for Balance 01-Sep-22 Made Repaid Impairment 31-Aug-23 £ £ £ £ £ 10,000 - - - 10,000 10,000 - - - 10,000 Balance Loans Loans Provision for Balance 01-Sep-21 Made Repaid Impairment 31-Aug-22 £ £ £ £ £ 20,000 - 10,000 - 10,000 20,000 - 10,000 - 10,000 |
|---|---|
Social investments comprise a concessionary loans made to a Charity to help it expatriate a Church Leader into a new UK Church.
9. INVESTMENT PROPERTIES
The Charity owns two houses that had previously been used for bible college student accommodation. The houses are currently rented to another Charity and ongoing usage is kept under review. As at the 31st August 2019 the Directors consider the values of the properties to be £719,000. The last valuation from a local estate agent was carried out during the year ended 31st August 2016.
| Cost Value at 1st September 2022 Revaluation of Investment Properties Fair Value at 31st August 2023 |
Pinnocks Southern Total Total Way By-Pass 31-Aug-23 31-Aug-22 £ £ £ £ 365,000 354,000 719,000 719,000 35,680 97,920 133,600 - 400,680 451,920 852,600 719,000 Land & Buildings |
|---|---|
16
SALT AND LIGHT MINISTRIES
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST AUGUST 2023
10. CASH AT BANK AND IN HAND
| Cash at Bank and in Hand 11. DEBTORS AND PREPAYMENTS Sundry Debtors |
Unrestricted Restricted Total Total Fund Fund 31-Aug-23 31-Aug-22 £ £ £ £ 12,497 2,615 15,112 34,135 12,497 2,615 15,112 34,135 Unrestricted Restricted Total Total Fund Fund 31-Aug-23 31-Aug-22 £ £ £ £ - - - 1,677 - - - 1,677 |
|---|---|
12. CREDITORS AND ACCRUALS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Independent Examiners Fees Sundry Creditors |
Unrestricted Restricted Total Total Fund Fund 31-Aug-23 31-Aug-22 £ £ £ £ 1,500 - 1,500 1,425 562 - 562 634 2,062 - 2,062 2,059 |
|---|---|
13. CREDITORS AND ACCRUALS: AMOUNTS FALLING DUE IN MORE THAN ONE YEAR
The Charity held no long term liabilities during this or the previous financial year.
14. NET ASSETS BETWEEN FUNDS
| Fixed Asset Investments Net Current Assets Long Term Liabilities |
Unrestricted Restricted Total Total Funds Funds 31-Aug-23 31-Aug-22 £ £ £ £ 862,600 - 862,600 729,000 10,435 2,615 13,050 33,754 - - - - 873,035 2,615 875,650 762,754 |
|---|---|
17
SALT AND LIGHT MINISTRIES
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST AUGUST 2023
15. RECONCILIATION OF MOVEMENT ON CAPITAL AND RESERVES
The Company is Limited by Guarantee (03603373) and is a Charity registered with the Charity Commission (1071600) and does not have a Share capital and has no income subject to Corporation Tax.
| Profit / Deficit for the financial year Other Recognised Gains Balance Brought Forward Revaluation of Investment Properties 9 Closing Funds at 31st August 2023 16. STAFF COSTS AND NUMBERS Gross Wages, Salaries & Fees Employer's National Insurance Costs Pension Contributions Employees who were engaged in each of the following activities: Charitable Activities |
TOTAL 2022/23 £ (20,704) - (20,704) 762,754 133,600 875,650 TOTAL 2022/23 £ 14,394 - - 14,394 TOTAL 2022/23 2 |
TOTAL 2021/22 £ 32,267 - 32,267 730,487 - 762,754 TOTAL 2021/22 £ 14,369 - - 14,369 TOTAL 2021/22 2 |
|---|---|---|
The Charity operates PAYE scheme to pay all employed members of staff and no members of staff received emoluments of over £60,000 (2021/22:None).
The Charity's key management comprise the trustees and the key staff named in the administrative details of the Trustees Annual Report. During the year no key management received employment benefits directly from Salt and Light Ministries, but other organisations were reimbursed £14,394 for work carried out by key management (2021/22: £14,369).
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SALT AND LIGHT MINISTRIES
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST AUGUST 2023
17. DIRECTORS AND OTHER RELATED PARTIES
No payments were made to Directors or any persons connected with them during this financial period. No material transaction took place between the organisation and a Director or any person connected with them.
18. RISK ASSESSMENT
The Directors actively review the major risks which the charity faces on a regular basis and believe that maintaining the free reserves stated, combined with the annual review of the controls over key financial systems carried out will on an annual basis provide sufficient resources in the event of adverse conditions. The Directors have also examined other operational and business risks which they face and confirm that they have established systems to mitigate the significant risks.
19. RESERVES POLICY
The Directors have considered the level of reserves they wish to retain, appropriate to the charity's needs. This is based on the charity's size and the level of financial commitments held. The Directors aim to ensure the charity will be able to continue to fulfil its charitable objectives even if there is a temporary shortfall in income or unexpected expenditure. The directors will endeavour not to set aside funds unnecessarily.
20. PUBLIC BENEFIT
The Charity acknowledges its requirement to demonstrate clearly that it must have charitable purposes or ‘aims’ that are for the public benefit. Details of how the charity has achieved this are provided in the Trustees report. The Trustees confirm that they have paid due regard to the Charity Commission guidance on public benefit before deciding what activities the charity should undertake.
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INDEPENDENT EXAMINER’S REPORT ON THE ACCOUNTS
Report to the trustees/ members of Salt and Light Ministries on the accounts for the year ended 31st August 2023 set out on pages 7 to 19.
Respective responsibilities of trustees and examiner
The Charity's trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the financial statements. The trustees are satisfied that the audit requirement of Section 144(1) of the Charities Act 2011 (the Act) does not apply, and that there is no requirement in the governing document or constitution of the Charity for the conducting of an audit. As a consequence, the trustees have elected that the financial statements be subject to independent examination.
Having satisfied myself that the charity is not subject to audit, and is eligible for independent examination, it is my responsibility to:-
a) examine the accounts under section 145 of the Act;
b) to follow the procedures laid down in the General Directions given by the Charity Commission under section 145(5)(b) of the Act; and;
c) to state whether particular matters have come to my attention.
Basis of independent examiner's statement
I conducted my examination in accordance with the General Directions given by the Charity Commissioners for England & Wales in relation to the conducting of an independent examination, referred to above. An independent examination includes a review of the accounting records kept by the Charity and of the accounting systems employed by the Charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from you as trustees concerning such matters. The purpose of the examination is to establish as far as possible that there have been no breaches of the Charities legislation and that the financial statements comply with the SORP, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements.
The procedures undertaken do not provide all the evidence that would be required in an audit, and information supplied by the trustees in the course of the examination is not subjected to audit tests or enquiries, and consequently I do not express an audit opinion on the view given by the financial statements, and in particular, I express no opinion as to whether the financial statements give a true and fair view of the affairs of the charity, and my report is limited to the matters set out in the statement below.
I planned and performed my examination so as to satisfy myself that the objectives of the independent examination are achieved and before finalising the report I obtain written assurances from the trustees of all material matters.
Independent examiner's statement
In the course of my examination, no matter has come to my attention:
- which gives me reasonable cause to believe that in, any material respect, the trustees requirements:
· to keep accounting records in accordance with section 386 of the Companies Act 2006; and
· to prepare accounts which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with the 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.
K. Collaku MAAT Castle View Accounting Ltd New Barn Mudberry Lane Bosham Chichester West Sussex PO18 8TS
Date: 28th May 2024
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