Registered number 05232145
Powerhouse Community Network
Report and Accounts
31 March 2023
Powerhouse Community Network Registered number: 05232145 Directors' Report
The trustees present their report and accounts for the year ended 31 March 2023.
Principal activities
The charity's principal activity during the year was the provision of community services and pastoral care.
Directors
The following persons served as trustees during the year:
A.Adediran
Trustees' responsibilities
The trustees are responsible for preparing the report and accounts in accordance with applicable law and regulations.
Charity law requires the trustees to prepare accounts for each financial year. Under that law the trustees have elected to prepare the accounts in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under charity law the trustees must not approve the accounts unless they are satisfied that they give a true and fair view of the state of affairs of the organisation and of the profit or loss of the organisation for that period. In preparing these accounts, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and estimates that are reasonable and prudent;
-
prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the organisation's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Charities Act. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
This report was approved by the board on 19 July 2023 and signed on its behalf.
A.Adediran Chairperson
1
Powerhouse Community Network Statement of financial activities for the year ended 31 March 2023
| Incoming resources Direct charitable expenditure Fundraising and publicity Governance costs Other operating income Operating surplus Profit on the disposal of tangible fixed assets Profit on the disposal of investments Gain on revaluation of investments Income from investments Interest receivable Interest payable Surplus for the year |
Unrestricted Unrestricted funds funds 2023 2022 £ £ 65,339 70,268 (15,894) (18,757) 49,445 51,511 - - (32,887) (15,127) - - 16,558 36,384 - - - - - - - - - - - - 16,558 36,384 |
|---|---|
2
Powerhouse Community Network Registered number: 05232145 Balance Sheet as at 31 March 2023
| Notes Fixed assets Tangible assets Current assets Debtors Cash at bank and in hand Creditors: amounts falling due within one year 4 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 5 Net assets Capital and reserves Reserves Shareholder's funds |
72,796 24,340 |
2023 2022 £ £ - - - - 41,331 39,247 80,578 - 97,136 80,578 97,136 80,578 - - 97,136 80,578 97,136 80,578 97,136 80,578 |
|---|---|---|
| 97,136 - |
||
The trustees are satisfied that the charity is entitled to exemption from the requirement to obtain an audit under the Charities Act 2006.
The trustees acknowledge their responsibilities for complying with the requirements of the Charities Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to small charities.
A.Adediran Director Approved by the board on 19 July 2023
3
Powerhouse Community Network Notes to the Accounts for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with the provisions of the Charities Act 2006, and the Charities (Accounts and Reports) Regulations promulgated thereunder, and the Statements of Recommended Practice issued by the Charity Commission.
Unrestricted funds represent funds which are expendable at the discretion of the trustees in furtherance of the objects of the church and are held in the general fund.
Restricted funds represent grants and donations received and tax refunds arising thereon, which were allocated by the donor for specific purposes.
Direct charitable expenditure
Direct charitable expenditure includes all expenditure which is directly related to the objects of the charity and comprises grants paid and costs whch are directly attributable to charitable activities including charitable support costs.
Management and administration costs
Management and administration costs represent expenditure incurred in the management of the assets of the charity, organisational administration and compliance with constitutional and other statutory requirements. None of the Trustees received any remuneration, nor were paid expenses in the year ended 31/03/2021.
Grants and donations
There were no accruals for these items at the year end
| 2 Employees Average number of persons employed by the company 3 Expenditure by activity area: 2021 TST Run4Life Sickle Cell £ £ £ Accounting feed 0 0 0 Advertising and publicity 14.39 0 0 Agents and consultants fees 2000 0 0 Cleaning 0 0 0 Entertainment and hospitality 0 0 0 Equipment 0 0 0 Health & safety 0 0 0 Repairs and maintenance 0 0 0 Offive supplies 2.95 0 0 Payroll liabilities 374.84 0 0 Postage and shipping 0 0 0 Printing 0 0 0 Rent/mortgage costs 3600 0 0 Wages and salaries 3200 0 0 Subscriptions 0 0 0 Telephone 0 0 0 Training 338.36 0 0 Travel 0 0 20.05 Utilities 0 0 0 Volunteer Expenses 0 35 20 Website 0 0 0 Welfare/residents free shopping 0 0 125.1 Totals 9,531 35 165 |
2023 2022 Number Number - - Covid Relief Equally Active Total £ £ £ 23.79 354.1 377.89 832.62 114.1 961.11 0 250 2250 6.49 0 6.49 881.05 0 881.05 3472.05 111.9 3583.95 1019.39 0 1019.39 1520 0 1520 1208.9 0 1211.85 640.16 0 1015 55.4 0 55.4 81 0 81 2500 0 6100 0 1200 4400 0 159.9 159.9 0 30 30 489.53 0 827.89 1547.7 0 1567.75 111.77 0 111.77 2849.09 0 2904.09 445.45 0 445.45 2659.28 0 2784.38 20,344 2,220 32,294 |
|---|---|
4
Powerhouse Community Network Notes to the Accounts for the year ended 31 March 2023
| 4 Creditors: amounts falling due within one year Power House International Ministries 5 Creditors: amounts falling due after one year Bank loans Power House International Ministries |
2023 2022 £ £ - - - - 2023 2022 £ £ - - - - - - |
|---|---|
5
Powerhouse Community Network Income and expenditure account for the year ended 31 March 2023
This schedule does not form part of the statutory accounts
| Incoming resources Donations Direct charitable expenditure Programs and mission expenses Equipment Honorarium and gifts Volunteer expenses Hire/lease Travel Hospitality, welfare and security Training and seminar costs Fundraising and publicity Fundraising and publicity costs Governance costs Premises costs Rent and associated costs Repairs and maintenance Governance costs Telephone and web costs Design, printing and postage Payroll and other administrative costs Accounting fees Advertising and PR Subscriptions Legal and professional costs: Agents/consultancy fees |
2023 2022 £ £ 65,339 70,268 65,339 70,268 3,122 7,020 4,636 3,005 900 200 3,290 1,410 1,000 1,500 178 307 1,634 1,449 1,134 3,866 15,894 18,757 - - - - 4,540 1,500 - - 4,540 1,500 1,200 380 663 61 18,184 9,595 - - 4,540 64 60 53 24,647 10,153 3,700 3,474 3,700 3,474 32,887 15,127 |
|---|---|
6
Powerhouse Community Network Detailed profit and loss account for the year ended 31 March 2023
This schedule does not form part of the statutory accounts
| Incoming resources Direct charitable expenditure Gross incoming resources Fundraising and publicity Governance costs Other operating income Net surplus Gain on the disposal of tangible fixed assets Gain on the disposal of investments Gain on revaluation of investments Income from investments Interest receivable Interest payable Surplus for the year |
2023 2022 £ £ 65,339 70,268 (15,894) (18,757) 49,445 51,511 - - (32,887) (15,127) - - 16,558 36,384 - - - - - - - - - - - - 16,558 36,384 |
|---|---|
7
| Powerhouse Community Network | ||
|---|---|---|
| Corporation tax computation | ||
| Tax reference | ||
| Period beginning | 1/04/22 | |
| Period ending | 31/03/23 | |
| Accounts period beginning | 1/04/22 | |
| Accounts period ending | 31/03/23 | |
| Adjustment of trading profits | £ | |
| Profit before tax per the accounts | 16,558 | |
| Add back disallowable expenses | ||
| Entertainment | - | |
| Legal & professional fees | - | |
| Parking fines | - | |
| Donations | - | |
| Depreciation and (profit)/loss on sale of assets | - | |
| Other | - | |
| Capital allowances | - | |
| Add back dividends payable on non-equity shares included in interest payable | - | |
| Deduct non-trading income | ||
| Interest receivable | - | |
| Property income | - | |
| Loss on revaluation of investments | - | |
| Franked investment income | - | |
| Other income not taxable | - | |
| Other adjustments | ||
| Finance lease adjustments | - | |
| Leased cars | - | |
| Other operating lease adjustments | - | |
| Adjusted trading profit | 16,558 | |
| Taxable profits | £ | |
| Trading profit | 16,558 | |
| Charity relief | (16,558) | |
| Losses utilised | - | |
| - | ||
| Interest receivable | - | |
| Rental income | - | |
| Net chargeable gains | - | |
| Less: qualifying donations to UK charities | - | |
| Taxable profit | - | |
| Days in accounting period falling in each tax year | ||
| Days falling | ||
| Tax year | **in tax year ** | Days in year |
| 2021 | - | |
| 2022 | 365 | |
| 365 | 365 | |
| Corporation tax payable | ||
| Taxable | ||
| Tax year profit |
Tax rate | Corp Tax |
| 2021 - |
19% | - |
| 2022 - |
19% | - |
| - | ||
| Corporation tax payable | - |
8
| Powerhouse Community NetwoCapital allowances Tax reference Period beginning Period ending Summary General pool Special rate pool Short term asset pools Total capital allowances General Pool Written down value brought forward Disposal receipts Balancing allowance Balancing charge Expenditure qualifying for writing down allowance Relevant first year expenditure Other expenditure qualifying for first year allowance Expenditure qualifying for annual investment allowance FYA in respect of relevant FYA expenditure £1000 or less: write off Annual investment allowance Writing down allowance Written down value carried forward Special rate pool Written down value brought forward Disposal receipts Balancing allowance Balancing charge Thermal installation expenditure Integral feature expenditure Expenditure on a car that is not a main rate car Expenditure qualifying for annual investment allowance Annual investment allowance Writing down allowance Written down value carried forward Total of short life asset pools Number of single asset pools Written down value brought forward Disposal receipts Balancing allowances Balancing charges Expenditure qualifying for written down allowance Relevant first year expenditure Other expenditure qualifying for first year allowance Expenditure qualifying for annual investment allowance FYA in respect of relevant FYA expenditure Other FYA Annual investment allowances Writing down allowances Written down value carried forward |
- - - |
1/04/22 31/03/23 £ - - - |
|---|---|---|
| - | ||
| £ - - - - - |
||
| - - - - - |
||
| - - |
||
| - | ||
| £ - - - - - - - |
||
| - - - |
||
| - - - - |
||
| - | ||
| - £ - - - - - |
||
| - - - - - |
||
| - |
9