OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator. This document is also available as Markdown.

← The Sole 2 Soul Foundation

2025-04-05-accounts

Docusign Envelope ID: DDDFA3FB-781B-431D-AF5A-39B17246E374

Charity number: 1112911

THE SOLE 2 SOUL FOUNDATION

UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2025

Docusign Envelope ID: DDDFA3FB-781B-431D-AF5A-39B17246E374

THE SOLE 2 SOUL FOUNDATION

CONTENTS

Page
Reference and administrative details ofthecharity, itsTrustees and advisers 1
Trustees’ report 2-3
Independentexaminer's report 4
Statementoffinancial activities 5
Balancesheet 6
Notestothefinancialstatements 7-16

Docusign Envelope ID: DDDFA3FB-781B-431D-AF5A-39B17246E374

THE SOLE 2 SOUL FOUNDATION

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2025

Trustees JCP Smith AS Smith

Charity registered number 1112911 Principal office 30 Nelson Street Leicester LE1 7BA

Accountants Somerbys Limited 30 Nelson Street Leicester LE1 7BA

Page 1

Docusign Envelope ID: DDDFA3FB-781B-431D-AF5A-39B17246E374

THE SOLE 2 SOUL FOUNDATION

TRUSTEES’ REPORT FOR THE YEAR ENDED§ APRIL 2025

The Trustees present their annual report together with the financial statements of the charity for the 6 April 2024 to 5 April 2025.

Objectives and activities

e Policies and objectives

The key objects of the Charity are:

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance ‘Public benefit: running a charity (PB2)’.

e Activities for achieving objectives

In planning our activities we have kept in mind the Charities Commission guidance on Public Benefit. In fulfilling our principle objects, we provide benefit through providing relief of financial hardship and poverty, usually through other charities which have established infrastructures to get the funds to those most at need. Furthermore, in terms of advancing the Christian faith, the charity supports a local church, which enables ordinary people in the community to worship, pray, find out more about Jesus and help other people in the community.

Achievements and performance

e Review of activities

In the year under review the Trustees made grants to organisations and individuals, ranging from £10 to £20,000. The Trustees were satisfied they have supported a wide range of valuable activities for the purposes that they continue to support.

During the year the charity continued to provide accommodation for church missionaries. The charity benefits from the income generated by the investment properties, to the tune of £79,694 (2024: £77,359) in rental income, enhancing the ability to make charitable donations.

Going concern

e Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason the Trustees concluded that it is appropriate to continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.

Page 2

Docusign Envelope ID: DDDFA3FB-781B-431D-AF5A-39B17246E374

THE SOLE 2 SOUL FOUNDATION

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED5 APRIL 2025

Structure, governance and management

e Constitution

The Sole 2 Soul Foundation was established on 15 November 2005 and is governed by the Trust Deed of that date. The charity was registered with the Charity Commission on 2 February 2006 under the registration number 1112911.

e Structure, governance and management

The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed. The Trustees who served during the year were:

JCP Smith

AS Smith

The Trustees are responsible for the appointment and training of any new Trustee, including awareness of a Trustee's responsibilities, the trust deed, charitable objects and procedures.

The Trustees have conducted a review to identify the major risks to which the charity is exposed and systems have been established to mitigate those risks. The risk policy is reviewed annually by the Trustees and updated whenever necessary.

Trustee meetings are held quarterly and regular contact is maintained to determine the distribution of funds.

Approved by order of the members of the board of Trustees and signed on their behalf by:

DocuSigned by:

(larles Smith

Trustee

Date: 1 September 2025

Page 3

Docusign Envelope ID: DDDFA3FB-781B-431D-AF5A-39B17246E374

THE SOLE 2 SOUL FOUNDATION INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED5 APRIL 2025

Independent examiner's report to the Trustees of The Sole 2 Soul Foundation (‘the charity’)

| report to the charity Trustees on my examination of the financial statements of the The Sole 2 Soul Foundation 'the charity’ for the year ended 5 April 2025 which comprise the Statement of Financial Activities, the Balance Sheet the Statement of Cash Flows and related notes.

This report is made solely to the charity’s Trustees, as a body, in accordance with section 145 of the Charities Act 2011. My work has been undertaken so that | might state to the charity's Trustees those matters | am required to state to them in this report and for no other purpose. To the fullest extent permitted by law, | do not accept or assume responsibility to anyone other than the charity and the charity's Trustees as a body, for my work, for this report, or for the opinions | have formed.

Responsibilities and basis of report

As the Trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the 2011 Act’).

| report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination | have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the financial statements. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently | express no opinion as to whether the financial statements present a ‘true and fair view and my report is limited to those specific matters set out in the independent examiner's statement. independent examiner's statement | have completed my examination. | confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1. accounting records were not kept in respect of the charity as required by section 130 of the Act, or 2. the accounts do not accord with those records. | have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. eee Signed: tal N a Dated: 2 Seglemnba 215

A M West (FCA) Chartered Accountant 30 Nelson Street Leicester LE17BA

Page 4

Docusign Envelope ID: DDDFA3FB-781B-431D-AF5A-39B17246E374

THE SOLE 2 SOUL FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2025

Total Total
funds funds
2025 2024
Note £ £
Incomefrom:
Donationsand legacies 2 128,706 87,045
Investments 3 81,230 78,316
Total income 209,936 165,361
Expenditure on:
Charitable activities 4 182,860 237,524
Total expenditure 182,860 237,524
Netmovement in funds before otherrecognised
gains 27,076 (72,163)
Other recognised gains:
Gainson revaluation ofinvestment property 11 - -
Net movement in funds 27,076 (72,163)
Reconciliation offunds:
Totalfunds brought forward 2,028,588 2,100,751
Net movement in funds 27,076 (72,163)
Totalfundscarriedforward 15 2,055,664 2,028,588

The notes on pages 7 to 16 form part of these financial statements.

Page 5

Docusign Envelope ID: DDDFA3FB-781B-431D-AF5A-39B17246E374

THE SOLE 2 SOUL FOUNDATION

BALANCE SHEET AS AT 5 APRIL 2025

==> picture [470 x 393] intentionally omitted <==

----- Start of picture text -----
2025 2024
Note £ £
Fixed assets
Tangible assets 10 903,648 924,186
Investment property 11 1,650,000 1,650,000
2,553,648 2,574,186
Current assets
Debtors 12 15,752 28,712
Cash at bank and in hand 71,272 61,523
87,024 90,235
Creditors: amounis falling due within one
year 13 (2,532) (3,357)
Net current assets 84,492 86,878
Total assets less current liabilities 2,638,140 2,661,064
Creditors: amounts falling due after more
than one year 14 (582,476) (632,476)
Total net assets 2,055,664 2,028,588
Charity funds
Restricted funds 15 - -
Unrestricted funds 15 2,055,664 2,028,588
Total funds 2,055,644 2,028,588
----- End of picture text -----

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by: JCP Smith CeDocuSigned Smiteby: Trustee 3442EOF9685E4AF...

Date: 1 September 2025

The notes on pages 7 to 16 form part of these financial statements.

Page 6

Docusign Envelope ID: DDDFA3FB-781B-431D-AF5A-39B17246E374

THE SOLE 2 SOUL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED5 APRIL 2025

1. Accounting policies

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair’ view. This departure has involved following the Charities SORP (FRS 102) published on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The Sole 2 Soul Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

1.2 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Investment income, gains and losses are allocated to the appropriate fund.

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.

For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor's intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.

Donated services or facilities are recognised when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the general volunteer time of the Friends is not recognised and refer to the Trustees’ report for more information about their contribution.

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Page 7

Docusign Envelope ID: DDDFA3FB-781B-431D-AF5A-39B17246E374

THE SOLE 2 SOUL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED5 APRIL 2025

  1. Accounting policies (continued)

1.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Charitable activities and Governance costs are costs incurred on the charity's educational operations, including support costs and costs relating to the governance of the charity apportioned to charitable activities.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

1.5 Going concern

The Trustees assess whether the use of going concern is appropriate, ie whether there are any material uncertainties related to events or conditions that may cast significant doubt over the ability of the charity to continue as a going concern. The Trustees make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements and have concluded that the charity has adequate resources to continue in operational existence.

1.6 Tangible fixed assets and depreciation

Tangible fixed assets costing £100 or more are capitalised.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Freehold property

1.7 Investment property

Investment properties are properties held by the charity to earn rentals or for capital appreciation, rather than for use in the supply of charitable activities or for sale in the ordinary course of charity operations. Investment properties are initially measured at cost and subsequently at fair value at the reporting date. The surplus or deficit on revaluation is recognised in the Statement of financial activities.

Page 8

Docusign Envelope ID: DDDFA3FB-781B-431D-AF5A-39B17246E374

THE SOLE 2 SOUL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

1. Accounting policies (continued)

1.8 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

1.9 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.10 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.

1.11 Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2. Income from donations and legacies

Total Total
funds funds
2025 2024
£ £
Donations 112,965 69,636
HMRC tax refunds 15,741 17,409
Total 128,706 87,045

Page 9

Docusign Envelope ID: DDDFA3FB-781B-431D-AF5A-39B17246E374

THE SOLE 2 SOUL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

3. Investment income

Total Total
funds funds
2025 2024
£ £
Rent Received 79,694 77,359
Interest Received 1,536 957
Total 81,230 78,316

4. Analysis of expenditure by activities

Direct
costs		 Grants
paid		 Support
costs		 Total
funds		 Total
funds
2025 2025 2025 2025 2025
£ £ £ £ £
Charitable activities 40,810 136,449 5,601 182,860 237,524
Total2024 43,558 187,594 6,372 237,524
Analysisofdirectcosts
Total
funds		 Total
funds
2025 2024
£ £
Depreciation 20,537 20,537
Property maintenance 20,273 23,021
Total 40,810 43,558

Page 10

Docusign Envelope ID: DDDFA3FB-781B-431D-AF5A-39B17246E374

THE SOLE 2 SOUL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

4. Analysis of expenditure by activities (continued)

Analysis of support costs

Total
funds		 Total
funds
2025 2024
£ £
Governance costs (see note 5) 5,601 6,372
5. Governance costs
2025 2024
£ £
Accountancy fees 5,061 4,857
Legaland professional fees 540 1,515
5,601 6,372
  1. Analysis of grants
Grantsto
Institutions		 Grantsto
Individuals		 Total
funds		 Total
funds
2025 2025 2025 2024
£ £ £ £
Grants paid 81,996 54,453 136,449 187,594
Total2024 170,994 16,600 187,594
  1. Grants to institutions
2025 2024
£ £
Ministries without Borders International 30,120 85,120
Living RockTrust 9,100 17,885
HesedTrust 30,900 47,830
Other 11,876 20,159
81,996 170,994

Page 11

Docusign Envelope ID: DDDFA3FB-781B-431D-AF5A-39B17246E374

THE SOLE 2 SOUL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED5 APRIL 2025

8. Independent examiner's remuneration

2025 2024
£ £
Fees payabletothecharity's independentexaminerforthe independent
examination ofthe charity's annualaccounts 2,532 2,457
Feespayabletothe charity's independent examiner in respect of:
Allotherservicesnotincludedabove 2,529 2,400

9. Trustees

The charity has no employees other than the Trustees. None of the Trustees (or any of the persons connected with them) received any remuneration or benefits during the year or previous year.

No Trustees received any reimbursement of expenses during the year or previous year.

Page 12

Docusign Envelope ID: DDDFA3FB-781B-431D-AF5A-39B1 72465374

THE SOLE 2 SOUL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

10. Tangible fixed assets

Freehold
property
£
Cost orvaluation
At6 April 2024 1,026,871
Additions -
Transfer to Investment
property -
At 5 April 2025 1,026,871
Depreciation
At6 April 2024 102,685
Charge forthe year 20,537
Eliminated in respect
Transfer -
At5 April 2025 423,222
Net book value
At 5 April 2025 903,649
At5April2024 924,186

11. Investment property

Freehold
investment
property
£
Valuation
At6 April 2024 1,650,000
Transferfrom freehold
property -
Revaluation -
At5April2025 1,650,000

The freehold investment properties were valued by the Trustees, on an open market value for existing use basis.

Page 13

Docusign Envelope ID: DDDFA3FB-781B-431D-AF5A-39B17246E374

THE SOLE 2 SOUL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED5 APRIL 2025

12. Debtors

2025 2024
£ £
Due aftermorethan oneyear
Other debtor - -
Due within oneyear
Income tax recoverable 15,741 28,614
Other Debtors 11 98
15,752 28,712

13. Creditors: Amounts falling due within one year

2025 2024
£ £
Trade Creditors - 900
Accruals and deferred income 2,532 2,457
2,532 3,357

14. Creditors: Amounts falling due after more than one year

Other creditors

2025 2024
£ £
582,476 632,476

Page 14

Docusign Envelope ID: DDDFA3FB-781B-431D-AF5A-39B17246E374

THE SOLE 2 SOUL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

15. Statement of funds

Statement of funds - current year

==> picture [471 x 300] intentionally omitted <==

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |Balance|at 6|Gains/|Balance|at|5| |April 2024|Income|Expenditure|(Losses)|April 2025| |£|£|£|£|£| |Unrestricted|funds| |General|funds|2,028,588|209,936|(182,860)|-|2,055,664| |Statement of funds|-|prior year| |Balance|at 6|Gains/|Balance|at|5| |April 2023|Income|Expenditure|(Losses)|April 2024| |£|£|£|£|£| |Unrestricted|funds| |General|funds|2,100,751|165,361|(237,524)|-|2,028,588| ||—eEeEexy|SE|—————|————|ay|—<—<—<<———| |16.|Analysis of|net|assets|between funds| |Analysis|of net assets|between funds|- current year &|prior year|

----- End of picture text -----

==> picture [445 x 171] intentionally omitted <==

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |Total|Total| |funds|funds| |2025|2024| |£|£| |Tangible fixed|assets|903,648|924,186| |Investment|property|1,650,000|1,650,000| |Debtors due|after|more than|one year|-|-| |Current|assets|87,024|90,235| |Creditors due within|one year|(2,532)|(3,357)| |Creditors due|in|more than|one year|(582,476)|(632,476)| |Total|2,055,644|2,028,588|

----- End of picture text -----

Page 15

Docusign Envelope ID: DDDFA3FB-781B-431D-AF5A-39B17246E374

THE SOLE 2 SOUL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

19. Related party transactions

Included in other creditors is £582,476 (2024: £632,476) loaned by J C P Smith a Trustee. The loan was to enable the charity to purchase the freehold and investment property.

During the year £30,120 (2024: £85,120) was paid to Ministries Without Borders International, a charity in which J C P Smith is a Trustee.

During the year £30,900 (2024: £47,830) was paid to Hesed Trust, a charity in which both J C P Smith and AS Smith are Trustees.

All transactions with related parties are at arm’s length and in accordance with the Charity's objectives.

Page 16