REGISTERED COMPANY NUMBER: 05876797 (England and Wales) REGISTERED CHARITY NUMBER: 1117663
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2021
FOR
SOZO HOUSE OF PRAISE
SOZO HOUSE OF PRAISE
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2021
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | ||
| Notes to the Financial Statements | 6 | to | 11 |
| Detailed Statement of Financial Activities | 12 |
SOZO HOUSE OF PRAISE
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MAY 2021
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 May 2021. The trustees have adopted the provisions of 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).
OBJECTIVES AND ACTIVITIES Objectives and aims
To advance the Christian Faith through Evangelism and Ministry in accordance with the Statement of Faith set out int schedule to the Memorandum of Association.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
05876797 (England and Wales)
Registered Charity number
1117663
Registered office
First Floor 14-16 Powis Street Woolwich London SE18 6LF
Trustees
REV L DOUGLAS MISS S CAMPBELL (resigned 1.3.2021) MISS K CAMPBELL MISS C LAWES (appointed 1.3.2021) MRS Y PARKER (appointed 1.3.2021)
Company Secretary
MRS V A BLAKE
Independent Examiner
Abudey & Company First Floor 14-16 Powis Street Woolwich London SE18 6LF
Director
Bishop Dr Omroy V. Miller
Page 1
SOZO HOUSE OF PRAISE
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MAY 2021
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by order of the board of trustees on 30 March 2022 and signed on its behalf by:
REV L DOUGLAS - Trustee
Page 2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SOZO HOUSE OF PRAISE
Independent examiner's report to the trustees of SOZO HOUSE OF PRAISE ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 May 2021.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I 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.
Mr Symon L Abudey FAIA Abudey & Company First Floor 14-16 Powis Street Woolwich London SE18 6LF
30 March 2022
Page 3
SOZO HOUSE OF PRAISE
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MAY 2021
| Unrestricted Restricted fund fund Notes £ £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 35,633 - EXPENDITURE ON Raising funds 3 12,578 - Charitable activities 4 Other Charitable Purposes 21,054 - Other 1,700 - Total 35,332 - NET INCOME 301 - RECONCILIATION OF FUNDS Total funds brought forward 21,512 - TOTAL FUNDS CARRIED FORWARD 21,813 - |
2021 Total funds £ 35,633 12,578 21,054 1,700 35,332 301 21,512 21,813 |
2020 Total funds £ 46,879 21,662 22,761 1,405 |
|---|---|---|
| 45,828 | ||
| 1,051 20,461 |
||
| 21,512 |
The notes form part of these financial statements
Page 4
SOZO HOUSE OF PRAISE
BALANCE SHEET
31 MAY 2021
| Unrestricted Restricted fund fund Notes £ £ FIXED ASSETS Tangible assets 10 2,591 - CURRENT ASSETS Debtors 11 - - Cash at bank 21,498 - 21,498 - CREDITORS Amounts falling due within one year 12 (2,276) - NET CURRENT ASSETS 19,222 - TOTAL ASSETS LESS CURRENT LIABILITIES 21,813 - NET ASSETS 21,813 - FUNDS 13 Unrestricted funds TOTAL FUNDS |
2021 Total funds £ 2,591 - 21,498 21,498 (2,276) 19,222 21,813 21,813 21,813 21,813 |
2020 Total funds £ 2,127 16,101 4,353 20,454 (1,069) 19,385 21,512 21,512 21,512 21,512 |
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2021.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2021 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 30 March 2022 and were signed on its behalf by:
L DOUGLAS - Trustee
The notes form part of these financial statements
Page 5
SOZO HOUSE OF PRAISE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Furniture & Fittings - 15% on reducing balance Church equipment - 20% on reducing balance
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2. DONATIONS AND LEGACIES
| Tithes and Offering Sundry Income & Donations HMRC - Gift aid Government Grants Interest Grants received, included in the above, are as follows: Other grants |
2021 £ 28,040 212 2,213 5,000 168 35,633 2021 £ 5,000 |
2020 £ 38,711 714 7,454 - - |
|---|---|---|
| 46,879 | ||
| 2020 £ - |
Page 6
continued...
SOZO HOUSE OF PRAISE
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2021
3. RAISING FUNDS
Raising donations and legacies
| 2021 £ Sanctuary Rental and Expenses 3,516 Telephone and internet 883 Printing, postage & stationery 146 Gen. church running expenses 2,893 Storage and removals 2,259 Depreciation 564 Support costs 2,317 12,578 4. CHARITABLE ACTIVITIES COSTS Support Direct costs (see Costs note 5) £ £ Other Charitable Purposes 3,054 18,000 5. SUPPORT COSTS Governance Management costs £ £ Raising donations and legacies - 2,317 Other Charitable Purposes 18,000 - 18,000 2,317 6. NET INCOME/(EXPENDITURE) Net income/(expenditure) is stated after charging/(crediting): 2021 £ Depreciation - owned assets 564 |
2020 £ 10,331 1,046 150 5,606 2,046 166 2,317 |
|---|---|
| 21,662 | |
| Totals £ 21,054 |
|
| Totals £ 2,317 18,000 |
|
| 20,317 | |
| 2020 £ 166 |
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 May 2021 nor for the year ended 31 May 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 May 2021 nor for the year ended 31 May 2020.
continued...
Page 7
SOZO HOUSE OF PRAISE
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2021
| 8. STAFF COSTS Wages and salaries The average monthly number of employees during the year was as follows: Employees No employees received emoluments in excess of £60,000. 9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund £ INCOME AND ENDOWMENTS FROM Donations and legacies 46,879 EXPENDITURE ON Raising funds 21,662 Charitable activities Other Charitable Purposes 22,761 Other 1,405 Total 45,828 NET INCOME 1,051 RECONCILIATION OF FUNDS Total funds brought forward 20,461 TOTAL FUNDS CARRIED FORWARD 21,512 |
2021 £ 18,000 18,000 2021 2 Restricted fund £ - - - - - - - - |
2020 £ 18,000 18,000 2020 2 Total funds £ 46,879 21,662 22,761 1,405 45,828 1,051 20,461 21,512 |
2020 £ 18,000 18,000 2020 2 Total funds £ 46,879 21,662 22,761 1,405 45,828 1,051 20,461 21,512 |
|---|---|---|---|
| 45,828 | |||
| 1,051 20,461 |
|||
| 21,512 |
continued...
Page 8
SOZO HOUSE OF PRAISE
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2021
| 10. | TANGIBLE FIXED ASSETS | ||||
|---|---|---|---|---|---|
| Plant and | Furniture | Church | |||
| machinery | & Fittings | equipment | Totals | ||
| £ | £ | £ | £ | ||
| COST | |||||
| At 1 June 2020 | 9,450 | 2,174 | 3,937 | 15,561 | |
| Additions | - | - | 1,028 | 1,028 | |
| At 31 May 2021 | 9,450 | 2,174 | 4,965 | 16,589 | |
| DEPRECIATION | |||||
| At 1 June 2020 | 9,450 | 1,519 | 2,465 | 13,434 | |
| Charge for year | - | 64 | 500 | 564 | |
| At 31 May 2021 | 9,450 | 1,583 | 2,965 | 13,998 | |
| NET BOOK VALUE | |||||
| At 31 May 2021 | - | 591 | 2,000 | 2,591 | |
| At 31 May 2020 | - | 655 | 1,472 | 2,127 | |
| 11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||
| 2021 | 2020 | ||||
| £ | £ | ||||
| Pentecostal CU 3023 | - | 16,101 | |||
| 12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||
| 2021 | 2020 | ||||
| £ | £ | ||||
| Social security and other taxes | (41) | (56) | |||
| Accrued expenses | 2,317 | 1,125 | |||
| 2,276 | 1,069 | ||||
| 13. | MOVEMENT IN FUNDS | ||||
| Net | |||||
| movement | At | ||||
| At 1.6.20 | in funds | 31.5.21 | |||
| £ | £ | £ | |||
| Unrestricted funds | |||||
| General fund | 21,512 | 301 | 21,813 | ||
| TOTAL FUNDS | 21,512 | 301 | 21,813 |
continued...
Page 9
SOZO HOUSE OF PRAISE
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2021
13. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 35,633 | (35,332) | 301 |
| TOTAL FUNDS | 35,633 | (35,332) | 301 |
Comparatives for movement in funds
| Net | ||
|---|---|---|
| movement | At | |
| At 1.6.19 | in funds | 31.5.20 |
| £ | £ | £ |
| Unrestricted funds | ||
| General fund 20,461 |
1,051 | 21,512 |
| TOTAL FUNDS 20,461 |
1,051 | 21,512 |
| Comparative net movement in funds, included in the above are as follows: | ||
| Incoming | Resources | Movement |
| resources | expended | in funds |
| £ | £ | £ |
| Unrestricted funds | ||
| General fund 46,879 |
(45,828) | 1,051 |
| TOTAL FUNDS 46,879 |
(45,828) | 1,051 |
A current year 12 months and prior year 12 months combined position is as follows:
| Net | |||
|---|---|---|---|
| movement | At | ||
| At 1.6.19 | in funds | 31.5.21 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 20,461 | 1,352 | 21,813 |
| TOTAL FUNDS | 20,461 | 1,352 | 21,813 |
continued...
Page 10
SOZO HOUSE OF PRAISE
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2021
13. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 82,512 | (81,160) | 1,352 |
| TOTAL FUNDS | 82,512 | (81,160) | 1,352 |
14. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 May 2021.
Page 11
SOZO HOUSE OF PRAISE
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MAY 2021
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Tithes and Offering | 28,040 | 38,711 |
| Sundry Income & Donations | 212 | 714 |
| HMRC - Gift aid | 2,213 | 7,454 |
| Government Grants | 5,000 | - |
| Interest | 168 | - |
| 35,633 | 46,879 | |
| Total incoming resources | 35,633 | 46,879 |
| EXPENDITURE | ||
| Raising donations and legacies | ||
| Sanctuary Rental and Expenses | 3,516 | 10,331 |
| Telephone and internet | 883 | 1,046 |
| Printing, postage & stationery | 146 | 150 |
| Gen. church running expenses | 2,893 | 5,606 |
| Storage and removals | 2,259 | 2,046 |
| Depn of furniture & fittings | 64 | 76 |
| Computer equipment | 500 | 90 |
| 10,261 | 19,345 | |
| Charitable activities | ||
| Welfare & Hospitality | 544 | 1,160 |
| Motor,travel and transport | 2,510 | 3,601 |
| 3,054 | 4,761 | |
| Other | ||
| Stipend and Expenses | 1,700 | 1,343 |
| Bank charges & interest | - | 62 |
| 1,700 | 1,405 | |
| Support costs | ||
| Management | ||
| Salary, Wages and Allowance | 18,000 | 18,000 |
| Governance costs | ||
| Accountancy charges | 2,317 | 2,317 |
| Total resources expended | 35,332 | 45,828 |
| Net income | 301 | 1,051 |
This page does not form part of the statutory financial statements
Page 12