REGISTERED COMPANY NUMBER: 05876797 (England and Wales) REGISTERED CHARITY NUMBER: 1117663
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2022
FOR
SOZO HOUSE OF PRAISE
SOZO HOUSE OF PRAISE
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2022
| 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 2022
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 2022. 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 K CAMPBELL MISS C LAWES MRS Y PARKER
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 2022
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 27 February 2023 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 2022.
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 2. 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 Date: .............................................
Page 3
SOZO HOUSE OF PRAISE
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MAY 2022
| Unrestricted Restricted fund fund Notes £ £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 38,357 - EXPENDITURE ON Raising funds 3 11,329 - Charitable activities 4 Other Charitable Purposes 22,568 - Other 1,200 - Total 35,097 - NET INCOME 3,260 - RECONCILIATION OF FUNDS Total funds brought forward 21,813 - TOTAL FUNDS CARRIED FORWARD 25,073 - |
2022 Total funds £ 38,357 11,329 22,568 1,200 35,097 3,260 21,813 25,073 |
2021 Total funds £ 35,633 12,578 21,054 1,700 35,332 301 21,512 21,813 |
|---|---|---|
The notes form part of these financial statements
Page 4
SOZO HOUSE OF PRAISE
BALANCE SHEET 31 MAY 2022
| Unrestricted Restricted fund fund Notes £ £ FIXED ASSETS Tangible assets 10 2,136 - CURRENT ASSETS Cash at bank 25,254 - CREDITORS Amounts falling due within one year 11 (2,317) - NET CURRENT ASSETS 22,937 - TOTAL ASSETS LESS CURRENT LIABILITIES 25,073 - NET ASSETS 25,073 - FUNDS 12 Unrestricted funds TOTAL FUNDS |
2022 Total funds £ 2,136 25,254 (2,317) 22,937 25,073 25,073 25,073 25,073 |
2021 Total funds £ 2,591 21,498 (2,276) 19,222 21,813 21,813 21,813 21,813 |
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2022.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2022 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 27 February 2023 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 2022
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 |
2022 £ 29,050 4,362 4,856 - 89 38,357 2022 £ - |
2021 £ 28,040 212 2,213 5,000 168 35,633 2021 £ 5,000 |
|---|---|---|
continued...
Page 6
SOZO HOUSE OF PRAISE
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2022
3. RAISING FUNDS
| Raising donations and legacies Sanctuary Rental and Expenses Telephone and internet Printing, postage & stationery Gen. church running expenses Storage and removals Depreciation Support costs 4. CHARITABLE ACTIVITIES COSTS Other Charitable Purposes 5. SUPPORT COSTS Management £ Other Charitable Purposes 18,000 6. NET INCOME/(EXPENDITURE) Net income/(expenditure) is stated after charging/(crediting): Depreciation - owned assets |
2022 £ 5,322 563 131 2,386 2,472 455 - 11,329 Support Direct costs (see Costs note 5) £ £ 2,205 20,363 Governance Finance costs £ £ 46 2,317 2022 £ 455 |
2021 £ 3,516 883 146 2,893 2,259 564 2,317 12,578 Totals £ 22,568 Totals £ 20,363 2021 £ 564 |
|---|---|---|
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 May 2022 nor for the year ended 31 May 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 May 2022 nor for the year ended 31 May 2021.
continued...
Page 7
SOZO HOUSE OF PRAISE
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2022
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 35,633 EXPENDITURE ON Raising funds 12,578 Charitable activities 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 |
2022 £ 18,000 18,000 2022 2 Restricted fund £ - - - - - - - - |
2021 £ 18,000 18,000 2021 2 Total funds £ 35,633 12,578 21,054 1,700 35,332 301 21,512 21,813 |
|---|---|---|
continued...
Page 8
SOZO HOUSE OF PRAISE
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2022
10. TANGIBLE FIXED ASSETS
| 10. | TANGIBLE FIXED ASSETS | |||||
|---|---|---|---|---|---|---|
| Plant and | Furniture | Church | ||||
| machinery | & Fittings | equipment | Totals | |||
| £ | £ | £ | £ | |||
| COST | ||||||
| At 1 June 2021 and 31 May 2022 | 9,450 | 2,174 | 4,965 | 16,589 | ||
| DEPRECIATION | ||||||
| At 1 June 2021 | 9,450 | 1,583 | 2,965 | 13,998 | ||
| Charge for year | - | 55 | 400 | 455 | ||
| At 31 May 2022 | 9,450 | 1,638 | 3,365 | 14,453 | ||
| NET BOOK VALUE | ||||||
| At 31 May 2022 | - | 536 | 1,600 | 2,136 | ||
| At 31 May 2021 | - | 591 | 2,000 | 2,591 | ||
| 11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE | YEAR | ||||
| Social security and other taxes | 2022 £ - |
2021 £ (41) |
||||
| Accrued expenses | 2,317 | 2,317 | ||||
| 2,317 | 2,276 | |||||
| 12. | MOVEMENT IN FUNDS | |||||
| Unrestricted funds | At | 1.6.21 £ |
Net movement in funds £ |
At 31.5.22 £ |
||
| General fund | 21,813 | 3,260 | 25,073 | |||
| TOTAL FUNDS | 21,813 | 3,260 | 25,073 | |||
| Net movement in funds, included in the above are as follows: | ||||||
| Unrestricted funds | Incoming resources £ |
Resources expended £ |
Movement in funds £ |
|||
| General fund | 38,357 | (35,097) | 3,260 | |||
| TOTAL FUNDS | 38,357 | (35,097) | 3,260 |
continued...
Page 9
SOZO HOUSE OF PRAISE
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2022
12. MOVEMENT IN FUNDS - continued
Comparatives for 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 |
| Comparative 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 |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds | At 1.6.20 £ |
Net movement At in funds 31.5.22 £ £ |
|---|---|---|
| General fund | 21,512 | 3,561 25,073 |
| TOTAL FUNDS | 21,512 | 3,561 25,073 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds | Incoming Resources resources expended £ £ |
Movement in funds £ |
|---|---|---|
| General fund | 73,990 (70,429) |
3,561 |
| TOTAL FUNDS | 73,990 (70,429) |
3,561 |
continued...
Page 10
SOZO HOUSE OF PRAISE
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2022
13. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 May 2022.
Page 11
SOZO HOUSE OF PRAISE
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MAY 2022
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Tithes and Offering | 29,050 | 28,040 |
| Sundry Income & Donations | 4,362 | 212 |
| HMRC - Gift aid | 4,856 | 2,213 |
| Government Grants | - | 5,000 |
| Interest | 89 | 168 |
| 38,357 | 35,633 | |
| Total incoming resources | 38,357 | 35,633 |
| EXPENDITURE | ||
| Raising donations and legacies | ||
| Sanctuary Rental and Expenses | 5,322 | 3,516 |
| Telephone and internet | 563 | 883 |
| Printing, postage & stationery | 131 | 146 |
| Gen. church running expenses | 2,386 | 2,893 |
| Storage and removals | 2,472 | 2,259 |
| Depn of furniture & fittings | 55 | 64 |
| Computer equipment | 400 | 500 |
| Charitable activities | 11,329 | 10,261 |
| Welfare & Hospitality | - | 544 |
| Motor,travel and transport | 2,205 | 2,510 |
| Other | 2,205 | 3,054 |
| Stipend and Expenses | 1,200 | 1,700 |
| Support costs | ||
| Management | ||
| Salary, Wages and Allowance | 18,000 | 18,000 |
| Finance | ||
| Bank charges & interest | 46 | - |
| Governance costs | ||
| Accountancy charges | 2,317 | 2,317 |
| Total resources expended | 35,097 | 35,332 |
| Net income | 3,260 | 301 |
This page does not form part of the statutory financial statements
Page 12