COMPANY NUMBER: 06041253 REGISTERED CHARITY NUMBER: 1127898
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 March 2021
for
The Truth Sets Free Ltd
THE TRUTH SETS FREE LTD
CONTENTS OF THE FINANCIAL STATEMENTS for the year ended 31st March 2021
Contents
| Page | |
|---|---|
| Company Information | 1 |
| Report of the Directors | 2 |
| Statement of Financial Activities | 3 |
| Balance Sheet | 4 |
| Notes to the Financial Statements | 5 - 8 |
THE TRUTH SETS FREE LTD
Company Information for the year ended 31st March 2021
DIRECTORS
The following directors who are also Trustees have held office during the year:
TRUSTEE
Lydie C Ngo Nguimbouk Letty TOTO Berangere Venus GOMIS
SECRETARY
Lydie C Ngo Nguimbouk
REGISTERED NUMBER:
06041253 (England and Wales)
REGISTERED CHARITY NUMBER:
1127898
REGISTERED OFFICE
Flat 3 257 Holmesdale Road London SE25 6PG
Page 1
THE TRUTH SETS FREE LTD
DIRECTORS' REPORT
for the year ended 31st March 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 March 2020. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) 'Accounting and Reporting by Charities' issued in March 2005.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by its governing document, a deed of trust, and consistutes a limited company, limited by guarantee, as identified by the Companies Act 2006.
OBJECTIVES AND ACTIVITIES
PRINCIPAL ACTIVITY
The principal activity of The Truth Sets Free Ltd is to promote religious activities, church services and related seminars as well as support other charitable activities. This is undertaken by bringing together church members, and visitors in fellowship for pastorial guidance and other activities designed to help and assist people living a more fulfilling life in Christ. In addition, radio broadcasting of the Gospel by the Church and affiliated Churches to the community at large.
The company was established under a Memorandum of Association and is governed under its Articles of Association. The daily management of the church is delegated to a management team which is made up of professionals from various walks of life. Members of the management team report to the directors about their particular areas of operation.
RESERVE POLICY
The directors' of The Truth Sets Free Ltd (TSFL) proposes an implementation on reserve policy to transfer 20% of the general reserves to be held as designated funds for contractual obligations, for instance, equipment replacement, maintenance and most important of all, building fund which would absorb a greater proportion of the reserve TSFL may have to meet in the future.
RISK ASSESSMENT
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
SMALL COMPANY EXEMPTIONS
This report is prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
ON BEHALF OF THE BOARD:
Lydie Christelle Ngo Nguimbock - Trustee
20 December 2021
Page 2
THE TRUTH SETS FREE LTD
STATEMENT OF FINANCIAL ACTIVITIES
for the year ended 31st March 2021
| Notes INCOMING RESOURCES Incoming Resources from Charitable Activities Tithes and Offerings and 2 HMRC Furlough Received Bank Interest 3 Gift Aid Total Incoming Resources RESOURCES EXPENDED Total Charitable Activities 10 Total Governance Costs 11 Total Resources Expended Net Incoming / Outgoing Resources before Transfer Reconciliation of Funds: Total Funds brought forward 7 Total Funds carried forward |
2021 2020 £ £ 33,408 30,391 6,839 - 2 7 - 8,477 |
|---|---|
| 40,249 38,875 |
|
| 31,593 36,912 4,625 3,753 |
|
| 36,218 40,665 |
|
| 4,031 1,790 ) ( |
|
| 24,833 26,623 |
|
| 28,864 24,833 |
All of the company's operations are classed as continuing. The company had no recognised gains or losses for the year other than those shown above. The movement on reserves is shown above and in notes 7.
The notes on pages 5 to 7 form part of these financial statements
Page 3
THE TRUTH SETS FREE LTD
BALANCE SHEET as at 31st March 2021
| Notes FIXED ASSETS Tangible assets 4 CURRENT ASSETS Debtors 5 Cash at bank and in hand CREDITORS: Amount falling due within one year 6 NET CURRENT (LIABILITIES)/ASSETS CREDITORS: Amount falling due more than one year NET ASSETS RESERVES General Funds 7 |
£ 5,517 9,730 |
2021 £ 13,875 15,033 - |
£ 7,529 10,022 |
2020 £ 8,605 16,272 - |
|---|---|---|---|---|
| 15,247 214 |
17,551 1,279 |
|||
| 28,908 | 24,877 | |||
| 28,908 | 24,877 | |||
| 28,908 | 24,877 |
For the period ending 31 March 2021, The Truth Sets Free Ltd was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not acquired the company to obtain an audit in accordance with Section 476 of the Companies Act 2006.
The directors acknowledge their responsibility for complying with the requirements of the Companies Act 2006 with respect to accounting records and for the preparation of the accounts.
The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
ON BEHALF OF THE BOARD:
Lydie Christelle Ngo Nguimbock - Trustee
20 December 2021
The notes on pages 5 to 7 form part of these financial statements
Page 4
THE TRUTH SETS FREE LTD
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31st March 2021
1. ACCOUNTING POLICIES
Accounting convention
The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Enttities (effective April 2008), the Companies Act 2006 and the requirements by the Statement of Recommended Practice (SORP), Accounting and Reporting by Charities.
Incoming resources
All incoming resources are included on the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.
Resources expended
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 assets over its estimated useful life.
Equipment - 25% reducing balance method.
Furniture & Fixtures - 25% reducing balance method.
Fixed assets
Expenditure on items costing £150 and over is capitalised in the year of acquisition. Items costing less than this are to be written off to the Statement of Financial Activities.
Taxation
The company is a registered charity and applies all its income to its charitable objects. It is therefore exempt from Corporation tax.
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.
Page 5
THE TRUTH SETS FREE LTD
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31st March 2021
2. INCOMING RESOURCES
The Incoming resources for the year is attributable to the principal activity of the company as stated in the Directors Report
| Tithes & Offering 3. INVESTMENT INCOME Bank account interest |
2021 £ 33,408 33,408 2020 £ 2 |
2020 £ 27,875 |
|---|---|---|
| 27,875 | ||
| 2019 £ - |
4. TANGIBLE FIXED ASSETS
| COST At 1st April 2020 Additions Disposal At 31st March 2021 DEPRECIATION At 1st April 2020 Disposal Dep'n for the year At 31st March 2021 NET BOOK VALUE At 31st March 2021 At 31st March 2020 |
Office Media Music Furniture & Motor Equipment Equipment Equipment Fixtures Vehicle Total £ £ £ £ £ £ 11,317 24,935 16,098 9,032 - 61,382 - - - - 9,041 9,041 - - - - - - |
|---|---|
| 11,317 24,935 16,098 9,032 9,041 70,423 |
|
| 8,981 22,758 11,792 8,392 - 51,923 - - - - - - 584 544 1,077 160 2,260 4,625 |
|
| 9,565 23,302 12,869 8,552 2,260 56,548 |
|
| 1,752 1,633 3,230 480 6,781 13,875 |
|
| 2,057 2,177 3,731 640 - 8,605 |
5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Trade debtors Taxation Other debtors |
2021 £ 3,829 - 1,688 5,517 |
2020 £ 823 3,986 2,720 |
|---|---|---|
| 7,529 |
Page 6
THE TRUTH SETS FREE LTD
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31st March 2021
6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Trade creditors Taxation and Social Security Accruals Other creditors |
2021 £ 212 2 - - 214 |
2020 £ 903 376 - 114 |
|---|---|---|
| 1,393 |
| 7. RESERVES At 1st April 2020 Net Resources for the year At 31 March 2021 |
General Total £ £ 24,877 24,877 4,031 4,031 |
|---|---|
| 28,908 28,908 |
8. SHARE CAPITAL
The company is limited by guarantee. In the event of a deficiency of assets on winding up, each member undertakes to contribute a sum of £1 towards the discharge of the debt.
9. EMPLOYEES
The average number of employees for the year was 1.
Page 7
THE TRUTH SETS FREE LTD
Detailed Statement of Financial Activities for the Year Ended 31 March 2021
| 9. Incoming resources from charitable activities Tithes and Offering HMRC Furlough Received Bank Interest Gift Aid 10. RESOURCES EXPENDED Charitable activities Gross Wages Media accessories Small office equipment Web Hosting & Services Advertising Visiting Pastors Honourarium Rent and Rates Repairs and Servicing Cleaning, Pest & Waste Control Travel Cost Subsistence Telephone Office Stationery Subscription Insurance 11. GOVERNANCE COSTS Depreciation Total Governance Costs Total resources expended Net Income |
TOTAL TOTAL 2021 2020 £ £ 33,408 27,875 6,839 - 2 8 - 6,565 |
|---|---|
| 40,249 34,448 |
|
| 13,399 13,421 4,592 747 139 218 1,090 - 458 357 1,200 - 5,206 18,110 1,265 1,458 177 - 2,489 608 - 73 267 316 218 256 100 146 993 932 |
|
| 31,593 36,642 |
|
| 4,625 2,868 |
|
| 4,625 2,868 |
|
| 36,218 39,510 |
|
| 4,031 5,062 ) ( |
This page does not form part of the statutory financial statements
Page 8