COMPANY NUMBER: 06041253 REGISTERED CHARITY NUMBER: 1127898 ## **Report of the Trustees and** **Unaudited Financial Statements for the Year Ended 31 March 2023** **for** **The Truth Sets Free Ltd** ## **THE TRUTH SETS FREE LTD** **CONTENTS OF THE FINANCIAL STATEMENTS for the year ended 31st March 2023** ## **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 2023** ## **DIRECTORS** The following directors who are also Trustees have held office during the year: ## **TRUSTEE** Lydie C Ngo Nguimbouk Sonia Zoumavo Letty TOTO Berangere Venus GOMIS Vivian Osei-Akoto ## **SECRETARY** Lydie C Ngo Nguimbouk ## **REGISTERED NUMBER:** 06041253 (England and Wales) ## **REGISTERED CHARITY NUMBER:** 1127898 ## **REGISTERED OFFICE** Flat 3 257 Holmesdale Road London SE25 6PR Page 1 ## **THE TRUTH SETS FREE LTD** ## **DIRECTORS' REPORT** ## **for the year ended 31st March 2023** 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 2022. 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. 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 November 2023 Page 2 ## **THE TRUTH SETS FREE LTD** ## **STATEMENT OF FINANCIAL ACTIVITIES** **for the year ended 31st March 2023** |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**|2023
2022
£
£
27,741
27,254
-
3,274
20
1
6,241
6,274| |---|---| ||34,002
36,803| ||36,769
28,518
3,315
3,919| ||40,084
32,437| ||6,082 )
(
4,366| ||35,355
30,989| ||29,273
35,355| 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 2023** |**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|**£**
7,134
12,759|2023
**£**
£
9,765
5,647
16,641
22,288
477
17,722
-
27,487
27,487
27,487|2022
£
11,758
21,811
-| |---|---|---|---| ||19,893
2,171||| ||||| ||||33,569| ||||33,569| ||||33,569| For the period ending 31 March 2023, 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 November 2023 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 2023** ## **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 2023** ## **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
**4.**
**TANGIBLE FIXED ASSETS**
Office
Media
Music
Equipment Equipment
Equipment
£
£
£
COST
At 1st April 2022
11,318
24,935
17,898
Additions
400
-
863
Disposal
-
-
-
At 31st March 2023
11,718
24,935
18,761
DEPRECIATION
At 1st April 2022
10,003
23,710
14,126
Disposal
-
-
-
Dep'n for the year
429
306
1,159
At 31st March 2023
10,432
24,016
15,285
NET BOOK VALUE
At 31st March 2023
1,286
918
3,477
At 31st March 2022
1,752
1,633
3,230|Tithes & Offering
**3.**
**INVESTMENT INCOME**
Bank account interest
**4.**
**TANGIBLE FIXED ASSETS**
Office
Media
Music
Equipment Equipment
Equipment
£
£
£
COST
At 1st April 2022
11,318
24,935
17,898
Additions
400
-
863
Disposal
-
-
-
At 31st March 2023
11,718
24,935
18,761
DEPRECIATION
At 1st April 2022
10,003
23,710
14,126
Disposal
-
-
-
Dep'n for the year
429
306
1,159
At 31st March 2023
10,432
24,016
15,285
NET BOOK VALUE
At 31st March 2023
1,286
918
3,477
At 31st March 2022
1,752
1,633
3,230|2023
£
27,741
27,741
2023
£
20
Furniture &
Motor
Fixtures
Vehicle
£
£
9,032
9,041
-
-
-
-|2022
£
27,254| |---|---|---|---| ||||27,254| ||||2022
£
1| ||||Total
£
72,223
1,263
-| ||11,718
24,935
18,761|9,032
9,041|73,486| ||10,003
23,710
14,126
-
-
-
429
306
1,159|8,672
3,955
-
-
90
1,271|60,467
-
3,255| ||10,432
24,016
15,285|8,762
5,227|63,721| ||||| ||1,286
918
3,477|270
3,814|9,765| ||1,752
1,633
3,230|480
6,781|13,876| ## **5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** |Trade debtors
Taxation
Other debtors|2023
£
3,954
-
3,180
7,134|2022
£
3,834
-
1,813| |---|---|---| |||5,647| Page 6 ## **THE TRUTH SETS FREE LTD** ## **NOTES TO THE FINANCIAL STATEMENTS for the year ended 31st March 2023** ## **6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** |Trade creditors
Taxation and Social Security
Accruals
Other creditors|2023
£
1,882
289
-
-
2,171|2022
£
225
252
-
-| |---|---|---| |||477| ## **7. RESERVES** |**RESERVES**|| |---|---| |At 1st April 2022
Net Resources for the year
At 31 March 2023|General
Total
£
£
33,569
33,569
6,082 )
(
6,082 )
(| ||27,487
27,487| ## **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 2022 |**9.**
**Incoming resources from charitable activities**
Tithes and Offering
HMRC Furlough Received
Bank Interest
Gift Aid
**10.**
**RESOURCES EXPENDED**
**Charitable activities**
Gross Wages
Social Security
Pensions
Media accessories
Small office equipment
Web Hosting & Services
Advertising
Visiting Pastors Honourarium
Rent and Rates
Repairs and Servicing
Cleaning, Pest & Waste Control
Travel Cost
Motor expenses
Subsistence
Telephone
Office Stationery
Subscription
Insurance
11.
**GOVERNANCE COSTS**
Bank Interest & Charges
Depreciation
**Total Governance Costs**
**Total resources expended**
**Net Income**|TOTAL
TOTAL
2023
2022
£
£
27,741
27,254
-
3,274
20
1
6,241
6,274| |---|---| ||34,002
36,803| ||12,870
13,962
656
683
215
176
297
570
622
475
474
594
307
277
600
-
13,743
6,516
1,115
1,158
42
189
-
989
1,329
-
-
-
675
449
868
1,098
635
554
2,321
828| ||36,769
28,518| ||60
-
3,255
3,919| ||3,315
3,919| ||40,084
32,437| ||| ||6,082 )
(
4,366| This page does not form part of the statutory financial statements Page 8