THE TRUTH SETS FREE LTD
UNAUDITED
FINANCIAL STATEMENTS AND DIRECTORS' REPORT
for the
YEAR ENDED 31 MARCH 2024
Co. No: 06041253
Charity No: 1127898
THE TRUTH SETS FREE LTD
CONTENTS OF THE FINANCIAL STATEMENTS for the year ended 31st March 2024
| Contents | ||
|---|---|---|
| Page | ||
| Company Information | 1 | |
| Report of the Directors | 2 | |
| Income Statement | 3 | |
| Balance Sheet | 4 | |
| Notes to the Financial Statements | 5 | |
| Trading and Profit and Loss Account | 9 |
THE TRUTH SETS FREE LTD
COMPANY INFORMATION for the year ended 31 March 2024
TRUSTEE Sonia Zoumavo Lydie C Ngo Nguimbouk Letty Toto Berangere Venus Gomis Vivian Osei-Akoto
Company number 06041253 ( England and Wales)
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 31 March 2024
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements for the year ended 31 March 2024.
The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) 'Accounting and Reporting by Charities' issued in March 2005
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.
The charity 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 from all walks of life.
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
ON BEHALF OF THE BOARD:
S Zoumavo - Trustee
30 December 2024
Page 2
THE TRUTH SETS FREE LTD
STATEMENT OF FINANCIAL AFFAIRS for the year ended 31 March 2024
| Notes Incoming Resources 9 Tithes and offerings Gift Aid Bank interest Total Incoming Resources Resources expended 10 Total charitable activities Total govenance cost 11 Total Resources Expended Net Incoming / Outgoing Resources Reconciliation of Funds Total Funds brought forward Total Funds carried forward |
Total 2024 £ 38,589 6,003 64 44,656 37,666 2,681 40,347 4,309 29,273 33,582 |
Total 2023 £ 27,741 6,241 20 |
|---|---|---|
| 34,002 | ||
| 36,769 3,315 |
||
| 40,084 | ||
| 6,082 ) ( |
||
| 35,355 | ||
| 29,273 |
All of the company's operations are classed as continuing. The company had no recognised gains and losses for the year other those shown above. The movement on reserves is shown above and in in notes 7.
The notes form part of these financial statements
Page 3
THE TRUTH SETS FREE LTD
BALANCE SHEET as at 31st March 2024
| Notes FIXED ASSETS Tangible assets 3 CURRENT ASSETS Debtors 4 Cash at bank and in hand CREDITORS Amount falling due within one year 5 NET CURRENT (LIABILITIES)/ASSETS NET ASSETS RESERVES General Funds 8 |
£ £ 8,044 5,698 18,650 24,348 595 23,753 31,797 31,797 31,797 2024 |
£ £ 8,044 5,698 18,650 24,348 595 23,753 31,797 31,797 31,797 2024 |
£ £ 9,765 7,134 12,759 19,893 2,171 17,722 27,487 27,487 27,487 2023 |
£ £ 9,765 7,134 12,759 19,893 2,171 17,722 27,487 27,487 27,487 2023 |
|---|---|---|---|---|
| 24,348 595 |
19,893 2,171 |
|||
| 31,797 | 27,487 | |||
| 31,797 | 27,487 | |||
| 31,797 | 27,487 |
The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.
The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2024 in accordance with Section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for:
(a) Ensuring that the company keeps accounting records which 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 company as at the end of each financial year and of its profit or loss 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 company.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the Board of Directors on 30 December 2024 and signed on its behalf by:
S Zoumavo - Trustee
The notes form part of these financial statements Page 4
THE TRUTH SETS FREE LTD
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024
1. ACCOUNTING POLICIES
Accounting convention
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
Turnover
Turnover represents donations and gifts to the church
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each assets over its estimated useful life.
Fixed Assets - 25% on reducing balance
2. OPERATING (LOSS)/PROFIT
The Operating Profit (2024 - operating profit) is stated after charging:
| Depreciation - owned assets | 2024 £ 2,681 |
2023 £ 3,255 |
|---|---|---|
Page 5
THE TRUTH SETS FREE LTD
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2024
ACCOUNTING POLICIES - continued
3 TANGIBLE FIXED ASSETS
| COST At 1st April 2023 Additions in the year At 31st March 2024 DEPRECIATION At 1st April 2023 Depreciation for the year At 31st March 2024 NET BOOK VALUE At 31st March 2024 At 31st March 2023 |
Media Music Office Fixtures Motor Total Equipment Equipment Equipment and Vehicles Fittings etc £ 24,934 18,761 11,717 9,031 9,041 73,484 - - 959 - - 959 24,934 18,761 12,676 9,031 9,041 74,443 24,016 15,284 10,431 8,761 5,226 63,718 230 869 561 68 954 2,681 24,246 16,153 10,992 8,829 6,180 66,399 689 2,608 1,684 203 2,861 8,044 1,286 1,286 918 3,477 270 7,237 |
|---|---|
| 4 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade Debtors Other debtors 5 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade Creditors Taxation and Social Security Accrued expenses 6 EMPLOYEES AND DIRECTORS |
2024 £ 3,954 1,744 5,698 2024 £ 210 385 - 595 |
2023 £ 3,954 3,180 |
|---|---|---|
| 7,134 | ||
| 2023 £ 1,882 289 - |
||
| 2,171 | ||
The average number of employees during the year was 1 (2023 - 1).
Page 6
THE TRUTH SETS FREE LTD
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024
ACCOUNTING POLICIES - continued
7 SHARE CAPITAL
The charity is limited by guarantee.
8 RESERVES
£ At 1st April 2023 27,488 Profit for the year 4,309 At 31 March 2024 31,797
Page 7
THE TRUTH SETS FREE LTD
Statement of Financial Activities for the year ended 31 March 2024
| 9 Incoming resources from charitable activities Tithes and Offering Gift Aid Bank Interest 10 Resources expended Gross Wages Social Security Pensions Media accessories Small office equipment Web hosting & services Advertising Visiting Pastors Honourarium Rent & Rates Repairs & Servicing Cleaning & Waste Travel cost Motor expenses Professional Fee Telephone Office stationery Subscription Insurance 11 Governance costs Bank interest & charges Depreciation Total Resources expended NET (DEFICIT) / SURPLUS |
2024 £ 38,589 6,003 64 44,656 14,251 704 241 461 619 661 60 - 16,559 275 87 841 - 521 651 89 145 1,501 37,666 - 2,681 2,681 40,347 4,309 |
2023 £ 27,741 6,241 20 |
|---|---|---|
| 34,002 | ||
| 12,870 656 215 297 622 474 307 600 13,743 1,115 42 - 1,329 - 675 868 635 2,321 |
||
| 36,769 | ||
| 60 3,255 |
||
| 3,315 | ||
| 40,084 | ||
| 6,082 ) ( |
This page does not form part of the statutory financial statements
Page 8