Charity number: 1137005
LIGHT HOUSE ASSEMBLY HACKNEY REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
Seniguk Consulting ltd
Ground Floor, 2 Woodberry Grove
London N12 0DR
LIGHT HOUSE ASSEMBLY HACKNEY Report and Unaudited Financial Statements For The Year Ended 31 December 2020
| Contents | |
|---|---|
| Page | |
| Statutory Information | 1 |
| Report of the Trustees | 2 |
| Accountants' Report | 3 |
| Income and Expenditure Account | 4 |
| Balance Sheet | 5 |
| Notes to the Financial Statements | 7—8 |
| The following pages do not form part of the statutory accounts: | |
| Detailed Income and Expenditure Account | 9—10 |
LIGHT HOUSE ASSEMBLY HACKNEY Charity Information For The Year Ended 31 December 2020
Trustees Pastor Akintayo Aiyegbusi Mr Obafemi Jaiyeola Rose Aigbogun Charity Commission Number 1137005 Registered Office Unit 7B Bison House Sedgwick Street Off Homerton High Street London E9 6AA Accountants Seniguk Consulting ltd Ground Floor, 2 Woodberry Grove London N12 0DR
Page 1
LIGHT HOUSE ASSEMBLY HACKNEY Charity No. 1137005 Report For The Year Ended 31 December 2020
REPORT OF THE TRUSTEES
Trustee’s Responsibilities in Relation to the Financial Statements
Law applicable to charities in England and Wales requires the trustees to prepare Financial Statements for each Financial year, which give a true and fair view of the charity’s financial activities during the year and of its financial position at the end of the year. In preparing those financial statements, the trustees are required to:
-
Select suitable accountable policies and then apply them consistently;
-
Make judgements and estimates that are reasonable and prudent;
-
State whether applicable accounting standards and statements of recommended practice have been followed subject to any departure disclosed and explained in the financial statements ;
-
Prepare the financial statements on the going concern basis unless it is in appropriate to presume that the charity will continue in business.
The trustees are responsible for keeping accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 1993. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees who held office during the period ending 31 December 2020 were as follows:
Pastor Akintayo Aiyegbusi Mr Obafemi Jaiyeola Rose Aigbogun
On behalf of the Trustees
……………………………………………………………………………….
Pastor Akintayo Aiyegbusi
25/05/2021
Page 2
LIGHT HOUSE ASSEMBLY HACKNEY Accountants' Report For The Year Ended 31 December 2020
INDEPENDENT ACCOUNTANT REPORT
We have prepared the financial statements of The Redeemed Christian Church of God Overcomers House Weston-Super-Mare for the period ended 31 December 2020 which comprises the Statement of Financial activities, Balance Sheet and the related notes set out on page 9 to 12. These financial statements have been prepared under the historic cost convention and the account policies set out on page 9.
This report is made solely for the trustees in accordance with Section 44 Charities Act 1993. Our accounting work has been undertaken so that we might state to the Trustees those matters we are required to state to them in our Accountants’ report and for no other purposes. Fully permitted by law, we do not accept or assume responsibility to anyone other than the Trustees of the Association, for our accounting work, for this report, or for the opinion we have formed.
Respective Responsibilities of Trustees and Accountants
The trustees’ responsibilities for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards are set out in the Statement of Trustees’ Responsibilities on page 4. Our responsibilities are to prepare the financial statements in accordance with relevant legal and regulatory requirements and United Kingdom Accounting Standards.
We report to the trustees our opinion whether the financial statements give a true and fair view and are prepared in accordance with the Charities Act 1993. We also report to you if, in our opinion, the Trustees’ Annual Report is not consistent with the financial statements, if the charity has not kept proper accounting records, or if we have not received all the Information and explanation we require for the preparation of the financial statements.
We read the information contained in the Trustees’ Annual Report and consider whether it is consistent with the financial statements. We consider the implication for our report if we become aware of any apparent misstatements or material inconsistencies with the financial statements. Our responsibilities do not extend to any other information.
Basis of opinion
We have prepared the financial statements with the United Kingdom Accounting Standards issued by the Accounting Standards Board. The preparation includes examination, on a test basis of evidence relevant to the amounts and disclosures in the financial statements. It also includes an assessment of the significant estimates and judgement made by the trustees in the preparation of the financial statements, and of whether the accounting policies are appropriate to the charity’s circumstances, consistently applied and adequately disclosed.
We planned and performed our preparation to obtain all information and explanations that we considered necessary to provide us with sufficient evidence to give reasonable assurance as to whether the financial statements are free from material misstatement, whether caused by fraud or other irregularity or error. In forming our opinion, we also evaluate the overall adequacy of the presentation of information in the financial statements.
Unqualified opinion
In our opinion, the financial statements give a true and fair view of the charity as at 31 December 2020 and of its incoming resources and application of resources for the period then ended and have been properly prepared in accordance with the Charities
25/05/2021 Seniguk Consulting ltd Ground Floor, 2 Woodberry Grove London N12 0DR
Page 3
LIGHT HOUSE ASSEMBLY HACKNEY Income and Expenditure Account For The Year Ended 31 December 2020
| Notes TURNOVER GROSS SURPLUS Administrative expenses OPERATING SURPLUS AND SURPLUS FOR THE FINANCIAL YEAR |
2020 £ 67,403 67,403 (57,230 ) 10,173 |
2019 £ 75,828 |
|---|---|---|
| 75,086 (70,438 ) |
||
| 5,390 |
The notes on pages 7 to 8 form part of these financial statements.
Page 4
LIGHT HOUSE ASSEMBLY HACKNEY Balance Sheet As at 31 December 2020
| Notes FIXED ASSETS Tangible Assets 3 CURRENT ASSETS Cash at bank and in hand Creditors: Amounts Falling Due Within One Year 4 NET CURRENT ASSETS (LIABILITIES) TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS Income and Expenditure Account MEMBERS' FUNDS |
2020 £ £ 3,652 3,652 13,476 13,476 - 13,476 17,128 17,128 17,128 17,128 |
2020 £ £ 3,652 3,652 13,476 13,476 - 13,476 17,128 17,128 17,128 17,128 |
2019 £ £ 4,508 4,508 4,659 4,659 (2,212 ) 2,447 6,955 6,955 6,955 6,955 |
2019 £ £ 4,508 4,508 4,659 4,659 (2,212 ) 2,447 6,955 6,955 6,955 6,955 |
|---|---|---|---|---|
| 3,652 13,476 |
4,508 2,447 |
|||
| 13,476 - |
4,659 (2,212 ) |
|||
| 17,128 | 6,955 | |||
| 17,128 | 6,955 | |||
| 17,128 | 6,955 | |||
| 17,128 | 6,955 |
On behalf of the board
Pastor Akintayo Aiyegbusi 25/05/2021
The notes on pages 7 to 8 form part of these financial statements.
Page 5
LIGHT HOUSE ASSEMBLY HACKNEY Notes to the Financial Statements For The Year Ended 31 December 2020
1. Accounting Policies
a) Accounting Convention
The financial statements are prepared under the historical cost convention. In preparing the financial statements, the charity follows the best practice as laid down in the Statement of Recommended Practice ‘Accounting and Reporting by Charities’ (SORP 2000) issued in October 2000.
To comply fully with the statement of Recommended Practice, would require investments to be accounted for at valuation. The trustees believe since the investments are held for the long term, it would be inappropriate to account for unrealised gains and losses for the period. Therefore, investments have been accounted for at historical cost. This is the only exception to compliance with the Statement of Recommended Practice. The market value of the investments is disclosed.
1.2. Turnover
a) Income from members is credited to the income in the year in which it is receivable by the association. All other income is credited to income in the year in which it is received on a cash basis.
b) Donations to other charities are charged in the year when the offer is conveyed to the recipients except in the cases of where the offer is conveyed to the recipients except in those cases where the offer is conditioning, such as donations or grants being recognised as expenditures when the conditions attached are fulfilled.
c) Unrestricted funds are general funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the association and which have not been designated for other purposes.
1.3. Tangible Fixed Assets and Depreciation
The tangible assets are stated at cost less depreciation. The general policy is to provide depreciation on fixed assets on a reducing balance method over their estimated useful lives. No depreciation is charged in the year in which the assets are sold or scrapped
Tangible fixed assets are depreciated at rates appropriate to the assets concerned:
Equipment 3502 1006 Fixtures & Fittings
2. Average Number of Employees
Average number of employees, during the year was as follows: 2 (2019: 2)
Page 6 Page 7
LIGHT HOUSE ASSEMBLY HACKNEY Notes to the Financial Statements For The Year Ended 31 December 2020
3. Tangible Assets
| . Tangible Assets | |||
|---|---|---|---|
| Cost As at 1 January 2020 As at 31 December 2020 Depreciation As at 1 January 2020 Provided during the period As at 31 December 2020 Net Book Value As at 31 December 2020 As at 1 January 2020 |
Equipment £ 19,774 |
Fixtures & Fittings £ 5,263 |
Total £ 25,037 |
| 19,774 | 5,263 |
25,037 |
|
| 16,272 665 |
4,257 191 |
20,529 856 |
|
| 16,937 | 4,448 |
21,385 |
|
| 2,837 | 815 |
3,652 |
|
| 3,502 | 1,006 |
4,508 |
4. Creditors: Amounts Falling Due Within One Year
| . Creditors: Amounts Falling Due Within One Year | ||
|---|---|---|
| Other creditors | 2020 £ - - |
2019 £ 2,212 |
| 2,212 |
LIGHT HOUSE ASSEMBLY HACKNEY Detailed Income and Expenditure Account For The Year Ended 31 December 2020
| 2020 | 2019 | |||
|---|---|---|---|---|
| £ | £ | £ | £ | |
| TURNOVER | ||||
| HMRC Rebates | 13,523 | 11,253 | ||
| Tithe and Offering | 48,479 | 55,075 | ||
| Refunds | 1 | - | ||
| Rental income | 400 | 9,500 | ||
| Grant income | 5,000 | - | ||
| 67,403 | 75,828 | |||
| GROSS SURPLUS | 67,403 | 75,828 | ||
| Administrative Expenses | ||||
| Wages and salaries | 14,100 | 19,100 | ||
| Employers NI | 29 | 39 | ||
| Staff Training | 1550 | 1,618 | ||
| Welfare | 3,981 | 2545 | ||
| Travel and subsistence expenses | 688 | 24 | ||
| Hotel expenses | 638 | 97 | ||
| Rent | 20,400 | 27,240 | ||
| Rates | 142 | 1,171 | ||
| Light and heat | 826 | 1,056 | ||
| Water bill | 376 | 356 | ||
| Repairs, renewals and maintenance | - | 2,637 | ||
| Printing and stationery (General admin) | 979 | 1,006 | ||
| Honorarium | 615 | 250 | ||
| Telephone | 430 | - | ||
| Accountancy fees | 750 | 1,000 | ||
| Professional fees/Instrumentalist | 250 | 4,930 | ||
| Church decoration | - | 995 | ||
| Services Charge | 1,383 | 200 | ||
| Books and Publication | 305 | 295 | ||
| Bank charges | 78 | 78 | ||
| Charitable donations | 5,090 | 369 |
...CONTINUED
Page 9
LIGHT HOUSE ASSEMBLY HACKNEY Detailed Income and Expenditure Account (continued) For The Year Ended 31 December 2020
| Other office costs Depreciation Subscription OPERATING SURPLUS AND SURPLUS FOR THE FINANCIAL YEAR |
3,644 856 120 |
(57,230) |
1,675 1,502 2255 |
(70,438) |
|---|---|---|---|---|
| 10,173 | 5,390 |
Page 10