2021-03-31-accounts - The Eternal Sacred Order Of Cherubim & Seraphim UK Province Ltd

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THE ETERNAL SACRED ORDER OF CHERUBIM & SERAPHIM UK PROVINCE LTD

Charity No. 1139822

Company No. 07136075

Trustees' Report and Unaudited Accounts

31 March 2021

THE ETERNAL SACRED ORDER OF CHERUBIM & SERAPHIM UK PROVINCE LTD Contents

	Pages
Trustees' Annual Report		2
Statement of Financial Activities	3 to 4
Summary Income and Expenditure Account		5
Balance Sheet		6
Statement of Cash flows		7
Notes to the Accounts	8 to	15
Detailed Statement of Financial Activities	16	to

Page 1

THE ETERNAL SACRED ORDER OF CHERUBIM & SERAPHIM UK PROVINCE LTD Trustees Annual Report

The Trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the unaudited financial statements of the charity for the year ended 31 March 2021.

REFERENCE AND ADMINISTRATIVE DETAILS

Company No. 07136075

Charity No. 1139822

Registered Office

53 Chatham Street London SE17 1PA

Directors and Trustees

The Directors of the charitable company are its Trustees for the purposes of charity law. The following Directors and Trustees served during the year:

O.E. Ajibola S. Badejo U. Bawo D.L. Bob-Manuel M.M. Osebor

Accountants

Charles Luf & Co 11 Pearson Street London E2 8JD

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006 and in accordance with the Charities SORP (FRS 102).

Signed on behalf of the board

O.E. Ajibola Trustee 31 March 2021

Page 2

THE ETERNAL SACRED ORDER OF CHERUBIM & SERAPHIM UK PROVINCE LTD Statement of Financial Activities

for the year ended 31 March 2021

Unrestricted funds 2021 £ 277,739 61,236	Total funds 2021 £ 277,739 61,236	Total funds 2020 £ 95,863 48,773
338,975 37,449 385 102,149	338,975 37,449 385 102,149	144,636 - 6,984 89,068
139,983 -	139,983 -	96,052 -
198,992 -	198,992 -	48,584 -
198,992	198,992	48,584
198,992 1,521,598	198,992 1,521,598	48,584 1,521,598
1,720,590	1,720,590	1,570,182

Page 3

THE ETERNAL SACRED ORDER OF CHERUBIM & SERAPHIM UK PROVINCE LTD Summary Income and Expenditure Account

for the year ended 31 March 2021

Income Gross income for the year Expenditure Depreciation and charges for impairment of fixed assets Total expenditure for the year Net income before tax for the year Net income for the year	2021 £ 338,975 338,975 87,886 52,097 139,983 198,992 198,992	2020 £ 144,636
		144,636
		51,155 44,897
		96,052
		48,584
		48,584

Page 4

THE ETERNAL SACRED ORDER OF CHERUBIM & SERAPHIM UK PROVINCE LTD Balance Sheet

at 31 March 2021

Company No. 07136075 Notes 2021 £ Fixed assets Tangible assets 11 1,380,447 1,380,447 Current assets Debtors 12 66,384 Investments 13 - Cash at bank and in hand 278,259 344,643 Creditors:Amount falling due within one year 14 (4,500) Net current assets 340,143 Total assets less current liabilities 1,720,590 Net assets excluding pension asset or liability 1,720,590 Total net assets 1,720,590 The funds of the charity Restricted funds 15 Unrestricted funds 15 General funds 1,720,590 1,720,590 Reserves 15 Total funds 1,720,590	2020 £ 1,396,545
	1,396,545 - (1) 128,205
	128,204 (3,151)
	125,053 1,521,598
	1,521,598
	1,521,598
	1,521,598
	1,521,598
	1,521,598

These accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

For the year ended 31 March 2021 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

Approved by the board on 31 March 2021

And signed on its behalf by:

S. Badejo Trustee 31 March 2021

Page 5

THE ETERNAL SACRED ORDER OF CHERUBIM & SERAPHIM UK PROVINCE LTD Statement of Cash flows

for the year ended 31 March 2021

Cash flows from operating activities Net income per Statement of Financial Activities Adjustments for: Depreciation of property, plant and equipment Dividends, interest and rents from investments Increase in trade and other receivables (Decrease)/Increase in trade and other payables Net cash provided by/(used in) operating activities Cash flows from investing activities Payments for property, plant and equipment Dividends, interest and rents from investments Net cash from/(used in) investing activities Cash flows from financing activities Repayment of borrowings Net cash from financing activities Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year Components of cash and cash equivalents Cash and bank balances Bank overdrafts	2021 £ 198,992 52,097 (61,236) (66,384) (3,150) 120,319 (36,000) 61,236 25,236 1,400 1,400 146,955 128,204 275,159 278,259 (3,099) 275,160	2020 £ 48,584 44,897 (48,773) (25,104) 25,104
		(3,876) (116,063) 48,773
		(67,290)
		-
		-

		(71,166)
		-
		(71,166)

		128,204
		-
		128,204

Page 6

THE ETERNAL SACRED ORDER OF CHERUBIM & SERAPHIM UK PROVINCE LTD Notes to the Accounts

for the year ended 31 March 2021

1 Accounting policies

Basis of preparation

The financial statements have been prepared in accordance with 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 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Change in basis of accounting or to previous accounts

There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.

Fund accounting

Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity.
Designated funds These are unrestricted funds earmarked by the trustees for particular purposes. Revaluation funds These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values.
Restricted funds These are available for use subject to restrictions imposed by the donor or through terms of an appeal.

Income

Recognition of Income is included in the Statement of Financial Activities (SoFA) when the charity income becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability.
Income with related Where income has related expenditure the income and related expenditure is expenditure reported gross in the SoFA. Donations and Voluntary income received by way of grants, donations and gifts is included in the legacies the SoFA when receivable and only when the Charity has unconditional entitlement to the income.
Tax reclaims on Income from tax reclaims is included in the SoFA at the same time as the donations and gifts gift/donation to which it relates. Donated services These are only included in income (with an equivalent amount in expenditure) and facilities where the benefit to the Charity is reasonably quantifiable, measurable and material.

Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gains/(losses) on This includes any gain or loss resulting from revaluing investments to market value revaluation of fixed at the end of the year. assets Gains/(losses) on This includes any gain or loss on the sale of investments. investment assets

Page 7

THE ETERNAL SACRED ORDER OF CHERUBIM & SERAPHIM UK PROVINCE LTD Notes to the Accounts

Expenditure

Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any VAT which expenditure cannot be fully recovered, and is reported as part of the expenditure to which it relates.
Expenditure on These comprise the costs associated with attracting voluntary income, fundraising raising funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and charitable activities services in the furtherance of its objects, including the making of grants and governance costs.
Grants payable All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid.
Governance costs These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs.
Other expenditure These are support costs not allocated to a particular activity.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Freehold investment property

Investment properties are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gains or losses are taken to the Statement of Financial Activities as they arise.

Stocks

Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.

Trade and other debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.

Trade and other creditors

Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Page 8

THE ETERNAL SACRED ORDER OF CHERUBIM & SERAPHIM UK PROVINCE LTD Notes to the Accounts

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Monetary assets and liabilities denominated in currencies other than the functional currency of the charity are translated at the rates of exchange prevailing at the end of the reporting period.

Transactions in currencies other than the functional currency of the charity are recorded at the rate of exchange on the date that the transaction occurred.

All exchange differences are are taken into account in arriving at net income/expenditure.

Leased assets

Where the charity enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.

Leases which do not transfer substantially all the risks and rewards of ownership to charity are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the charity at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the charity's policy on borrowing costs.

Assets held under finance leases are depreciated in the same way as owned assets.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.

Pension costs

The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Receipt of donated goods, facilities and services

All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity.

2 Company status

The company is a private company limited by guarantee and consequently does not have share capital.

Page 9

THE ETERNAL SACRED ORDER OF CHERUBIM & SERAPHIM UK PROVINCE LTD

Notes to the Accounts

3 Statement of Financial Activities - prior year

3 Statement of Financial Activities - prior year
Income and endowments from: Donations and legacies Other Total Expenditure on: Charitable activities Other Total Net income Net income before other gains/(losses) Other gains and losses: Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward 4 Income from donations and legacies 5 Other income	Unrestricted £ 277,739 277,739 Unrestricted £ 61,236 61,236	Unrestricted funds 2020 £ 95,863 48,773 144,636 6,984 89,068 96,052 48,584 48,584 48,584 1,521,368 1,569,952 Total 2021 £ 277,739 277,739 Total 2021 £ 61,236 61,236	Total funds 2020 £ 95,863 48,773
			144,636 6,984 89,068
			96,052
			48,584
			48,584
			48,584 1,521,368
			1,569,952
			Total 2020 £ 95,863
			95,863
			Total 2020 £ 48,773
			48,773

Page 10

THE ETERNAL SACRED ORDER OF CHERUBIM & SERAPHIM UK PROVINCE LTD

Notes to the Accounts

6 Expenditure on raising funds

Costs of generating voluntary income 7 Expenditure on charitable activities Governance costs 8 Other expenditure Employee costs Motor and travel costs Premises costs Amortisation, depreciation, impairment, profit/loss on disposal of fixed assets General administrative costs Legal and professional costs 9 Net income before transfers This is stated after charging: Depreciation of owned fixed assets 10 Staff costs No employee received emoluments in excess of £60,000.	Unrestricted £ 37,449 37,449 Unrestricted £ 385 - 385 Unrestricted £ - 450 44,719 52,097 3,483 1,400 102,149 2021 £ 52,097	Total 2021 £ 37,449 37,449 Total 2021 £ 385 - 385 Total 2021 £ - 450 44,719 52,097 3,483 1,400 102,149	Total 2020 £ -
			-
			Total 2020 £ 348 6,636
			6,984
			Total 2020 £ 310 324 35,396 44,897 6,841 1,300
			89,068
			2020 £ 44,897

Page 11

THE ETERNAL SACRED ORDER OF CHERUBIM & SERAPHIM UK PROVINCE LTD Notes to the Accounts

11 Tangible fixed assets

Cost or revaluation At 1 April 2020 Additions At 31 March 2021 Depreciation and impairment At 1 April 2020 Depreciation charge for the year At 31 March 2021 Net book values At 31 March 2021 At 31 March 2020 12 Debtors Other debtors 13 Current asset investments Listed investments 14 Creditors: amounts falling due within one year Bank loans and overdrafts Other loans Trade creditors	£ 1,255,498 - 1,255,498 - - - 1,255,498 1,255,498	£ 376,035 36,000 412,035 212,327 25,138 237,465 174,570 163,708 2021 £ 66,384 66,384 2021 £ - - 2021 £ 3,099 1,400 1 4,500	£ 161,486 - 161,486 184,148 26,959 211,107 (49,621) (22,662)	£ 1,793,019 36,000
				1,829,019
				396,475 52,097
				448,572
				1,380,447
				1,396,544
				2020 £ -
				-
				2020 £ (1)
				(1)
				2020 £ - - 3,151
				3,151

Page 12

THE ETERNAL SACRED ORDER OF CHERUBIM & SERAPHIM UK PROVINCE LTD Notes to the Accounts

15 Movement in funds

Incoming resources (including other gains/losses ) £ 338,975 338,975 At 1 April 2020 £	Resources expended £ (139,983) (139,983) Unrestricted funds £ 1,380,447 340,143 1,720,590 Cash flows £	At 31 March 2021 £ 1,720,590
		1,720,590
		Total £ 1,380,447 340,143
		1,720,590
		At 31 March 2021 £
128,205	150,054	278,259
-	(3,099)	(3,099)
128,205 - - 128,205	146,955 (1,400) (1,400) 145,555	275,160 (1,400)
		(1,400)
		273,760

18 Related party disclosures

Controlling party

The company is limited by guarantee and has no share capital; thus no single party controls the company.

Page 13

THE ETERNAL SACRED ORDER OF CHERUBIM & SERAPHIM UK PROVINCE LTD Detailed Statement of Financial Activities

for the year ended 31 March 2021

Income and endowments from: Donations and legacies Other Total income and endowments Expenditure on: Costs of generating donations and legacies Total of expenditure on raising funds Governance costs Total of expenditure on charitable activities Staff welfare Motor and travel costs Vehicles - Leasing and hire costs Travel and subsistence Premises costs Rent Light, heat and power Premises cleaning Premises insurances Premises repairs and maintenance Other premises costs General administrative costs, including depreciation and amortisation	Unrestricted funds 2021 £ 277,739 277,739 61,236 61,236 338,975 37,449 37,449 37,449 385 - 385 385 - - 450 - 450 17,395 17,582 475 4,133 5,134 - 44,719	Total funds 2021 £ 277,739 277,739 61,236 61,236 338,975 37,449 37,449 37,449 385 - 385 385 - - 450 - 450 17,395 17,582 475 4,133 5,134 - 44,719	Total funds 2020 £ 95,863
			95,863
			48,773
			48,773
			144,636 -
			-
			- 348 6,636
			6,984
			6,984 310
			310
			- 324
			324
			3,000 22,318 628 4,372 4,852 226
			35,396

Page 14

THE ETERNAL SACRED ORDER OF CHERUBIM & SERAPHIM UK PROVINCE LTD Detailed Statement of Financial Activities

Depreciation of Depreciation of Bank charges Information and publications Postage and couriers Software, IT support and related costs Stationery and printing Subscriptions Sundry expenses Telephone, fax and broadband Legal and professional costs Accountancy and bookkeeping Total of expenditure of other costs Total expenditure Net gains on investments Net income Net income before other gains/(losses) Other Gains Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward	25,138 26,959 656 605 278 40 255 315 401 933 55,580 1,400 1,400 102,149 139,983 - 198,992 198,992 - 198,992 1,521,598 1,720,590	25,138 26,959 656 605 278 40 255 315 401 933 55,580 1,400 1,400 102,149 139,983 - 198,992 198,992 - 198,992 1,521,598 1,720,590	44,897 - 611 550 270 - 155 637 3,483 1,135
			51,738
			1,300
			1,300

			89,068
			96,052 -
			48,584
			48,584 -
			48,584
			1,521,598
			1,570,182

Page 15