Registered Charity no. 1144249 Registered Company no. 07705162
Soul61 (Company Limited by Guarantee)
Trustees Annual Report and Accounts
Year Ended 31st August 2020
Soul61
Year Ended 31st August 2020
Contents Page
| Page | |
|---|---|
| Legal and Administrative Information | 1 |
| Trustee's Annual Report | 2 |
| Independent Examiners Report | 6 |
| Statement of Financial Activities | 7 |
| Statement of Financial Position | 8 |
| Notes to the Financial Statements | 9 |
Soul61
Year Ended 31st August 2020
Legal and Administrative Information
Reference
The Charity is called “Soul61". The organisation is registered with the Charity Commission for England and Wales and Companies House, registered on the 14 July 2011.
Registered Charity Number 1144249 Registered Company Number 07705162 Registered Office Unit 5 Greycaine Road Watford WD24 7GP Website www.soul61.co.uk/ The Trustees and Directors Mr D Saunderson Rev A Croft Mrs E Biddulph Resigned 15 October 2019 Rev M Pilavachi Mrs A Martin Mrs R Ricketts Appointed 22 June 2021 Primary Bankers Lloyds Bank 25 Gresharn Street London EC2V 7HN Independent Examiner: Nigel Wyatt BSC FCA Wyatt & Co Chartered Accountants 125 Main Street Garforth Leeds LS25 1AF
1
Soul61
Year Ended 31st August 2020
Trustee's Annual Report
The trustees, who are also the directors of the charity for the purpose of company law, present their report and accounts for the year ended 31 August 2020.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Charity's Memorandum and Articles of Association, applicable law and the requirements of FRS 102 and the associated Charities SORP. The Charity has adopted FRS 102 with effect from 1 September 2019.
Charity overview, structure and governance
Soul61 is a company limited by guarantee (registered company number 07705162) incorporated in England and Wales on 14 July 2011and registered as a charity in England and Wales (registered charity number 1144249). The governing document is in the form of a Memorandum and Articles of Association. Under these documents, the Charity has the power to make any investment that the Trustees see fit.
The ultimate responsibility for Soul61 lies with the trustees.
Trustees and management
The trustees do not receive any reimbursements for their role as trustees. Trustees are appointed who have a relationship with Soul61 and support its principles and values. New trustees are given a copy of the Charity's Memorandum and Articles of Association, past accounts, budgets and forecasts, and information about current staff and activities. Additional information may be given depending on the particular needs of the individual.
The trustees meet three-four times a year, with additional communication by email as needed. During these meetings they review progress against previous targets, including updates on financial position and forecasts.
Mike, Ali and Andy also provided some of the teaching to the students and interns. The charity also employed two course assistants to manage the course, arrange further teaching and provide pastoral care for the students.
Related parties
Soul Survivor Watford
Mike, Ali and Andy are pastors of Soul Survivor Watford church.
Soul Survivor Limited
Andy and Ali were trustees of Soul Survivor Limited during the year, and Mike and Elizabeth Biddulph were employees of that company. Soul Survivor Limited wound down its activities at the end of 2019. Soul Survivor Watford church has now taken responsibility for Soul Survivor Limited and any new activities it may undertake. Andy and Mike are trustees of Soul Survivor Limited.
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Soul61
Year Ended 31st August 2020
Trustee's Annual Report
Charity’s activities
Soul61’s primary goal is to identify and train future Christian leaders through the Soul61 course and through an intern programme. We believe that the Christian faith has a positive impact on the life of the nation. Leaders are trained to love, serve and lead others in the UK and around the world.
In addition, the Charity occasionally receives donations which can be gifted to other organisations to support their aims of advancing the Christian religion.
Public benefit statement
The Trustees have given due consideration to the Public Benefit requirement and consider that the activities of the Charity provide public benefit:
-
Directly to course participants, who receive subsidised training and teaching during the year
-
Directly to those who benefit from the projects that are supported by students on work placement
-
- Indirectly, as the students graduate from the course and take their experience and skills to their future roles
Achievements and performance during the year
During the year, the Charity provided gap year opportunities for 21 people, 18 as part of the Soul61 leadership course and 4 as interns who train alongside Mike.
Participants in the Soul61 course completed an application process and paid a fee of £6,500 per person before the course began. The fee contributes to the cost of accommodation, course management, teaching and pastoral care. The course costs were subsidised from general funds. Participants are asked to fund their own food and other costs during the year.
Interns are invited to the programme by Mike and are people he feels demonstrate strong leadership potential, and these places are funded by donations.
All of the students joined teaching and group sessions two days per week, which covers theology, leadership skills, Biblical studies, apologetics, church history, communication and presentation skills.
On non-teaching days the participants attended work placements including media, children’s work and involvement with Sunday services at Soul Survivor Watford or placement churches. All participated fully in church and community life and grew in faith and maturity.
From March 2020, the activities of the course were severely restricted by the restrictions in place to manage to the spread of the COVID-19 pandemic. As far as possible, learning and community was maintained online, but the experience of the course was inevitably very different during the final term. The trust was proud of the resilience and positivity shown by the students during this period.
3
Soul61
Year Ended 31st August 2020
Trustee's Annual Report
Future plans
As the restrictions continued into the summer of 2020, the Trustees questioned the feasibility of running a course during 2020/21. Given the uncertainty, it was determined that the trust could not confidently offer a course for the year.
However, it is planned that a reduced Soul61 course will run in 2021/22, with smaller intake and reduced fees. The trustees will assess this approach and determine the best course structure for future years in the coming periods. The level of reserves held is sufficient to allow reduced activity during this period.
Grants made during the year
Decisions on allocation of grants are made by the trustees.
The Charity made grants of £250,000 to Soul Survivor Watford in support of extensions to the church building £50,000) and to fund additional staff salaries (£200,000). The grants were made from a donation that was given to Soul61 on an unrestricted basis and with the donor’s permission to fund projects outside of Soul61’s core leadership course.
Reserves policy
The Charity aims to hold free reserves equivalent to 3-6 months of operating expenditure. The trustees consider that reserves at this level will provide sufficient time to make adjustments to the cost base or the income generation of the Charity in order to ensure continued trading.
The Charity holds free reserves and a number of designated funds. No funds were in deficit at the year end or have fallen into deficit subsequently.
The Charity does not hold reserves on behalf of other organisations and the Trustees are responsible for the allocation of all funds.
Based on the level of reserves held and the projected income and expenditure for the coming years, the Trustees consider that the Charity will remain a going concern for a period of at least 12 months from the signing of the financial statements.
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Soul61
Year Ended 31st August 2020
Trustee's Annual Report
Financial review
Soul61 is bound to apply all income to further the aims of the charity. This ensures that our income is used to fund our activities, which benefit young leaders as specified in the objectives.
Income is received from the course fees paid by those attending the Soul61 course; support from Soul Survivor Limited and Soul Survivor Watford; and other donations.
It is the policy of the charity that unrestricted reserves which have not been designated for a specific use should be maintained at a level equivalent to between three and six months expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity's current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
It is the policy of the charity that unrestricted reserves which have not been designated for a specific use should be maintained at a level equivalent to between three and six months expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity's current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
The balance on unrestricted reserves at 31 August 2020 was £401,408, which is equivalent to 26 month's spend (excluding grants) based on 2020 activity.
Signed and approved on behalf of the board of trustees
David Saunderson Trustee:
Date: 07/08/2021
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Soul61
Year Ended 31st August 2020
Independent Examiners Report
I report to the trustees on my examination of the financial statements of Soul61 ('the charity') for the year ended 31st August 2020.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales (ICAEW), which is one of the listed bodies.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the charity as required by section 130 of the Act; or
-
the financial statements do not accord with those records; or
-
the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Nigel Wyatt BSC FCA Date: 09/08/2021 Independent Examiner 125 Main Street Garforth Leeds LS25 1AF
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Soul61
Year Ended 31st August 2020
Statement of Financial Activities
| 2020 | 2019 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | |||
| Funds | Funds | Funds | Total funds | ||
| Note | £ | £ | £ | £ | |
| Income | |||||
| Donations and legacies | 141,732 | 33,605 | 175,338 | 560,079 | |
| Charitable activities | 2 | 117,614 | - | 117,614 | 110,530 |
| Other | - | - | - | - | |
| ────────── | ────────── | ────────── | ────────── | ||
| Total Income | 259,346 | 33,605 | 292,952 | 670,609 | |
| ────────── | ────────── | ────────── | ────────── | ||
| Expenditure | |||||
| Expenditure on charitable activities | 3 | 420,336 | 4,748 | 425,084 | 286,641 |
| ────────── | ────────── | ────────── | ────────── | ||
| Total Expenditure | 420,336 | 4,748 | 425,084 | 286,641 | |
| ────────── | ────────── | ────────── | ────────── | ||
| ────────── | ────────── | ────────── | ────────── | ||
| Net income / (expenditure) | (160,990) | 28,858 | (132,133) | 383,968 | |
| ────────── | ────────── | ────────── | ────────── | ||
| Net income and net movement in funds | |||||
| Total funds brought forward | 11 | 567,218 | - | 567,218 | 183,250 |
| Transfers | 11 | - | - | - | - |
| ────────── | ────────── | ────────── | ────────── | ||
| Total funds carried forward | 11 | 406,228 | 28,858 | 435,086 | 567,218 |
| ────────── | ────────── | ────────── | ────────── |
All income and expenditure derive from continuing activities.
The statement is a combined Statement of Financial Activities and Income and Expenditure Account for the purposes of meeting both companies act and charity SORP reporting requirements.
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Soul61
Year Ended 31st August 2020
Statement of Financial Position
| Statement of Financial Position | |||
|---|---|---|---|
| 2020 | 2019 | ||
| Note | £ | £ | |
| Current assets | |||
| Debtors | 9 | 5,744 | 24,943 |
| Cash at bank and in hand | 435,109 | 596,922 | |
| ────────── | ────────── | ||
| 440,853 | 621,865 | ||
| Creditors: amounts falling due within one year | 10 | 5,767 | 54,647 |
| ────────── | ────────── | ||
| Net current assets | 435,086 | 567,218 | |
| ────────── | ────────── | ||
| Net assets | 12 | 435,086 | 567,218 |
| ────────── | ────────── | ||
| Funds of the charity | |||
| Restricted funds | 11 | 28,858 | - |
| Unrestricted funds | 11 | ||
| Unrestricted General | 406,228 | 567,218 | |
| ────────── | ────────── | ||
| 406,228 | 567,218 | ||
| ────────── | ────────── | ||
| Total charity funds | 435,086 | 567,218 | |
| ────────── | ────────── |
Directors Responsibilities
The Directors are satisfied that for the year ended on 31st August 2020 the charitable company was entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006 and that no member or members have required the company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Act. However, in accordance with section 145 of the Charities Act 2011, the accounts have been examined by an Independent Examiner. The Directors acknowledge their responsibility for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These Financial Statements have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime and with FRS 102 (effective January 2019).
David Saunderson
Name of Trustee: ─────────────────────────────────────────────────── Signed on behalf of the Trustees: ─────────────────────────────────────────────────── Date of approval: 07/08/2021 ───────────────────────────────────────────────────
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Soul61
Year Ended 31st August 2020
Notes to the Financial Statements
1 Accounting Policies
Legal Status
The Charity is a company limited by guarantee and has no share capital. In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £10 per trustee.
Basis of Preparation
The financial statements have been prepared in accordance with the Charities Statement of Recommended Practice (FRS 102), FRS 102, and the Companies Act 2006. After due consideration of available information about the future, the accounts have been prepared on a going concern basis.
The financial statements are prepared in sterling, which is the functional currency of the company.
Monetary amounts in these financial statements are rounded to the nearest £. Soul61 meets the definition of a public benefit entity under FRS 102. Assets and liabilities are recognised at historical cost.
Assessment of Going Concern
Preparation of the accounts is on a going concern basis. The trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern.
Fund Accounting
Unrestricted income funds comprise those funds which the trustees are free to use for any purpose in furtherance of the charitable objects. Unrestricted funds include designated funds where the trustees, at their discretion, have set aside resources for a specific purpose.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by the donor or the term of specific appeal, often know as a ‘special offering’ in the church.
Further explanation of the nature and purpose of each fund is included in the notes to the accounts.
9
Soul61
Year Ended 31st August 2020
Notes to the Financial Statements
Incoming Resources
All incoming resources are recognised once the charity has entitlement to the resources, it is probable that the resources will be received, and the monetary value of incoming resources can be measured with sufficient reliability.
• All voluntary income from members of the church are recognised as donations and are included in full, with associated Gift Aid receivable in the Statement of Financial Activities.
• Grants where entitlement is not conditional on the delivery of specific performance by the charity are recognised when the charity becomes unconditionally entitled to the grant.
• Income resources from charitable trading activities such as the letting of the building are accounted for when invoices are drawn up (as the point of entitlement).
• Donated services and facilities are included at the value to the charity where this can be quantified.
• Gifts in Kind are accounted for at a reasonable estimate of their value to the charity or the amount actually realised.
• Volunteer time, the value of voluntary support for the work of the church is not included in the accounts but is described in the Trustees annual report.
• Investment Income is included in the accounts when receivable.
Resources expended
Expenditure is recognised on an accrual basis as a liability is incurred. Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out the resources and the amount of the obligation can be measured with reasonable certainty.
Governance Costs
Include costs of the preparation and examination of statutory accounts, the costs of the trustees' meetings and cost of any legal advice to trustees on governance or constitutional matters.
Liability Recognition
Abilities are recognised as soon as there Is a legal or constructive obligation committing the charity to pay out resources.
Pensions
The charity operates a defined contribution pension scheme. Contributions are charged to the Statement of Financial Activities as they become payable in accordance with the rules of the scheme.
10
Soul61
Year Ended 31st August 2020
Notes to the Financial Statements
Operating Leases
Rental charges payable under operating leases are charged on a straight line basis over the terms of the lease.
Taxation
The charity Is exempt from tax on its charitable activities.
Going concern
The financial statements have been prepared on a going concern basis as the Trustees believes that no material uncertainties exist. The Trustees has considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
11
Soul61
Year Ended 31st August 2020
Notes to the Financial Statements
2 Analysis of Income
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2020 | |
| £ | £ | £ | |
| Donations and legacies | |||
| Donations from Soul Survivor Watford | 12,000 | - | 12,000 |
| Donations from Soul Survivor Ministries | 128,732 | 20,000 | 148,732 |
| Allocation of collection taken during Soul Survivor events | - | - | - |
| Christian Youth Challenge Trust | - | - | - |
| YTL Utilities donation | - | - | - |
| Other donations | 1,000 | 13,605 | 14,605 |
| ────────── | ────────── | ────────── | |
| 141,732 | 33,605 | 175,338 | |
| Charitable activities | |||
| Student fees for the Soul61 course | 117,614 | - | 117,614 |
| ────────── | ────────── | ────────── | |
| 117,614 | - | 117,614 | |
| Other | |||
| Other Income | - | - | - |
| ────────── | ────────── | ────────── | |
| - | - | - | |
| ────────── | ────────── | ────────── | |
| Total Income | 259,346 | 33,605 | 292,952 |
| ────────── | ────────── | ────────── | |
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2019 | |
| £ | £ | £ | |
| Donations and legacies | |||
| Donations from Soul Survivor Watford | 12,000 | - | 12,000 |
| Donations from Soul Survivor Ministries | 15,000 | - | 15,000 |
| Allocation of collection taken during Soul Survivor events | 30,972 | - | 30,972 |
| Christian Youth Challenge Trust | - | - | - |
| YTL Utilities donation | 500,000 | - | 500,000 |
| Other donations | 2,107 | - | 2,107 |
| ────────── | ────────── | ────────── | |
| 560,079 | - | 560,079 | |
| Charitable activities | |||
| Student fees for the Soul61 course | 110,530 | - | 110,530 |
| ────────── | ────────── | ────────── | |
| 110,530 | - | 110,530 | |
| Other | |||
| Other Income | - | - | - |
| ────────── | ────────── | ────────── | |
| - | - | - | |
| ────────── | ────────── | ────────── | |
| Total Income | 670,609 | - | 670,609 |
| ────────── | ────────── | ────────── |
12
Soul61
Year Ended 31st August 2020
Notes to the Financial Statements
3 Expenditure on charitable activities by fund type
| Expenditure on charitable activities by fund type | |||
|---|---|---|---|
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2020 | |
| £ | £ | £ | |
| Student housing costs, including general maintenance | 85,827 | - | 85,827 |
| Intern allowance | 10,765 | - | 10,765 |
| International travel and subsistence for interns | 35,943 | 4,748 | 40,691 |
| Pastoral support, course management, teaching fees | 2,916 | - | 2,916 |
| Support costs including payroll | 34,003 | - | 34,003 |
| Grant to Soul Survivor Watford for building works | 50,000 | - | 50,000 |
| Grant to Soul Survivor Watford | 200,882 | - | 200,882 |
| Grant to Soul Survivor for filming | - | - | - |
| Grant to support attendance at Soul Survivor events | - | - | - |
| ────────── | ────────── | ────────── | |
| 420,336 | 4,748 | 425,084 | |
| ────────── | ────────── | ────────── | |
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2019 | |
| £ | £ | £ | |
| Student housing costs, including general maintenance | 89,696 | - | 89,696 |
| Intern allowance | 6,600 | - | 6,600 |
| International travel and subsistence for interns | 25,253 | - | 25,253 |
| Pastoral support, course management, teaching fees | 2,456 | - | 2,456 |
| Support costs including payroll | 51,220 | - | 51,220 |
| Grant to Soul Survivor Watford for building works | 50,000 | - | 50,000 |
| Grant to Soul Survivor Watford | 60,000 | - | 60,000 |
| Grant to Soul Survivor for filming | - | - | - |
| Grant to support attendance at Soul Survivor events | 1,416 | - | 1,416 |
| ────────── | ────────── | ────────── | |
| 286,641 | - | 286,641 | |
| ────────── | ────────── | ────────── |
4 Summary analysis of expenditure and related income for charitable activities
| Intern | Soul61 | Other | ||
|---|---|---|---|---|
| Programme | course | activities | Total | |
| £ | £ | £ | £ | |
| Costs | (46,708) | (122,746) | (255,630) | (378,376) |
| Recovered in fees | - | 117,614 | - | 117,614 |
| Recovered in donations | 140,732 | - | 33,605 | 33,605 |
| ────────── | ────────── | ────────── | ────────── | |
| 94,024 | (5,132) | (222,024) | (227,156) | |
| ────────── | ────────── | ────────── | ────────── |
13
Soul61
Year Ended 31st August 2020
Notes to the Financial Statements
5 Volunteers
The charity benefits from the voluntary contributions of time and money in helping run the source and related activities during the year. Please refer to the trustee's report for further detail about volunteer contributions in the organisation.
6 Independent examination fees
Fees payable to the independent examiner for:
| Independent examination fees Fees payable to the independent examiner for: |
||
|---|---|---|
| 2020 | 2019 | |
| £ | £ | |
| Independent examination and preparation of the financial statements |
1,200 | 1,200 |
7 Staff costs
The total staff costs and employee benefits for the reporting period are analysed as follows:
| 2020 | 2019 | |
|---|---|---|
| £ | £ | |
| Wages and salaries | 27,526 | 30,323 |
| Social security costs | - | - |
| Employer contributions to pension plans | 2,149 | 2,989 |
| ────────── | ────────── | |
| 29,676 | 33,312 | |
| ────────── | ────────── |
The average head count of employees during the year was as follows:
| 2020 | 2019 | |
|---|---|---|
| Course management | 2 | 2 |
Number of employees who received benefits of more than £60,000 during the year was as follows:
| 2020 | 2019 | |
|---|---|---|
| More than £60,000 | 0 | 0 |
During the year, some tasks were completed by employees of Soul Survivor Watford, Soul61 paid for these services at cost which included employees time.
Key Management Personnel
The Trustees consider that the Board of Trustees comprise as the key management personnel of the charity in charge of directing and controlling, running and operating the charity on a day to day basis.
14
Soul61
Year Ended 31st August 2020
Notes to the Financial Statements
8 Trustee remuneration, expenses and donations
During the year one trustees incurred out of pocket expenses totalling £172.81 which were all incurred for the day to day running of the charity's activities. The types of expenditure include resources for interns and students.
9 Debtors
| 2020 | 2019 | |
|---|---|---|
| £ | £ | |
| Other Debtors | 5,744 | 5,544 |
| Prepayments and accrued income | - | 19,399 |
| ────────── | ────────── | |
| 5,744 | 24,943 | |
| ────────── | ────────── |
10 Creditors: amounts falling due within one year
| 2020 | 2019 | |
|---|---|---|
| £ | £ | |
| Trade Creditors | 2,567 | 33,455 |
| Accruals and deferred income | 3,200 | 21,192 |
| ────────── | ────────── | |
| 5,767 | 54,647 | |
| ────────── | ────────── |
15
Soul61
Year Ended 31st August 2020
Notes to the Financial Statements
11 Analysis of Charitable Funds
Unrestricted Funds
| Unrestricted Funds | |||||
|---|---|---|---|---|---|
| 1 Sep 2019 | Income | Expenditure | Transfers 31 Aug 2020 | ||
| £ | £ | £ | £ | £ | |
| Unrestricted | |||||
| General | 567,218 | 259,346 | (420,336) | - | 406,228 |
| ────────── | ────────── | ────────── | ────────── | ────────── | |
| Total Unrestricted | 567,218 | 259,346 | (420,336) | - | 406,228 |
| ────────── | ────────── | ────────── | ────────── | ────────── | |
| Restricted Funds | |||||
| Central Asia | - | 13,605 | (4,748) | - | 8,858 |
| Blessing Other Ministries |
- | 20,000 | - | - | 20,000 |
| ────────── | ────────── | ────────── | ────────── | ────────── | |
| Total | - | 33,605 | (4,748) | - | 28,858 |
| ────────── | ────────── | ────────── | ────────── | ────────── | |
| Total Funds | |||||
| ────────── | ────────── | ────────── | ────────── | ────────── | |
| Total | 567,218 | 292,952 | (425,084) | - | 435,086 |
| ────────── | ────────── | ────────── | ────────── | ────────── |
Fund Descriptions
Restricted Funds
Central Asia
Donations made to specifically aid and support the persecuted church overseas.
Blessing Other Ministries
Funds donated from Soul Survivor Ministries for the specific purpose of blessing other ministries and their work.
16
Soul61
Year Ended 31st August 2020
Notes to the Financial Statements
12 Analysis of net assets between funds
| Unrestricted | Restricted | Total | |
|---|---|---|---|
| Funds | Funds | Funds 2020 | |
| £ | £ | £ | |
| Current Assets | 411,995 | 28,858 | 440,853 |
| Creditors less than 1 year | (5,767) | - | (5,767) |
| ────────── | ────────── | ────────── |
|
| 406,228 | 28,858 | 435,086 | |
| ────────── | ────────── | ────────── |
|
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2019 | |
| £ | £ | £ | |
| Current Assets | 621,865 | - | 621,865 |
| Creditors less than 1 year | (54,647) | (54,647) | |
| ────────── | ────────── | ────────── |
|
| 567,218 | - | 567,218 | |
| ────────── | ────────── | ────────── |
13 Events after the reporting period
Due to covid-19 pandemic the trustees made the decision not to run the Soul 61 course during the 2020/21 academic year. The financial effect has resulted in no income from students attending the course coming into the charity and no costs have been incurred for accommodation and running the course.
17
Soul61
Year Ended 31st August 2020
Notes to the Financial Statements
14 Related party transactions
The Charity has a close working relationship with Soul Survivor, which is a charity. Andy and Ali are trustees of both organisations, and also employees of Soul Survivor Watford. Mike is executive director of Soul Survivor and a trustee of Soul61.
Soul Survivor made a donation of £148,732 (2019: £15,000) toward the work of Soul61 during the year.
Soul61 received a donation of £500,000 in the prior year from a donor wishing to support the work of various Soul Survivor activities, although the donor has not specified any particular fund or activity. These funds have been paid into Soul61 but may be allocated by the Soul61 trustees to activities run by Soul Survivor Watford. The funds were paid into Soul61.
During the year, £50,000 (2019: £110,000) was paid to Soul Survivor Watford to be used towards the reconstruction of the Watford church. Soul Survivor Watford sometimes makes payments on behalf of Soul61 which are recharged, the total of these costs was £215,814 (2019: £6,934). The balance outstanding at the year-end was £2,567 (2019: £6,934).
Soul 61 incurred £6,934.40 (2019: £2,070) of costs in the year that were recharged to Soul Survivor Watford, the balance outstanding at the end of the year was nil (2019: nil). Certain members of staff of Soul Survivor perform services for Soul61, which are recharged at cost. The total amount of recharges for services provided in 2020 was £29,676 (2019: £43,652).
Soul Survivor also sometimes makes payments to third parties on behalf of Soul61, these amounts are also recharged; the total of these recharges was £nil (2019: £87,823). The balance outstanding at the year-end was £2,567 invoiced (2019: £20,513).
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