House of Lights
Director’s Report and Unaudited Financial Statements For the Year Ended 31 August 2020
Charity Number: 1145550. Company No: 06996615
HOUSE OF LIGHTS
REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 August 2020
Contents of the Financial Statements
| Statutory Information | 3 |
|---|---|
| Reports of the Trustees | 4 |
| Reports of the Accountants | 5 - 6 |
| Statements of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to the accounts | 9 - 10 |
| Detailed Income and Expenditure Account | 11 |
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HOUSE OF LIGHTS
REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 August 2020
Company Information
| CHAIRMAN | Mr Euegene Ajayi |
|---|---|
| SECRETARY: | |
| REGISTERED OFFICE: | Suite 6094 6th Floor |
| 2 Lakeside Drive | |
| 200 First Central | |
| Park Royal | |
| London | |
| NW10 7FQ | |
| REGISTERED NUMBER: | 06996615 (England and Wales) |
| CHARITY COMMISSION NUMBER: | 1145550 |
| ACCOUNTANTS: | FaxonCo. Ltd |
| Chartered Certified Accountants | |
| 85 Great Portland Street | |
| London | |
| W1W 7LT | |
| BANKERS: | HSBC |
| Kilburn High Road | |
| Kilburn |
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HOUSE OF LIGHTS REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 August 2020
REPORT OF THE TRUSTEES
Trustees
Mr Odeh Akatu (Chair) Mr Euegene Ajayi Mr Oluwaseye Solabomi Mrs Praise Asemota
Trustees’ 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 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 accounting policies and then apply them consistently;
-
Make judgments and estimates that are reasonable and prudent;
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State whether applicable accounting standards and statements of recommended practice have been followed subject to any departure disclosed and explained in the financial statements;
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Prepare the financial statements on the going concern basis unless it is inappropriate 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 detention of fraud and other irregularities.
Mr Euegene Ajayi Chairman
30-Apr-21
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HOUSE OF LIGHTS REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 August 2020
INDEPENDENT ACCOUNTANT REPORT
We have prepared the financial statements of House of Light for the period ended 31 AUGUST, 2016 which comprises the Statement of Financial activities, Balance Sheet and the related notes set out on page 9 to 11. These financial statements have been prepared under the historic cost convention and the account policies
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. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Trustees of the Association, for our accounting
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
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
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
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HOUSE OF LIGHTS REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 August 2020
INDEPENDENT ACCOUNTANT REPORT (continued)
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 include 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
We planned and performed our preparation so as to obtain all information and explanations that we considered necessary in order 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
Unqualified opinion
In our opinion, the financial statements give a true and fair view of the state of affairs of the charity as at 31 August 2013 and of its incoming resources and application of resources for the period then ended and have been properly prepared in accordance with the Charities Act 1993
Faxon Consulting Ltd Charterd Certified Accountants 49 Rivermead House London E9 5QT
Date: 30[th] April 2021
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HOUSE OF LIGHTS
REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 August 2020
| Note Incoming Resources Activities in furtherance of the charity's objects 2 Total Incoming Resources Resources Expended Charitable expenditure: Management and Administration 3 Total Resources Expended Net incoming resources before Other recognised gains and (losses) Other recognised gains and losses Net movement funds for the period Balance Brought forward 6 Total Funds as at 01 September 2020 |
2020 2019 (Amended) £ £ 81,604 96,802 81,604 96,802 82,365 95,952 82,365 95,952 (761) 850 - - (761) 850 (1,837) (2,687) (2,598) (1,837) |
|---|---|
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HOUSE OF LIGHTS
REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 August 2020
BALANCE SHEET
| Note FIXED ASSET Tangible Fixed Assets 4 CURRENT ASSETS Balance at bank and in hand CURRENT LIABILITIES Creditor Amount falling due within 1 ye 5 TOTAL ASSETS LESS CURRENT LIABILITIES CAPITAL AND RESERVES General Funds B/f Net movement funds for the period UNRESTICTED FUNDS |
12,270 (750) |
2020 2019 Amended £ £ 631 1,210 11,703 0 11,520 11,703 12,151 12,913 12,913 12,063 (761) 850 12,151 12,913 |
|---|---|---|
For the year ended 31/08/2016 the Company was entitled to exemption under section 477 of the Companies Acts 2006 relating to small companies.
No members have required the company to obtain an audit for it accounts for the year in section 476 of the company Act 2006.
The director’s acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and for the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to small companies’ regime.
Approved by the trustees on 30 April, 2021 and sign on it behalf
Mr Odeh Akatu Chairman
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HOUSE OF LIGHTS
REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 August 2020
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
- 1 Principle Accounting Policies
a) Accounting Convention
The financial statements are prepared under the historic 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 are of the opinion that since the investments is 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.
b) 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.
c) Donations to other charities are charged in the year when 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.
d) 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.
e) 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.
Motor Vehicle 25% Equipments, Furniture, Fixtures and Fittings 25%
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FOR THE YEAR ENDED 31 August 2020
HOUSE OF LIGHTS
REPORT AND FINANCIAL STATEMENTS
NOTES FORMING PART OF THE FINANCIAL STATEMENTS (cont)
| 2 Tangible Fixed Asset Cost Brought Forward Additions Carried Forward Depreciation Brought Forward Provided During the Period Carried Forward Net Book Value at 31 AUGUST, 2018 5 Creditor Amount falling due within 1 year Amount falling due within 1 year Accrual Other Creditors 6 General Funds Balance Brought Forward Net Movement in funds for the period Balance Carried Forward |
2020 £ 5,787 5,787 (4,577) (579) (5,156) 631 2020 £ 0 (750) (750) 2020 £ 12,913 (761) 12,151 |
2019 Amended £ 5,787 |
|---|---|---|
| 5,787 | ||
| (3,998) (579) |
||
| (4,577) | ||
| 1,210 | ||
| 2019 £ 0 0 |
||
| 0 | ||
| 2019 £ 12,063 850 |
||
| 12,913 |
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HOUSE OF LIGHTS REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 August 2020
STATEMENT OF FINANCIAL ACTIVITIES
| £ Incoming Resources Donations, Tithes and Offering Interest Received Total Incoming Resources |
2020 Amended £ £ 81,599 5.05 81,604 |
2019 Amended £ 96,794 7.78 |
|---|---|---|
| 96,802 |
| Charitable expenditure: Love offerings Administrative expenses - Employee costs Wages and salaries 24,304 Employer's NI 885 Staff training and welfare 17,393 Travel and subsistence 3,428 Administrative expenses - Premises costs Rent 9,939 Rates 575 Light and heat - Administrative expenses - General Church Programmes - National Mission 4,137 International Mission 9,868 Hospitality 277 Telephone and fax 4,989 Internet 585 Information and publications 956 Bank charges - Insurance 1,737 Equipment expensed 1,096 Software 1,447 Administrative expenses - Legal & professional Accountancy fees 750 Net movement funds for the period |
23,070 223 - 4,675 22,182 42 846 1,151 17,844 14,811 3,956 3,657 349 253 34 497 566 1,075 720 82,365 -761 |
|
|---|---|---|
| 95,952 | ||
| 850 |
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