OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2021-08-31-accounts

House of Lights

Director’s Report and Unaudited Financial Statements For the Year Ended 31 August 2021

Charity Number: 1145550. Company No: 06996615

HOUSE OF LIGHTS

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 August 2021

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

2

HOUSE OF LIGHTS

REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 August 2021

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

3

HOUSE OF LIGHTS REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 August 2021

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:

  1. Select suitable accounting policies and then apply them consistently;

  2. Make judgments and estimates that are reasonable and prudent;

  3. State whether applicable accounting standards and statements of recommended practice have been followed subject to any departure disclosed and explained in the financial statements;

  4. 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-22

4

HOUSE OF LIGHTS REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 August 2021

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

5

FOR THE YEAR ENDED 31 August 2021

HOUSE OF LIGHTS REPORT AND FINANCIAL STATEMENTS

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 85 Great Portland Street London W1W 7LT

Date: 30[th] April 2021

6

HOUSE OF LIGHTS

REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 August 2021

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		 2021
2020
(Amended)
£
£
47,955
81,604
47,955
81,604
63,357
82,365
63,357
82,365
(15,403)
(761)
-
-
(15,403)
(761)
(2,598)
(1,837)
(18,000)
(2,598)

7

HOUSE OF LIGHTS

REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 August 2021

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 yea
5
TOTAL ASSETS LESS CURRENT LIABILITIES
CAPITAL AND RESERVES
General Funds B/f
Net movement funds for the period
UNRESTICTED FUNDS		 720
(4,023)		 2021
2020
£
£
52
631
12,270
(750)
(3,303)
11,520
(3,251)
12,151
12,151
12,912
(15,403)
(761)
(3,251)
12,151

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, 2022 and sign on it behalf

Mr Odeh Akatu Chairman

8

HOUSE OF LIGHTS

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 August 2021

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

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%

9

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 August 2021

HOUSE OF LIGHTS

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		 2021
£
5,787
5,787
(5,734)
0
(5,734)
52
2021
£
(4,023)
0
(4,023)
2021
£
12,151
(15,403)
(3,251)		 2020
£
5,787
5,787
(5,156)
(579)
(5,734)
631
2020
£
0
(750)
(750)
2020
£
12,913
(761)
12,151

10

HOUSE OF LIGHTS REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 August 2021

STATEMENT OF FINANCIAL ACTIVITIES

£
Incoming Resources
Donations, Tithes and Offering
Interest Received
Total Incoming Resources
Charitable expenditure:
Love offerings
Administrative expenses - Employee costs
Wages and salaries
24,329
Employer's NI
885
Staff training and welfare
13,750
Travel and subsistence
4,770
Administrative expenses - Premises costs
Rent
4,860
Rates
575
Light and heat
-
Administrative expenses - General
Church Programmes
-
National Mission
-
International Mission
-
Hospitality
-
Telephone and fax
3,786
Internet
-
Postage
-
Stationery and printing
-
Courier services
-
Information and publications
547
Subscriptions
-
Bank charges
130
Factoring charges
-
Insurance
40
-
Equipment expensed
1,795
Equipment hire
-
Software
3,811
Repairs and maintenance
-
Depreciation
-
Amortisation of goodwill
-
Other amortisation
-		 2021
£
£
47,955
0
47,955
24,304
885
17,393
3,428
9,939
575
-
-
4,137
9,868
277
4,989
585
-
-
-
956
-
-
-
1,737
1,096
-
1,447
-
-
-
-		 2020
£
81,599
5
81,604

11

Bad debts
-
Donations
2,888
Loss/(profit) on foreign exchange transactions
-
Sundry expenses
623
Administrative expenses - Legal & professional
Audit fees
-
Accountancy fees
648
Solicitors fees
-
Consultancy fees
-
Management fees
-
Advertising and PR
-
Other legal and professional
-
Net movement funds for the period		 -
-
-
-
750
63,357
-15,403
82,365
-761

12