**REGISTERED COMPANY NUMBER: 04473839 (England and Wales) REGISTERED CHARITY NUMBER: 1164181** Report of the Trustees and Unaudited Financial Statements for the Year Ended 30 June 2021 for Holding Forth the Word Ltd Krypton Consulting Ltd Chartered Certified Accountants & Tax Advisers Town Quay Wharf Barking Essex IG11 7BZ Holding Forth the Word Ltd Contents of the Financial Statements for the Year Ended 30 June 2021 ||Page| |---|---| |Report of the Trustees|1 to 3| |Independent Examiner's Report|4| |Statement of Financial Activities|5| |Statement of Financial Position|6 to 7| |Notes to the Financial Statements|8 to 14| |Detailed Statement of Financial Activities|15 to 16| Holding Forth the Word Ltd ## Report of the Trustees ## for the Year Ended 30 June 2021 The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 30 June 2021. The trustees have adopted the provisions of 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 2019). ## **OBJECTIVES AND ACTIVITIES** ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** Holding Forth the Word Ltd is a charitable company limited by guarantee, incorporated on 29 June 2002 and registered as a Charity on 30 October 2015. It is governed by its Memorandum and Articles of Association and is managed by a Board of Trustees. Decisions are determined by a simple majority vote of the Trustees who set the strategic direction for the Charity. Delegated authority has been given to the Pastoral Management Team for the day-to-day running of the operations of the Charity. . ## **OBJECTIVES AND ACTIVITIES** The charity's objects are: 1. The advancement of the Christian religion for the public benefit 2. The advancement of Christian education for the public benefit 3. The relief of poverty by such means as the Trustees may from time to time think fit including by means of providing food and clothing to those in need worldwide and giving advisory services towards achieving this objective 4. The furtherance of such other purposes that are exclusively charitable under the laws of England and Wales as the Trustees decide, in particular but not exclusively for the benefit of the community in Milton Keynes. The organisation carries out a wide range of activities in pursuance of its objects providing benefits primarily to members of the Church in the first instance but to others also within the local community where the church is situated. The operational base of the organisation is at Holding Forth Christian Centre, located on Bradwell Road, New Bradwell, Milton Keynes. Page 1 Holding Forth the Word Ltd for the Year Ended 30 June 2021 ## Report of the Trustees ## **OBJECTIVES AND ACTIVITIES ACHIEVEMENTS AND PERFORMANCE FOR THE PUBLIC BENEFIT** ## Church and Spiritual Focus Our weekly church meetings remained a focal point for the organization. We continued to provide systematic Bible teaching and education and fostered deep Spiritual growth of members, associates and attendees with a view to instilling enduring Faith values. During the year, Evangelism continued to receive prime attention and our weekly Friday prayer meeting is still a desired and regular feature among our base community as a source of verve, direction and purpose. ## Pastoral Functions. We provided a wide range of counselling and mentoring support to members as well as others from within the local community who, through sign-posting, seized the opportunity. Our Men and Women fellowship groups continued to function effectively all through the year, thereby providing a platform for lateral and peer mentoring. This we have identified as a niche area of impact within our community. The activities of these groups yielded significant personal and career development for many members during the year as our people continued to make positive life changing and enhancing decisions which moved them progressively forward. ## Christian Education During the year, we explored and celebrated the importance of "Legacy" both as a source of motivation for Now and as evidence of quality accomplishment(s) in the Future! As usual, several seminars were held as part of our "Life Impact" teaching series. Attendances at many of these events were very satisfactory and their overall benefits undeniable. Our resources and facilitators were qualified professionals and experts both from within and where necessary from outside our community. ## Samaritan and Welfare Efforts The charity continues to provide invaluable financial and material assistance to those in dire need as can be expected of a Christian organization. It is our hope that we are increasingly able to expand the reach/scope and the beneficiaries of this essential objective of ours. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document** The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. ## **Risk management** The trustees understand their duty and responsibility to identify, to review and to mitigate risks - internal and external - to which the charity may be exposed to which they ensure appropriate controls are in place to provide reasonable assurance, for instance, against fraud, error and compliance with relevant health and safety and insurance laws. ## **REFERENCE AND ADMINISTRATIVE DETAILS** ## **Registered Company number** 04473839 (England and Wales) ## **Registered Charity number** 1164181 ## **Registered office** Holding Forth Christian Centre Bradwell Road New Bradwell Buckinghamshire MK13 0EJ Page 2 Holding Forth the Word Ltd Report of the Trustees for the Year Ended 30 June 2021 ## **Trustees** Rev O.O Ajala Mr A O Adewuyi Mr M A Olanrewaju Dr A Vaughan Rev O Ajala Reverend ## **Independent Examiner** Shola Makinwa MSc. FCCA, ACIT Association of Chartered Certified Accountants Krypton Consulting Ltd Chartered Certified Accountants & Tax Advisers Town Quay Wharf Barking Essex IG11 7BZ This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. Approved by order of the board of trustees on 26 March 2022 and signed on its behalf by: Rev O.O Ajala - Trustee Page 3 ## Independent Examiner's Report to the Trustees of Holding Forth the Word Ltd ## **Independent examiner's report to the trustees of Holding Forth the Word Ltd ('the Company')** I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 June 2021. ## **Responsibilities and basis of report** As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'). Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act. ## **Independent examiner's statement** I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: 1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)). 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. Shola Makinwa MSc. FCCA, ACIT Association of Chartered Certified Accountants Krypton Consulting Ltd Chartered Certified Accountants & Tax Advisers Town Quay Wharf Barking Essex IG11 7BZ 26 March 2022 Page 4 Holding Forth the Word Ltd ## Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the Year Ended 30 June 2021 |Unrestricted
fund
Notes
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
215,667
**EXPENDITURE ON**
**Charitable activities**
Church Activities
95,774
Management & Support Costs
-
Other
38,877
**Total**
134,651
**NET INCOME**
81,016
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
625,979
**TOTAL FUNDS CARRIED FORWARD**
706,995|Restricted
fund
£
-
-
-
-
-
-
1,370
1,370|30.6.21
Total
funds
£
215,667
95,774
-
38,877
134,651
81,016
627,349
708,365|30.6.20
Total
funds
£
220,369
91,939
23,440
53,708
169,087
51,282
576,067
627,349| |---|---|---|---| The notes form part of these financial statements Page 5 ## Holding Forth the Word Ltd ## Statement of Financial Position ## 30 June 2021 |Notes
**FIXED ASSETS**
Tangible assets
6
**CURRENT ASSETS**
Debtors
7
Cash at bank and in hand
**CREDITORS**
Amounts falling due within one year
8
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**CREDITORS**
Amounts falling due after more than one year
9
**NET ASSETS**
**FUNDS**
11
Unrestricted funds:
General fund
Restricted funds:
Rebuild Project
**TOTAL FUNDS**|Unrestricted
fund
£
900,135
17,897
240,875
258,772
(2,558)
256,214
1,156,349
(449,354)
706,995|Restricted
fund
£
-
-
1,370
1,370
-
1,370
1,370
-
1,370|30.6.21
Total
funds
£
900,135
17,897
242,245
260,142
(2,558)
257,584
1,157,719
(449,354)
708,365
706,995
1,370
708,365|30.6.20
Total
funds
£
900,445
20,125
164,870
184,995
(2,719)
182,276
1,082,721
(455,372)
627,349
625,979
1,370
627,349| |---|---|---|---|---| The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2021. The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2021 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for - (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and - (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. The notes form part of these financial statements Page 6 continued... Holding Forth the Word Ltd ## Statement of Financial Position - continued 30 June 2021 These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. The financial statements were approved by the Board of Trustees and authorised for issue on 26 March 2022 and were signed on its behalf by: Rev O.O Ajala - Trustee The notes form part of these financial statements Page 7 Holding Forth the Word Ltd Notes to the Financial Statements for the Year Ended 30 June 2021 ## **1. ACCOUNTING POLICIES** ## **Basis of preparing the financial statements** The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. ## **Financial reporting standard 102 - reduced disclosure exemptions** The charitable company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland': - the requirements of Section 7 Statement of Cash Flows. ## **Income** All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. ## **Expenditure** Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with the use of resources. Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. ## **Tangible fixed assets** Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. ## **Taxation** The charity is exempt from corporation tax on its charitable activities. ## **Fund accounting** Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. continued... Page 8 Holding Forth the Word Ltd Notes to the Financial Statements - continued for the Year Ended 30 June 2021 ## **2. NET INCOME/(EXPENDITURE)** Net income/(expenditure) is stated after charging/(crediting): ||30.6.21|30.6.20| |---|---|---| ||£|£| |Depreciation - owned assets|10,302|10,409| ## **3. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 30 June 2021 nor for the year ended 30 June 2020. ## **Trustees' expenses** There were no trustees' expenses paid for the year ended 30 June 2021 nor for the year ended 30 June 2020. ## **4. STAFF COSTS** The average monthly number of employees during the year was as follows: ## **5.** |||30.6.21||30.6.20| |---|---|---|---|---| |Senior Pastor & Administrative Staff||-||3| |No employees received emoluments in excess of £60,000.||||| |**COMPARATIVES FOR THE STATEMENT OF FINANCIAL**|**ACTIVITIES**|||| ||Unrestricted|Restricted||Total| ||fund|fund||funds| ||£|£||£| |**INCOME AND ENDOWMENTS FROM**||||| |Donations and legacies|218,999|1,370||220,369| |**EXPENDITURE ON**||||| |**Charitable activities**||||| |Church Activities|91,939||-|91,939| |Management & Support Costs|23,440||-|23,440| |Other|53,708||-|53,708| |**Total**|169,087||-|169,087| |**NET INCOME**|49,912|1,370||51,282| |**RECONCILIATION OF FUNDS**||||| |**Total funds brought forward**|576,067||-|576,067| continued... Page 9 Holding Forth the Word Ltd ## Notes to the Financial Statements - continued ## for the Year Ended 30 June 2021 ## **5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued** |**TOTAL FUNDS CARRIED FORWARD**
**6.**
**TANGIBLE FIXED ASSETS**
**COST**
At 1 July 2020
Freehold prop Additions
At 30 June 2021
**DEPRECIATION**
At 1 July 2020
Charge for year
At 30 June 2021
**NET BOOK VALUE**
At 30 June 2021
At 30 June 2020
**COST**
At 1 July 2020
Freehold prop Additions
At 30 June 2021
**DEPRECIATION**
At 1 July 2020
Charge for year
At 30 June 2021
**NET BOOK VALUE**
At 30 June 2021
At 30 June 2020|Unrestricted
fund
£
625,979
Freehold
property
£
869,225
-
869,225
-
-
-
869,225
869,225
Motor
vehicles
£
23,664
-
23,664
13,681
2,496
16,177
7,487
9,983|Restricted
Total
fund
funds
£
£
1,370
627,349
Fixtures
Plant and
and
machinery
fittings
£
£
109,018
66,343
9,992
-
119,010
66,343
103,748
52,810
3,815
3,383
107,563
56,193
11,447
10,150
5,270
13,533
Computer
equipment
Totals
£
£
18,308
1,086,558
-
9,992
18,308
1,096,550
15,874
186,113
608
10,302
16,482
196,415
1,826
900,135
2,434
900,445|Total
funds
£| |---|---|---|---| ||||627,349| continued... Page 10 Holding Forth the Word Ltd |Notes to the Financial Statements-continued
for the Year Ended 30 June 2021
**7.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Account Receivable
Prepayments
Recoverable Loans
**8.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Trade creditors
Social security and other taxes
Mercy Ministry
**9.**
**CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR**
Other loans (see note 10)
**10.**
**LOANS**
An analysis of the maturity of loans is given below:
Amounts falling due in more than five years:
Repayable by instalments:
Mortgage on HFCC
Bounce Back Loan|30.6.21
£
14,342
75
3,480
17,897
30.6.21
£
779
455
1,324
2,558

30.6.21
£
449,354
30.6.21
£
404,354
45,000
449,354|30.6.20
£
16,342
93
3,690
20,125
30.6.20
£
779
1,040
900
2,719
30.6.20
£
455,372
30.6.20
£
410,372
45,000
455,372| |---|---|---| continued... Page 11 Holding Forth the Word Ltd ## Notes to the Financial Statements - continued ## for the Year Ended 30 June 2021 ## **11. MOVEMENT IN FUNDS** |**Unrestricted funds**
General fund
**Restricted funds**
Rebuild Project
**TOTAL FUNDS**
Net movement in funds, included in the above are as follows:
**Unrestricted funds**
General fund
**TOTAL FUNDS**
**Comparatives for movement in funds**
**Unrestricted funds**
General fund
**Restricted funds**
Rebuild Project
**TOTAL FUNDS**|At 1/7/20
£
625,979
1,370
627,349
Incoming
resources
£
215,667
215,667
At 1/7/19
£
576,067
-
576,067|Net
movement
At
in funds
30/6/21
£
£
81,016
706,995
-
1,370
81,016
708,365
Resources
Movement
expended
in funds
£
£
(134,651)
81,016
(134,651)
81,016
Net
movement
At
in funds
30/6/20
£
£
49,912
625,979
1,370
1,370
51,282
627,349| |---|---|---| continued... Page 12 Holding Forth the Word Ltd ## Notes to the Financial Statements - continued ## for the Year Ended 30 June 2021 ## **11. MOVEMENT IN FUNDS - continued** Comparative net movement in funds, included in the above are as follows: |**Unrestricted funds**
General fund
**Restricted funds**
Rebuild Project
**TOTAL FUNDS**|Incoming
resources
£
218,999
1,370
220,369|Resources
Movement
expended
in funds
£
£
(169,087)
49,912
-
1,370
(169,087)
51,282| |---|---|---| A current year 12 months and prior year 12 months combined position is as follows: |**Unrestricted funds**
General fund
**Restricted funds**
Rebuild Project
**TOTAL FUNDS**|At 1/7/19
£
576,067
-
576,067|Net
movement
in funds
£
130,928
1,370
132,298|At
30/6/21
£
706,995
1,370
708,365| |---|---|---|---| A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |**Unrestricted funds**
General fund
**Restricted funds**
Rebuild Project
**TOTAL FUNDS**|Incoming
resources
£
434,666
1,370
436,036|Resources
Movement
expended
in funds
£
£
(303,738)
130,928
-
1,370
(303,738)
132,298| |---|---|---| continued... Page 13 Holding Forth the Word Ltd Notes to the Financial Statements - continued for the Year Ended 30 June 2021 ## **12. RELATED PARTY DISCLOSURES** There were no related party transactions for the year ended 30 June 2021. Page 14 Holding Forth the Word Ltd Detailed Statement of Financial Activities for the Year Ended 30 June 2021 |Detailed Statement of Financial Activities
for the Year Ended 30 June 2021||| |---|---|---| ||30.6.21|30.6.20| ||£|£| |**INCOME AND ENDOWMENTS**||| |**Donations and legacies**||| |Tithes - Church|91,416|90,760| |Offerings|42,199|27,974| |Building Fund Income|19,656|56,191| |Gifts & other Income|32,786|21,719| |JRS Grant|26,495|20,745| |Rebuild Project|2,155|1,370| |Rental Income|-|650| |Donation - Crucible|960|960| ||215,667|220,369| |**Total incoming resources**|215,667|220,369| |**EXPENDITURE**||| |**Charitable activities**||| |Wages - Department|41,480|50,440| |Telephone & Fax|1,502|1,416| |Travel & Subsistence|7,123|7,776| |Books & Journals|-|200| |Stationeries & Postage|1,140|1,516| |Licence, Permits, Health & Safety|771|1,442| |Other Insurance|823|994| |Pension Costs|1,321|1,361| |Events|3,790|1,175| |Entertainment|5|221| |Church & Choirs' Expenses|981|14,343| |Donation & Ministry Support|2,450|8,025| |Honorarium|1,000|3,030| ||62,386|91,939| |**Other**||| |Repairs/Renovation Costs|4,740|13,988| |Mortgage Interest|23,977|23,977| |Repairs Cleaning & Others|2,166|2,608| |Utilities|2,225|6,618| |Building Insurance|1,955|3,688| |Motoring Expenses|3,814|2,829| ||38,877|53,708| This page does not form part of the statutory financial statements Page 15 Holding Forth the Word Ltd |Detailed Statement of Financial Activities||| |---|---|---| |for the Year Ended 30 June 2021||| ||30.6.21|30.6.20| ||£|£| |**Support costs**||| |**Management**||| |Computer Accessories|1,587|1,512| |Plant and machinery|3,816|1,757| |Fixtures and fittings|3,383|4,511| |Motor vehicles|2,496|3,328| |Computer equipment|609|811| ||11,891|11,919| |**Governance costs**||| |Accountancy and Other Services|18,536|8,563| |Bank Charges|2,240|2,249| |Credit Card Charges|721|709| ||21,497|11,521| |Total resources expended|134,651|169,087| |**Net income**|81,016|51,282| This page does not form part of the statutory financial statements Page 16