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 2022
for
Holding Forth the Word Ltd
Krypton Consulting Ltd Chartered Certified Accountants & Tax Advisers Unit 6 Town Quay Wharf Barking Essex IG11 7BZ
Holding Forth the Word Ltd
Contents of the Financial Statements for the Year Ended 30 June 2022
| 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 2022
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 2022. 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 dayto-day running of the operations of the Charity.
OBJECTIVES AND ACTIVITIES
The charity's objects are:
-
The advancement of the Christian religion for the public benefit
-
The advancement of Christian education for the public benefit
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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
-
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
Report of the Trustees for the Year Ended 30 June 2022
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 2022
Trustees
Rev O.O Ajala Mr A O Adewuyi Mr M A Olanrewaju Dr A Vaughan
Company Secretary
Independent Examiner
Shola Makinwa MSc. FCCA, ACIT Association of Chartered Certified Accountants Krypton Consulting Ltd Chartered Certified Accountants & Tax Advisers Unit 6 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 27 March 2023 and signed on its behalf by:
Olabiyi Ajala
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 2022.
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:
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accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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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
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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
Shola Makinwa MSc. FCCA, ACIT Krypton Consulting Ltd Chartered Certified Accountants & Tax Advisers Unit 6 Town Quay Wharf Barking Essex IG11 7BZ
27 March 2023
Page 4
Holding Forth the Word Ltd
Statement of Financial Activities
(Incorporating an Income and Expenditure Account) for the Year Ended 30 June 2022
| Unrestricted Restricted fund fund Notes £ £ INCOME AND ENDOWMENTS FROM Donations and legacies 167,324 - EXPENDITURE ON Charitable activities Church Activities 94,985 - Other 53,518 - Total 148,503 - NET INCOME 18,821 - RECONCILIATION OF FUNDS Total funds brought forward 706,995 1,370 TOTAL FUNDS CARRIED FORWARD 725,816 1,370 |
30.6.22 Total funds £ 167,324 94,985 53,518 148,503 18,821 708,365 727,186 |
30.6.21 Total funds £ 215,667 95,774 38,877 134,651 81,016 627,349 708,365 |
|---|---|---|
The notes form part of these financial statements
Page 5
Holding Forth the Word Ltd
Statement of Financial Position 30 June 2022
| Notes FIXED ASSETS Tangible assets 6 CURRENT ASSETS Debtors 7 Cash at bank 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 £ 892,407 43,717 234,939 278,656 (5,327) 273,329 1,165,736 (439,920) 725,816 |
Restricted fund £ - - 1,370 1,370 - 1,370 1,370 - 1,370 |
30.6.22 Total funds £ 892,407 43,717 236,309 280,026 (5,327) 274,699 1,167,106 (439,920) 727,186 725,816 1,370 727,186 |
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 |
|---|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2022.
The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2022 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 2022
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 27 March 2023 and were signed on its behalf by:
Olabiyi Ajala 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 2022
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 2022
2. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| 30.6.22 | 30.6.21 | |
|---|---|---|
| £ | £ | |
| Depreciation - owned assets | 7,728 | 10,302 |
3. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 30 June 2022 nor for the year ended 30 June 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 30 June 2022 nor for the year ended 30 June 2021.
4. STAFF COSTS
The average monthly number of employees during the year was as follows:
5.
| 30.6.22 | 30.6.21 | ||
|---|---|---|---|
| Senior Pastor & Administrative Staff | 4 | - | |
| 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 | 215,667 | - | 215,667 |
| EXPENDITURE ON | |||
| Charitable activities | |||
| Church Activities | 95,774 | - | 95,774 |
| Other | 38,877 | - | 38,877 |
| Total | 134,651 | - | 134,651 |
| NET INCOME | 81,016 | - | 81,016 |
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | 625,979 | 1,370 | 627,349 |
continued...
Page 9
Holding Forth the Word Ltd
Notes to the Financial Statements - continued for the Year Ended 30 June 2022
| 5. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - | continued | |
|---|---|---|---|---|
| Unrestricted | Restricted |
Total |
||
| fund | fund | funds | ||
| £ | £ | £ | ||
| TOTAL FUNDS CARRIED FORWARD | 706,995 | 1,370 | 708,365 | |
| 6. | TANGIBLE FIXED ASSETS | |||
| Fixtures | ||||
| Freehold | Plant and | and | ||
| property | machinery | fittings | ||
| £ | £ | £ | ||
| COST | ||||
| At 1 July 2021 and 30 June 2022 | 869,225 | 119,010 | 66,343 | |
| DEPRECIATION | ||||
| At 1 July 2021 | - | 107,563 | 56,193 | |
| Charge for year | - | 2,862 | 2,538 | |
| At 30 June 2022 | - | 110,425 | 58,731 | |
| NET BOOK VALUE | ||||
| At 30 June 2022 | 869,225 | 8,585 | 7,612 | |
| At 30 June 2021 | 869,225 | 11,447 | 10,150 | |
| Motor | Computer | |||
| vehicles | equipment | Totals | ||
| £ | £ | £ | ||
| COST | ||||
| At 1 July 2021 and 30 June 2022 | 23,664 | 18,308 | 1,096,550 | |
| DEPRECIATION | ||||
| At 1 July 2021 | 16,177 | 16,482 | 196,415 | |
| Charge for year | 1,871 | 457 | 7,728 | |
| At 30 June 2022 | 18,048 | 16,939 | 204,143 | |
| NET BOOK VALUE | ||||
| At 30 June 2022 | 5,616 | 1,369 | 892,407 | |
| At 30 June 2021 | 7,487 | 1,826 | 900,135 |
continued...
Page 10
Holding Forth the Word Ltd
Notes to the Financial Statements - continued for the Year Ended 30 June 2022
| 7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Account Receivable Prepayments Recoverable Loans 8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Nest Pension 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 |
30.6.22 £ 14,342 45 29,330 43,717 30.6.22 £ 779 106 2,715 1,727 5,327 30.6.22 £ 439,920 30.6.22 £ 398,335 41,585 439,920 |
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 |
|---|---|---|
continued...
Page 11
Holding Forth the Word Ltd
Notes to the Financial Statements - continued for the Year Ended 30 June 2022
11. MOVEMENT IN FUNDS
| MOVEMENT IN FUNDS | |||
|---|---|---|---|
| Net | |||
| movement | At | ||
| At 1/7/21 | in funds | 30/6/22 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 706,995 | 18,821 | 725,816 |
| Restricted funds | |||
| Rebuild Project | 1,370 | - | 1,370 |
| TOTAL FUNDS | 708,365 | 18,821 | 727,186 |
| Net movement in funds, included in the above are as follows: | |||
| Incoming | Resources | Movement | |
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 167,324 | (148,503) | 18,821 |
| TOTAL FUNDS | 167,324 | (148,503) | 18,821 |
| Comparatives for movement in funds | |||
| Net | |||
| movement | At | ||
| At 1/7/20 | in funds | 30/6/21 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 625,979 | 81,016 | 706,995 |
| Restricted funds | |||
| Rebuild Project | 1,370 | - | 1,370 |
| TOTAL FUNDS | 627,349 | 81,016 | 708,365 |
continued...
Page 12
Holding Forth the Word Ltd
Notes to the Financial Statements - continued for the Year Ended 30 June 2022
11. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming Resources Movement resources expended in funds £ £ £ 215,667 (134,651) 81,016 215,667 (134,651) 81,016 |
|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
| Net movement At 1/7/20 in funds £ £ Unrestricted funds General fund 625,979 99,837 Restricted funds Rebuild Project 1,370 - TOTAL FUNDS 627,349 99,837 |
At 30/6/22 £ 725,816 1,370 727,186 |
|---|---|
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 TOTAL FUNDS |
Incoming Resources Movement resources expended in funds £ £ £ 382,991 (283,154) 99,837 382,991 (283,154) 99,837 |
|---|---|
continued...
Page 13
Holding Forth the Word Ltd
Notes to the Financial Statements - continued for the Year Ended 30 June 2022
12. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 30 June 2022.
Page 14
Holding Forth the Word Ltd
Detailed Statement of Financial Activities for the Year Ended 30 June 2022
| Detailed Statement of Financial Activities for the Year Ended 30 June 2022 |
||
|---|---|---|
| 30.6.22 | 30.6.21 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Tithes - Church | 84,451 | 91,416 |
| Offerings | 38,303 | 42,199 |
| Building Fund Income | 18,036 | 19,656 |
| Gifts & other Income | 14,167 | 32,786 |
| JRS Grant | 8,392 | 26,495 |
| Rebuild Project | 3,525 | 2,155 |
| Donation - Crucible | 450 | 960 |
| 167,324 | 215,667 | |
| Total incoming resources | 167,324 | 215,667 |
| EXPENDITURE | ||
| Charitable activities | ||
| Wages - Department | 44,252 | 41,480 |
| Social Services Costs | 2,539 | - |
| Telephone & Fax | 1,041 | 1,502 |
| Travel & Subsistence | 7,298 | 7,123 |
| Stationeries & Postage | 3,058 | 1,140 |
| Licence, Permits, Health & Safety | 626 | 771 |
| Other Insurance | 482 | 823 |
| Pension Costs | 717 | 1,321 |
| Events | 2,997 | 3,790 |
| Entertainment | 7,638 | 5 |
| Church & Choirs' Expenses | 2,454 | 981 |
| Donation & Ministry Support | 2,870 | 2,450 |
| Honorarium | 2,500 | 1,000 |
| 78,472 | 62,386 | |
| Other | ||
| Website/Online TV | 1,122 | - |
| Repairs/Renovation Costs | 7,008 | 4,740 |
| Mortgage Interest | 30,113 | 23,977 |
| Repairs Cleaning & Others | 740 | 2,166 |
| Utilities | 7,844 | 2,225 |
| Building Insurance | 1,955 | 1,955 |
| Motoring Expenses | 4,736 | 3,814 |
| 53,518 | 38,877 |
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 2022
| Detailed Statement of Financial Activities for the Year Ended 30 June 2022 |
||
|---|---|---|
| 30.6.22 | 30.6.21 | |
| £ | £ | |
| Support costs | ||
| Management | ||
| Computer Accessories | - | 1,587 |
| Plant and machinery | 2,862 | 3,816 |
| Fixtures and fittings | 2,538 | 3,383 |
| Motor vehicles | 1,872 | 2,496 |
| Computer equipment | 456 | 609 |
| 7,728 | 11,891 | |
| Governance costs | ||
| Accountancy and Other Services | 6,570 | 18,536 |
| Bank Charges | 2,065 | 2,240 |
| Credit Card Charges | 150 | 721 |
| 8,785 | 21,497 | |
| Total resources expended | 148,503 | 134,651 |
| Net income | 18,821 | 81,016 |
This page does not form part of the statutory financial statements
Page 16