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2021-03-31-accounts

Bethel Oasis of Jesus Christ

Report and Accounts Period ended 31 March 2021

1 Lamb's Passage, London EC1Y 8AB www.stewardship.org.uk

BETHEL OASIS OF JESUS CHRIST

COMPANY INFORMATION

FOR THE PERIOD ENDED 31 MARCH 2021

Trustees

Mavis Taylor Elizabeth Thomas Sonia Thompson

Company Secretary

Naomi Sinclair

Key Persons

Dr Mavis Taylor (pastor)

Governing Document

Memorandum and Articles of Association dated October 2019

Company Registration Number

12261645

Charity Registration Number

Principal Address

1186298 2A Kohat Road London SW19 8LD

Registered Office

2A Kohat Road London SW19 8LD

Independent Examiner

Bankers

Lourens du Plessis ACA CA(SA) Stewardship 1 Lamb's Passage London EC1Y 8AB Lloyds Bank

Contents Page
Company Information 1
Trustees' Annual Report 2-6
Independent Examiner's Report 7
Statement of Financial Activities 8
Balance Sheet 9
Cash Flow Statement 10
Notes to the Accounts 11-15
Detailed Statement of Financial Activities 16

Page 1

Bethel Oasis Jesus Christ

TRUSTEES’ ANNUAL REPORT for the period

From: 1 April 2020 to 31 March 2021

Charity name: Bethel Oasis of Jesus Christ

Charity registration number: 1186298 (Registered with CC 12 November 2019) Companies House Registration Number : 12261645 (Incorporated 14 Oct 2019)

1. OBJECTS OF THE CHARITY

The charity is a charitable company and is governed by its articles of association. The objects of the charity, as set out in the governing document are:

The Charity's object {"the Object") which is for the Public Benefit is the advancement of the Christian Faith worldwide. The Object is to be carried out as an expression of the beliefs set out in Clause 8 of the Articles of Association.

2. SUMMARY OF ACHIEVEMENTS AND PERFORMANCE

Page 2

Bethel Oasis Jesus Christ

2:2 The impact of the Covid Crisis on Church activities

In planning the activities, the Trustees have applied the guidance on public benefit issued by the Charity Commission.

3. GOVERNANCE AND MANAGEMENT

Page 3

Bethel Oasis Jesus Christ

On 1 April 2020, the assets, liabilities, funds and activities of the Charity’s predecessor, the First United Church of Jesus Christ (Apostolic) UK – Wimbledon Branch (charity number 1035207), were transferred to the Charity by resolution approved by the Charity Commission, with the predecessor Charity removed from the Charity Commission register. Details of the transfer grant are contained in these accounts.

4. RESERVES POLICY

There is no formal reserves policy. However, the trustees regularly monitor the financial health of the charity to ensure that sufficient reserves are available to mitigate a possible loss of income or unexpected increase in expenses due to unforeseen circumstances. In practice, the charity has a very low fixed cost base, and therefore most of both its income and expenditure is variable in line with

Page 4

Bethel Oasis Jesus Christ

activities. The financial results are set out in the accounts, with a net movement in funds of £422,474 during the period (and total funds of that amount at the end of the period), which is largely due to the transfer in of Fixed and Liquid assets from the predecessor charity.

5. KEY RISKS AND UNCERTAINTIES

The charity is exposed to various risks - be they operational, financial or reputational. The trustees review the charity's activities regularly to identify significant risks and, where possible, they take appropriate measures to mitigate those risks.

6. TRUSTEES/DIRECTORS

The Trustees/Directors as at the 31[st] March 2021 were:

7. RESPONSIBILITIES OF TRUSTEES UNDER COMPANY LAW

The trustees are responsible for preparing the trustees' annual report and the financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Statement of Recommended Practice: Accounting and Reporting by Charities ("the Charities SORP"), with the Companies Act 2006 and with the Charities Act 2011.

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charitable company as at the balance sheet date and of its incoming resources and application of resources, including income and expenditure, for the financial year. In preparing these financial statements, the trustees are required to:

Page 5

Bethel Oasis

Jesus Christ

  1. select suitable accounting policies and apply them consistently;

  2. observe the methods and principles in the Charities SORP;

  3. make judgements and estimates that are reasonable and prudent;

  4. state whether the applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

  5. prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

8. Approval

This report, which has been prepared by Bethel Oasis Trustees in accordance with the provisions of the Companies Act 2006 relating to small companies and signed on their behalf by:

Elizabeth Thomas (Trustee)

Date: 12 October 2021

Page 6

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF

BETHEL OASIS OF JESUS CHRIST ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2021 on pages 8 to 16 following, which have been prepared on the basis of the accounting policies set out on pages 11 to 13.

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

Since the Company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. 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, which is one of the listed bodies.

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.

Lourens du Plessis ACA CA(SA) Member of the Institute of Chartered Accountants in England and Wales

Stewardship 1 Lamb's Passage London EC1Y 8AB

Date: 12 October 2021

Page 7

BETHEL OASIS OF JESUS CHRIST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE PERIOD ENDED 31 MARCH 2021

Note
INCOME AND ENDOWMENTS FROM:
Donations and legacies
3
Charitable activities
4
Investments
5
Other income
6
Total income and endowments
EXPENDITURE ON:
Charitable activities
7
Total expenditure
Net gains/(losses) on investments
Net income/(expenditure)
Transfers between funds
12
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
12		 Unrestricted
Funds
£
464,687
7,009
11,158
20,769
503,623
81,149
81,149
-
422,474
-
422,474
-
422,474		 Restricted
Funds
£
-
-
-
-
-
-
-
-
-
-

-
-
-		 Total
Funds
2021
(18 months)
£
464,687
7,009
11,158
20,769
503,623
81,149
81,149
-
422,474
-
422,474
-
422,474

The statement of financial activities includes all gains and losses recognised in the period.

All income and expenditure derive from continuing operations.

The statement of financial activities also complies with the requirements for an income and expenditure account required by the Companies Act 2006.

The notes on page 11-15 form part of these accounts.

Page 8

BETHEL OASIS OF JESUS CHRIST

BALANCE SHEET

FOR THE PERIOD ENDED 31 MARCH 2021

Note
FIXED ASSETS
Tangible assets
9
CURRENT ASSETS
Debtors
13
Cash at bank and in hand
10
CREDITORS: Amounts falling
due within one year
11
Net current assets / (liabilities)
Total assets less current liabilities
TOTAL NET ASSETS
FUND BALANCES
12
Unrestricted Funds
General funds
Designated funds
Restricted Funds		 Unrestricted
Funds
£
239,087
239,087
-
184,796
184,796
(1,410)
183,386
422,474
422,474
422,324
150
422,474
-
422,474		 Restricted
Funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Total
Funds
2021
£
239,087
239,087
-
184,796
184,796
(1,410)
183,386
422,474
422,474
422,324
150
422,474
-
422,474

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006 however, in accordance with Section 145 of the Charities Act 2011, the accounts have been examined by an independent examiner and their report has been included in these financial statements.

The financial statements have been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors and were signed on its behalf by:

Dr Mavis Taylor (Chair)

Date: 12 October 2021

The notes on page 11-15 form part of these accounts.

Company number: 12261645

Charity number: 1186298

Page 9

BETHEL OASIS OF JESUS CHRIST

FOR THE PERIOD ENDED 31 MARCH 2021

CASH FLOW STATEMENT

Note 2020
£
Cash flows from operating activities:
Net cash provided by (used in) operating activities a 173,638
Cash flows from investing activities:
Dividends, interest and rents from investments 11,158
Net cash provided by/(used in) investing activities 11,158
Cash flows from financing activities:
Net cash provided by/(used in) financing activities -
Change in cash and equivalents in the reporting period 184,796
Cash and equivalents at the beginning of the year b -
Change in cash and equivalents due to exchange rate movements -
Cash and cash equivalents at the end of the year b 184,796
Note a: Reconciliation of net income/(expenditure) to net cash flow from operating activities
2021
£
Net income/(expenditure) for the reporting period (as per the statement of financial
activities) 422,474
Adjustments for:
Depreciation charges and provisions for impairment 3,968
Dividends, interest and rents from investments (11,158)
Recognition of donation in kind (property transferred from previous charity) (243,056)
Increase/(decrease) in creditors 1,410
Net cash provided by (used in) operating activities 173,638
Note b: Analysis of cash and cash equivalents
2021
£
Cash at bank with immediate access 184,796
Total cash and cash equivalents 184,796

Page 10

BETHEL OASIS OF JESUS CHRIST

NOTES TO THE ACCOUNTS

FOR THE PERIOD ENDED 31 MARCH 2021

1 Statutory Information

The charity is a charitable company limited by guarantee and is incorporated in the United Kingdom. The company's registered number and registered office address can be found on the Company Information page.

2 Accounting Policies

These financial statements are prepared on a going concern basis, under the historical cost convention as modified by the revaluation of certain assets, which are measured at fair value through the Statement of Financial Activities.

These financial statements have been prepared in accordance with the "Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) ("the Charities SORP"), with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland ("FRS 102"), with the Companies Act 2006 and with the Charities Act 2011. The charity meets the definition of a public benefit entity as set out in FRS 102.

The principles adopted in the preparation of the financial statements are set out below.

a) Going concern

The trustees (who are the charitable company's directors for the purposes of company law) have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern. The trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. In particular the trustees have considered the charity's forecasts and projections and the possible implications should projected income and / or expenditure vary unexpectedly. The trustees have concluded that there is a reasonable expectation that the charity has adequate resources to continue to operate for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements. In making this assessment the trustees have considered how Covid-19 might affect projections.

b) Income

Income including investment income is recognised in the period in which the charity becomes entitled to receipt, the amount receivable can be measured with reasonable certainty, and receipt is probable. For the most part, income is generally recognised when it is received. Income is only deferred when the charity has to fulfil conditions before becoming entitled to it or where the donor has specified that the income is to be expended in a future period.

Income from donations includes:

Income from charitable activities represents income receivable from goods, services and facilities supplied in furtherance of the charity's charitable objects. It includes income from sponsored church activities.

Investment income represents income generated by the charity's assets and includes income from letting the charity's property and bank interest.

Other income comprises large refunds for incorrect utility bills from prior years and compensation received for building damage suffered.

Page 11

BETHEL OASIS OF JESUS CHRIST

NOTES TO THE ACCOUNTS

FOR THE PERIOD ENDED 31 MARCH 2021

The charity has taken the view that it has only one charitable activity, namely the advancement of the Christian faith, and all income from donations, legacies and charitable activities is in respect of this one activity.

c) Expenditure

Expenditure, including irrecoverable VAT, is recognised when it is incurred or, if earlier, when a legal or constructive obligation for a payment arises provided that it is probable that settlement will be required and the amount of the

The charity makes donations to other institutions and individuals to further its charitable objectives. Donations payable are recognised as constructive obligations arise, which is generally when the charity expresses a commitment to the recipient that can be measured reliably and then only to the extent that any conditions associated with the donation are outside of the control of the charity.

The cost of raising funds is not significant and has not been separately disclosed.

The charity has taken the view that it has only one charitable activity, namely the advancement of the Christian faith, and all income from donations, legacies and charitable activities is in respect of this one activity.

The charity's overheads, being costs that have not been incurred directly on a charitable activity, have been disclosed separately in the notes under the heading 'Costs incurred on support and administration'. These costs have been allocated to the charity's main activity as outlined above.

Governance costs, which are included in expenditure on charitable activities but are identified separately in the notes to the accounts, includes costs associated with the independent examination of the financial statements, compliance with constitutional and statutory requirements and any other expenditure incurred on the strategic management of the charity.

d) Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity. Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. Restricted funds are donations which are to be used in accordance with specific restrictions imposed by donors; they include donations received from appeals for specific activities or projects.

f) Tangible fixed assets

Items purchased or donated for the charity's own use are capitalised when the cost of purchased items, or the fair value of donated items, is more than £1,000 and the item is expected to benefit the charity over more than one accounting period. Depreciation is charged on a straight line basis so as to write down the value of each asset to its estimated residual value (if any) over its expected useful economic life. To achieve this objective the following rates of depreciation are charged:

Leashold property

Over the lease term or, if shorter, expected useful life

The carrying values of tangible fixed assets are reviewed for impairment in periods when events or changes in circumstances indicate that the carrying value may not be recoverable.

g) Taxation

The company is a registered charity; it has taken advantage of the various reliefs from taxation available to charities and no tax is payable on the charity's income.

h) Financial instruments

The charity's financial assets and financial liabilities all qualify as basic financial instruments, as defined by FRS102. Except for loans, creditors and debtors are measured at their expected settlement value (normally the amount of cash that the charity expects to pay or receive). The charity recognises liabilities for the principal of those loans that remains outstanding at the year end (i.e. the liabilities exclude any interest chargeable on the loans in future years).

i) Critical accounting estimates and areas of judgement

The trustees do not consider that there are any material sources of estimation or uncertainty at the balance sheet date that could result in a material adjustment to the carrying values of assets and liabilities in the next reporting period.

Page 12

BETHEL OASIS OF JESUS CHRIST

NOTES TO THE ACCOUNTS

FOR THE PERIOD ENDED 31 MARCH 2021

j) Comparative figures and period of the accounts.

The accounts cover the period of 14 October 2019 to 31 March 2021 (18 months), from incorporation. The accounts do not, therefore, present comparative figures as it was the company's first year of operation.

3 Donations

Donations of cash and similar
Grants from previous charity
Income tax recoverable
4
Income from charitable activities
Sponsored walks for fundraising activity
5
Investment income
Property hiring
Bank interest
6
Other income
Utility bill refund
Wall damage refund received
Other income
7
Charitable expenditure
a
Costs incurred directly on specific activities
Costs of generating voluntary income
Stipend, travel and expenses
Repairs, maintenance and small equipment
Utilities
Conferences, events and training
Miscellaneous expenses
b
Costs incurred on support & administration
Governance costs
Independent examiner's fee
Other
Administration and office costs
Depreciation of tangible fixed assets
Insurance
Total expenditure		 2021
£
64,906
399,781
-
464,687
2021
£
7,009
7,009
2021
£
11,121
37
11,158
2021
£
13,716
5,064
1,989
20,769
2021
£
34,540
25,422
7,289
459
2,250
69,959
1,410
1,711
3,121
456
3,968
3,645
11,190
81,149

The fee payable to the independent examiner for preparing and examining the accounts was £1,410.

Page 13

BETHEL OASIS OF JESUS CHRIST

NOTES TO THE ACCOUNTS

FOR THE PERIOD ENDED 31 MARCH 2021

8 Analysis of costs of Key Person(s), including Trustees Expenses

No staff received salaries at a rate of more than £60,000 per annum. The charity did not employ any staff.

The charity's key management comprise the trustees and the key persons named on the Company Information page. Total financial benefits payable to key management for the year were as follows:

Stipend
Trustees:
Mavis Taylor
34,000		 2021
£
34,000
34,000

Mavis Taylor served as church leader and received the above payments for serving in that capacity, not for serving as a trustee.The amount of £34,000 includes the basic stipend, working from home allowances and a discretionary gift for the accounting years 2017 to 2021. The trustees believe these payments are permitted by the charity's governing document.

9 Tangible fixed assets

Tangible fixed assets
Fixtures,
fittings and
Freehold
Leasehold
Long Leasehold
Property
Improvements
equipment
Property
£
£
£
£
Valuation
At 1 April 2020
-
Additions (grant from previous charity)
250,000
At 31 March 2021
-
-
-
250,000
Accumulated depreciation
At 1 April 2020
-
Recognition of accumulated depreciation on gift in kind
6,944
Charge for the year
3,968
At 31 March 2021
-
-
-
10,913
Net book value
At 31 March 2021
-
-
-
239,087
At 1 April 2020
-
-

-

-		 Total
2021
£
-
250,000
250,000
-
6,944
3,968
10,913
239,087
-

Long leasehold property was valued at £250,000 on 6 July 2018 by an independent qualified valuer at open market value assuming vacant possession. The trustees are not aware of any material changes in value since 6 July 2018 and the valuation has not been updated. The trustees would not be in a position to ascertain the historical cost value if freehold property had not been revalued, as it was a gift from the previous charity.

10 Cash at Bank and in Hand

h at Bank and in Hand
Cash at bank with immediate access
itors: liabilities falling due within one year
Trade creditors
Taxation and social security
Other creditors
Accruals		 2021
£
184,796
184,796
2021
£
1,410
1,410

11 Creditors: liabilities falling due within one year

Page 14

BETHEL OASIS OF JESUS CHRIST

NOTES TO THE ACCOUNTS

FOR THE PERIOD ENDED 31 MARCH 2021

12 Funds

During the year the movements in the charity's funds were as follows:

Designated Funds
Building fund
General Unrestricted Funds
Total Unrestricted Funds
Aggregate of funds		 Opening
balance
2021
£
-
-
-
-
-		 Incoming
resources
2021
£
7,009
7,009
496,614
503,623
503,623		 Outgoing
resources
2021
£
(7,009)
(7,009)
(74,140)
(81,149)
(81,149)		 Transfers
in the year
2021
£
150
150
(150)
-
-		 Closing
balance
2021
£
150
150
422,324
422,474
422,474

The transfers referred to above were made for the following reasons:

a) Transfers to build up a fund for building repairs

Analysis of net assets by fund

The assets and liabilities of the various funds were as follows:

Tangible fixed assets
Debtors
Investments held as current assets
Cash at bank and in hand
Creditors falling due within one year
Provisions for liabilities		 General
Designated
funds
funds
£
£
239,087
-
-
-
-
-
184,646
150
(1,410)
-
-
-
422,324
150
Unrestricted Funds		 Restricted
funds
£
-
-
-
-
-
-
-		 2021
£
239,087
-
-
184,796
(1,410)
-
422,474

Description of funds

Building fund: Fund to effect building repairs

13 Transactions with related parties

During the year the charity:

14 Members

Each member of the company commits to contribute if the charity is wound up an amount of £10.

15 Reconciliation with previously reported funds

Following the year-end, the trustees have resolved to convert the charitable company to a Charitable Incorporated Organisation (CIO). This is not expected to have a material impact on the funds of the charity.

Page 15

BETHEL OASIS OF JESUS CHRIST

DETAILED STATEMENT OF FINANCIAL ACTIVITIES WITH COMPARATIVES

FOR THE PERIOD ENDED 31 MARCH 2021

Note
INCOME AND ENDOWMENTS FROM:
Donations and legacies
3
Charitable activities
4
Investments
5
Other income
6
Total income and endowments
EXPENDITURE ON:
Charitable activities:
7
Raising funds
8
Other
Total Expenditure
Net income/(expenditure)
Transfers between funds
12
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
12		 General
Designated
2021
2021
£
£
457,678
7,009
7,009
-
11,158
-
20,769
-
496,614
7,009
74,140
7,009
-
-
-
-
74,140
7,009
422,474
-
(150)
150
422,324
150
-
-
422,324
150
Unrestricted funds		 Restricted
2021
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Total
Funds
2021
(18 months)
£
464,687
7,009
11,158
20,769
503,623
81,149
-
-
81,149
422,474
-
422,474
-
422,474

Page 16