Registration No: 07698203 Charity Registration number: 1187444
SALVATION MINISTRIES (HOME OF SUCCESS) (A COMPANY LIMITED BY GUARANTEE)
TRUSTEES REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD 1 AUGUST 2021 TO 31 JULY 2022
1
SALVATION MINISTRIES (HOME OF SUCCESS) (A COMPANY LIMITED BY GUARANTEE)
| CONTENTS | |
|---|---|
| Reference and administrative details of the Charity, trustees and advisors | 3 |
| Trustees’ Report | 4-5 |
| Independent Examiner’s Report | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8-9 |
| Notes to the Financial Statements | 10-12 |
2
SALVATION MINISTRIES (HOME OF SUCCESS) (A COMPANY LIMITED BY GUARANTEE)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, TRUSTEES AND ADVISORS
Trustees:
David Ibiyeomie Darlington Beke (appointed 26 April 2019) Lillian Idamiebi-Brown (appointed 26 April 2019)
Company registered number 07698203
Charity registered number: 1187444
Registered office
13 Herga Court Stratford Road Watford WD17 4PA
Bankers:
Barclays Bank 120 Moorgate, Finsbury, London EC2M 6UR
Independent Examiner:
Rawson Irekponor Rawson & Co Accountants & Advisor Liverpool Innovative Science Park Edge Lane Liverpool L7 9NJ
3
SALVATION MINISTRIES (HOME OF SUCCESS) (A COMPANY LIMITED BY GUARANTEE)
TRUSTEES’ REPORT (INCORPORATING THE DIRECTORS’ REPORT)
FOR THE PERIOD ENDED 31 JULY 2022
The Trustees (who are also Directors of the Charity for the purposes of Company Act 2006) present their annual report for the period ended 31 July 2022. This report is prepared in accordance with the special provisions relating to small companies under s.415(a) of the Companies Act 2006, including the exemption from preparing a strategic report.
The Trustees confirm that the annual report and financial statements of the Charity comply with the current statutory requirements, the requirements of the Charity's governing document and the provisions of the Statement of Recommended Practice (SORP), 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 2016)
STRUCTURE, GOVERNANCE AND MANAGEMENT
A. CONSTITUTION
The Charity is a company limited by guarantee and was incorporated on 8 July 2011. The Charity is constituted under a Memorandum of Association and is a registered charity number 1187444
B. METHOD OF APPOINTMENT OR ELECTION OF TRUSTEES
The management of the Charity is the responsibility of the Trustees who are elected under the terms of the Articles of Association. New Trustees are appointed based on the contribution that they will make to the governance of the organisation and the skills that they will contribute. They are provided with the copies of the Charity Commissions' guidance to trustees and are introduced the activities of the Charity by the existing Board.
OBJECTIVES AND ACTIVITIES
The Charity is committed to promoting the Christian faith, preaching the gospel of Jesus Christ and promoting Christian values.
FINANCIAL REVIEW
During the year to 31 July 2022, the Charity had a total unrestricted income of £129,843 and expenditure was £93,580 as at the year end, there were no reserves available for the Charity's use (i.e. unrestricted funds and not represented by fixed assets). The Charity’s principal funding sources are the individuals who attend the church services and partner with the ministry via monthly/weekly donations.
4
SALVATION MINISTRIES (HOME OF SUCCESS) (A COMPANY LIMITED BY GUARANTEE)
RISK STATEMENT
The Trustees continue to review the risks to which they consider the charity is exposed. Appropriate procedures are in place to identify, monitor, and review these risks on a regular basis.
TRUSTEES' RESPONSIBILITIES
The Trustees (who are also directors of Salvation Ministries for the purposes of company law) are responsible for preparing the Trustees’ report and other relevant records in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial year, which give a true and fair view of the of the Charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company. In preparing these financial statements, the Trustees are required to
-
select suitable accounting policies and then apply them consistently
-
observe the methods and principles in the Charities SORP
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
The Trustees are responsible for keeping adequate accounting records that 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 Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The report has been prepared in accordance with the special provisions relating to companies’ subject to the small companies’ regime within Part 15 of the Companies Act 2006.
This report was approved by the board on 30[th] of May 2022 and signed on its behalf by:
……………………………
Lillian Idamiebi-brown
5
SALVATION MINISTRIES (HOME OF SUCCESS) (A COMPANY LIMITED BY GUARANTEE)
INDEPENDENT EXAMINER’S REPORT
I report to the trustees on my examination of the accounts of Salvation Ministries (‘the charity’) for the year ended 31 July 2022 on pages 7 to 11 Following.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirement of the Charities Act 2011.
I report in respect of my examination of the charity’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner’s statement
I have completed examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in accordance with section 130 of the 2011 Act; or
-
the accounts do not accord with the accounting records
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Rawson Irekponor Rawson & Co Accountants & Advisor Liverpool Innovative Science Park Edge Lane Liverpool L7 9NJ
28/04/2023
6
SALVATION MINISTRIES (HOME OF SUCCESS) (A COMPANY LIMITED BY GUARANTEE)
Statement of Financial Activities for the period 1 Aug 2021 to 31 Jul 2022
| Section A Statement of financial |
activities | |||
|---|---|---|---|---|
| Unrestricted | Restrcted | |||
| Notes | funds | funds | 2022 | 2021 |
| £ | £ | £ | £ | |
| INCOMING RESOURCES | ||||
| Donations 1 |
129,843 | - | 129,843 | 83,489 |
| Total Income | 129,843 | - | 129,843 | 83,489 |
| RESOURCES EXPENDED | ||||
| Charitable Activities 2 |
89,312 | - | 89,312 | 51,662 |
| Governance Costs 3 |
4,268 | - | 4,268 | 7,906 |
| Total expenditure | 93,580 | - | 93,580 | 59,569 |
| Net income/(expenditure) | 36,263 | - | 36,263 | 23,920 |
| Reconciliation of funds: | ||||
| Total funds brought forward | 71,753 | - | 71,753 | 47,833 |
| Total funds carried forward | 108,016 | - | 108,016 | 71,753 |
7
SALVATION MINISTRIES (HOME OF SUCCESS) (A COMPANY LIMITED BY GUARANTEE)
Balance Sheet for the Year ended 31 July 2022
| Section B | Balance Sheet | |||||
|---|---|---|---|---|---|---|
| Unrestricted | Restrcted | |||||
| Notes | funds | funds | 2022 | 2021 | ||
| £ | £ | £ | £ | |||
| Fixed assets | ||||||
| Tangible assets | 6,689 | - | 6,689 | 5,629 | ||
| Total fixed assets | 6,689 | 6,689 | 5,629 | |||
| Current assets | ||||||
| Other Debtors | 6,000 | - | 6,000 | - | ||
| Cash at bank and in hand | 103,264 | - | 103,264 | 70,801 | ||
| Total current assets | 109,264 | - | 109,264 | 70,801 | ||
| Creditors: amounts falling due | ||||||
| within one year | ||||||
| Accruals | 3,711 | - | 3,711 | 900 | ||
| Tax and National insurance | 4,226 | - | 4,226 | 3,777 | ||
| Total Creditors | 7,937 | - | 7,937 | 4,677 | ||
| Net current (liabilities)/assets | 101,327 | 101,327 | 66,124 | |||
| Total Net Assets | 108,016 | - | 108,016 | 71,753 | ||
| Funds of the Charity | ||||||
| Unrestricted funds | 108,016 | - | 108,016 | 71,753 | ||
| Total funds | 108,016 | - | 108,016 | 71,753 |
The company was entitled to exemption from audit under s477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act with respect to accounting records and the preparation of accounts.
The financial statements of Salvation Ministries (Home of Success) (charity number 1187444) were approved and authorised for issue by the Trustees on 30[th] May 2023 and signed on their behalf by:
…………………………… Lillian Idamiebi-brown
8
SALVATION MINISTRIES (HOME OF SUCCESS) (A COMPANY LIMITED BY GUARANTEE)
The attached notes on pages 10 - 11 form part of these financial statements
9
SALVATION MINISTRIES (HOME OF SUCCESS) (A COMPANY LIMITED BY GUARANTEE)
Notes to the Financial Statements
Note 1 Basis of preparation
1.1 The basis of accounting.
These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The accounts 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) issued on 16 July 2014. the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102). • and with the Charities Act 2011 and Companies Act 2006.
1.2 Going concern
The Trustees have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they have adopted the going concern basis in preparing the financial statements.
1.3 Accounting policies
The accounts present a true and fair view and no changes have been made to the accounting policies adopted in note.
1. 4 Tangible Assets
Tangible fixed assets are measured at their original cost value or subsequent revaluation, or if donated, as described above. Cost value includes all costs expended in bringing the asset into its intended working condition .
1.5 Depreciation
Tangible fixed assets are depreciated on a straight-line basis to their estimated residual values over their expected useful lives with the expense charged to the relevant SOFA heading.
-
Furniture and fittings 5 years
-
Equipment 5 years
-
Computer equipment 5 year
10
SALVATION MINISTRIES (HOME OF SUCCESS) (A COMPANY LIMITED BY GUARANTEE)
| Section C Notes to the accounts |
|
|---|---|
| Note 1 Donations Offering Tithes Thanksgiving Donations |
31st July 22 31st July 21 £ £ 84,631 30,910 44,773 51,125 439 1,454 129,843 83,489 |
| Note 2 | Charitable activities | ||
|---|---|---|---|
| 31st July 22 | 31st July 21 | ||
| £ | £ | ||
| Advertisement | 5,161 | ||
| Computer running cost | 600 | ||
| Depreciation | 2,459 | 1,706 | |
| Employer NIC | 2,264 | 743 | |
| Equipment Hire | 600 | ||
| Gas & Electric payments | 500 | ||
| Insurance | 298 | 358 | |
| Office/General Adminsitrative Expenses | 1,597 | ||
| Payroll outsourcing costs | 200 | ||
| Printing,Postage | & Stationery | 260 | 180 |
| Rates | 7,436 | ||
| Rent | 28,800 | 28,800 | |
| Repair & Maintenance | 7,128 | 1,350 | |
| Salaries and wages | 25,000 | 8,712 | |
| Service Charge | 623 | ||
| Sundry Expense | 21 | ||
| Telecommunication | 757 | 698 | |
| Training Cost | 520 | ||
| Travel & Subsistence | 7,385 | 5,068 | |
| Welfare | 1,750 | ||
| 89,312 | 51,663 | ||
| Note 3 | Governance costs | ||
| Professional fees | 4,268 | 7,906 |
11
SALVATION MINISTRIES (HOME OF SUCCESS) (A COMPANY LIMITED BY GUARANTEE)
| Note | 4 Tangible fixed assets |
|
|---|---|---|
| Fixtures & | ||
| Fittings & | ||
| Equipment | ||
| Costs | £ | |
| At 1 Aug 2021 | 8,529 | |
| Additions | 3,519 | |
| At 31 July 2022 | 12,048 | |
| Depreciation | ||
| At 1 Aug 2021 | 2,900 | |
| Charge for the year | 2,459 | |
| At 31 July 2022 | 5,359 | |
| Net Book Value | ||
| At 31 July 2022 | 6,689 |
12