ANNUAL REPORTS AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2023
SYNERGY SPHERE
(Charitable Incorporated Organisation)
CHARITY REGISTRATION No: 1191114
Castle View Accounting Ltd New Barn Mudberry Lane Bosham Chichester West Sussex PO18 8TS
SYNERGY SPHERE
(Charitable Incorporated Organisation)
CONTENTS
| Page 3 | Legal and Administrative Information |
|---|---|
| Page 4 | Trustees' Report |
| Page 5 | Statement of Financial Activities |
| Page 6 | Balance Sheet |
| Pages 7 to 14 | Notes to the Financial Statements |
| Page 15 | Independent Examiner's Report |
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SYNERGY SPHERE
(Charitable Incorporated Organisation)
LEGAL AND ADMINISTRATIVE INFORMATION
CHARITY NUMBER 1191114 DATE OF REGISTRATION 2nd September 2020 START OF FINANCIAL YEAR 1st September 2022 END OF FINANCIAL YEAR 31st August 2023 TRUSTEES AT 31ST AUGUST 2023 David Cavanagh David Cave Christine Loh Madelaine Norridge Charles Hume Mark Mumford David Cave LEGAL STATUS Charitable Incorporated Organisation GOVERNING INSTRUMENT CIO - Foundation Registered 2nd September 2020
OBJECTS
The object of the CIO is for the public benefit, the advancement of the Christian Faith, in particular (but without limitation) by providing Christian teaching and training.
CORRESPONDENCE ADDRESS 33 Lower Hall Lane Walsall West Midlands WS1 1RR PRIMARY BANKERS CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ INDEPENDENT EXAMINERS Castle View Accounting Ltd New Barn Mudberry Lane Bosham Chichester West Sussex PO18 8TS
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SYNERGY SPHERE
(Charitable Incorporated Organisation)
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST AUGUST 2023
| Notes INCOMING RESOURCES Incoming Resources from Generated Funds Donations, Grants & Legacies 3a Charitable Activities 3b Investment Income 3c Other Incoming Resources 3d TOTAL INCOMING RESOURCES RESOURCES EXPENDED Costs of Generating Funds Cost of Charitable Activities 4a Governance Costs 4b TOTAL RESOURCES EXPENDED NET INCOMING (OUTGOING) RESOURCES Funds Brought Forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted Designated Restricted TOTAL TOTAL Funds Funds Funds 2022/23 2021/22 £ £ £ £ £ 43,224 - 725 43,949 32,940 24,940 - - 24,940 23,366 35 - - 35 2 4,852 - - 4,852 325 73,051 - 725 73,776 56,633 61,715 - - 61,715 73,209 2,465 - - 2,465 1,713 64,180 - - 64,180 74,922 8,871 - 725 9,596 (18,289) (2,769) 14,850 700 12,781 31,070 6,102 14,850 1,425 22,377 12,781 |
|---|---|
Movements on all reserves and all recognised gains and losses are shown above. All of the organisation's operations are classed as continuing.
The notes on pages 7 to 14 form part of these financial statements.
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SYNERGY SPHERE (Challe Incorpor Organisationl BALANCE SHEET AS AT 31ST AUGUST 2023 Totsl 31-Aug.23 Ttstsl 31•Aug.22 FuTras Flxod Auots T8nglble Asset$ Totsl Flx•d Auots Curr•nt A888ts 08blor8 & Prepaymen C88h al Bank and In HaTrJ Tot41 Cum¥ntA¥ots 1.1(¥J 23.297 24,397 2,082 13.843 15,924 21.872 22,972 1.425 1.425 Cr8dHorn.' Amounts lakng du¢ wlNn om 1020 2.020 3.143 NET CURRENT ASSETS 1.425 22.377 12,781 TOTAL ASSETS10J6 ¢urr•nt 20.952 1,425 22,3n 12.781 Cf•dltorn'. An1n10 tsfirs due In IT than year 10 NET ASSETS 20.952 1A25 22,377 12.781 Fund• ofth• Chrlty General Funds Oeslgnated Furnts Pestrlcted Fd& 8.102 14, 6.102 14.850 1.425 12.7891 14.850 700 Total Fund• 20,952 1825 22,3n 12,781 Approved bytheTru¥tees¢jn............25......J.nA 20 z 4.... . Sne ItKilr tWby Trl88.......................................... Printed N8ff.' Cri¥ilST Inl C LQ H
SYNERGY SPHERE
(Charitable Incorporated Organisation)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST AUGUST 2023
1. ACCOUNTING POLICIES
Basis of Preparation & Assessment of Going Concern
Basis of Preparation
The financial statements 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 financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities (SORP 2015) (Second Edition, effective 1st January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Charities Act 2011.
The Charity meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost unless otherwise stated in the relevant accounting policy notes.
Assessment of Going Concern
Preparation of the accounts is on a going concern basis. The trustees consider that there are no material uncertainties about the Charity’s ability to continue as a going concern.
Incoming Resources
Recognition of Incoming Resources
These are included in the Statement of Financial Activities (SOFA) when:
▪ the charity becomes entitled to the resources;
▪ the trustees are virtually certain they will receive the resources; and
▪ the monetary value can be measured with sufficient reliability
Incoming Resources with Related Expenditure
Where incoming resources have related expenditure (as with fundraising or contract income) the incoming resource and related expenditure are reported gross in the SOFA.
Grants and Donations
Grants and Donations are only included in the SOFA when the charity has unconditional entitlement to the resources.
Tax Reclaims on Donations and Gifts
Incoming resources from tax reclaims are included in the SOFA at the same time as the gift to which they relate.
Contractual Income and Performance Related Grants
This is only included in the SOFA once the related goods or services have been delivered.
Gifts in Kind
Gifts in kind are accounted for at a reasonable estimate of their value to the charity or the amount actually realised. Gifts in kind for sale or distribution are included in the accounts as gifts only when sold or distributed by the charity. Gifts in kind for use by the charity are included in the SOFA as incoming resources when receivable.
Donated Services and Facilities
These are only included in incoming resources (with an equivalent amount in resources expended) where the benefit to the charity is reasonably quantifiable, measurable and material. The value placed on these resources is the estimated value to the charity of the service or facility received.
Volunteer Help
The value of any voluntary help received is not included in the accounts.
Investment Income
This is included in the accounts when receivable.
Investment Gains and Losses
This included any gain or loss on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year.
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SYNERGY SPHERE
(Charitable Incorporated Organisation)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST AUGUST 2023
1. ACCOUNTING POLICIES (continued)
Expenditure and Liabilities
Liability Recognition
Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources.
Governance Costs
Include costs of the preparation and examination of statutory accounts, the costs of the trustees meetings and cost of any legal advice to trustees on governance or constitutional matters.
Grants with Performance Conditions
Where the charity gives a grant with conditions for its payment being a specific level of service or output to be provided, such grants are only recognised in the SOFA once the recipient of the grant has provided the specified service or output.
Grants Payable without Performance Conditions
These are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to a grant which remain in control of the charity.
Investments
Investments quoted on a recognised stock exchange are valued at market value at the year end. Other investment assets are included at trustees' best estimate of market value.
Unrestricted funds
These funds can be used for the general objectives of the charity as set out in the trustees report. The movements of the unrestricted funds are given in the Statement of Financial Activities.
Restricted funds
These funds are where the donor has specified a purpose for the donation made. These restrictions often arise as a result of appeals for special offerings for specific purposes.
Designated funds
These funds are funds set aside by the trustees out of unrestricted general funds for particular purposes or projects.
Fixed Assets
Fixed Assets are capitalised if they can be used for more than one year and cost at least £1,500. They are valued at cost or, if gifted, at the value to the charity on receipt.
Depreciation Expense
Depreciation is calculated at a rate to write off the cost of tangible fixed assets over their estimated useful lives. The rates applied are as follows:
Fixtures, Fittings and Equipment
25% - Straight Line Basis
2. TANGIBLE FIXED ASSETS
The CIO held no fixed assets during this or the previous financial year.
The annual commitments under non-cancelling operating leases and capital commitments are as follows: 31st August 2023 : None 31st August 2022 : None
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SYNERGY SPHERE
(Charitable Incorporated Organisation)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST AUGUST 2023
3. INCOMING RESOURCES
| Note a) Donations, Grants & Legacies Gift Aid Tax Gifts & Donations 6 b) Charitable Activities Activities & Events Ministry Income c) Investment Income Interest d) Other Incoming Resources Sundry Income Travel Contributions |
Unrestricted Designated Restricted TOTAL TOTAL Funds Funds Funds 2022/23 2021/22 £ £ £ £ £ 600 - - 600 - 42,624 - 725 43,349 32,940 43,224 - 725 43,949 32,940 22,032 - - 22,032 15,926 2,908 - - 2,908 7,440 24,940 - - 24,940 23,366 35 - - 35 2 35 - - 35 2 451 - - 451 325 4,401 - - 4,401 - 4,852 - - 4,852 325 |
|---|---|
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SYNERGY SPHERE
(Charitable Incorporated Organisation)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST AUGUST 2023
4. RESOURCES EXPENDED
| Note a) Cost of Charitable Activities Activities & Events Bank Charges Equipment Costs Insurance Costs Ministry Support Networking Costs Staff Costs 12 Sundry Expenses Telephone Costs Training Costs Travel & Subsistence b) Governance Costs Independent Examiners Fees 9 Legal & Professional Fees |
Unrestricted Designated Restricted TOTAL TOTAL Funds Funds Funds 2022/23 2021/22 £ £ £ £ £ 21,247 - - 21,247 14,372 1,055 - - 1,055 129 186 - - 186 69 524 - - 524 535 - - - - 7,900 143 - - 143 3,065 29,688 - - 29,688 40,105 300 - - 300 - 144 - - 144 - 1,967 - - 1,967 3,165 6,463 - - 6,463 3,868 61,715 - - 61,715 73,209 1,020 - - 1,020 850 1,445 - - 1,445 863 2,465 - - 2,465 1,713 |
|---|---|
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SYNERGY SPHERE
(Charitable Incorporated Organisation)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST AUGUST 2023
5. RESTRICTED FUNDS
CURRENT FINANCIAL YEAR
| Apostolic Contributions Spain Fund |
Balance Balance 01-Sep-22 Income Expenditure Transfers 31-Aug-23 £ £ £ £ £ 700 725 - - 1,425 - - - - - 700 725 - - 1,425 |
|---|---|
PREVIOUS FINANCIAL YEAR
| Apostolic Contributions Spain Fund |
Balance Balance 01-Sep-21 Income Expenditure Transfers 31-Aug-22 £ £ £ £ £ - 700 - - 700 2,425 - 2,438 13 - 2,425 - 2,438 13 - |
|---|---|
The Spain Fund was created to fund a ) direct support to missionaries in Spain, b ) travel by our team to Spanish locations to provide ministry, c ) subsidise our events for Spanish leaders
The Restricted funds are wholly represented by the charity's cash reserves and are to be expended as specified above.
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SYNERGY SPHERE
(Charitable Incorporated Organisation)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST AUGUST 2023
6. DESIGNATED FUNDS
CURRENT FINANCIAL PERIOD
| Ministry Support Reach Synergy Fund Reserve Fund |
Balance Balance 01-Sep-22 Income Expenditure Transfers 31-Aug-23 £ £ £ £ £ - - - - - 2,850 - - - 2,850 12,000 - - - 12,000 14,850 - - - 14,850 |
|---|---|
PREVIOUS FINANCIAL PERIOD
| Ministry Support Reach Synergy Fund Reserve Fund |
Balance Balance 01-Sep-21 Income Expenditure Transfers 31-Aug-22 £ £ £ £ £ - 6,740 7,900 1,160 960 1,890 - - 2,850 24,000 - - (12,000) 12,000 24,960 8,630 7,900 (10,840) 14,850 |
|---|---|
The Designated funds are wholly represented by the charity's cash reserves and are to be expended on particular purposes as directed by the Trustees.
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SYNERGY SPHERE
(Charitable Incorporated Organisation)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST AUGUST 2023
7. CASH AT BANK AND IN HAND
| Cash at Bank & in Hand 8. DEBTORS AND PREPAYMENTS Sundry Debtors |
Unrestricted Restricted Total Total Fund Fund 31-Aug-23 31-Aug-22 £ £ £ £ 21,872 1,425 23,297 13,843 21,872 1,425 23,297 13,843 Unrestricted Restricted Total Total Fund Fund 31-Aug-23 31-Aug-22 £ £ £ £ 1,100 - 1,100 2,082 1,100 - 1,100 2,082 |
|---|---|
9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Independent Examiners Fees Sundry Creditors |
Unrestricted Restricted Total Total Fund Fund 31-Aug-23 31-Aug-22 £ £ £ £ 1,020 - 1,020 850 1,000 - 1,000 2,293 2,020 - 2,020 3,143 |
|---|---|
10. CREDITORS: AMOUNTS FALLING DUE IN MORE THAN ONE YEAR
The CIO held no long term liabilities during this or the previous financial year.
11. NET ASSETS BETWEEN FUNDS
| Fixed Asset Investments Net Current Assets Long Term Liabilities |
Unrestricted Restricted Total Total Funds Funds 31-Aug-23 31-Aug-22 £ £ £ £ - - - - 20,952 1,425 22,377 12,781 - - - - 20,952 1,425 22,377 12,781 |
|---|---|
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SYNERGY SPHERE
(Charitable Incorporated Organisation)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST AUGUST 2023
12. STAFF COSTS AND NUMBERS
| TOTAL 2022/23 £ Gross Wages, Salaries & Fees 29,688 Employer's National Insurance Costs - Pension Contributions - 29,688 Employees who were engaged in each of the following activities: TOTAL 2022/23 Charitable Activities 2 |
TOTAL 2021/22 £ 40,105 - - 40,105 TOTAL 2021/22 2 |
|---|---|
The Charity employed staff on a Self-Employed Basis during the financial period and is therefore not liable for their National Insurance and Pension Costs. No employees received emoluments in excess of £60,000 (2021/22:None).
13. TRUSTEES AND OTHER RELATED PARTIES
No payments were made to trustees or any persons connected with them during this financial period. No material transaction took place between the organisation and a trustee or any person connected with them 2021/22:None).
14. RISK ASSESSMENT
The Trustees actively review the major risks which the charity faces on a regular basis and believe that maintaining the free reserves stated, combined with the annual review of the controls over key financial systems carried out on an annual basis will provide sufficient resources in the event of adverse conditions. The Trustees have also examined other operational and business risks which they face and confirm that they have established systems to mitigate the significant risks.
15. RESERVES POLICY
The Trustees have considered the level of reserves they wish to retain, appropriate to the CIO's needs. This is based on the CIO's size and the level of financial commitments held. The Trustees aim to ensure the CIO will be able to continue to fulfil its charitable objectives even if there is a temporary shortfall in income or unexpected expenditure. The Trustees will endeavour not to set aside funds unnecessarily.
16. PUBLIC BENEFIT
The CIO acknowledges its requirement to demonstrate clearly that it must have charitable purposes or ‘aims’ that are for the public benefit. Details of how the CIO has achieved this are provided in the Trustees report. The Trustees confirm that they have paid due regard to the Charity Commission guidance on public benefit before deciding what activities the CIO should undertake.
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SYNERGY SPHERE
(Charitable Incorporated Organisation)
INDEPENDENT EXAMINER’S REPORT ON THE ACCOUNTS
Report to the trustees/ members of Synergy Sphere on the accounts for the year ended 31st August 2023 set out on pages 5 to 14.
Respective responsibilities of trustees and examiner
The charity's trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed.
It is my responsibility to:
-
examine the accounts under section 145 of the Charities Act,
-
follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act, and
-
state whether particular matters have come to my attention
Basis of independent examiner’s statement
My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.
Independent examiner's statement
In connection with my examination, no matter has come to my attention:
-
which gives me reasonable cause to believe that in any material respect, the requirements:
-
to keep accounting records in accordance with section 130 of the Charities Act; and
-
to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act
have not been met; or
- to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
K. Collaku MAAT Castle View Accounting Ltd New Barn Mudberry Lane Bosham Chichester West Sussex PO18 8TS
Date: 27th June 2024
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