Charity number: 1052878
LIVINGWAY MINISTRIES
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
LIVINGWAY MINISTRIES
CONTENTS
| Page | |
|---|---|
| Reference and Administrative Details of the Charity, its Trustees and Advisers | 1 |
| Trustees' Report | 2 - 5 |
| Independent Examiner's Report | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to the Financial Statements | 9 - 14 |
LIVINGWAY MINISTRIES
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 SEPTEMBER 2024
Trustees Lola Olatuyi Hope Yoloye Olutoyin Olaniyan Olumide Lala Rev David Adonai Charity registered number 1052878 Principal office 5 Carberry Little Strand London NW9 5NY Bankers Barclays Bank Plc
Page 1
LIVINGWAY MINISTRIES
TRUSTEES' REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024
The Trustees present their annual report together with the financial statements of the Livingway Ministries for the year 1 October 2023 to 30 September 2024.
Living Way Ministries remains focused on relieving hardship, preventing poverty, and promoting community wellbeing, in spite of the ongoing financial challenges facing the nation in 2024. By continuing to build partnerships, deliver impactful programmes, and embrace sustainable practices, we aim to create a more equitable and resilient future for our community. Through the unwavering support of our funders—Barnet Council, City Bridge Trust, John Lyon’s Charity, and The Mercer’s Company via the Charity of Sir Richard Whittington—we continue to meet the needs of our beneficiaries and stakeholders. These contributions enable us to execute various community projects and initiatives, with notable support from City Bridge Trust in delivering training that benefits all stakeholders.
Our organisation’s objectives align closely with those of our funders, ensuring that we meet shared goals of empowering beneficiaries, reducing inequality, and fostering self-sustainability. Our efforts focus on providing employment skills, supporting vulnerable individuals, and driving improvements in our policies and practices to meet the highest standards.
Our Activities
- Barnet Day of Prayer
This annual event, convened by Living Way Ministries, brings together churches and leaders from various sectors across the borough. The event consistently sees participation from the sitting Mayor and other community leaders, fostering unity and spiritual renewal.
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Cost of Living Support
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In partnership with Acts 435, a Christian organisation, and Barnet Homes through BOOST, we have provided financial support and advocacy to 82 families, addressing critical cost-of-living challenges.
3. Foodbank
Our foodbank has served over 28,600 individuals, families and people aged over 60 with nourishing food, advice, and support. Through advice sessions, 1850 food share users enhanced their self-awareness. Our sustainable development goal aligns with the United Nations—achieving Zero Hunger by 2030.
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NW9+ Hub Launched as a club in 2023, it is a continuation of Warm Space funded by Barnet Council in 2022. Based in St Matthias Church of England Hall, it provides inclusive social education and wellness initiative for people over the age of 60 in West Hendon. Over 45 elderly men and women now benefit from twice weekly fitness exercises, foodbank, light lunch, arts &crafts, health awareness short talks, and quarterly educational Day Trips made possible with sizeable community fund by West Hendon Community Trust.
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Sowing Stitches
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Funded by the Sir Richard Whittington’s Charity through The Mercer’s Company which ended in February, this initiative operates in Colindale and Edgware. 75 adults have completed tailoring skills training, with 25 becoming self-employed, earning income through dressmaking, arts, and crafts. Trainees have continued
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LIVINGWAY MINISTRIES
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024
Our Activities (cont)
to be supported from the reserves budget while awaiting funding outcome of the application to The National Lottery Community Fund.
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Youth Support
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This year, we were able to support hundreds of children and young people, helping them achieve their potentials to become relevant leaders. In collaboration with our partners, we continue to encourage parenting across cultures and support children and families or positive future outcomes and community interdependence and safety.
Partnerships and Collaborations Living Way Ministries works closely with a network of organisations to maximize impact:
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St Peter’s Church, Edgware : Collaborative community regeneration efforts, skills training support, and cohosting the Barnet Day of Prayer.
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Metropolitan Thames Valley Housing : Foodbank services and onboarding support for beneficiaries.
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Aidexcel Support Services: co facilitating parents programme and support for people with complex challenges and their families.
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CB Plus (CommUNITY Barnet) : Advocacy for BAME-led organisations and involvement in BAME business sustainability research.
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Young Barnet Foundation : Training, funding, and advocacy for children and youth initiatives.
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Colindale Community Consortium : Resource and information sharing.
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Hendon Christian Housing Association : Financial and advocacy support.
Barnet Together : Membership benefits, information, and support.
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LIVINGWAY MINISTRIES
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024
Sustainability Policy
Living Way Ministries is committed to the United Nations Sustainable Development Goals and Barnet’s Net Zero 2030 initiative. Our staff and service users were regularly made aware of the need for environmental sustainability and the consequences of deviation from global Net Zero agenda. Key initiatives include:
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Recycling and Waste Reduction : Improvements in recycling processes and reduced paper and fabric waste. During this year, our staff participated in Sustainable Fashion Design training by University of Arts London. This led to our Sowing Stitches undertaking clothes repair, alterations and up cycling free once a month in different wards around the borough to reduce methane emission caused by textiles landfilling.
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Energy Efficiency : Monitoring energy, water use, and waste production.
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Eco-Auditing : Appointing a responsible person for eco-audits and raising staff awareness.
Food Waste Reduction : Preventing over 75000 tons of surplus food from entering landfills, saving an estimated one million pounds and reducing carbon emissions. Nutrition Therapist has been engaged for monthly food safety and healthy eating for human and environmental sustainability.
Reserves Policy Statement
Reserves are pivotal to the long-term stability of our organisation. They provide financial safety net, enabling us to weather unexpected expenses or rise of running costs, shortfalls, stabilising our cashflow, and are available to respond to new opportunities. Unrestricted funds generated from Church donations, supporters’ gifts, unrestricted grants, and unspent funds from grants which funders allow us to keep. They are general funds (reserves) that are available for use at the trustees’ discretion in furtherance of the objectives of the charity.
Our reserves cover a minimum of 3 months of our organisation’s running costs. We intensify project-specific and reserves funding as well as reduce expenditures to build up our reserves
The trustees have considered the Charity Commission’s guidance on public benefit, including the guidance 'public benefit: running a charity (PB2)'.
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LIVINGWAY MINISTRIES
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
Structure, governance and management
a. Constitution
Livingway Ministries is a registered charity, number 1052878, and is constituted under a Trust deed.
b. Methods of appointment or election of Trustees
The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
Statement of Trustees' responsibilities
The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and 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 Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. 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.
Approved by order of the members of the board of Trustees on 2nd January 2025 and signed on their behalf by:
Olumide Lala
Chairman of Trustees
Page 5
LIVINGWAY MINISTRIES
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024
Independent Examiner's Report to the Trustees of Livingway Ministries ('the Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 30 September 2024.
Responsibilities and Basis of Report
As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
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 the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent Examiner's Statement
Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
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 that in any material respect:
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accounting records were not kept in respect of the Charity as required by section 130 of the 2011 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 applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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.
Signed: Dated: 3 January 2025
Kolade Andrew Alli ACMA
The ARK Financial Management Consultancy Ltd
10 Gatcombe Gardens West End Hampshire
SO18 3NA
Page 6
LIVINGWAY MINISTRIES
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2024
| Note Income from: Donations and legacies 2 Total income Expenditure on: Charitable activities 3 Total expenditure Net expenditure Transfers between funds 8 Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Restricted funds 2024 £ 83,253 83,253 91,609 91,609 (8,356) (57,740) (66,096) 66,096 (66,096) - |
Unrestricted funds 2024 £ 18,680 18,680 38,156 38,156 (19,476) 57,740 38,264 (25,860) 38,264 12,404 |
Total funds 2024 £ 101,933 101,933 129,765 129,765 (27,832) - (27,832) 40,236 (27,832) 12,404 |
Total funds 2023 £ 158,002 158,002 165,584 165,584 (7,582) - (7,582) 47,818 (7,582) 40,236 |
|---|---|---|---|---|
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 9 to 14 form part of these financial statements.
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LIVINGWAY MINISTRIES
BALANCE SHEET AS AT 30 SEPTEMBER 2024
| 2024 | 2023 | ||||
|---|---|---|---|---|---|
| Note | £ | £ | |||
| Fixed assets | |||||
| - | - | ||||
| Current assets | |||||
| Cash at bank and in hand | 13,004 | 40,736 | |||
| 13,004 | 40,736 | ||||
| Creditors: amounts falling due within one | |||||
| year | 7 | (600) | (500) | ||
| Net current assets | 12,404 | 40,236 | |||
| Total assets less current liabilities | 12,404 | 40,236 | |||
| Net assets excluding pension asset | 12,404 | 40,236 | |||
| Total net assets | 12,404 | 40,236 | |||
| Charity funds | |||||
| Restricted funds | 8 | - | 66,096 | ||
| Unrestricted funds | 8 | 12,404 | (25,860) | ||
| Total funds | 12,404 | 40,236 |
The financial statements were approved and authorised for issue by the Trustees on 2nd January 2025 and signed on their behalf by:
Olumide Lala
Chairman of Trustees
The notes on pages 9 to 14 form part of these financial statements.
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LIVINGWAY MINISTRIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
1. Accounting policies
1.1 Basis of preparation of financial statements
The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Livingway Ministries meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
1.2 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
1.3 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
1.4 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
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LIVINGWAY MINISTRIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
1. Accounting policies (continued)
1.5 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.
1.6 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 and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
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LIVINGWAY MINISTRIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
2. Income from donations and legacies
| 2. Income from donations and legacies | |||
|---|---|---|---|
| Restricted Unrestricted funds |
Total Total |
||
| funds General |
2024 2023 |
||
| £ £ |
£ £ |
||
| Acts 4:35 Donations | 900 0 |
900 4,050 |
|
| City of London | 32,750 0 |
32,750 24,563 |
|
| Community Barnet | 20,000 0 |
20,000 10,000 |
|
| Donations | 0 18,680 |
18,680 15,162 |
|
| John Lyons | 5,000 0 |
5,000 47,000 |
|
| Mercers Trustee | 0 0 |
0 24,000 |
|
| Other Restricted Income | 18,510 0 |
18,510 2,570 |
|
| RBS LBB Payments | 0 0 |
0 9,360 |
|
| Young Barnet Fund | 6,093 0 |
6,093 16,502 |
|
| J.Haus Housing Trust | 0 0 |
0 4,795 |
|
| 83,253 18,680 |
101,933 158,002 |
||
| Res Gen |
|||
| 3. Expenditure on charitable activities | |||
| Restricted Unrestricted funds |
Total Total |
||
| funds General |
2024 2023 |
||
| £ £ |
£ £ |
||
| Accountancy Fees | 0 1,300 |
1,300 1,100 |
|
| Acts 4:35 - Relieve of hardship | 5,801 0 |
5,801 7,810 |
|
| Church Expenses | 0 6,163 |
6,163 12,995 |
|
| Contribution to Christian Mission & Missionary work |
152 15,154 |
15,306 9,864 |
|
| Fabric and design training incl educational sewing machine |
18,543 0 |
18,543 16,448 |
|
| FFF - Missionary; Convention Fees & Tithes for extension |
0 341 |
341 6,731 |
|
| Independent examiner's fee | 0 600 |
600 500 |
|
| Insurance | 1,598 0 |
1,598 613 |
|
| Miscellaneous Expenses | 150 4,962 |
5,112 4,639 |
|
| Motor Vehicle Expenses & Travel | 4,866 0 |
4,866 8,184 |
|
| Postage, Printing, Stationery and, Publications |
0 845 |
845 4,281 |
|
| Premises Costs | 9,438 0 |
9,438 30,516 |
|
| Rent | 3,979 0 |
3,979 2,250 |
|
| Telephone & Data Cost | 0 1,677 |
1,677 1,489 |
|
| Training | 0 7,114 |
7,114 4,842 |
|
| Volunteer expenses | 3,780 0 |
3,780 5,540 |
|
| Wages and salaries | 24,302 0 |
24,302 28,782 |
|
| Ministry Building Project | 19,000 0 |
19,000 19,000 |
|
| 91,609 38,156 |
129,765 165,584 |
Page 11
LIVINGWAY MINISTRIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
4. Independent examiner's remuneration
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Fees payable to the Charity's independent examiner for the independent | ||
| examination of the Charity's annual accounts | 600 | 500 |
5. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2023 - £NIL) .
During the year ended 30 September 2024, no Trustee expenses have been incurred (2023 - £NIL) .
6. Creditors: Amounts falling due within one year
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Accruals and deferred income | 600 | 500 |
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LIVINGWAY MINISTRIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
7. Statement of funds
Statement of funds - current year
| Unrestricted funds General Funds Restricted funds Restricted Fund Total of funds |
Balance at 1 October 2023 £ (25,860) 66,096 40,236 |
Transfers Balance at 30 September Income Expenditure in/out 2024 £ £ £ £ 18,680 (38,156) 57,740 12,404 83,253 (91,609) (57,740) - 101,933 (129,765) - 12,404 |
|---|---|---|
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LIVINGWAY MINISTRIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
8. Statement of funds (continued)
Statement of funds - prior year
| Unrestricted funds General Funds Restricted funds Restricted Fund Total of funds |
Balance at 1 October 2022 £ 86 47,732 47,818 |
Income £ 14,162 143,840 158,002 |
Expenditure £ (40,108) (125,476) (165,584) |
Balance at 30 September 2023 £ (25,860) 66,096 40,236 |
|---|---|---|---|---|
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