Charity Registration No. 1064029
LIFE INTERNATIONAL CHRISTIAN FELLOWSHIP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
LIFE INTERNATIONAL CHRISTIAN FELLOWSHIP
CONTENTS
Page Reference and Administrative Details….........................................3 Trustees' report…........................................................................... 4 Independent examiner's report….................................................. 5 Statement of financial activities…..................................................6 Balance sheet….............................................................................. 7 Notes to the financial statements…...............................................8
LIFE INTERNATIONAL CHRISTIAN FELLOWSHIP
LEGAL AND ADMINISTRATIVE INFORMATION
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Trustees L Maddix
Rev D Davis
I Shore
S Brown
Charity number 1064029
Registered office 3 St. Ledger Court
Great Linford
Milton Keynes
MK14 5HA
Independent examiner Nathan Grace Ltd
6 Homestead Lane
Buckingham
MK18 2RU
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LIFE INTERNATIONAL CHRISTIAN FELLOWSHIP
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023
The trustees present their report and financial statements for the year ended 31 December 2023.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Charities Act 2011 and “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)” (as amended for accounting periods commencing from 1 January 2019)
Objectives and activities
The charity's objects are to advance the Christian faith and to relieve persons who are in conditions of need or hardship or who are aged or sick.
Public Benefit Policy
In planning our activities for the year, we kept in mind the Charity Commission's guidance on public benefit at our trustee meetings.
Plans for Future Periods
The charity plans to continue its work under objectives, and increase income.
Achievements and performance
The charity operates from it's church at Great Linford where it continues to hold regular services and teaching ministry.
Financial review
The Net income for the year amounted to £48,064
Reserves Policy
The trustees have established a policy whereby the unrestricted funds not committed or invested in tangible fixed assets ('the free reserves') should be 3 months of annual expenditure. This will ensure the church can continues operating in the event of a significant drop in funding.
Structure, governance and management
Life International Christian Fellowship was registered as a charity on 19 August 1997. It's governing document is The Declaration of Trust made on 19 May 1997.
The charity is governed by the Board of Trustees.
The Trustees who served during the year were:
L Maddix
Rev D Davis
Mr I Shore
Ms S Brown
The trustees' report was approved by the Board of Trustees.
………………………………………………………. Dated:[31/08/2024]
L Maddix
LIFE INTERNATIONAL CHRISTIAN FELLOWSHIP
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2023
I report to the trustees on my examination of the accounts of the charity - Life International Christian Fellowship for the year ended 31 December 2023
Responsibilities and basis of report
As the charity's trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the 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 all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statemen
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination (other than that disclosed below *) which gives me cause to believe that in, any material respect:
-
the accounting records were not kept in accordance with section 130 of the Charities
-
the accounts did not accord with the accounting records; or
-
* the accounts did 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.
………………………………………………… Dated: 31 August 2024 O K OyetundeFCCA Nathan Grace Ltd 6 Homestead Lane Buckingham MK18 2RU
LIFE INTERNATIONAL CHRISTIAN FELLOWSHIP
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023
| Unrestricted funds 2023 Notes £ Income from: Donations and legacies 2 155,340 Investments 2,460 Total income 157,801 Expenditure on: Expenditure on charitable activities 3 131,587 Net income for the year 26,214 Fund balances at 1 January 48,543 Fund balances at 31 December 74,757 |
Restricted funds 2023 35,209 35,209 35,209 265,575 300,784 |
Total funds 2023 £ 190,549 2,460 193,009 131,587 61,422 314,119 375,541 |
Total funds 2022 £ 132,610 134 132,744 84,680 48,064 266,055 314,119 |
|---|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
LIFE INTERNATIONAL CHRISTIAN FELLOWSHIP
STATEMENT OF FINANCIAL POSITION
FOR THE YEAR ENDED 31 DECEMBER 2023
| 2023 | 2022 | ||
|---|---|---|---|
| Notes | £ | £ | |
| FIXED ASSETS | |||
| Tangible assets | 6 | 0 | 0 |
| CURRENT ASSETS | |||
| Other debtors | 7 | 2,185 | 5,521 |
| Cash at bank and in hand | 374,856 | 310,098 | |
| CURRENT LIABILITIES | 377,041 | 315,619 | |
| Creditors: amounts falling due within one year | 8 | -1,500 | -1,500 |
| NET CURRENNT ASSETS | 375,541 | 314,119 | |
| NET ASSETS | 375,541 | 314,119 | |
| FUNDS | 9 | ||
| Unrestricted funds | 74,757 | 48,543 | |
| Restricted funds | 300,784 | 265,575 | |
| TOAL FUNDS | 375,541 | 314,119 |
The accounts were approved by the Trustees on …31/08/2024
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L Maddix Trustee
LIFE INTERNATIONAL CHRISTIAN FELLOWSHIP
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
1 Accounting policies
1.1 Accounting co
The financial statements have been prepared in accordance with the Charities Act 2011 and “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)” (as amended for accounting periods commencing from 1 January 2016). The is a Public Benefit Entity as defined by FRS 102.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the accounts, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the accounts.
1.3 Charitable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4 Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured.
1.5 Resources expended
All expenditure is accounted for on an accruals basis. Governance costs are those incurred in connection with the administration of the charity and compliance with constitutional and statutory requirements.
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Equipment 50% straight line Motor vehicles 25% straight line
LIFE INTERNATIONAL CHRISTIAN FELLOWSHIP
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
1.7 Operating Leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis
2 Donations and legacies
| Unrestricted funds 2023 £ Donations and gifts 155,340 |
Restricted funds 2023 £ 35,209 |
Total funds 2023 £ 190,549 |
total funds 2022 £ 132,610 |
|---|---|---|---|
3 Expenditures on charitable activities
| Unrestricted 2023 £ Advertising & Publicity - Bank charges 892 Office/Gen. Administration 2,965 Church Supplies 3,476 Depreciation - Equipments Expense 94 Motor running expenses 2,295 Rent & Venue hire 40,666 Honorarium & Gifts 8,210 Insurance 1,993 Professional fees 16,872 Personnel costs 33,266 Telephone 464 Travel and Subsistence 13,448 Utilities 6,946 131,587 |
Restricted 2023 £ 0 |
Total 2023 £ - 892 2,965 3,476 - 94 2,295 40,666 8,210 1,993 16,872 33,266 464 13,448 6,946 131,587 |
total 2022 £ 643 1,094 2,007 10,230 442 419 752 25,559 1,070 1,844 13,332 23,304 411 643 2,930 84,680 |
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4 Trustees & remunneration & Benefits
Trustee Mr L A Maddix, also a Senior Minister, provided services to the charity and received amounts totalling £23,200 (2022: £22,809) during the year
LIFE INTERNATIONAL CHRISTIAN FELLOWSHIP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
5 Employees
The average monthly number of employees during the year was
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2023 2022
Number Number
Number of employees 1 1
6 Tangible assets
Motor
Equipment Total
vehicles
£ £ £
Cost
At 1 January 2023 10,669 11,300 21,969
Additions -
At 31 December 2023 10,669 11,300 21,969
Depreciation and impairment
At 1 January 2023 10,669 10,858 21,527
Depreciation charged in the year 442.4 442
At 31 December 2023 10,669 11,300 21,969
Carrying amount
At 31 December 2023 0 0 0
At 31 December 2022 0 0 0
7 Debtors : amounts falling due within one year 2023 2022
£ £
Other debtors 2,185 5,521
8 Creditors: amounts falling due within one year
2023 2022
£ £
Other taxation and social security
Accruals and deferred income 1,500 1,500
9 MOVEMENT IN FUNDS
Unrestricted Restricted Total
£ £ £
At 31 December 2022 48,544 265,575 314,119
Net Movement in Funds 26,214 35,209 61,422
0
At 31 December 2023 74,757 300,784 375,541
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