Charity Registration number
1103695
## **COVENANT LIFE CHURCH LEICESTER**
**REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED**
**31 MARCH 2024**
**THE ROWLEYS PARTNERSHIP LIMITED CHARTERED ACCOUNTANTS CHARNWOOD HOUSE HARCOURT WAY LEICESTER LE19 1WP**
## **COVENANT LIFE CHURCH LEICESTER**
|**CHARITY INFORMATION**||
|---|---|
|**Charity Name and Number**|Covenant Life Church Leicester|
||Registered charity number 1103695|
|**Trustees**|Dennis R Burton|
||Gary Rutherford|
||Andrew W Briggs|
||Ian J Thompson|
||Charles Alford|
||Sola Mosaku|
||Faith Olubode-King (resigned 30th September 2023)|
|**Principal Address**|93-95 Commercial Square|
||Freemens Common|
||Leicester|
||LE2 7SR|
|**Independent examiner**|The Rowleys Partnership Limited|
||Chartered Accountants|
||Charnwood House|
||Harcourt Way|
||Meridian Business Park|
||Leicester|
||LE19 1WP|
|**Bankers**|Barclays Bank PLC|
||Leicester|
||LE87 2BB|
## **COVENANT LIFE CHURCH LEICESTER**
## **ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024**
## **CONTENTS**
||Page|
|---|---|
|Trustees' report|1 - 3|
|Independent Examiner's report|4|
|Statement of financial activities|5|
|Balance sheet|6|
|Notes to the accounts|7 - 18|
## **COVENANT LIFE CHURCH LEICESTER**
## **REPORT OF THE TRUSTEES**
The trustees present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) (1 January 2019).
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s governing document, 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 published on October 2019.
## **Structure, governance and management**
Covenant Life Church Leicester is a registered charity and was constituted by a Declaration of Trust dated at 14 March 2003. The charity is a Christian Church, administered by elders who are the recognised spiritual leadership of the Church. To the extent that trustees are not synonymous with the Church leadership, their powers shall be confined to the proper management and administration of the funds and in doing so shall have full and proper regard to such spiritual leadership.
The Trustees are responsible for the appointment and training of any new trustee, including awareness of trustee's responsibilities, the trust deed, charitable objectives and procedures.
The Trust Deed provides for a minimum of 3 and maximum of 8 trustees. The trustees meet formally at least 3 times through the year to discuss business matters as appropriate.
Spiritual oversight towards the Church is based on Ephesians 4 ministries and is given by three church elders, led by Jashan Ruparellia who support by the members of the church. The Elders are supported in the practical outworking of the Church's activities by volunteer helpers who also give their time to the many activities of the Church. In addition, the church is supported by Deacons who give further support to the development and implementation of new initiatives within the church.
Governance and support costs are shown in notes 6 and 7 to the accounts.
## **Risk management**
The trustees have considered the major risks to which the charity is exposed and, having reviewed those risks, have established systems and procedures to manage those risks.
The issue of protection of children and vulnerable adults is of foremost concern to the trustees and the Church leadership, as the Church is increasingly involved in significant work with children and young people. Procedures are in place to ensure that any worker who is placed in a position of trust with children or young people will be checked with the Disclosure and Barring Service. The trustees can confirm that no individual has been required to step down from any position of trust within the Church following such checks.
## **Financial Review**
The total of incoming resources was £360,977 (2023: £426,001). After taking account of resources expended the net surplus for the year was £30,542 (2023: £90,537).
Big Shed Enterprises Limited had a turnover of £206,843 (2023: £158,678) with expenses of £121,690 (2023: £136,390) producing a profit after tax of £85,153 (2023: £22,288).
The Charity continues to hold 100% of the share capital of Big Shed Enterprises Ltd. which has been given a licence to operate conference and facilities hire from its premises at Freemens Common in Leicester. The annual licence fee is paid by the company in four quarterly tranches in the relevant year. The profits of the company will ultimately be gifted back to the Charity. During the period Big Shed Enterprises Ltd donated £14,012 of it's profits to the charity (2023: £25,987).
1
## **COVENANT LIFE CHURCH LEICESTER**
## **REPORT OF THE TRUSTEES (CONTINUED)**
## **Reserves policy**
In the post-Covid period, and now that the church is able to function at near normal levels, we remain confident that operating costs of the charity will continue to be met from revenue generated and are satisfied that the projected level of ongoing funding will be adequate to support the continuation of the charity's activities for the foreseeable short/medium term.
In accordance with good accounting practice and professionalism, the trustees of the charity have developed a more robust approach to a reserves policy to meet the anticipated future requirements. The policy outlines, (a) the level of reserve the trustees believe the charity requires (typically equivalent to 3 months of normal committed ('fixed') operating costs); (b) the measures that will be put in place to monitor and review the reserves at the required level; (c) the arrangements needed to fund the expansion of initiatives and projects that further the aims and objectives of the charity.
At 31 March 2024 unrestricted reserves less fixed assets and the debtor due from Big Shed Enterprises Limited amounted to £492,315, which are more than adequate for the charity's requirements.
## **Public benefit**
The trustees have had regard to the Charity Commission guidance on public benefit. The church's Trust Deed demonstrates the intentions of Covenant Life Church Leicester in being of benefit to our locality in the city of Leicester and surrounding towns and villages in Leicestershire. It is our intention to provide relief of poverty, hardship and distress as far as it is possible. We aim to promote the involvement of local people and families in our activities. Our annual activities are planned with the above in mind and our overall ambition is to be a benefit to our locality.
## **Objectives and activities**
At the heart of Covenant Life Church Leicester is our desire to see the Gospel of Jesus Christ our Lord spread as far as possible throughout Leicester, Leicestershire and the world. Our objectives are to preach and offer teaching of the Christian faith to our members and the people in our locality. This furtherance of the Gospel comes with a desire to see not only the spiritual significance of our faith promoted, but also the practical humanitarian effect of a life with Jesus. Our members are all encouraged to "bring good news to the poor" (Luke 4 v 18) in a very practical way.
The charity continues to promote its vision and objectives both at home and overseas: our public meetings involve Christian praise, worship and teaching, centred around the use of our building, 'The Big Shed', at Freemens Common in Leicester; plus the regular meeting together of groups of our members - youth, university student groups, mid-week "Homegroups" that meet weekly 'house to house' at a number of locations in and around Leicestershire. Some meetings still involve remote, Zoom, meetings, but these are now reduced.
2
## **COVENANT LIFE CHURCH LEICESTER**
## **REPORT OF THE TRUSTEES (CONTINUED)**
## **Achievements and performance**
Each year the Charity supports and encourages the work of a related charity (Ministries Without Borders) together with other projects both in UK and overseas:
1) It has continued to provide specific donated funding and remote support for work in Zambia (via Rainbow Trust Africa). 2) We continue to provide financial support towards an Indian Bible College in Gujarat, India and to several children's homes in India via the Hope for India charity.
3) The church is increasing active in local communities, via mid-week Life Groups, which through separate initiatives, continue to seek and develop more effective relationships with the wider communities.
4) Continuing with our desire to contribute to the wider needs of the local community, the charity has partnered with the City council to become one of its local Emergency Rest Centres.
5) The charity's resources have been made available for the international charity Samaritans Purse to continue to operate their regional distribution centre onsite for Operation Christmas Child, distributing many thousands of shoeboxes that are filled with Christmas presents to children around the world.
6) The church is involved in the student community and welcomes many different nationalities to our meetings and events, providing support and guidance to many.
7) The church still meets with and supports national conferences in the wider UK. Providing financial support for these events, supporting the poor and needy via these events.
- 8) The church continues to grow, with many being baptised and received into membership.
- 9) The church still uses electronic communication, for some of its smaller meetings, mainly prayer meetings.
- 10) The fabric of the building at Freemens Common, continues to be refurbished.
11) The ground lease with LCC now has 22 years to run and efforts at changing the council's position on an extension is in full swing, with a land agent being used to challenge the Estates department of LCC. This will not be settled quickly and will be reported on in future reports.
The report and accounts were approved by the trustees on 13 September 2024 and signed on their behalf by:
D Burton CMIOSH Chair of Trustees
3
## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF COVENANT LIFE CHURCH LEICESTER FOR THE YEAR ENDED 31 MARCH 2024**
## **Independent Examiner's Report to the Trustees of Covenant Life Church Leicester**
I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 March 2024.
## **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 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 statement**
Since the charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the Act. I confirm that I am qualified to undertake the examination because I am a member of ICAEW which is one of the listed bodies.
I have completed my 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:
- 1 accounting records were not kept in respect of the charity as required by section 130 of the Act; or 2 the accounts do not accord with those records; or
- 3 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.
L G Parkes FCA FCCA The Rowleys Partnership Limited Chartered Accountants Charnwood House Harcourt Way Meridian Business Park Leicester LE19 1WP
Date: 13 September 2024
4
## **COVENANT LIFE CHURCH LEICESTER**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024**
|**Note**
**Income and endowments from**
Donations and legacies
2
Investment income
Other income
3
**Total income and endowments**
**Expenditure on**
Charitable activities
4
**Total expenditure**
**Net income/(expenditure)**
Transfers between funds
18
**Other recognised gains/(losses):**
Other gains/(losses)
18
**Net movement in funds**
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward|**UNRESTRICTED**
**FUNDS**
**£**
298,492
-
55,022
353,514
315,186
315,186
38,328
(7,992)
-
30,336
1,359,919
1,390,255|**RESTRICTED**
**FUNDS**
**£**
7,463
-
-
7,463
18,199
18,199
(10,736)
7,992
-
2,744
-
5,246
2,502|**TOTAL**
**2024**
**£**
305,955
-
55,022
360,977
333,385
333,385
27,592
-
-
27,592
1,365,165
1,392,757|**TOTAL**
**2023**
**£**
373,133
752
52,116|
|---|---|---|---|---|
|||||426,001
335,464|
|||||335,464|
|||||90,537
-
-|
|||||90,537|
|||||1,274,628|
|||||1,365,165|
The notes form part of these financial statements.
5
## **COVENANT LIFE CHURCH LEICESTER**
|**Note**
**£**
**£**
**Fixed assets**
Tangible assets
**12**
547,825
Investment
**13**
1
547,826
**Current assets**
Debtors
**14**
432,787
Cash at bank and in hand
457,558
890,345
**Liabilities**
Creditors: amounts falling
due within one year
**15**
45,414
**Net current assets**
844,931
**Total assets less current liabilities**
1,392,757
Creditors: amounts falling
due after one year
**16**
-
**Net assets**
1,392,757
**Funds**
Restricted funds
**18**
2,502
Unrestricted funds
**18**
1,390,255
**Total funds**
1,392,757
**31 MARCH 2024**
**2024**
**BALANCE SHEET**
**AS AT**|**£**
**£**
589,697
1
589,698
439,996
392,281
832,277
38,180
794,097
1,383,795
(18,630)
1,365,165
5,246
1,359,919
1,365,165
**2023**|**£**
**£**
589,697
1
589,698
439,996
392,281
832,277
38,180
794,097
1,383,795
(18,630)
1,365,165
5,246
1,359,919
1,365,165
**2023**|
|---|---|---|
|||589,698
794,097|
|||1,383,795
(18,630)|
|||1,365,165|
|||5,246
1,359,919|
|||1,365,165|
The financial statements were approved by the trustees on 13 September 2024.
D Burton I Thompson Trustee Trustee
6
## **COVENANT LIFE CHURCH LEICESTER**
**NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024**
## **1 Accounting policies**
## **1.1 Basis of preparing the financial statements**
Covenant Life Church Leicester is an unincorporated charity registered in England and Wales. The address of the charity is given on the charity information page of these financial statements.
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, and UK Generally Accepted Accounting Practice.
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 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 issued 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.
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest pound.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
## **Preparation of consolidated financial statements**
The financial statements contain information about Covenant Life Church Leicester as an individual charity and do not contain consolidated financial information as the parent of a group. The charity has taken the option not to prepare consolidated financial statements under Charities Act 2011 as the group income is below £1m.
## **1.2 Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
7
## **COVENANT LIFE CHURCH LEICESTER**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024**
## **1 Accounting policies - continued**
## **Fund accounting - continued**
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
## **1.3 Income recognition**
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
## **1.4 Resources expended**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
## **1.5 Taxation**
The charity is exempt from tax on its charitable activities. Expenses are inclusive of VAT where applicable.
## **1.6 Tangible fixed assets and depreciation**
All tangible fixed assets are capitalised and included at cost.
Depreciation has been provided to write off the cost less estimated residual values of tangible fixed assets, over their expected useful lives using the following rates:
Leasehold premises Over the lease term Electronic equipment 33.3% on cost Motor trailer 33.3% on cost Fixtures and fittings 33.3% on cost
## **1.7 Investments**
Investments in subsidiaries are measured at cost less impairment.
## **1.8 Debtors and creditors receivable/payable within one year**
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
8
## **COVENANT LIFE CHURCH LEICESTER**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024**
## **1 Accounting policies - continued**
## **1.9 Cash and cash equivalents**
Cash and cash equivalents comprise cash in hand and cash on deposit.
## **1.10 Going concern**
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from the date of approving these financial statements. The budgeted income and expenditure is sufficient with the level of reserves, for the charity to be able to continue as a going concern.
## **1.11 Pensions and other post-retirement benefits**
## **Defined contribution pension plans**
The charity operates a defined contribution pension plan for its employees. The amount recognised as an expense in the year was £970 (2023 - £1,276).
## **1.12 Leases**
Rentals payable and receivable under operating leases are charged to the SoFA on a straight line basis over the period of the lease.
9
## **COVENANT LIFE CHURCH LEICESTER**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024**
|**2**
Donations and legacies:
Donations and gifts
Gift Aid tax refunds
**Incoming resources**|**Unrestricted**
**fund**
**£**
247,756
50,736
298,492|**Restricted**
**fund**
**£**
7,463
7,463|**Total**
**2024**
**£**
255,219
50,736
305,955|**Unrestricted**
**fund**
**£**
305,324
49,883
355,207|**Restricted**
**fund**
**£**
17,926
-
17,926|**Total**
**2023**
**£**
323,250
49,883|
|---|---|---|---|---|---|---|
|||||||373,133|
## **3 Other income**
|**Other income**|||||||
|---|---|---|---|---|---|---|
|Licence fee
Rent
Other income|**Unrestricted**
**fund**
**£**
30,000
20,000
5,022
55,022|**Restricted**
**fund**
**£**
-|**Total**
**2024**
**£**
30,000
20,000
5,022
55,022|**Unrestricted**
**fund**
**£**
30,000
17,750
4,366
52,116|**Restricted**
**fund**
**£**
-
-
-
-|**Total**
**2023**
**£**
30,000
17,750
4,366|
|||||||52,116|
The licence fee is paid by Big Shed Enterprises Limited, the trading arm of the Charity. The fee is based on turnover allocation of the company, and a proportion of the premises assessed as being available for conference and facilities hire.
10
## **COVENANT LIFE CHURCH LEICESTER**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024**
|**4 Expenditure on charitable activities**
Direct costs (note 5)
Support costs (note 6)
Governance costs (note 7)
**5 Direct costs**
Ministry support and expenses (note 9)
Meeting expenses
Other gifts
Training/Evangelism
Building expenses
Depreciation
**6 Support costs**
Wages and salaries
Pension
General administration
Legal and professional fees
**7 Governance costs**
Independent examiner remuneration|**Unrestricted**
**fund**
**£**
240,284
72,462
2,440
315,186
**Unrestricted**
**fund**
**£**
27,022
-
65,151
8,367
97,870
41,874
240,284
**Unrestricted**
**fund**
**£**
35,244
970
28,185
8,063
72,462
**Unrestricted**
**fund**
**£**
2,440|**Restricted**
**fund**
**£**
18,199
-
-
18,199
**Restricted**
**fund**
**£**
-
18,199
18,199
**Restricted**
**fund**
**£**
-
-
-
-
-
**Restricted**
**fund**
**£**
-|**Total**
**2024**
**£**
258,483
72,463
2,440
333,386
**Total**
**2024**
**£**
27,022
-
83,350
8,367
97,870
41,874
258,483
**Total**
**2024**
**£**
35,244
970
28,185
8,063
72,463
**Total**
**2024**
**£**
2,440|**Unrestricted**
**fund**
**£**
239,438
72,591
2,220
314,249
**Unrestricted**
**fund**
**£**
24,941
2,084
52,252
12,497
103,530
44,134
239,438
**Unrestricted**
**fund**
**£**
45,168
1,276
20,901
5,246
72,591
**Unrestricted**
**fund**
**£**
2,220|**Restricted**
**fund**
**£**
21,215
-
-
21,215
**Restricted**
**fund**
**£**
-
-
21,215
-
-
-
21,215
**Restricted**
**fund**
**£**
-
-
-
-
-
**Restricted**
**fund**
**£**
-|**Total**
**2023**
**£**
260,653
72,591
2,220|
|---|---|---|---|---|---|---|
|||||||335,464|
|||||||**Total**
**2023**
**£**
24,941
2,084
73,467
12,497
103,530
44,134|
|||||||260,653|
|||||||**Total**
**2023**
**£**
45,168
1,276
20,901
5,246|
|||||||72,591|
|||||||**Total**
**2023**
**£**
2,220|
11
## **COVENANT LIFE CHURCH LEICESTER**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED**
## **31 MARCH 2024**
## **8 Staff numbers and costs**
|Wages and salaries
Pension contributions
Wages recharges
Per note 6
The average monthly number of employees during the year was as|**Total**
**Funds**
**2024**
**£**
58,091
970
(22,847)
36,214
follows:
4|**Total**
**Funds**
**2023**
**£**
69,529
1,276
(24,361)|
|---|---|---|
|||46,444|
|||5|
There are no employees who received total emoluments of more than £60,000.
## **9 Ministry support**
The following received individual support exceeding £10,000 in the year:
|Jashan Ruperelia
Bryan Shutt
Others
Ministry support given through another charity|**2024**
**£**
21,875
-
21,875
5,147
-
27,022|**2023**
**£**
-
17,167|
|---|---|---|
|||17,167
4,974
2,800|
|||24,941|
## **10 Trustees' remuneration and expenses**
No remuneration or other benefits was paid to any of the trustees for the year ended 31 March 2024, nor for the year ended 31 March 2023.
## **Trustees' expenses**
No trustees were reimbursed expenses during the year ended 31 March 2024, nor the year ended 31 March 2023.
## **11 Amounts payable to independent examiner**
The amount paid to the independent examiner for the independent examination was £1,232 (2023: £1,120) and £1,210 (2023: £1,100) for other accountancy services.
12
## **COVENANT LIFE CHURCH LEICESTER**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024**
## **12 Tangible fixed assets**
|**Tangible fixed assets**||||||
|---|---|---|---|---|---|
|**Cost**
At 1st April 2023
Additions at cost
Disposals
At 31st March 2024
**Depreciation**
At 1st April 2023
Charge for the year
Disposals
At 31st March 2024
**Net book value**
At 31st March 2024
At 31st March 2023|**Leasehold**
**property**
**£**
897,078
-
-
897,078
329,246
24,688
-
353,934
543,144
567,832|**Fixtures &**
**fittings**
**£**
34,863
-
-
34,863
32,752
1,809
-
34,561
302
2,110|**Electronic**
**equipment**
**£**
76,358
-
-
76,358
56,604
15,375
-
71,979
4,379
19,755|**Motor**
**trailer**
**£**
2,815
-
-
2,815
2,815
-
-
2,815
-
-|**Total**
**£**
1,011,114
-
-|
||||||1,011,114|
||||||421,417
41,872
-|
||||||463,289|
||||||547,825|
||||||589,697|
## **13 Investments**
|**2024**
**£**
Shares in subsidiary undertaking
1
The charity owns 100% of the shares of Big Shed Enterprises Limited, company number 6946240.
Big Shed Enterprises Limited was formed to manage the property.
**2024**
**£**
Aggregate capital and reserves
73,169
Turnover for the year
206,843
Expenditure for the year
(121,690)
Profit for the year after tax
85,153
**14 Debtors**
**2024**
**£**
**Amounts falling due within one year**
Gift aid receivable
50,736
Prepayments
22,444
Other debtors
6,543
Amounts due from subsidiary undertaking
353,064
432,787|**2023**
**£**
1|
|---|---|
||**2023**
**£**
2,028
158,678
(136,390)
22,288|
||**2023**
**£**
50,083
21,913
-
368,000|
||439,996|
13
## **COVENANT LIFE CHURCH LEICESTER**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024**
## **15 Creditors: amounts falling due within one year**
||||
|---|---|---|
|**15 Creditors: amounts falling due within one year**
Trade creditors
Accruals and deferred income
Other creditors
**16 Creditors: amounts falling due after one year**
Other creditors
**17 Analysis of net assets between funds**|**2024**
**£**
1,256
18,027
26,131
45,414
**2024**
**£**
-
-|**2023**
**£**
-
12,963
25,217|
|||38,180|
|||**2023**
**£**
18,630|
|||18,630|
||||
|Fund balances at
31 March 2024 are represented by:
Tangible fixed assets
Investments
Current asset/ liabilities|**Unrestricted**
**funds**
**£**
547,825
1
842,429
1,390,255|**Restricted**
**funds**
**£**
-
-
2,502
2,502|**Total**
**£**
547,825
1
844,931|
|---|---|---|---|
||||1,392,757|
14
## **COVENANT LIFE CHURCH LEICESTER**
## **NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31 MARCH 2024**
|18 **Movements in Funds**
**Unrestricted funds**
Unrestricted funds
**Restricted funds**
Zambian Grannies
Change the World
Youth With A Mission
Special Offering - Local Foodbank
Special Offering - Kenya
Special Offering - Poor & Needy
Mission 24
Turkey Earthquake Appeal
Baskets of Joy
Rainbow Africa
General Building Fund
Special Offering - Evangelism
CAP (Christians Against Poverty)
Hope for India|At 1.4.23
**£**
1,359,919
1,359,919
-
957
-
25
-
25
830
-
1,030
1,624
655
100
-
-
1,365,165|Net
Movements
in funds
**£**
38,328
38,328
(10)
620
(800)
(5)
(1,500)
(1,495)
(1,500)
126
(2,980)
(1,025)
(575)
-
(992)
(600)
27,592|Transfer
between
funds
**£**
(7,992)
(7,992)
10
800
1,500
1,470
670
1,950
992
600
-|At 31.03.24
**£**
1,390,255|
|---|---|---|---|---|
|||||1,390,255
-
1,577
-
20
-
-
-
126
-
599
80
100
-
-|
|||||1,392,757|
Net movements in funds, included in the above are as follows:
|**Unrestricted funds**
Unrestricted funds
**Restricted funds**
Zambian Grannies
Change the World
Youth With A Mission
Special Offering - Local Foodbank
Special Offering - Kenya
Special Offering - Poor & Needy
Mission 24
Ministries Without Borders
Heap
Baskets of Joy
Rainbow Africa
General Building Fund
Special Offering - Evangelism
CAP (Christians Against Poverty)
Hope for India|Incoming
resources
**£**
353,514
2,375
620
2,825
180
48
348
63
126
213
105
560
-
-
-
-
360,977|Resources
expended
**£**
(315,186)
(2,385)
-
(3,625)
(185)
(1,548)
(1,843)
(1,563)
-
(3,193)
(1,130)
(1,135)
-
-
(992)
(600)
(333,385)|Gains and
losses
**£**
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-|Movement in
funds
**£**
38,328
(10)
620
(800)
(5)
(1,500)
(1,495)
(1,500)
126
(2,980)
(1,025)
(575)
-
-
(992)
(600)|
|---|---|---|---|---|
|||||27,592|
15
## **COVENANT LIFE CHURCH LEICESTER**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024**
|18 **Movements in Funds**
**Unrestricted funds**
Unrestricted funds
**Restricted funds**
Zambian Grannies
Change the World
Special Offering - Local Foodbank
Special Offering - Cuba
Special Offering - Poor & Needy
Mission 24
Turkey Earthquake Appeal
Baskets of Joy
Rainbow Africa
General Building Fund
Hope for India
Joseph Fund - Gifts to the needy
Special Offering - Evangelism
Special Offering - Brazil
CAP(Christians Against Poverty)|At 1.4.22
**£**
1,272,936
1,272,936
210
187
20
-
10
-
-
-
-
-
-
-
100
-
1,165
1,274,628|Net
Movements
in funds
**£**
93,826
93,826
(2,628)
770
5
(1,230)
15
830
(898)
1,030
1,624
655
(600)
(500)
-
(720)
(1,642)
90,537|Transfer
between
funds
**£**
(6,843)
(6,843)
2,418
1,230
898
600
500
720
477
-|At 31.03.23
**£**
1,359,919|
|---|---|---|---|---|
|||||1,359,919
-
957
25
-
25
830
-
1,030
1,624
655
-
-
100
-
-|
|||||1,365,165|
Net movements in funds, included in the above are as follows:
|**Unrestricted funds**
Unrestricted funds
**Restricted funds**
Zambian Grannies
Change the World
Special Offering - Local Foodbank
Special Offering - Cuba
Special Offering - Poor & Needy
Mission 24
Turkey Earthquake Appeal
Baskets of Joy
Rainbow Africa
General Building Fund
Hope for India
Joseph Fund - Gifts to the needy
Special Offering - Evangelism
Special Offering - Brazil
CAP(Christians Against Poverty)|Incoming
resources
**£**
408,075
2,610
770
195
1,760
120
2,930
6,232
1,030
1,624
655
-
-
-
-
-
426,001|Resources
expended
**£**
(314,249)
(5,238)
-
(190)
(2,990)
(105)
(2,100)
(7,130)
-
-
-
(600)
(500)
-
(720)
(1,642)
(335,464)|Gains and
losses
**£**
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-|Movement in
funds
**£**
93,826
(2,628)
770
5
(1,230)
15
830
(898)
1,030
1,624
655
(600)
(500)
-
(720)
(1,642)|
|---|---|---|---|---|
|||||90,537|
16
## **COVENANT LIFE CHURCH LEICESTER**
## **NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31 MARCH 2024**
## **18 Movements in Funds - continued**
## **Transfers between funds**
Where the trustees have expended more money than was specifically given to a project, a transfer has been made from unrestricted funds.
## **Restricted funds**
## **Zambian Grannies**
This is a specific project within the work that Rainbow Trust Africa carries out in Zambia. Whilst it is not directly financially supported by the church, individual members give their significant personal time commitments and financial donations which donations are passed on to Rainbow Trust Africa.
## **Change the World**
This is a collection of the loose change that Sunday attendees have and it is specifically used for mission work in UK and the World. It is used at the discretion of the spiritual leadership (Elders) towards worthy mission support and is used for projects in the UK and abroad.
## **CAP (Christians Against Poverty)**
The church has been supporting the work of the CAP Job Club and CAP Money Course, paying for all expenses that are required to run the work. One church member wanted to give his own ongoing monthly support (£50) to this plus other minor donations from various sources.
## **Special Offering - Local Foodbank**
This is a £20 monthly donation from church members for food items to be purchased and donated to the Salvation Army Food Bank, Saffron Lane, Leicester.
## **Special Offering - Cuba**
Donations made via Ministries Without Borders (see above) for Special Offerings for help towards 'relief' projects in Cuba.
## **Special Offering - Evangelism**
Special Offering via Ministries Without Borders, a church related charity, to help church with various evangelistic projects around the world (projects unspecified).
17
## **COVENANT LIFE CHURCH LEICESTER**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024**
## **19 Related party transactions**
During the year a licence fee of £30,000 (2023: £30,000) was received from Big Shed Enterprises Limited, a wholly owned subsidiary of the charity.
During the year £22,847 was paid by Big Shed Enterprises Limited to the charity for recharged staff costs (2023: £24,361).
During the year £27,749 (2023: £21,266) of donations were received without conditions from trustees.
At the year end the charity was owed by the subsidiary Big Shed Enterprises Limited £353,064 (2023: £368,000). This amount is interest fee and repayable on demand.
## **20 Financial commitments**
The charity has a ground rent commitment and the following are the total future minimum lease payments under non-cancellable operating leases:
|Due within one year
Due between one and five years
Due after five years|**2024**
**£**
60,000
240,000
1,080,000
1,380,000|**2023**
**£**
60,000
240,000
1,140,000|
|---|---|---|
|||1,440,000|
18