LOVE AND JOY MINISTRIES LTD ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Charity registration number 1107029 Company registration number 05283980 (England and Wales)
LOVE AND JOY MINISTRIES LTD LEGAL AND ADMINISTRATIVE INFORMATION Trustees Ms A C Hawley Mrs H J Hawley Dr T Omideyi Rev R I Sutlon Rev D O Shosanya Mrs U E Ugwu Rev. J O Adereli S8crètary Mrs H J Hawley Charlty number 1107029 Company number 05283980 Reglstered offlce Oakfield Road Anfield Liverpool Merseyside L4 OUE Ind6pend6nt 6xamln8t Champion TLL Llmlted 7-9 Station Road Heskelh Bank Preston Lancashire PR4 6SN
LOVEAND JOY MINISTRIES LTD CONTENTS Page Trustees, report Independent examlner's report statement of financlal activitles Balance sheel Noles to the financlal Sialements 10-19
LOVE AND JOY MINISTRIES LTD TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The trustees present thelr annual report and linancial statements for the year ended 31 March 2024. The financial statements have been prepared in accordanc8 with th8 accounting policies sel out In note I to the financial statements and comply with the charity's [governing document], the Companies Act 2006 and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance wllh the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021. (effective 1 January 2019). Objectlves and actlvltles The objects of the charity are lo advance the Chrlslian religion across the world (In accordance wth the Articles of Faith set out in the schedule lo the Memorandum) and tha propagation of th8 Chrlstian Gospel particularly (but wlthout prejudice lo the gen8ralily of foregoing) Ihrough the medium of music. dance and drama and also by demonstraling the Christian faith through practical help to the most vulnerable in the community Including homeless chlldren, young people. the sick and elderly and in particular by-" Holding meetings for worship and evangellsm; Supportlng other Chrlslian organisalions with slmllar objectives; Supportlng the homeless and providlng Informatlon, technical help, counselllng and accommodallon,. Supporting young people through the provislon of Youth Clubs, hollday Ilme play schemes, skllls workshops and educational support programmes., Supportlng the slck and elderly through organi8ed visits and the di8tribution of gifts donaled by the mor6 fortunate members of the communlty; Supportlng Churches and olher communily groups Ihrough the provislon of cholrs, drama groups, dance groups, recording facilitles, concerts and evangelical events., Provlding pasloral support to churches and minlslries across the world, and To further such other charitable purposes as the Iruslees In thelr absolute discretion determine from time lo lime. The company was set up In order to lake over the assets, Ilabilities and activities of Love & Joy Minlstrles Trust and Is currently supporting some of the above objectives and activilles through its role of providing grant8, advlce and olher servlces lo Liverpool Lighthouse Limiled and Bright Park Trust, bolh Assoclated organlsatlons It works closely with. LJM stopped providing HR and Payroll services to Liverpool Lighthouse in 2021. Public bonefit Publlc beneflt The Trustees have considered the Charlty Commlsslon guldelines regardlng public benefit and are satisfied that the Charity's actlvitles meet these criteria.
LOVEAND JOY MINISTRIES LTD TRUSTEES. REPORT {INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Achlovements and performance Significanl activilies and achievemenls against objectivas LJM has a primary mandate of the Great Commission in Matthew 28, "Therefore go and make dlsciples of all nations, baptlsing Ihem In the name of the Father and ofthe Son and of the Holy Spirit, and teachlng them to obey everything I have Commanded you. And surely l am wilh you always. lo Ihe very end of the ag8.. LJM'S mission is Iransformalional, engaging with individuals, across communilles, cilles and natlons. The strategic Plan agreed by the trustees in 2018 and due to end in March 2025 contains 5 main objectives.. 1. Grow church congregatlons in the UK and beyond. 2, Show God's love through offering practical life-changlng support to the vulnerable. 3. Set up other charitles and work with Ihem to C8rry out transformational aclivities. 4, Work with and support olher churches and Christian organisations lo spread the gosp81. 5. Maximlze our assets lo deliver our mlssion. Our charitable aclivllies are strongly linked to these oblectlvas. Slgnlllcant actlvltles and achlevements against objecllves Malor Achlevements LJM has conllnued lo support the two associations it established toward8 achieving some of ils objectives {A8soclatlon of Covenant Churches (ACC) and Associallon of Independent Charitles (Alc)). LJM partnered with Liverpod Lighthouse to successfully deliver the firsl mainstream Gospel Music Fesllval In th8 UK, in Seplember 2023. Liverpool Gospel Music Festlval had over 3000 attendees and Llverpool City Councll Is eager to make Ihls an annual event for the Clly. LJM, through Ils assoclated charllles, dellvered several events over a iwo-month period Celebraling tha Coronatlon and the Eurovlslon Song Contest. Following on from the 401h-anniversary celebralion of establishlng LJM In 1980. both the LJM@40 Tlmelln8 Deslgn and the LJM@40 video were completed and will be u8ed as part of UM'8 promotional materials to attract more long-term major donors and partners. Llverpool Llghlhouse celebrated ils 25th Annvi ersary and was also recognised city-wid8 for ils work winning Ihe Liverpool Clty Region 'Culture & CreativityAwaid for Health and Wellbeing.. Harmonlze Acad8my C818brated 10 years as an allernative provlslon school and was successful in it8 applicatlon to Ihe Department For Education (UK) to expand ils pupil capacily from 104 lo 150 young people. Brlght Park began establishing a Friends of Bright Park volunteer team. In October, Ihe park wa8 rewarded wilh a Level 4 Thriving award from Brllaln in Bloom UK. When plannlng our aclivities for the year, the Iruslees have considered Ihe Charity Commission's guldance on public benefil and, in particular. the specific guidance on charities for the advancement of religion. Report on the 6 areas are as follows: 1. Grow church congregatlons In the UK and beyond op Temple of Praise continues to operale as a hybrid church with weekly services both In person and onlln8 (YouTube). The multlmedia team has grown this year as It continued lo traln others, both adults and young people. The Execulive Leadership Team, supported by the Eldership Team, continues lo develop in church management. A new church administrator was appointed. Highlights in TOP for Ihe year included the followtng: Church attendance and church giving continue to increase and, in addition, the TOP Llverpool congregation raised a significant amount of funds towards the inaugural Liverpool Gospel Music Festival. The church worshlp team hosted a special Praise Event In June whlch will conlinue annua51y. TOP Women's Team hosted an open Heallhcare Event which was well attended wilh excellent feedback. They are currently planning a second healthcare event for 2024. TOP Elders began to meet daily to pray for the needs of the Church and associated ¢harities
LOVE AND JOY MINISTRIES LTD TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 The small group pastoral support system (JIM-H J&sus in My Hom6> conlinuos to be develop8d - It focuses on bullding up church members in Iheir intimacy wilh Father God, growing relationships wilhin the church family and equipplng them lo Iransfomi communltles more effectlvely wherever God has placed them. In December, we launched a 'Lel's Sow, outreach slrategy which will be repeated several tlmes a year (Easter, Pentecost, August Holiday period)- Thls incjudes a mix of encouraging church folks to personally Invite friends and famlly to main Gospel events. as well as a small team visiling and engaging with the local community. In th8 cold month of December, we collected warm coats hats and scaNes from TOP members. A small group from the church look all these to the Liverpool City Centre Members one evening lo distribute to and pray for dozens of rough sleepers. This was again repealed In February 24. S5 cla e5 cc As part of our international mission, our Association of Covenant Churches continues to me61 monthly on Zoom lo pray, teach, and discuss growth. Several were repr8sent&d ellher in person or online during the Annual LJM Conference 2023. The following churches are very active partners in the Covenant: Word of Grace Church, Leeds UK, LSvSng Grac8Assembly, Dublln, Ireland Shaback Ministries, South Africa Shalom Assembly, Manila, Philippines Christian Llving Church, India Salvatlon Misslon Fellowshlp. Gambla House of Rest, Lagos, Nigeria other churches that had been inactive were released from the Covenant this year. We conllnue to support our LJM Covenant churches with in-klnd resources, support. and gifts where needed. 2. Show God's love through practlcal Ilfe-changlng support to the vuln6rable Much of this objective is achieved through the Association of Independent Charities Ihat LJM has established. LSverpool Llghlhouse - Communlty Arts Centre In Anfi&ld Llveipool Brighl Park- A vibrant Community wooded park in KnotlyAsh Lighthouse Harmonlze Education Trust (Harmonize Academy) - Alternative Provlslon Academy for young people Leadlng up to the wlnter of 2023, Llverpool Llghthouse reglslered as a 'warm space. for people struggling to heat thelr homes to come Into. Free meal provlsk)n was Increased to three tlmes a week alongslde the exlsling food pantry. A Ihealre group was formed among the asylum seeker and refugee women benefficlarles who produced a very impaclful play around theif 8xperiences during pregnancies and childbirth in the UK since they arrived. The impact on Health practitioners vtho saw it led lo the commissioning of a short film thal will be premiered in the Summer of 2024. In March 2024, the Lighthouse Choir (set up online during Covid as a health and wellbeing project) released a new slngle 'Lean on Me, and was inviled to perform for Comic Relief on slage with Paloma Faith. a celebrlty Sing8r-songwriter and actress. In September 2023, LJM in partnership with Liverpool Lighthouse organized lh8 Liverpocl Gospel Music Festival, acknowledged by many in the industry as Ihe first of ils type nalionally. Harmonize Academy celebraled its 10th Anniversary as a school In 2023, To celebrate this, LJM presented Harmonize with a Recognition Shield to be awarded each year to the student or students who have among other thlngs best demonstrated the values of Harmonize Academy. Durlng the year, attendance capacity was increased from 100 to 150 young people, and the addition of a new wing to the school space has facllilated Ihe increase. Examination results have been good wilh all students conlinuing into employment or further education, In December 2023. the students focused on the issue of Homelessness and produced their own Christmas advert "Be kind, Be thoughtful, Be a frlend. They received messages of support from foolballers Jamle Carragher and John Barnes and Actor Ricky Tomlinson.
LOVE AND JOY MINISTRIES LTD TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 The development of Brighl Park as a welcoming communily park in Knolly Ash has continued. One of its many achievemenls this year was eslablishing the first core group of the Friends of Bright Park, a critical component for a sustainable park over the coming years. Their contributions to th8 activities for maintaining and transforming the park environment earned recognition from The Royal Horticultural Society and Biitain in Bloom NW being awarded Level 4 Thriving in October. Significant local partnerships (schoolsl other providersl air cadels) have been made throughout t1 year whlch has enhanced activily provlslon wllhin the park for the benefit of Ihe local community. 3.set up and work wlth other charltlés to carry out transformatlonal actlvltles Following a vi8it by a team of church leaders to meet th the Metro Mayor Sleve Rotheram, Ihe network of churches embarked on a mlssion to promote and support setting up warm spaces across the City Reglon as a conlribulion lo the vulnerable in our communities. A new website was Set up for churches to regisler thelr warm spaces. One of the LJM trustee8, Rev Roger Sutlon led th8 sel up of a n8w charlly, Transformlng Place8 operating as Gather Movement natlonally. The LJM Chair conlinues to serve as a trustee of Transformlng Places. A small team from LJM al+ended the firsl Inlercultural Church and Cily Transformallon Conference In Leeds, organised by Galher Movemenl. The 8ncouraglng message from the conference was that churches that embrace cultural dlversily tend to experience strong numerlcal growth. Together we can make a difference and Shape a future where cultural diversily18 celebrated and unlty prevalls In our churches and cilies, 4. Work wlth other churche8 and Chrlstlan organl8allons to spread the gospel Temple of Praise remains a committed member of the regional evangelical partnership called Together For Harvest (TFH). TOP Is also a member of the National Evangelical Alllance (EA-UK). LJM Chalr. Tanl Omldeyl remains a member of the EA Council. He is also a trustee o! Transforming Places UK and has been invlted to become the chair next year. 5. Maxlmlze our assets to dellver our m1681on Hampstead Road property.. On8 of the main goals for Ihe year was lo fully refurbish the Hampstead Road properly so It could be leased lo a management company to brlng In much-needed Income. A building contractor that was taken on for thls work proved to be a costly error. Unfortunat81y, oui judgment was affected by the f8cI Ihat he had carried out struclural repair work at the building towards the end of the last financlal year. Secondly, hls quotes were the most competitive during the tender process that was carrled out, Contracted in March, he started the work after securing 70Yo firsl-stage payment from us, Ihe reasonlng being that h8 needed Ihe front loading of the contracl to purchase buildlng malerfals. On Inspection, the qualily of work was extremely poor and upon belng challenged, he disappeared at the end of June. Every att@mpt to get him lo meet wilh us failed, only for us to find oul that he had Cleverly folded up his Company in July, meaning legally, he could not be held to account. He had also moved address, so could not be found. This repres8nled a major financlal blow to our plan to invest in the property so it would conllnue to generate Income that would support our related charilles. Wth the property stripped of all furniture Including carpets, beds, kitchen equipment. bathroom unlts of tollets, showers, and others. the only way fomard was to ralse further funds lo carry out and complete the refurbishment work. An Investment loan of £120,000 was secur8d from our bank towards this task. Another builder was found and 18 set lo begin the work. Llverpool Lighthouse Car Park.. Altempls lo complete the payment for and subsequent transfer of the Liverpool Lighthouse Car Park from the Llverpool City Council lo LJM remain on hold. The Clly Council came under speclal measures which resulted in the UK Government imposing restrictions on oulstanding financial commitments. W8 hope to conclude this next year. Currently, Livery)ool Lighthouse relies heavily upon the grants and charitable giving It recelves each year. A malor focus In the comlng year will b8 to look at new ways of generating non-restricled income. One of such is through legacies. An LJM legacy free will writing contracl was slgned with Bequealhed Lld which, due to other pressures on staff time, has not been well promoted. We will renew the conlracl for a further year set in place a more effective marketing strategy. parlnering with Liverpool Lighlhouse and Bright Park.
LOVE AND JOY MINISTRIES LTD TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORTI (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 LJM'S most precious assets contlnue to be ils amazirKJ team of trustees, staff, volunteers, and leaders of the congregation in TOP Liverpool and across the world through ils CovenanlAssocialion, We thank God for our friends who trust us enough to contlnue to support us with their prayers, grants, donations and muc needed advice and encouragement, The organisation is very thankful to our long-lerm patrons, John & Rose Lancaster of The Lancaster Foundation who continue to sland with us financlamy and in many other ways. Flnanclal revlew The flnancial result for the year under review Is a deficit of £87.082. Ca8h resources are held In the bank's current and deposlt accounts and the Directors conslder thelr level lo be no more than adequate in view of future developments. Reserves pollcy The trustees have examlned the requiremenls for Ir88 reserve5, whlch are Ihose unrestrlcled funds not Invested In fixed assets, designated for specific purposes or otheiSe committed. Th8 Trusle8s consider that currenlly, given the nature of our work, Ihls should be approximately enough to cover 6 monlhs worth of expenditure which in 2024 was In effect £182,000, which gives flexibilily to cover short term liming dlfferences for grant clalms and adequate working capital for our core costs. However the Trustees keep this under regular revlèw as c5rcumstances change. The unreslrScled reserve8 at 31 March 2024 conslst of Ihe general reserves of £631,000, However, Ihe8e reserves are represented malnly by Ilxed assels. Cash ie8erves at 31 March 2024 were £128,295. Inveslmenl pollcy Inv8Stm8nt pollcy and objectlves The Trustees have the power lo Invest In such assets as they see fit. Surplus funds are invesled with The Royal Bank of Scotland plc. Plans for future perlods In th8 next twelve months, LJM will review Its Slrateglc Plan and goals for 2025-30. Prals Build a strong technical multimedla team Ihat can handle the demands of running a lully hybrid church, one half handling the Ilve programme and the Second half concentrating on online 5treamlng. The Elders wlll continue to support the Executlve Leadershlp Team of pastors to fully take on Ihe complex duties of runnlng Temple of Praise Liverpool, balancing the need for outreach and that of pastoring. Str8nglhen the leadership of the chlldren's and youth mlnistries in the church. Begin lo explore possible changes to the existing pastoral model that proved valuable during the COVID-19- induced lockdown Io sUPPOrt the need to grow the church numerically. All activities in TOP wlll be dilven by a commitment lo grow the TOP congregatlon Sn Llverpool in size and depth of relatlonshlp with God and each other with a strong focus on intercullural church, fellowship, and unlty. Following the success of the inaugural Llverpool Gospel Muslc Feslival, LJM will continue to partner with Liverpool Llghlhouse parlicularly lo encourage the involvement of other churches and Christian organisations locally and nallonally. LJM will continue to work wilh the unily organisations TFH and CTMR and Gather Movemenl to share Ihe good news of the Lord Jesus Christ as the Saviour for every man, woman and child. As n8ed8d LJM will continue to support both Liverpool Lighthouse and Bright Park with grants. encouragement, skills, and prayers.
LOVE AND JOY MINISTRIES LTD TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Ital Assels Conclude tho process of securing lease ownership of Lighthouse Car Park from Ihe Llverpool City Council Complete the phase 1 refuibishment of the Hampslead Road property Secure an HMO License lor Ihe property from the Liveipool Clty Coundl Find a sullable houslng nianagemenl company to take on the lease ofthe property Work with Liverpool Llghthouse to plan the stage 1 capllal refufbishmenl work lo Improve Ihe energy ratlng of Ihe buildlng Work with Brlghl Park to begin to explore Ihe posslbility of expanding the existlng hlstorical lodge house inlo one that wlll seNe the park's vlsion. LJM will continue lo provide seNices and spiritual leadership to olher charities and churches wllhln both LJM Associations (AIC and ACCJ. It will continue lo develop support for ils Govenanl partners worldwide. A8 needod, LJM will continue lo supporl both Llverpool Ligl)Ihouse and Briglil Park wilh grants, encouragement, skllls, and prayers. LJM staff will continue Ihelr secondmenl lo Bright Park in senior management roles. structure, goverilance and management The charlty is a company limited by guarantee. The Iruslees, who are also the direclors for Ihe purpose of company law, and who $8rv8d durlng the year and up to the date of slgnature of the financial statements were.. Ms A C Hawley Mrs H J Hawley - Secr8lary Dr T Omideyl- Chalr Rev R I Sullon Rev D O Shosany8 Mrs U E Ugwu Rev. J O Aderell The trustees, report was approved by Ihe Board of Trustees. MrsH Trustee ley Date.. 12
LOVE AND JOY MINISTRIES LTD INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF LOVE AND JOY MINISTRIES LTD I r8port to the trustees on my examination of the financlal statements of Love and Joy Ministries Ltd (the charlty) for the year ended 31 March 2024. Responslbllltles and basls of report As th6 Iruslees of the charity (and also its directors for the purposes of company law) you are responsible for th8 preparation of the financial statements in accordance with the requirements of the Companies Act 20C6 (Ihe 2006 Act). Having satisfied myself Ihal the financial stalements of the charity are not requir8d to be audited under Part 16 of the 2006 Acl and ar8 eligible for independenl examination, I report In respect of my examination of the charity's financial statements carried out under section 145 of the Charities Act 2011 {the 2011 Act). In carrying out my examination I have followed all the applicable Direcllons given by the Charlly Commission under sectlon 145(51(bl ofthe 2011 Act. Independent examlner's statement Slnce the charity's gross income exceeded £250,000 your examiner musl be a member of a body listed in section 145 of the 2011 Act. I confirm Ihal l am qualified lo undertake the examSnallon because l am a member of ICAEW, which Is one of Ihe listed bodies. I have completed my examlnallon. I confirm that no matters have come lo my altentlon in Gonneclion wllh the examinatlon glvlng me cause to belleve that In any material respect.. accounllng records were not kept in respect of the charity as requlred by section 386 of the 2006 Act; or the financlal statements do not accord wlth those records; or the financial statements do not comply wilh the accounting requirements of sectlon 398 of th8 2006 Act other than any requlrement Ihal the accounts glve a true and fair view whlch is not a matler considered as part of an Independent examination; or the financlal stat8ments have not been prepared In accordance wlth the melhods and prlnclples of the Statement of Recommended Practice for accounting and reporting by charities appllcable to charities preparing Ihelr accounts In accordance wilh the Flnanclal Reporilng Standard appllcable in the UK aTh Republlc of Ir81and (FRS 102). I hav8 no concern8 and have come across no other malters In connectlon with Ihe examSnatlon to which attentlon should be drawn In thls report in order to enable a proper understanding of the financlal statements to be reached. Charnplon TLL Llmlled P Buck FCA, DChA 7-9 Stallon Road Heskelh Bank Preslon Lanca8hire PR4 6SN Dated: 20 December 2024
LOVE AND JOY MINISTRIES LTD STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestrlcted funds 2024 Unrestrlcled funds 2023 Noles Income from: Donalions and legacles Charitable activities Other trading activities 202,689 187,414 2,738 29,096 74,738 Total Incomo 277,427 219,248 Expendlture on: Charitable activities 364,509 231,181 Total expendlture 364,509 231,181 Net expandlture and movemenl In funds 187,082) (11,933) Reconclllatlon of fund8: Fund balance8 at 1 Aprll 2023 718,160 730,093 Fund balances al 31 March 2024 631,078 718,160 The slalement of financlal activities Includes all gains arKI108ses recognised in th8 year. All income and expenditure derive fiom conlinulng actSvltles.
LOVE AND JOY MINISTRIES LTD BALANCE SHEET ASA T31 MARCH2024 2024 2023 Notes Flxed assels Tangible assets 13 623,177 640,381 Curr&iit assets Debtors Cash at bank and In hand 14 108,933 128,295 68,558 62,493 237,228 131,051 Credltors: amounts falllng due wlthlii one year 16 (97,260) (29,145) Nel current assets 139,968 101,906 Total a88els less current Ilabllltles 763.145 742,287 Credltors: amounts falllng due after more than one year 17 (132,067) (24,127) Net assets excludlng penslon Ilablllty 631,078 718,160 Net asset8 631,078 718,160 The funds of the charlty Unreslrlcled funds 631,078 718,160 631,078 718,160 The company Is entitled lo the exemption from Ihe audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2024. The directors acknowledge Iheir responsibilities for complying wilh the requirements of the Companies Act 2006 wllh respect lo accounling Fecords and the preparation of financial slalemenls. The members have not required Ihe ¢ompany to obtain an audit of ils financial statements for the year in quesllon in accordance with section 476. These financlal slalemenls have been pr8par8d in accordance wilh the provisions applicable lo companles subject to the small companies regime. The financial statements were approved by Ihe truslees on ..i.?./i. ij L Y- wley Trustee Company reglstratlon number 05283980 (England and Wales)
LOVE AND JOY MINISTRIES LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcles Charlty Informatlon Love and Joy Ministries Ltd is a prlvale company limited by guarantee incorporated Sn England and Wales. The registered office is Oakfield Road, Anfield, Liverpool, Merseyslde, L4 OUE. 1.1 Accountlng convgntlon The financial statements have been prepared In accordance with the charily's Igoverning documentl, the Companles Act 2006, FRS 102 °Th8 Financial Reporting Standard applicab16 in thè UK and Republic of Ireland. I'FRS 102°) and the Charities SORP 'ACUntIng and Reportlng by Charilies: Statement ol Recommended Practice applicable to charitles preparing their accounts In accordance wllh the Financial Reportlng Standard applicable in the UK and Republic of Ireland (FRS 102)" (effeclive 1 January 2019). The charily is a Public Benefit Enlity as defined by FRS 102. The charity has taken advantage of the provisions in Ihe SORP for charities not to prepare a Slatanent ol Cash Flows. Th8 linancial slalements are prepared sn sterling, which is the funcuonal currency of the charily. Monetary amounts In these financlal statements are rounded lo Ihe nearest £. Th8 flnancial statements have been prepared under the historical cost convenllon. The principal accounting policies adopted are set out below, 1.2 Golng concarn At Ihe tlme of approvlng the financial slalements, the tiuslees hav8 a reasonable expeclalion that the charity has adequate resources to continue in operational existence for the foreseeable futur8, Thus the trustees continue to adopt ihe golng concern basis of accounting in preparlng the financial statements. 1.3 Charltable funds Unrestricted funds are avallable for use at the di8crelK)n of the trustees In furtherance of their charitable objectives. Designated funds are free reserves that have been designated by the trustees for speclfic purposes. These are further dlsclosed In the notes lo the account8. Restrlcted funds are sublect to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the reslflcted funds are set out in the notes to the financlal slatements. Endowment funds are subject to specific corKlilions by donors that Ihe capital must be m8inlained by the charlly. 1.4 Income Income is recognlsed when Ihe charity is legally entitled to il after any performance conditions have been met, Ihe amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donatlons are recognised once Ihe charity h85 been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable In relatlon to donatlons received under Gift Aid or deeds of covenant Is recogni5ed al the time of the donation. Legacies are recognised on receipt or otherwise If the charily has been nolified of an impendlng distrlbullon, Ihe amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. 10-
LOVE AND JOY MINISTRIES LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcles {Contlnued) 1.5 Expendlture Expendlture is recognised once there is a legal or constructive obligation to transfer economlc benefit to a third party, il is probable that a transfer of economic ben8fits will be requlred In 8elllement, and the amount of the obligatlon can be measured rellably. Expenditure is classsfied by activity. The costs of each activity are mad8 up of Ihe total of dir1 costs and shared costs, including support costs involved in undertaking each aclivily. Direct costs allributable lo a single acllvily are allocated directly to Ihat activity. Shared costs which conlrlbule lo more than one activity and 8UPPOrt costs which are not altribulable to a single activity are apportioned between those aclivilies on a basls consistent with the use of resources. Central staff costs are allocated on the basis of lime spent. and d8preciation charge5 are allocated on the portion of the asset's use. 1.6 Tanglble flxed assets Tanglbl8 fixed assets are initially measured at ¢08t and subsequenlly measured at cost or valuation, nel ol depreciallon and any impalrment losses. Depreclallon 18 iecognised so as to wrlte off Ihe cost or valuation of assels las5 their iesidual values over thelr useful lives on the following bases: Fre@hold property Leasehold improvem8nt8 Plant and machinery Fixlures and fittings Computer equipment Over useful economlc Ilfe of 50 years Over useful economlc Ilfe of 50 years 250/0 on reduclng balance 25 % on reduclng balance 250/0 on reducing balance The gain or loss arising on the dlsposal of an assel Is determined as th8 difference between the sale proceed8 and Ihe carrying valu8 of the asset, and 15 recognised In the statement of financial aclivltles. 1.7 Impalrment of flxed assets At each reporting end date, the charily revlews the carrylng amounts of Its tangible assets to determlne whether there Is any indication that those assets have suffered an Impairment loss. If any such indlcalion exlsls, the r8coverable amount of the asset Is estimated In order to determlne th8 extent of the Impairment loss (if any). 1.8 Cash and cash equlvalent8 Cash and cash equivalents include cash in hand. deposits held at call with banks, other short-term Ilquld inveslmenls with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown wlthin borrowings In current liabilities. 1.9 Flnanclal Instruments Th8 charily has elected to apply the provlslons of sectiC 11 'Ba8ic Financial InstTumenls' and Section 12 'Olher Financial Instfuments Issues, of FRS 102 to all of Its financial instruments. Flnanclal instruments are recognised in the charity's balance sheet when the charily becomes party to the contractual provlslons of the inslrumenl. Flnanclal assels and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an inlentlon to sellle on a net basis or to realise the asset and settle the liabilily simullaneously. 11
LOVE AND JOY MINISTRIES LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcles Icontlnued) Baslc flnanclal assefs Baslc financlal assets. which include debtors and cash and bank balances. are inilially measured al transaclion price Includlng transaction costs and are subsequently carried at amortised cost using the effective Interest method unless Ihe arrangement constitutes a financlng transaction, where the transaction is measured at the present value of the future receipts discounted al a market rale of inlefest. Financlal ass@ts cla851fied as receivable wilhln one year are not amortised. Baslc flnanclal liabllltles Basic financial Ilabilities, including credllors and bank loans are initially recognised at transaction price unless the arrangement conslitules a financlng transaclion. where the debt instrument is measured at the present value of the future payments discounted al a market rate of interest. Financial liabilities classlfied as payable within one year are not amortised. Debt instruments are subsequently carrled at amortised cost, uslng th& 8ff8clive interest rale m61hod. Trade credilors are obllgations to pay for goods or services that have been acquired in the ordlnary cour8e of operations from suppli8rs. Amounts payable are cl888ified as current liabililles If payment is due within one year or less. If not, they are presented as non-currenl Ilabililies. Trade credllors are recognised Inlllally at transaction price and subsequently measured at amortised cost uslng the effective interest method, Derecognltlon of flnanclal Ilabllltlos Flnancial liabililles are dereco9nised when th8 charity's conlra¢iual obligations explre or are dlschaiged or anGelled. 1.10 Employee beneflts The cost of any unused holiday entlllement is recognlsed Sn th8 period in whlch the employee's services are received. Termination benefils are recognised immedlalely as an expense when the charity 18 demonstrably commitled lo lermlnate the employment of an employee or to provide termlnatlon benefils. Crltlcal accountlng estlmat85 and Judgements In th8 application of the charily's accounllng polici8S. the Iruslees are required to make judgements, estlmates and assumptlons about the carrying amount of assets and liabilllies that are not readily appaienl from other sources. The estimat&s and associated assumptions are based on hlslorlcal experience and other faclors that are consldered to be relevant. Actual results may differ from these 8Stimales. The estimates and underlying assumptions are reviewed on an ongoing basis. Revislons lo accounting estlmales are recognised in the perlod in which the estimate Is revlsed where the revision affects lY that perlod, or in the period of Ihe revision and future periods where the revlsion affecls both current and future periods. 12-
LOVE AND JOY MINISTRIES LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Income from donallons and legacles Unreslrlcted Unrestrlcled funds funds 2024 2023 Donatlons and gifts Grants received 202,689 105,416 81,998 202,689 187,414 Included In the Grants received figure is £72,000 received from Lancaster Foundalion. Incorne from charltable actlvltles Unrestrlcted UnrestrlGted funds funds 2024 2023 Charltable actlvltles Other income 2,738 Income from olher tradlng actlvllles Unrastrlcted Unrestrlcted funds funds 2024 2023 Non-charllabl8 Irading aclivltles Fundraising events Sponsorships and social lotteries 28,638 46,100 28,638 443 15 Other tradlng activitles 74,738 29,096 13-
LOVE AND JOY MINISTRIES LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Expendlture on charltable actlvlties Chrlstlan actlvltles 2024 Chrlstlan actlvltlgs 2023 Dlr6Ct costs Staff costs Depreciatlon and impairment Christian support Telephone and inlemet Gas and electric Programme expens8S Rent and rates Properly cost8 Insurance Office supplles Bank charges and Interest Legal and professlonal f8e8 Staff cost8 Vehlcle costs Sundry expens8S 83.975 18,973 {1) 750 4,766 12,246 31,538 3,604 1,760 2,989 3,604 7,175 301 (180) 91,848 18,660 28,823 318 3,288 11,433 30,890 5,050 2,151 73 2,033 4,567 382 52 3,015 171,500 202,581 Grant funding of activities (8ee note 7> 188.899 25,000 Sharè of support and govèrnance costs Isee note 8) Governance 4,110 3,600 364,509 231,181 Analysls by fund Unreslricled funds 4,509 231,181 Grants payable Chrlsllan actlvltles 2024 Chrlstlan actlvltles 2023 Grants to Institutions: Other 188,899 25,000 14-
LOVE AND JOY MINISTRIES LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Support costs allocated to actlvilles 2024 2023 Governance costs 4,110 3,600 Analysed b8tween: Christian aclivities 4,110 3,600 Net movement In funds 2024 2023 The net movement in funds Is staled after chargingl(creditlng): Depreciallon of owned tangible fixed assets 18,973 18,660 10 Truste68 None of the trustees {or any persons connected with Ihem) received any remuneration or benefits from the charity during the year. 11 Employees The average monthly numb8r of employees durlng the year was: 2024 Number 2023 Number Administration Employment costs 2024 2023 Wages and 8alarl88 83,975 91,846 There were no employees whose annual remuneration was more than £60.000. Remuneratlon of key management personnel The remuneralion of key management personnel was as follows: 12 Taxatlon The charity is exempt from taxaiion on its activilies because all its income is applled for charitable purposes. 15-
LOVE AND JOY MINISTRIES LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 13 Tanglbla flxed assets Froehold Leasehold property bmprovements Plant and Flxtures and machlnery flttlngs Computer equlpmènt Total Cost At 1 Aprll 2023 Additions 252,032 596,377 13,322 1.086 7,818 35,531 681 905,080 1,767 At 31 March 2024 252,032 596.377 14.408 7,818 36,212 906,847 DeprecSatlon and Impalrment At 1 April 2023 Depreclatlon charged in the year 60,493 154,432 7,983 6,973 34,816 264,697 5.041 13,497 1,625 211 (1,401) 18.973 At 31 March 2024 65,534 167.929 9,808 7,184 33,415 283,670 Carrylng amount At 31 March 2024 186,498 428,448 4,800 634 2,797 823,177 At 31 March 2023 191,539 441,944 5,290 845 783 640,381 14 Debtors 2024 2023 Amovnts falllng due wlthln one year: Amounts owed by fellow group undertaklngs Other debtors Prepayments and accrued Income 25,453 1,962 6,067 48,396 72,480 97,933 56,425 2024 2023 Amounts falllng due after more than one year: oth8r debtors 11,000 12,133 Total debtors 108.933 68,558
LOVE AND JOY MINISTRIES LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 15 Loans and overdrafts 2024 2023 Bank loans Other loans 148,953 60,000 34,552 208,953 34,552 P8yable wlthin one year Payable after one year 76,886 132,067 10,425 24,127 Amounts included above which fall due after fiv8 years: Payable by In8lalment8 75,209 16 Credltors: amounts falllng du6 wlthln one year 2024 2023 Notes Bank loans Other boTrowlngs Other taxallon and Social securily Trade creditors Other creditors Accruals and deferred Income 16 16,886 60,000 4,531 1,137 13,506 1,200 10,425 3,173 12,547 3,000 97,260 29,145 17 Credltor8: amounts falllng due after more than one year 2024 2023 Notes Bank loans 15 132,067 24,127 18 Unrestrlcted funds The unrestdcted funds of the charity comprise the unexpended balances of donations and grants which are not subject to spe¢lfic conditions by donors and grantors as to how they may be used. These include de8ignaled funds which have been set aside out of unrestricted funds by the trustees for specific purposes. At 1 April 2023 Incomlng Resources At 31 March resource5 expended 2024 General funds 718,160 277,427 (364.509) 831,078 17-
LOVE AND JOY MINISTRIES LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 18 Unrestilcted fund8 {Contlnued) Pr8vlou$ year: At 1 Aprll 2022 Incomlng resources Resources At 31 March expended 2023 G8neral funds 730,093 219,248 (231,181) 718,160 19 Related party transactlons Related Charitigs Love and Joy Mlnlslries Limited Is closely associated with Llverpool Lighlhouse Limlted, a Charltable Company Limited by Guarantee. The acllvilie8 of Llverpool Lighthouse Limited are as follows: I, Advance education and training Sncluding educatlon through the medium of muslc, dance and drgma. 2. Demonslraling the Chrlstian failh through practical help lo those most vulnerable in the community includlng those who are homeless, Children, young people, the sick and elderly. 3, Assisllng people who are unemployed by the wovislon of training, supporl and asslstance wilh the object of enabling such people to obtain galnful employment and Improve the condillon of their lives. During the year the charity paid a grant of £156.630 (2023: £25,000) to Liverpool Llghlhouse. During the prevlous financial year the charily gave them an Interest free loan of £18.200 to be repald over 3 years. At the year end dale £11,000 was sllll oulstanding on this loan. Llveipool Lighthouse Limited Is the sole truslee of Bright Park (Charity No.526085).The aclivilie8 of Bflght Park are as follows: 1.The provlsion of items, seNices and facllities for any schools for chlldren with special educallonal needs In the area of beneflt: 2.The promotion of the education of person8 who are In need of financlal assistance and who are attending or who have at anytlme attended a school for children with 8peclal educational needs in the area of benefit,. 3,To advance the education of persons resldent in the area of benefit, particularly those who have speclal 8ducalional needs, in the sublects of the arts. heritage, cultur8 and the environment: 4.To provide or asslsl In the provlslon of facilities ie interests of social welfare for recreatlon or other leisure time occupation of persons resident in the area of benefil who have need of such facilities by reason of their youth, age, Infirmlty or disabllity, financial hardship or soclal circumstances with the object of improvlng Ihelr condillons of life. During the year the Charity paid donations of £24,000 (2023:£20,000) to Brighl Park, a charity which Is closely assoclated with Love and Joy Ministries, and of which Dr T Omideyi Is also a Trustee. Tnislees Durlng the year the charity has borrowed £60,000 by way of interest free loans from a truste8, or the famlly of a trustee. Repayments wll be made in the 2024125 year. These loans are shown in creditors under 1 year In the notes to the accounts. 18-
LOVE AND JOY MINISTRIES LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 20 Golng Concern The Charitable Company has made a deficit for the prevlous 2 years which has reduced the general funds to such a level that they are below the target levels of 6 months (as described In the trustees report). The Directorsrriuslees have forecast Ihe next 2 years. which show that strong surpluses are expecled to be generated. On this basls the accounts are prepared on a Going Concern basis. 19-