Registered Charity Number :- 1127094 THE LIBERTY ARMY a Charitable Incorporated Organisation ## TRUSTEES’ REPORT AND FINANCIAL STATEMENTS FOR THE YEAR END 30 September 2024 **THE LIBERTY ARMY Kingsley House Balmoral Road, Suite 318 (3rd Floor) 37-45 Balmoral Road** **Gillingham, Kent** ## **THE LIBERTY ARMY** ## **CONTENTS** ## **TL** FOR THE YEAR ENDED 30 September 2024 TRUSTEES' REPORT ....................................................................................................................................................... 3 INDEPENDENT EXAMINER'S REPORT ................................................................................................................ 3 to 5 STATEMENT OF FINANCIAL ACTIVITIES ................................................................................................................ 6 BALANCE SHEET ........................................................................................................................................................... 7 NOTES TO THE FINANCIAL STATEMENTS ..................................................................................................... 9 to 18 **THE LIBERTY ARMY** **TL** **INDEPENDENT EXAMINTAION’S REPORT** FOR THE YEAR ENDED 30 September 2024 ## **The Liberty Army Trustees Annual Report** The trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the unaudited financial statements of the charity for the year ended 30 September 2024. ## **REFERENCE AND ADMINISTRATIVE DETAILS** ## **Company No. 06358355** ## **Charity No. 1127094** ## **Registered Office** Kingsley House Balmoral Road Suite 318 (3rd Floor) 37-45 Balmoral Road Gillingham, Kent ME7 4NT ## **Directors and Trustees** The Directors of the charitable company are its Trustees for the purposes of charity law. The following Directors and Trustees served during the year: C. Kwakpovwe B. Ikini J.O. Ikini B.Ojo The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities. The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006 and in accordance with the Charities SORP (FRS 102) . Signed on behalf of the board B. Ikini Trustee 17 June 2025 **THE LIBERTY ARMY** **TL** **INDEPENDENT EXAMINTAION’S REPORT** FOR THE YEAR ENDED 30 September 2024 ## **The Liberty Army Independent Examiners Report Independent Examiner's Report to the trustees of The Liberty Army** I report to the charity trustees on my examination of the financial statements of The Liberty Army for the year ended 30 September 2024 which comprise the Statement of Financial Activities, the Summary Income and Expenditure Account, the Balance Sheet, and the related notes. ## **Responsibilities and basis of report** As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (‘The 2006 Act. Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's financial statements as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. ## **Independent examiner's statement** I have completed my examination. I can confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that: - accounting records were not kept in accordance with section 386 of the 2006 Act ; or - the financial statements do not accord with those records; or - the financial statements do not comply with the accounting requirements under section 396 of the 2006 Act other than any requirement that the financial statements give a 'true and fair' view which is not a matter considered as part of an independent examination; or - the financial statements have not been prepared in accordance with the Charities SORP (FRS 102). 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 financial statements to be reached. **TL** **INDEPENDENT EXAMINTAION’S REPORT** ## **THE LIBERTY ARMY** FOR THE YEAR ENDED 30 September 2024 Naeem Iqbal Director MAAT,MIPA,AFA,ATA,BSc(OBU) NMC Accountants & Tax Advisors 37 High Street, Chatham ME4 4EN 17 June 2025 **TL** **STATEMENT OF FINANCIAL ACTIVITIES** ## **THE LIBERTY ARMY** FOR THE YEAR ENDED 30 September 2024 |**Recommended categories by**
**activity**
**Notes**
**Income and endowments**
**from:**
Donations and legacies
2
**Total**
**Expenditure on:**
Raising funds
3
Charitable activities
4
Other
6
**Total**
**Net income/(expenditure)**
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
**Total funds carried forward**|**Unrestricted funds**
**£**
**Total Funds 2024**
**£**
**Total Funds 2023**
**£**
31,130.80
31,130.80
45,366.43| |---|---| ||**31,130.80**
**31,130.80**
**45,366.43**| ||5,086.54
5,086.54
6,182.40
30,709.39
30,709.39
33,764.09
935.59
935.59
1,567.21| ||**36,731.52**
**36,731.52**
**41,513.70**| ||**(5,600.72)**
**(5,600.72)**
**3,852.73**| ||**(5,600.72)**
**(5,600.72)**
**3,852.73**
(33,372.52)
(33,372.52)
(37,225.25)| ||**(38,973.24)**
**(38,973.24)**
**(33,372.52)**| **TL** **NOTES TO THE FINANCIAL STATEMENTS** FOR THE YEAR ENDED 30 September 2024 ## **THE LIBERTY ARMY** |**Recommended categories by**
**activity**
**Notes**
Fixed assets
Tangible assets
7
**Total fixed assets**
Current assets
Cash at bank and in hand
8
**Total current assets**
Creditors: amounts falling due
within one year
9
**Net current**
**assets/(liabilities)**
**Total net assets or liabilities**
**Funds of the Charity**
Unrestricted funds
10
Restricted income funds
10
Endowment funds
10
Revaluation reserve
**Total funds**|**Unrestricted funds**
**£**
**Total Funds 2024**
**£**
**Total Funds 2023**
**£**
-
-
305.86| |---|---| ||**-**
**-**
**305.86**| ||22,979.34
22,979.34
27,206.97
**22,979.34**
**22,979.34**
**27,206.97**
80,170.22
80,170.22
79,102.99
**(57,190.88)**
**(57,190.88)**
**(51,896.02)**| ||**(57,190.88)**
**(57,190.88)**
**(51,590.16)**| ||(38,973.24)
(38,973.24)
(33,372.52)
-
-
-
-
(18,217.64)
(18,217.64)
(18,217.64)| ||**(57,190.88)**
**(57,190.88)**
**(51,590.16)**| **TL** **NOTES TO THE FINANCIAL STATEMENTS** ## **THE LIBERTY ARMY** FOR THE YEAR ENDED 30 September 2024 "For the financial year in question the company was entitled to exemption under section 477 of the Company Act 2006 relating to small companies. No members have required the company to obtain an audit of its accounts for the year in question.in accordance with section 476 of Company Act 2006. The directors acknowledge their responsibility for complying with requirements of the Act with respect to accounting records and for the preparation of accounts. These accounts have been prepared in accordance with the provision applicable to companies subject to the small companies' regime." The financial statements were approved by the Board on 18 June 2025 and signed on its behalf by: B. Ikini Trustee **THE LIBERTY ARMY** **TL** **NOTES TO THE FINANCIAL STATEMENTS** FOR THE YEAR ENDED 30 September 2024 ## **1 Accounting Policies** ## **1.1 Accounting Policies** The principal accounting policies adopted by the Charity, which is a public benefit entity, in the preparation of the accounts are as follows. There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years. ## **1.2 Basis of preparation** 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 (FRS 102) (effective 1 January 2015)(Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. ## **1.3 Going concern** The Trustees have prepared financial projections, taking into consideration the current economic conditions and have, at the time of approving these accounts, a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the accounts. ## **1.4 Change of accounting policy** There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years. ## **1.5 Income from donations or grants** Income from donations and grants is recognised when the charity is entitled to the funds, the receipt is probable and the amount can be measured reliably. For donations, this is usually on receipt. For grants, this is usually when a formal o"er is made in writing. If a donation or grant contains terms and conditions outside of the charity’s control which must be met before the charity is entitled to the funds, or if the donor specifies that the funds must be used in future time periods, then the income is deferred. ## **1.6 Legacies** Legacies are included in the SOFA when receipt is probable, that is, when there has been grant of probate, the executors have established that there are sufficient assets in the estate and any conditions attached to the legacy are either within the control of the charity or have been met. **THE LIBERTY ARMY** **TL** **NOTES TO THE FINANCIAL STATEMENTS** FOR THE YEAR ENDED 30 September 2024 ## **1.7 Expenditure** Expenditure is recognised when a present legal or constructive obligation exists at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefits will be required to settle the obligation, and the amount can be estimated reliably. It is inclusive of VAT which cannot be recovered. Direct costs are those costs which directly attribute to its activities. Wages and salaries are allocated to direct costs based on an estimate of time spent on charitable activities by staff members. Support costs include staff costs and are those which do not produce a direct output. Staff costs relate to specific activities and this is reflected in the allocation of payroll costs based on the percentage of time spent. All costs, including governance costs, are allocated between the expenditure categories of the charity on a basis designed to reflect the use of the resource. Costs relating to a particular activity are charged directly; others are apportioned on an appropriate basis. Support costs and overheads have been calculated by allocating staff time to the level of involvement in the various activities of the Charity. ## **1.8 Pensions** The Charity makes contributions to defined contribution pension schemes through auto enrolment. These contributions are charged to the income and expenditure account in the year in which they become payable. ## **1.9 Taxation** The charity is exempt from corporation tax on its charitable activities. ## **1.10 Investment properties** ## **Freehold investment property** Investment properties are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gains or losses are taken to the Statement of Financial Activities as they arise. ## **1.11 Stocks and work in progress** Stock is included at the lower cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market. ## **1.12 Debtors** Debtors (including trade debtors and loans receivable) are measured on initial recognition at settlement amount after any trade discounts or amount advanced by the charity. Subsequently, they are measured at the cash or other consideration expected to be received. **THE LIBERTY ARMY** **TL** **NOTES TO THE FINANCIAL STATEMENTS** FOR THE YEAR ENDED 30 September 2024 ## **2 Income from Donations and Legacies** |**Analysis**
Donation and gifts|**Unrestricted**
**funds**
**Restricted**
**income**
**funds**
**Endowment**
**funds**
**Total funds**
**2024**
**Total funds**
**2023**
**£**
**£**
**£**
**£**
**£**
31,130.80
-
-
31,130.80
45,366.43| |---|---| ||31,130.80
-
-
31,130.80
45,366.43| ## **Unrestricted funds** These are available for use at the discretion of the trustees in furtherance of the general objects of the charity. ## **Designated funds** These are unrestricted funds earmarked by the trustees for particular purposes. ## **Revaluation funds** These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values. ## **Restricted funds** These are available for use subject to restrictions imposed by the donor or through. terms of an appeal ## **Income** ## **Recognition of income** Income is included in the Statement of Financial Activities (SoFA) when the charity becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability. ## **Income with related expenditure** Where income has related expenditure the income and related expenditure is reported gross in the SoFA. **TL** **NOTES TO THE FINANCIAL STATEMENTS** FOR THE YEAR ENDED 30 September 2024 ## **THE LIBERTY ARMY** ## **Donations and legacies** Voluntary income received by way of grants, donations and gifts is included in the the SoFA when receivable and only when the Charity has unconditional. entitlement to the income. ## **Tax reclaims on donations and gifts Donated services and facilities** Income from tax reclaims is included in the SoFA at the same time as the gift/donation to which it relates. These are only included in income (with an equivalent amount in expenditure) where the benefit to the Charity is reasonably quantifiable, measurable and material. ## **Volunteer help Investment income. Gains/(losses) on revaluation of fixed assets** The value of any volunteer help received is not included in the accounts. This is included in the accounts when receivable. This includes any gain or loss resulting from revaluing investments to market value at the end of the year. ## **Gains/(losses) on investment assets** This includes any gain or loss on the sale of investments. ## **3 Expenditure on Raising Funds** ## **Total funds 2024 Total funds 2023** |**Analysis**
Rent collection, property
repairs and maintenance
charges|**£**
**£**
5,086.54
6,182.40| |---|---| ||5,086.54
6,182.40| **THE LIBERTY ARMY** **TL** **NOTES TO THE FINANCIAL STATEMENTS** FOR THE YEAR ENDED 30 September 2024 ## **The Liberty Army Notes to the Accounts** ## **Recognition of Expenditure** Expenditure is recognised on an accrual basis. Expenditure includes any VAT which. cannot be fully recovered, and is reported as part of the expenditure to which it relates. ## **Expenditure on raising funds** These comprise the costs associated with attracting voluntary income, fundraising trading costs and investment management costs. ## **4 Expenditure on Charitable Activities** |**Analysis**
**£**
Employee costs
Printing and stationery
Bank charges
Legal/professional fees
Wages and salaries
Support Costs|**Total funds 2024**
**Total funds 2023**
**£**
**£**
4,595.10
5,616.11
438.95
311.90
105.08
95.30
6.00
12.00
25,504.26
26,288.78
60.00
1,440.00| |---|---| ||30,709.39
33,764.09| ## **Expenditure on charitable activities** These comprise the costs incurred by the Charity in the delivery of its activities and services in the furtherance of its objects, including the making of grants and governance cost No employee received emoluments in excess of £60,000. **THE LIBERTY ARMY** **TL** **NOTES TO THE FINANCIAL STATEMENTS** FOR THE YEAR ENDED 30 September 2024 ## **5 Support Costs** |||**Total funds 2024**|**Total funds 2024**|**Total funds**|**2023**| |---|---|---|---|---|---| |**Analysis**||**£**||**£**|| |**Governance Costs**|||||| |Accountants’ fees|||60.00||1,440.00| ||||**60.00**||**1,440.00**| |**Governance costs**|||||| |hese include those costs associated with meeting the constitutional and statutory.|||||| |equirements of the Charity, including any audit/independent examination fees,|||||| |osts linked to the strategic management of the Charity, together|||with a share of||| |ther administration costs.|||||| |**Other expenditure**|||||| |hese are support costs not allocated to a particular activity.|||||| |**6 Other Expenditure**|||||| ||**Unrestricted**|**Restricted**|**Endowment**|**Total funds**|**Total funds**| ||**funds**|**income funds**|**funds**|**2024**|**2023**| |**Analysis**|**£**|**£**|**£**|**£**|**£**| |Other Expenditure|629.73|-|-|629.73|947.96| |Depreciation Charge for|||||| |the Year - Fixtures &|305.86|-|-|305.86|43.70| |Fittings|||||| |Depreciation Charge for|||||| |the Year - Computer|-|-|-|-|575.55| |Equipment|||||| ||935.59|-|-|935.59|1,567.21| ## **Governance costs** These include those costs associated with meeting the constitutional and statutory. requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs. ## **Other expenditure** These are support costs not allocated to a particular activity. ## **6 Other Expenditure** **THE LIBERTY ARMY** **TL** **NOTES TO THE FINANCIAL STATEMENTS** FOR THE YEAR ENDED 30 September 2024 ## **7 Tangible Fixed Assets** ## **7.1 Cost or valuation** |At 01 October 2023
Additions
Disposals
Revaluations
Transfers
At 30 September 2024|**Fixtures & Fittings**
**Computer Equipment**
**£**
**£**
349.56
575.55
-
-
-
-
-
-
-
-| |---|---| ||349.56
575.55| ## **7.2 Amortisation and impairments** |At 01 October 2023
Additions
Disposals
Revaluations
Transfers
At 30 September 2024
**7.3 Net book value**
At 01 October 2023
At 30 September 2024|**Fixtures & Fittings**
**Computer Equipment**
**£**
**£**
43.70
575.55
305.86
-
-
-
-
-
-
-| |---|---| ||349.56
575.55| ||**Fixtures & Fittings**
**Computer Equipment**
**£**
**£**
305.86
-| ||-
-| **THE LIBERTY ARMY** **TL** **NOTES TO THE FINANCIAL STATEMENTS** FOR THE YEAR ENDED 30 September 2024 ## **8 Cash at bank and in hand** |HSBC|**Total funds 2024**
**Total funds 2023**
**£**
**£**
22,979.34
27,206.97| |---|---| ||22,979.34
2,7206.97| ## **Cash and cash equivalents.** Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management. ## **9 Creditors: Amounts falling due within one year** |Loans from trustees
Amounts owed to group undertakings
Taxation and social security|**Total funds 2024**
**Total funds 2023**
**£**
**£**
-
294.00
80,170.22
77,908.39
-
900.60| |---|---| ||80,170.22
79,102.99| ## **Trade and other creditors** Short-term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. **THE LIBERTY ARMY** **TL** **NOTES TO THE FINANCIAL STATEMENTS** FOR THE YEAR ENDED 30 September 2024 ## **Research and development** Expenditure on research and development is written off in the year in which it is incurred. ## **Foreign currencies** All exchange differences are are taken into account in arriving at net income/expenditure ## **Leased assets** Where the charity enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease. classified as operating leases. Assets held under finance leases are initially recognised as assets of the charity at their fair value at the Assets held under finance leases are depreciated n the same way as owned assets. straight-line basis **.** ## **Pension costs** from the company in independently administered funds. ## **Receipt of donated goods, facilities and services** All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity **.** ## **Company status** The company is a private company limited by guarantee and consequently does not have share capital. **THE LIBERTY ARMY** **TL** **NOTES TO THE FINANCIAL STATEMENTS** FOR THE YEAR ENDED 30 September 2024 ## **10 Charity funds** ## **10.1 Details of material funds held and movements during the CURRENT reporting period** |**Fund names**
**Unrestricted funds**
**General Fund**
**Total**|**Fund**
**balances**
**brought**
**forward**
**Income**
**Expenditure**
**Transfers**
**Gains and**
**losses**
**Fund**
**balances**
**carried**
**forward**
**£**
**£**
**£**
**£**
**£**
**£**| |---|---| ||(45,165.68)
31,130.80
(36,731.52)
-
-
(50,766,40)| ||(45,165.68)
31,130.80
(36,731.52)
-
-
(50,766.40)| ## **10.2 Details of material funds held and movements during the PREVIOUS reporting period** |**Fund names**
**Unrestricted funds**
**General Fund**|**Fund**
**balances**
**brought**
**forward**
**Income**
**Expenditure**
**Transfers**
**Gains and**
**losses**
**Fund**
**balances**
**carried**
**forward**
**£**
**£**
**£**
**£**
**£**
**£**| |---|---| ||(37,225.25)
45,366.43
(53,306.86)
-
-
(45,165.68)| |**Total**|(37,225.25)
45,366.43
(53,306.86)
-
-
(45,165.68)| ## **10.3 Transfers between funds** ## **This Year** ||**Amount**|| |---|---|---| ||**£**|| |Between unrestricted and restricted funds||-| |Between endowment and restricted funds||-| |Between endowment and unrestricted funds||-| ## **Last Year** Between unrestricted and restricted funds Between endowment and restricted funds Between endowment and unrestricted funds **Amount £** - - - **THE LIBERTY ARMY** **TL** **NOTES TO THE FINANCIAL STATEMENTS** FOR THE YEAR ENDED 30 September 2024 ## **10.4 Designated funds** ## **11 Transactions with trustees and related parties** ## **11.1 Trustee remuneration and benefits** ## **11.2 Trustees' expenses** ## **11.3 Transaction(s) with related parties** The company is limited by guarantee and has no share capital; thus, no single party controls the company.