REGISTERED COMPANY NUMBER: 07158925 (England and Wales) REGISTERED CHARITY NUMBER: 1134576
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 29 February 2024
for
LAKES CHRISTIAN CENTRE
Ad Valorem North Chartered Tax Advisors and Accountants 2nd Floor Ramsden House 121 - 123 Duke Street Barrow in Furness Cumbria LA14 1XA
LAKES CHRISTIAN CENTRE
Contents of the Financial Statements for the Year Ended 29 February 2024
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | ||
| Statement of Financial Activities | 2 | ||
| Balance Sheet | 3 | ||
| Notes to the Financial Statements | 4 | to | 9 |
| Detailed Statement of Financial Activities | 10 | to | 11 |
LAKES CHRISTIAN CENTRE
Report of the Trustees
for the Year Ended 29 February 2024
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 29 February 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 Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
07158925 (England and Wales)
Registered Charity number
1134576
Registered office
Garthmere Park Road Windermere Cumbria LA23 2DH
Trustees
P A Bell S F M Berry J F Bowyer M A Horsman
Company Secretary
Approved by order of the board of trustees on 21 November 2024 and signed on its behalf by:
S F M Berry - Trustee
Page 1
LAKES CHRISTIAN CENTRE
Statement of Financial Activities for the Year Ended 29 February 2024
| Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 117,127 Other trading activities 2 38,629 Investment income 3 2,857 Total 158,613 EXPENDITURE ON Raising funds 4 112,772 Other 8,082 Total 120,854 NET INCOME/(EXPENDITURE) 37,759 Other recognised gains/(losses) Gains on revaluation of fixed assets 600,000 Net movement in funds 637,759 RECONCILIATION OF FUNDS Total funds brought forward 142,234 TOTAL FUNDS CARRIED FORWARD 779,993 |
Restricted fund £ - - - - - - - - - - 17,211 17,211 |
29.2.24 Total funds £ 117,127 38,629 2,857 158,613 112,772 8,082 120,854 37,759 600,000 637,759 159,445 797,204 |
28.2.23 Total funds £ 80,023 16,174 2,029 98,226 287,419 8,670 296,089 (197,863) - (197,863) 357,308 159,445 |
|---|---|---|---|
The notes form part of these financial statements
Page 2
LAKES CHRISTIAN CENTRE
Balance Sheet
29 February 2024
| Notes FIXED ASSETS Tangible assets 8 CURRENT ASSETS Debtors 9 Cash at bank and in hand 10 CREDITORS Amounts falling due within one year 11 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 12 Unrestricted funds Restricted funds TOTAL FUNDS |
Unrestricted fund £ 601,075 165,999 15,919 181,918 (3,000) 178,918 779,993 779,993 |
Restricted fund £ - - 17,211 17,211 - 17,211 17,211 17,211 |
29.2.24 Total funds £ 601,075 165,999 33,130 199,129 (3,000) 196,129 797,204 797,204 779,993 17,211 797,204 |
28.2.23 Total funds £ 1,075 - 161,370 161,370 (3,000) 158,370 159,445 159,445 18,019 141,426 159,445 |
|---|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.
The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 21 November 2024 and were signed on its behalf by:
S F M Berry - Trustee
The notes form part of these financial statements
Page 3
LAKES CHRISTIAN CENTRE
Notes to the Financial Statements for the Year Ended 29 February 2024
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Income
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.
Expenditure
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.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Taxation
The charity is exempt from corporation tax on its charitable activities.
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.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
2. OTHER TRADING ACTIVITIES
| 29.2.24 | 28.2.23 | |
|---|---|---|
| £ | £ | |
| Elliot Berry Income | - | 2,620 |
| Noah initiative | - | 600 |
| Tumaini children home kenya | - | 5,840 |
| Life association | - | 400 |
| Open doors | - | 400 |
| Financial blessings | 33,420 | 3,079 |
| Room rental | - | 35 |
| General funds one-off donation | 5,209 | 1,000 |
| Building fund donations | - | 2,200 |
| Carried forward | 38,629 | 16,174 |
continued...
Page 4
LAKES CHRISTIAN CENTRE
Notes to the Financial Statements - continued for the Year Ended 29 February 2024
| 2. OTHER TRADING ACTIVITIES - continued Brought forward 3. INVESTMENT INCOME CBS Interest 4. RAISING FUNDS Raising donations and legacies Rents room hire and rates Missions grants & donations Support costs 5. NET INCOME/(EXPENDITURE) Net income/(expenditure) is stated after charging/(crediting): Depreciation - owned assets 6. TRUSTEES' REMUNERATION AND BENEFITS |
29.2.24 £ 38,629 38,629 29.2.24 £ 2,857 29.2.24 £ 1,489 12,844 97,585 111,918 29.2.24 £ - |
28.2.23 £ 16,174 16,174 28.2.23 £ 2,029 28.2.23 £ 1,433 20,990 262,462 |
28.2.23 £ 16,174 16,174 28.2.23 £ 2,029 28.2.23 £ 1,433 20,990 262,462 |
|---|---|---|---|
| 284,885 | |||
| 28.2.23 £ 358 |
|||
There were no trustees' remuneration or other benefits for the year ended 29 February 2024 nor for the year ended 28 February 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 29 February 2024 nor for the year ended 28 February 2023.
Page 5
continued...
LAKES CHRISTIAN CENTRE
Notes to the Financial Statements - continued for the Year Ended 29 February 2024
| 7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund £ INCOME AND ENDOWMENTS FROM Donations and legacies 80,023 Other trading activities 16,174 Investment income 2,029 Total 98,226 EXPENDITURE ON Raising funds 287,419 Other 8,670 Total 296,089 NET INCOME/(EXPENDITURE) (197,863) RECONCILIATION OF FUNDS Total funds brought forward 215,882 TOTAL FUNDS CARRIED FORWARD 18,019 8. TANGIBLE FIXED ASSETS Freehold property £ COST At 1 March 2023 - Additions 600,000 At 29 February 2024 600,000 DEPRECIATION At 1 March 2023 and 29 February 2024 - NET BOOK VALUE At 29 February 2024 600,000 At 28 February 2023 - |
Restricted fund £ - - - - - - - - 141,426 141,426 Fixtures and fittings £ 7,131 - 7,131 6,056 1,075 1,075 |
Total funds £ 80,023 16,174 2,029 98,226 287,419 8,670 296,089 (197,863) 357,308 159,445 Totals £ 7,131 600,000 607,131 6,056 601,075 1,075 |
|
|---|---|---|---|
Page 6
continued...
LAKES CHRISTIAN CENTRE
Notes to the Financial Statements - continued for the Year Ended 29 February 2024
9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Amounts owed by group undertakings 10. CASH AT BANK AND IN HAND Cash in hand General Fund Savings Building Fund Missions Total |
Unrestricted General fund £ (342) 16,261 - - - 15,919 |
Restricted General Fund £ - - 11,500 3,413 2,298 17,211 |
29.2.24 £ 165,999 29.2.24 Total funds £ (342) 16,261 11,500 3,413 2,298 33,130 |
28.2.23 £ - 28.2.23 Total funds £ (342) 29,057 96,616 30,951 5,088 161,370 |
|---|---|---|---|---|
| 11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Accruals and deferred income Accrued expenses 12. MOVEMENT IN FUNDS At 1.3.23 £ Unrestricted funds Unrestricted General fund 142,234 Restricted funds Restricted General Fund 17,211 TOTAL FUNDS 159,445 Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds Unrestricted General fund 158,613 (120,854) TOTAL FUNDS 158,613 (120,854) |
29.2.24 28.2.23 £ £ (1) (1) 2,376 2,376 625 625 3,000 3,000 Net movement At in funds 29.2.24 £ £ 637,759 779,993 - 17,211 637,759 797,204 Gains and Movement losses in funds £ £ 600,000 637,759 600,000 637,759 |
|---|---|
continued...
Page 7
LAKES CHRISTIAN CENTRE
Notes to the Financial Statements - continued for the Year Ended 29 February 2024
12. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| At 1.3.22 £ Unrestricted funds Unrestricted General fund 215,882 Restricted funds Restricted General Fund 141,426 TOTAL FUNDS 357,308 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds Unrestricted General fund 98,226 TOTAL FUNDS 98,226 |
Net movement At in funds 28.2.23 £ £ (197,863) 18,019 - 141,426 (197,863) 159,445 Resources Movement expended in funds £ £ (296,089) (197,863) (296,089) (197,863) |
At 28.2.23 £ 18,019 141,426 |
|---|---|---|
| 159,445 | ||
| (197,863) |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds Unrestricted General fund Restricted funds Restricted General Fund TOTAL FUNDS |
At 1.3.22 £ 215,882 141,426 357,308 |
Net movement in funds £ 439,896 - 439,896 |
At 29.2.24 £ 655,778 141,426 |
|---|---|---|---|
| 797,204 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds Unrestricted General fund TOTAL FUNDS |
Incoming resources £ 256,839 256,839 |
Resources expended £ (416,943) (416,943) |
Gains and Movement losses in funds £ £ 600,000 439,896 600,000 439,896 |
Gains and Movement losses in funds £ £ 600,000 439,896 600,000 439,896 |
|---|---|---|---|---|
| 439,896 |
continued...
Page 8
LAKES CHRISTIAN CENTRE
Notes to the Financial Statements - continued for the Year Ended 29 February 2024
13. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 29 February 2024.
Page 9
LAKES CHRISTIAN CENTRE
Detailed Statement of Financial Activities for the Year Ended 29 February 2024
| Detailed Statement of Financial Activities for the Year Ended 29 February 2024 |
||
|---|---|---|
| 29.2.24 | 28.2.23 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Gifts | - | (1) |
| Gift aid | 96,739 | 10,385 |
| General Funds In | 20,388 | 69,639 |
| 117,127 | 80,023 | |
| Other trading activities | ||
| Elliot Berry Income | - | 2,620 |
| Noah initiative | - | 600 |
| Tumaini children home kenya | - | 5,840 |
| Life association | - | 400 |
| Open doors | - | 400 |
| Financial blessings | 33,420 | 3,079 |
| Room rental | - | 35 |
| General funds one-off donation | 5,209 | 1,000 |
| Building fund donations | - | 2,200 |
| 38,629 | 16,174 | |
| Investment income | ||
| CBS Interest | 2,857 | 2,029 |
| Total incoming resources | 158,613 | 98,226 |
| EXPENDITURE | ||
| Raising donations and legacies | ||
| Rents room hire and rates | 1,489 | 1,433 |
| Missions grants & donations | 12,844 | 20,990 |
| 14,333 | 22,423 | |
| Other | ||
| Pastor's expenses | 1,401 | 1,005 |
| Leadership meetings | - | 379 |
| Sub team expenses | 6,681 | 7,286 |
| 8,082 | 8,670 | |
| Support costs | ||
| Management | ||
| Wages | 67,916 | 65,125 |
| Pensions | 4,817 | 4,457 |
| Light and heat | 11,235 | 2,969 |
| Postage and stationery | - | 35 |
| Sundries | 956 | 1,107 |
| Carried forward | 84,924 | 73,693 |
This page does not form part of the statutory financial statements
Page 10
LAKES CHRISTIAN CENTRE
Detailed Statement of Financial Activities for the Year Ended 29 February 2024
| Detailed Statement of Financial Activities for the Year Ended 29 February 2024 |
||
|---|---|---|
| 29.2.24 | 28.2.23 | |
| £ | £ | |
| Management | ||
| Brought forward | 84,924 | 73,693 |
| Repairs & renewals | 2,688 | 664 |
| Ministry expenses | 2,380 | 400 |
| Telephone & internet | 892 | 948 |
| Accountancy Fees | 615 | 1,692 |
| Software and website | 308 | 2,524 |
| Waste & cleaning | 1,231 | 1,663 |
| Building work | 314 | 174,374 |
| Subscriptions | 109 | 90 |
| Bookkeeper | 1,089 | 1,795 |
| Xmas decorations | 179 | 474 |
| iknow church | 300 | 300 |
| 95,029 | 258,617 | |
| Finance | ||
| Insurance | 1,953 | 3,845 |
| Other | ||
| Fixtures and fittings | - | 358 |
| Governance costs | ||
| Accountancy and legal fees | 1,457 | 2,176 |
| Total resources expended | 120,854 | 296,089 |
| Net income/(expenditure) | 37,759 | (197,863) |
This page does not form part of the statutory financial statements
Page 11