## **LF Foundation (AKA LF Fountain of Grace)**
# **16 BEECH ROAD, BIRMINGHAM B17 9TD**
**TRUSTEE’S ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31ST AUGUST 2024**
1
## **LF Foundation (AKA LF Fountain of Grace)**
## **16 BEECH ROAD, BIRMINGHAM B17 9TD**
||Page|
|---|---|
|Corporate Information|3|
|Board of Trustee’s Report|4|
|Independent Examiner’s Report|7|
|Consolidated Statement of Financial Activities|8|
|Consolidated Balance Sheet|9|
|Consolidated Cash Flow Statement|10|
|Accounting Policies|11|
|Notes|12|
2
## **Corporate Information**
|**Registered Charity Number:**|1136499|
|---|---|
|**Registered Company Number:**|06980686|
|**Registered Office:**|16 Beech Road|
||Birmingham, B17 9TD|
|**Principal Office:**|Graceland, Norton Street|
||Hockley, Birmingham|
||B18 5RE|
|**Board of Trustees:**|Mr Joseph Adegbenro Olaiya|
||Dr Sola Adeaga|
||Mr Daniel Ihiabe|
||Mrs Theodora Adebanjo|
||Mr Segun Olatayo Moses|
||Dr Robin Lawrence|
|**Bankers:**|HSBC Bank Plc|
||Barclays Bank Plc|
3
## **Board of Trustee’s Report**
## **1.0 Introduction**
The Trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their annual report and financial statements of the charity for the year ended 31st August 2024. The Trustees have adopted the provisions of the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard for Smaller Entities (the FRSSE) (effective 1 January 2015) in preparing the report and financial statement of the charity.
## **1.1 Public Benefit Statement**
The Trustees confirm that they have complied with the duty in section 4 of the Charites Act 2011 to have due regard to the Charity Commission’s guidance on public benefit "Charites and Public Benefit".
## **1.2 Structure, Governance and Management**
LF Foundation is a Charitable company limited by guarantee, incorporated on 4 August 2009 and commenced operations with effect from 1 September 2009.
The Charity is controlled by its governing document, memorandum and articles or association and is controlled by a board of trustees whose members are elected at the annual general meeting and are directors for the purposes of company law and trustee for the purposes of charity law.
New trustees are appointed on the basis of the contribution that they will make to the governance of the organization and the skills that they will contribute. They are provided with the copies of the charity commissions’ guidance to trustees and given an introduction to the activities of the charity by the existing board. Existing trustees are provided with training as and when required.
## **1.3 Objectives and Activities**
The objects for which the company is established, as set out in the Memorandum of Association, are: _“The advancement of the Christian religion for the benefit of the public, mainly but not exclusively, by means of establishing churches, ministries, community centres, educational institutions, broadcasting Christian messages of an evangelistic and teaching nature as well as the provision of lectures and conferences to enlighten others about the Christian religion”_
## **1.4 Achievements and Performance**
Every month we run an average of 25 diverse events, some targeted to different groups and others open to everyone. We are not only concerned about spiritual matters but are also involved in the day-to-day matters that affect our members and the communities around us. We are very focused on bringing positive transformation to people through teachings, preaching, prayer meetings, pastoral care, running holiday clubs for children, providing café services to the less privileged in our community, film shows, business conferences, seminars and talks, support for students through various types of sponsorships and assistance, skills acquisition programmes, financial empowerment activities, mentoring and coaching, etc. All these we offer to the community.
4
## **Board of Trustee’s Report**
We provide free spiritual guidance and support, intercessory prayers, training and development (seminars, conferences, workshops, talks) etc on personal and professional development, leadership and management, skills acquisition, relationship management, higher living and lifestyle choices, café services, clubs, sponsorship support, and other programmes and events that contribute to the physical, mental, emotional and spiritual transformation and empowerment of people.
During the reporting period, we were able to achieve these objectives with several outreach programmes that were organised within the Harborne community and UK & Ireland.
These events were successful in increasing engagement with the community thereby enabling the charity to reach out to more individuals than anticipated.
## **1.5 Financial Review**
Total income received was £312,560. This income derives principally from the activities of advancing the Christian religion by way of donations from partners and individuals who attend the programmes held.
Total spending on charitable expenditure at year end was £314,394 resulting in a deficit of £1,833.
## **1.6 Reserve Policy**
The Trustees considers that there are sufficient and adequate reserves held at the year end to manage ongoing operations and are aware of the need to establish a reserves policy to maintain a balance on unrestricted funds.
The trustees' policy is to have unrestricted and uncommitted funds (cash free reserves) of £22, 500 — £45,000 to cover 3 to 6 months of resources expended. They feel that this would enable the current activities to continue if there is a significant drop in funding. It would obviously be necessary to then consider how the funding would be replaced or activities changed.
## **1.7 Volunteers**
While it is impossible to place a specific financial value on the contribution of our volunteers, the work we do will simply not be possible without them. We remain indebted to the commitment of over 40 volunteers.
5
## **Board of Trustee’s Report**
## **1.8 Trustees’ Responsibilities**
The trustees are responsible for preparing the annual report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice.
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the net income or expenditure of the charity for the year. In preparing these financial statements the trustees are required to:
- Select suitable accounting policies and then apply them consistently;
- Make judgments and estimates that are reasonable and prudent;
- State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- Prepare the financial statements on the going-concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
This report was approved by the Board of Trustees on 05/06/2025 and signed on their behalf by:
**Full Name:** Mrs Theodora Adebanjo
## **Signature:**
**Position:** Trustee **Date:** 05/06/2025
6
## **Independent Examiner’s Report**
**Report to the trustees/members of:** LF Foundation **On accounts for the year ended:** 31st August 2024 **Charity No:** 1136499
## **Respective responsibilities of trustees and examiner**
The charity’s trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed.
## It is my responsibility to:
- examine the accounts under section 145 of the Charities Act,
- to follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act), and
- to state whether particular matters have come to my attention.
## **Basis of independent examiner’s statement**
My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.
## **Independent examiner’s statement**
In connection with my examination, no matter has come to my attention:
- (1) which give me reasonable cause to believe that in, any material respect, the requirements:
- to keep accounting records in accordance with section 130 of the Charities Act;
- to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act have not been met; or
(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
**Signed: Date:** 05/06/2025 (sO
**Name:** Tobi Labeodan FCCA, for and on behalf of The Accounting Club Ltd
## **Relevant professional qualification(s) or body (if any):** ACCA
**Address:** Ground Floor, Synium House, r/o 94-96 High Street, Henley in Arden B95 5FY
7 ~~$+~~
## **Consolidated Statement of Financial Activities: Year Ended 31st August 2024**
|**Notes**
**Income:**
Donations and legacies
**1**
Other income (Grants)
**1**
**Total Income**
**Total Income**
**Expenditures on:**
Charitable Activities
**2**
Other Charitable Activities
**2**
Other Costs
**2**
**Total Expenditures**
**Net income/(expenditure)**
**Transfers between funds**
**Other recognised gains/(losses):**
Gains/(losses) on revaluation of fixed assets
Gains/(losses) on investment assets
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward at 1 September 2023
Total funds carried forward at 31 August 2024|**2024**
**2024**
**2024**
**Unrestricted**
**Funds**
**Restricted**
**Funds**
**Total**
**Funds**
**£**
**£**
**£**
253,520
253,520
59,041
59,041
**312,560**
**-**
**312,560**
**312,560**
**-**
**312,560**
275,409
-
275,409
34,284
34,284
4,701
-
4,701
**314,394**
**-**
**314,394**
**(1,833)**
**-**
**(1,833)**
-
-
**(1,833)**
**-**
**(1,833)**
113,155
-
113,155
**111,322**
**-**
**111,322**|**2023**
**2023**
**2023**|
|---|---|---|
|||**Unrestricted**
**Funds**
**Restricted**
**Funds**
**Total Funds**|
|||**£**
**£**
**£**|
|||255,832
255,832|
|||28,722
-
28,722|
|||**284,554**
**-**
**284,554**|
||||
|||**284,554**
**-**
**284,554**|
||||
||||
|||306,282
-
306,282|
|||13,638
-
13,638|
|||7,570
-
7,570|
|||**327,490**
**-**
**327,490**|
||||
|||**(42,936)**
**-**
**(42,936)**|
||||
||||
||||
||||
|||-|
|||-|
|||**(42,936)**
**-**
**(42,936)**|
||||
|||156,091
-
156,091|
||||
|||**113,155**
**-**
**113,155**|
LF Foundation uses the exemption conferred by section 408 of the Companies Act 2006 in not preparing a separate Income and Expenditure Account for LF Foundation as a separate entity.
The net surplus / (deficit) for LF Foundation for the year ended 31 August 2024 was £ (32,802)
8
## **Consolidated Statement of Financial Position: Year Ended 31st August 2024**
|**Notes**
**Fixed Asset**
Tangible assets
**3**
**Total Fixed Asset**
**Current Assets**
Loans & Advances
Accrued Income
Cash at bank and in hand
Other Debtors
**Total Current Assets**
**Creditors: amounts falling due within one year**
Other Creditors
Other Current Liabilities
**Total Creditors: amounts falling due within one year**
**Net current assets (liabilities)**
**Total assets less current liabilities**
**Creditors: amounts falling due after more than one year**
Other Non-Current Liabilities
**Total Creditors: amounts falling due after more than one year**
**Total net assets (liabilities)**
**The funds of the charity:**
Restricted Reserve
General reserves
Surplus/(Deficit) for the year
**Total charity funds**|**LF Foundation**
**2024**
**2023**
**£**
**£**
17,822
25,231
**17,822**
**25,231**
25,115
25,115
33,868
42,610
32,050
7,877
152,799
129,109
**243,832**
**204,712**
-
-
46,891
42,758
**46,891**
**42,758**
**196,941**
**161,953**
**214,763**
**187,184**
15,760
20,983
**15,760**
**20,983**
**199,003**
**166,201**
166,201
151,456
32,802
14,746
**199,003**
**166,201**|**LF Foundation**
**2024**
**2023**
**£**
**£**
17,822
25,231
**17,822**
**25,231**
25,115
25,115
33,868
42,610
32,050
7,877
152,799
129,109
**243,832**
**204,712**
-
-
46,891
42,758
**46,891**
**42,758**
**196,941**
**161,953**
**214,763**
**187,184**
15,760
20,983
**15,760**
**20,983**
**199,003**
**166,201**
166,201
151,456
32,802
14,746
**199,003**
**166,201**|**LF Foundation Group**|**LF Foundation Group**|
|---|---|---|---|---|
|||**2023**|**2024**|**2023**|
|||**£**|**£**|**£**|
||||||
|||25,231|39,030|56,024|
|||**25,231**|**39,030**|**56,024**|
||||||
||||||
|||25,115|38,115|38,115|
|||42,610|33,868|42,610|
|||7,877|34,660|9,890|
|||129,109|26,377|28,587|
|||**204,712**|**133,022**|**119,202**|
|||-|||
||||||
||||||
|||42,758|48,611|44,479|
|||**42,758**|**48,611**|**44,479**|
||||||
|||**161,953**|**84,410**|**74,723**|
||||||
|||**187,184**|**123,440**|**130,747**|
||||||
||||||
|||20,983|12,119|17,592|
|||**20,983**|**12,119**|**17,592**|
||||||
|||**166,201**|**111,322**|**113,155**|
||||||
||||||
||||||
|||151,456|113,155|156,091|
|||14,746|(1,833)|(42,936)|
|||**166,201**|**111,322**|**113,155**|
9
## **Consolidated Cash Flow Statement: Year Ended 31st August 2024**
|**Operating Activities**
**Net Income**
**Adjustments: Net Income to Net Cash provided by operations:**
Accrued Income
Prepayments & Debtors
Depreciation
Creditors
Accruals
**Total Adjustments:**
**Net cash provided by operating activities**
**Investing activities**
Buildings (Capitalised Lease)
Furniture Fixtures & Fitttings
Motor Vehicles
Machinery & Equipment
Sound & Musical Equips
**Net cash provided by investing activities**
**Financing activities**
Hire Purchase
Reserves
**Net cash provided by financing activities**
Net cash increase for period
Cash at beginning of period
**Net cash increase for period**|**2024**
**£**
(1,833)
8,742
2,209
16,895
4,133
-
**31,979**
**30,146**
-
-
-
-
97
**97**
(5,473)
-
**(5,473)**
**24,770**
9,890
**34,660**|**2,023**|
|---|---|---|
|||**£**|
|||(42,936)|
||||
|||(3,433)|
|||3,000|
|||12,570|
|||7,610|
|||-|
|||**19,747**|
|||**(23,189)**|
||||
|||-|
|||-|
|||938|
|||(347)|
|||(394)|
|||**197**|
||||
|||(8,764)|
||||
|||**(8,763)**|
||||
|||**(31,756)**|
|||41,646|
|||**9,890**|
10
## **Accounting Policies**
## **Accounting conventions**
The financial statements are prepared in compliance with Companies Act 2006, the Charities Act 2011, the Charities Statement of Recommended Practice (FRSSE) (effective 1 January 2015).
## **Basis of consolidation**
The financial statements of LF Foundation’s subsidiary, Living Faith Foundation, are consolidated with the financial statements of LF Foundation on a line-by-line basis.
Living Faith Foundation, a company limited by guarantee, is considered a subsidiary of LF Foundation, since LF Foundation controls the company through its 100% membership of the board of directors.
## **Income**
Revenue is recognised in the period in which the charity is entitled to receipt once the amount can be measured with reasonable certainty.
## **Expenses**
Expenditure is included in the Statement of Financial Activities (SoFA) on an accruals basis and is recognised at the point when a legal or constructive obligation arises. The majority of costs are directly attributable to specific activities. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
## **Fixed assets**
Fixed assets with an individual purchase of £250 or more are capitalised and stated at cost less depreciation which is provided at rates calculated to write off the cost of each asset over its expected useful life as follows:
|Fixtures and fittings|20%|
|---|---|
|Equipment|20%|
|Vehicles|20%|
|Building|2%|
11
## **Notes**
## **1. Income**
|**Income**
Donations and legacies
Restricted Income
**Total donations & legacies**
**Other income**
Gift Aid Receipts
Other income
**Total other income**
**Total Income**
**2.**
**Expenditure**
**Resources Expended**
**Cost of Charitable Activities**
Premises
Utilities
Travels and Sorting Out
Motoring & Transportation
Insurance
Administration
Advertising
Operations
Finance Charges
Professional fees and services
Depreciation
Honorarium
**Total Charitable Activities**
**Other Charitable Activities**
Outreach
Welfare & Benevolence
Charitable Donations
**Total Other Charitable Activities**
**Other Costs**
Other costs
Legal fees
Accountancy fees
**Total Other Costs**|**Income**
Donations and legacies
Restricted Income
**Total donations & legacies**
**Other income**
Gift Aid Receipts
Other income
**Total other income**
**Total Income**
**2.**
**Expenditure**
**Resources Expended**
**Cost of Charitable Activities**
Premises
Utilities
Travels and Sorting Out
Motoring & Transportation
Insurance
Administration
Advertising
Operations
Finance Charges
Professional fees and services
Depreciation
Honorarium
**Total Charitable Activities**
**Other Charitable Activities**
Outreach
Welfare & Benevolence
Charitable Donations
**Total Other Charitable Activities**
**Other Costs**
Other costs
Legal fees
Accountancy fees
**Total Other Costs**|**2024**
**£**
253,520
**253,520**
59,020
21
**59,041**
**312,560**
**2024**
**£**
47,710
40,707
38,404
13,220
5,159
47,286
6,141
31,047
1,515
23,544
16,993
3,683
**275,409**
10,151
850
23,282
**34,284**
-
4,701
**4,701**|**2023**|
|---|---|---|---|
|||||
||||**£**|
||||255,832|
|||||
||||**255,832**|
|||||
|||||
||||28,706|
||||16|
||||**28,722**|
|||||
||||**284,554**|
|||||
||||**2023**|
|||||
||||**£**|
||||53,905|
||||13,258|
||||95,265|
||||11,583|
||||4,118|
||||47,690|
||||7,774|
||||29,576|
||||1,595|
||||11,055|
||||16,896|
||||13,567|
||||**306,282**|
|||||
|||||
||||6,930|
||||4,346|
||||2,361|
||||**13,638**|
|||||
|||||
|||||
||||3,900|
||||3,670|
||||**7,570**|
|12||||
12
## **Notes**
## **3. Tangible assets**
|**Cost**
At 1 September 2023
Additions
Disposals
Revaluations
At 31 August 2024
**Depreciation**
At 1 September 2023
Charge for the year
Adjustments
At 31 August 2024
**Net Book Value**
At 1 September 2023
At 31 August 2024|**Motor**
**Vehicles**
**£**
57,452
-
-
-
57,452
34,905
6,292
-
41,197
22,547
16,255|**Machineries**
**& Equipment**
**£**
61,266
-
-
-
61,266
28,087
10,490
-
38,577
33,179
22,689|**Fixtures &**
**Fittings**
**£**
3,943
-
-
-
3,943
3,646
210
-
3,856
297
87|**Total**
**£**
**122,661**
**-**
**-**
**-**|
|---|---|---|---|---|
|||||**122,661**|
|||||**66,638**
**16,993**
**-**|
|||||**83,631**|
||||||
|||||**56,023**|
|||||**39,030**|
## **4. Related party transactions**
LF Foundation is currently in an operating lease with Immanuel Childcare Ltd where Mrs Theodora Adebanjo, a trustee, is a director of the company.
## **5. Trustee remuneration & expenses**
None of the trustees have been paid any remuneration or received any other benefits from an employment with the charity or a related entity
13
## **Notes**
## **6.**
|Wages and salaries
Social security costs
Other emoluments|**2024**
**£**
45,839
777
9,064
**56,216**|**2023**|
|---|---|---|
|||**£**|
|||46,326|
|||826|
|||9,064|
|||**56,216**|
## **Staff cost and numbers**
No employee received remuneration amounting to more than £60,000 in the year
## **Average number of staff**
|Pastoral
Admin|1
0
**1**|1|
|---|---|---|
|||0|
|||**1**|
14