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2022-09-30-accounts

OASIS OF LOVE INTERNATIONAL CENTRE (aka The Love Centre) Company Number 07028710 (England & Wales) Registered Charity Number: 1139532

REPORT OF THE DIRECTORS/TRUSTEES AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2022

Oasis of Love International Centre

Contents

Page(s)
Company and Charity Information 3
Trustees Report 4 - 8
Independent Examiner's Report 9-10
Statement of Financial Activities 11
Balance sheet 12
Notes to the financial statements 13 - 16

2

OASIS OF LOVE INTERNATIONAL CENTRE

(aka The Love Centre)

COMPANY AND CHARITY INFORMATION

FOR THE YEAR ENDED 30 SEPTEMBER 2022

Trustees/Directors

Mr Emmanuel Iornongu Mrs Rita Favour Mr Henry Bada Mrs Zodwa Ngwenya Mr Jide Ogunmiluyi Mrs Eulalee Reid Mr Ferdinand Daniel

Company Secretary

Mr Jide Ogunmiluyi

Registered Charity Number

1139532

Principal and registered office

78A Walsall Street Wolverhampton WV1 3LP

Independent Examiner

Amoeba Associates Derwent House Kingswinford DY6 9LP

3

OASIS OF LOVE INTERNATIONAL CENTRE (aka The Love Centre) REPORT OF THE DIRECTORS (TRUSTEES)

FOR THE YEAR ENDED 30 SEPTEMBER 2022

The directors present their report and financial statements of the company for the year ended .

The trustees, for the purposes of the Charity Act, present their annual report and independently reviewed Financial Statements for the year ended 30 September 2022.

STRUCTURE, GOVERNANCE, AND MANAGEMENT

The Charity is constituted as a Charitable Incorporated Organisation (CIO). The Trustees deem the charity is not subject to Corporation Tax.

The organisation is controlled by its governing document, incorporated under the name "Oasis of Love International Centre aka “The Love Centre" as registered on the 6th September 2010.

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

The trustees set the overall policy and direction of the organisation. They have a wide range of skills and experience in Community mobilisation, Christian ministry, and management in the public, private and voluntary sectors.

OBJECTS AND ACTIVITY

The principal object of Oasis of Love International Centre (OLIC) is the advancement of the Christian faith and the relief of poverty.

PUBLIC BENEFIT

In developing activities and delivering services, the Trustees have taken account of the guidance on public benefit published by the Charities Commission. All of the group's activities are for public benefit. No member of the organisation, including the Trustees, receives any financial benefit from their involvement with the organisation.

STRATEGIES FOR ACHIEVING OBJECTIVES

The charity has adopted the strategies below aimed at achieving its objectives:

ACTIVITIES FOR CARRYING OUT OBJECTIVES

4

OASIS OF LOVE INTERNATIONAL CENTRE (aka The Love Centre) REPORT OF THE DIRECTORS (TRUSTEES)

VOLUNTEERS

The Charity is grateful for the efforts and support of its teeming volunteers who are involved in the service delivery. During the financial year, an estimated minimum of 31,200 volunteer hours (150 volunteers x 4hrs per week x 52 weeks) were provided. When valued at E10 per hour, the efforts of the volunteers amount to £312, 000.00.

During this period the Charity welcomed 25 additional volunteers from the community. They are contributing immensely in meeting the ever-increasing demand on our services due to the effects of COVID-19 and the cost of living crisis.

ACHIEVEMENTS AND PERFORMANCE —October 2021 - September 2022

With the effects of COVID-19, including the cost of living crisis, still ravaging the lives of so many in our community and nation, this financial year has proved to be yet another difficulty year for everyone, particularly for our service users and members of our community. Many have lost their jobs, families, and health. There has been an unprecedented hike in prices of essential commodities and household bills for so many people. This has contributed to a very sharp increase in cases of mental health issues in the community that is linked directly to the cost-of-living crisis.

As Chairperson it is with mixed feelings that I present this report to our supporters, service users and the public. It shows some of our achievements over the past 12 months, particularly in meeting the ever-increasing needs of those who are most affected by the cost-of-living crisis. This report also contains some insight into the organisation's vision for the future.

In the year under review, OLIC engaged in various Community based welfare, educational, fitness, and community building activities for the benefit of its members and the general public. Some specific activities were also carried out abroad. OLIC continues to experience further growth and made significant contributions to both the Mental, Emotional, Social, Financial, Physical, and Spiritual lives of its members and the public. The organisation continues to expand its service provision to the public every week, particularly in alleviating the pain and hardship occasioned by the cost of living crisis.

OLIC continues to organise a host of programmes aimed at alleviating the suffering of her service users, assisting with the housing and financial needs of newly arrived migrants, promoting community cohesion, the relief of poverty, skills training, community engagement, fitness and youth activities, evangelism and spiritual empowerment. While some of our activities are still online, the charity has fully reopened her doors to the public.

Specifically, some of our achievements and accomplishments for the year includes:

1. Increased user base

We recently increased our service user base from 1100 to 1660 per month. Although this has stretched our facilities and volunteers, we are grateful to our funders and committed volunteers for the opportunity to be of service to those who are negatively impacted by the cost-of-living crises.

2. Housing and Financial Counselling:

Our approach is to provide a holistic service to migrants, refugees and asylum seekers, and those experiencing housing crisis. In the course of the year, OLIC assisted 48 migrant families and those experiencing financial difficulties in securing befitting accommodations, learning new skills, literacy, and or business guidance and advice.

New Shower and Bathroom Facilities:

OLIC also installed a new shower and bathroom in the community centre to cater for stranded families and rough sleepers. Provision is made for emergency accommodation for up to 25 persons on our premises.

5

OASIS OF LOVE INTERNATIONAL CENTRE (aka The Love Centre) REPORT OF THE DIRECTORS (TRUSTEES)

3. Community Health and Fitness Activities:

OLIC purchased additional 10 bicycles and tricycles for the elderly and the disabled during the year under review. This is in additional to various health symposiums organised specifically for men and men to discuss health issues unique to the various sexes and the BAME community.

4. Soup Kitchen and Food Bank

5. The B.E.S.T Children

Various activities aimed at the physical, educational, emotional, and mental health of children and teenagers from the community were organised in the year under review. Some of the activities include mentoring, confidence and relationship building activities, business, and employability skills, etc. many of the events attracted up to 100 children from the ages of 4 to 18 years of age,

6. Youth Empowerment Activities :

Compared to the previous year, there was an increase of Youth events including empowerment seminars, and sport activities designed to keep the youths active, fit, academically sound and away from crime.

7. Loneliness and Isolation Support groups

There has been tremendous growth in our physical and Zoom seminars / workshops, weekly prayer meetings, love fellowship meetings aimed at addressing the emotional, spiritual, and mental health of our services users who are so inclined.

8. The charity also provided :

6

OASIS OF LOVE INTERNATIONAL CENTRE (aka The Love Centre) REPORT OF THE DIRECTORS (TRUSTEES)

FUTURE AMBITION AND GOALS

Our ambition and goals for the coming years are:

  1. The expansion of our mental and physical fitness facilities and activities to benefit more members of the community.

  2. Raise or recruit more volunteers who will provide physical, emotional, mental, and other support for the lonely, the isolated and those at risk of disease due to inactivity.

  3. The renovation of our community centre to meet the increasing demand.

  4. Provide a befitting homeless shelter for those in need.

  5. To offer a holistic approach to poverty alleviation, not just offer a soup kitchen or foodbank. We want to work with our service users to improve on their employability, business, and economic skills.

  6. Work with the local council and other relevant agencies and funders to reduce incidences of poverty, economic disparity, illiteracy, discrimination and crime in our community in general, and specifically among the most deprived and disadvantaged by reason of age, sex, race, sexuality, etc.

FINANCIAL REVIEW

The organisation is funded generally from donated funds for non-specific purposes, from its members and attendees. These funds are retained in bank accounts held in the UK and are treated as Unrestricted Funds.

In recognition of the great work our volunteers are carrying out in the community, the Charity received restricted funds of £8,912 from various funders toward our community outreach. Overall, 2021 - 2022 was a challenging year financially. Most of our income comes from contributions from members of the church. With the cost-of-living crisis biting more and more it has been a financially tough year for everyone indeed.

In line with the recommendations of the Charity Commission, the trustees have adopted a policy on the holding of reserves. The Trustees are seeking to achieve reserves amounting to six months' salaries and running costs. This amounts to around £47k for the reported year. They endeavour to work towards achieving this level over the next few years. The Trustees are empowered to invest monies of the Charity not immediately required for the furtherance of its objects in or upon such investments, securities or property as may be thought fit, nevertheless subject to such conditions (if any) and such consents (if any) as may for the time be imposed or required by law.

7

OASIS OF LOVE INTERNATIONAL CENTRE (aka The Love Centre) REPORT OF THE DIRECTORS (TRUSTEES)

STATEMENT QF TRUSTEES' RESPONSIBILITIES

The TRUSTEES are required under UK Company law to prepare financial statements for each financial year, which give a true and fair view of the company's financial activities during the year and of its financial position at the end of the year. In preparing those financial statements, the trustees are required to:

The trustees are responsible for keeping accounting records, which disclose with reasonable accuracy the financial position of the company and which enable them to ensure that the financial statements comply with applicable law and regulations. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees have identified the major risks to which the charity is exposed and have put adopted suitable mechanisms to manage those risks.

This report has been prepared in accordance with the special provisions of the Companies Act 2006 applicable to companies subject to the Small Companies regime.

APPROVAL

This report was approved by the trustees on 26[th] of March 2023 , and signed on their behalf:

Mr Emmanuel Iornongu

Trustee

8

REPORT OF THE INDEPENDENT EXAMINER TO THE TRUSTEES OF OASIS OF LOVE INTERNATIONAL CENTRE

I report to the trustees on my examination of the accounts of Oasis of Love International Centre for the year ended 30 September 2022.

Responsibilities and basis of report as the charity trustees of Oasis of Love

You are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’). I report in respect of my examination of the Oasis of Love’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. Independent examiner’s statement I have completed my examination.

I confirm that no material matters have come to my attention in connection with the examination, giving me cause to believe that in any material respect: 1. accounting records were kept in respect of Oasis of Love as required by section 130 of the Act; the accounts do agree with those records; which comply with the accounting requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view' which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Signed: .................... ....... Name: Deborah I. Igbinosa Relevant professional qualification(s) or body BA Hon & MSC A/F, AAT & ACCA

OASIS OF LOVE INTERNATIONAL CENTRE

Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the year ended 30 September 2022

Note
INCOMING RESOURCES
Incoming Resources from generated funds
Donation & Legacies
2
Investment income
3
Incoming Resources from charitable activities
Grant Income
4
Other Incoming Resources
Other income
5
Total Incoming Resources
RESOURCES EXPENDED
Charitable Activities
Governance cost
Interests paid
Total Resources Expended
6
NET INCOMING/(OUTGOING) RESOURCES
Before transfers
Transfer between funds
Net Incoming / (Outgoing) resources
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 2022
Unrestricted
Funds
Designated
Funds
Restricted
Funds Total Funds
£
£
£
£
117,002
117,002
11
11
117,013
-
117,013
20,500
8,912
29,412
-
137,513
-
8,912
146,425
84,997
30,329
8,912
124,238
6,319
6,319
91,315
30,329
8,912
130,556
-
46,198
30,329
-
-
15,869
-
-
-
-
46,198
30,329
-
-
15,869
163,760
77,568
-
241,328
209,958
47,239
-
257,197		 2021
Total Funds
£
60,314
5
60,319
60,311
14,376
135,006
82,308
360
-
82,668
52,338
-
52,338
188,990
241,328

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

None of the charity's activities were started or discontinued during the current or prior year and all operations continue.

There are no recognised gains or losses other than those passing through the income and expenditure account.

10

OASIS OF LOVE INTERNATIONAL CENTRE Balance Sheet as at 30 September 2022

Company number: 07028710 Registered Charity Number: 1139532

Note
FIXED ASSETS
Tangible
9
CURRENT ASSETS
Debtors
10
Cash at bank and in hand
Total current assets
CURRENT LIABILITIES
Creditors: amounts falling due within one year
6
Net Current Assets
TOTAL ASSETS LESS CURRENT LIABILITIES
NON CURRENT LIABILITIES
Creditors: Amounts falling due after more than one year
NET ASSETS
FUNDS
Restricted Funds
12
Unrestricted funds
Designated funds
TOTAL FUNDS		 30/09/2022
£
278,009
7,800
57,982
65,782
-
65,782
343,791
86,594
257,197
-
209,958
47,239
257,197
-		 30/09/2021
£
267,475
3,960
61,973
65,933
-
65,933
333,408
92,080
241,328
-
163,760
77,568
241,328
-

For the year ended 30 September 2022, the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The member have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Companies Act 2006.

The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The accounts were approved by the Board on ….26th March 2023..............

……………………………………….

Mr E. Iornongu Trustee

11

OASIS OF LOVE INTERNATIONAL CENTRE Notes to the Financial Statements for the year ended 30 September 2022

1 Accounting policies

a)

Accounting Convention

The financial statements have been prepared under historical cost convention and in accordance with the Financial Reporting Standards for Smaller Entities (effective April 2008), the Companies Act 2006 and the requirements of the Statement of Recommended Practice, Accounting and Reporting by Charities

Financial Reporting Standard Number 1

Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a small company.

b) Tangible Fixed Assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

Furniture and fittings: 0% Vehicles: 0% Equipment: 0%

The trustees have made a judgment to review the depreciation policy in the financial year beginning October 2022 and calculate depreciation prospectively.

b) Incoming Resources

All incoming resources are included on the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. Restricted incoming resources in respect of capital expenditure are carried forward as deferred capital grants and released to the fund account to match the depreciation charges.

c) Resources expended

Expenditure is accounted for on accrual basis and has been classifed under headings that aggregate all the costs related to the category. Where costs cannto be directly attributable to particular headings they have been allocated to activities on a basis consistent with the use of resources.

d) Taxation

The charity is exempt from corporation tax on its charitable activities.

e) 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 the particular restricted purposes within the objectives of the charity. Restrictions arise when specified b the donor or when the funds are raised for a particular restricted purpose.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

12

OASIS OF LOVE INTERNATIONAL CENTRE
Notes to the Financial Statements
for the year ended 30 September 2022
2
Donation & Legacies
Donations
Fundraising Events
3
Investment income
Interest receivable
4
Incoming Resources from charitable activities
Arnold Clark
Wolverhampton City Council
Voice4Change
Heart of England
ESC Lottery Fund
5
Other incoming resources
Other income (incl. Gift Aid, Insurance & CJRS claims
6
Total resources expended
Cost of generating funds
Fundraising & Publicity
Charitable expenditure
Direct project costs
Staff & Volunteer Costs
Premises Costs and Utilities
Legal & Professional Costs
Vehicle maintenance
Members welfare
Adminstration costs
Cost in furtherance of Charity's objects		 Unrestricted
Funds
£
20,500
20,500		 Restricted
Funds
£
8,912
-
-
8,912		 2022
£
117,002
-
117,002
2022
£
11
Total
2022
£
-
20,500
8,912
-
-
29,412
2022
£
-
2022
£
-
30,329
63,435
3,442
-
940
7,025
19,067
124,238		 2021
£
60,314
-
60,314
2021
£
5
Total
2021
£
1,000
35,643
10,000
7,960
5,708
60,311
2021
£
14,376
2021
£
345
23,725
29,951
7,889
11,527
1,153
-
8,077
82,322

Management and administration costs include payments to the independent Reviewer of £0 (2021 £420) for fees

13

OASIS OF LOVE INTERNATIONAL CENTRE Notes to the Financial Statements for the year ended 30 September 2022

7 Trustees

During the year, remuneration for services as Pastor was payable to Mr E. Iornongu totalling £25,246 (2021: £24,000). Expenses were paid or were payable director or indirectly, out of funds of the charity to this trustee. No other amounts were payable to any other persons known to be connected with the Charity.

8
Employees
The average monthly number of employees during the year was:
Employment costs
Wages and salaries
Social Security costs
Pension costs		 2022
3
£
57,283
6,152
-
63,435		 2021
1
£
24,098
-
-
24,098

There were no employees whose annual emoluments were £60,000 or more.

Tangible Fixed Assets
Cost
As at 30 September 2021
Additions
Disposal
As at 30 September 2022
Depreciation
As at 30 September 2021
Additions
Disposal
As at 30 September 2022
Net book value
As at 30 September 20212
As at 30 September 2021
Debtors
Other debtors
Prepayments
Creditors: Amounts falling due within one year
Tax and social security
Accrued expenses		 Unrestricted
Funds
£
267,475
10,534
278,009
-
-
278,009
267,475		 Restricted
Funds
£
-
-
-
-
As at
30/9/2022
£
7,800
-
7,800
As at
30/9/2022
£
-
-
-
-		 Total
2022
£
-
267,475
10,534
-
278,009
-
-
-
-
-
-
278,009
267,475
As at
30/9/2021
£
3,960
-
3,960
As at
30/9/2021
£
-
366
850
1,216

9 Tangible Fixed Assets

10 Debtors

14

OASIS OF LOVE INTERNATIONAL CENTRE Notes to the Financial Statements for the year ended 30 September 2022

12 Restricted funds

The income funds of the charity include restricted funds comprising the following donations and grants held for specific purposes

Voice 4 Change England Balance as
at 1 Oct 2021
£
0
-		 Incoming
Resources
£
8912
8,912		 Resources
expended
£
-8912
(8,912)		 Transfers
£
-		 Closing
Balance
£
0
-

Transfers may be made in situations where expenditure has exceeded available grant income or where there has been a small balance of grant remaining after the project completion

13 Designated funds

The income funds of the charity include designated funds for community projects and has been disbursed as follows:

Deisgnated funds for community projects Balance as
at 1 Oct 2021
£
77568
77,568		 Incoming
Resources
£
0
-		 Resources
expended
£
-30329
(30,329)		 Transfers
£
-		 Closing
Balance
£
47239
47,239

14 Commitment under operating leases

At 30 September 2022, the company had no commitment under non cancellable operating leases (2021: £0)

15 Reserves Policy

The Directors have considered the level of reserves they wish to retain, appropriate to the charity's needs. This is based on the charity's size and the level of financial commitments held. The Directors aim to ensure the charity will be able to continue to fulfill its charitable objectives even if there is a temporary shortfall in income or unexpected expenditure. The Directors will endeavour not to set aside funds unncecessarily.

15