LIVING FAITH FOURSQUARE GOSPEL CHURCH FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
LIVING FAITH FOURSQUARE GOSPEL CHURCH
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2023
Charity Number 1139574
LIVING FAITH FOURSQUARE GOSPEL CHURCH FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
| CONTENTS | PAGE |
|---|---|
| Trustees annual report | 3-5 |
| Independent examiner's report to the members | 6 |
| Statement of financial activities (incorporating the income and expenditure account)7 | |
| Balance sheet | 8 |
Notes to the financial statements |
9-12 |
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LIVING FAITH FOURSQUARE GOSPEL CHURCH FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
REFERENCE AND ADMINISTRATIVE DETAILS
Registered charity name LIVING FAITH FOURSQUARE GOSPEL CHURCH
Charity registration number 1139574 Principal office 47 MUSWELL ROAD BEDFORD MK42 9PH
THE TRUSTEES
The trustees who served the charity during the period were as follows:
Rev Samuel Olusegun Ogunremi (Chairman) Nnenna Pearle Mokogwu Olayide Adeola Adegoke Simeon Ojebode Adesina
Rev (Mrs) Margarent Adejumoke Ogunremi
Independent Examiner AACSL Accountants Limited First Floor, North West Gate House Harlow Essex CM20 1YS Accountants AACSL Accountants Limited First Floor, North West Gate House Harlow Essex CM20 1YS
As at the date of this report, there are no custodian trustees or nominees and no trustee of the charity is holding the title to any property belonging to the charity.
The trustees submit their annual report and examined financial statements for the year ended 31 MARCH 2023. The report and financial statements have been prepared in accordance with the Charities Act 2011. The trustees have adopted the provisions of the statement of recommended practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the report and financial statements. The charity was incorporated on 30 December 2010. It is governed by its constitution.
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LIVING FAITH FOURSQUARE GOSPEL CHURCH FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
OBJECTS AND ACTIVITIES
Objects
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To serve the community through encouraging individuals in the development of their faith, help the weak and needy by providing support and assistance as may be required.
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Bible through a religious minister.
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To foster spiritual growth in the faith by members through production and distribution of faith-based literatures, seminars, conferences and conventions.
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To support and assist missionaries and other ministers with material and financial support and/ or assistance
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Work with other churches across the UK, with the aim of achieving a better society
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To conduct the daily business and financial affairs of the church in line with the regulatory requirements.
FINANCIAL REVIEW
Investment Policy
The charity seeks to produce the best financial return within an acceptable level of risk for its revenue and expenditure & assets and liabilities and any other investment.
Reserves
The charity has no policy on reserves at this time. As at 31 MARCH 2023 the charity had £ 9,137 Unrestricted Funds and £ 1,222 Restricted.
Going Concern
As at the date of approving the report and accounts, there are no uncertainties about the charity’s ability to continue as a going concern.
Independent Examiner
AACSL Accountants Ltd has also been appointed as Independent Examiner and a resolution proposing their re-appointment will be put to the Annual General Meeting.
Signed on behalf of the trustees:
Date: 27/06/2023 Rev Samuel Olusegun Ogunremi Chair
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LIVING FAITH FOURSQUARE GOSPEL CHURCH FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 MARCH 2023.
RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER AND BASIS OF REPORT
As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act.
Having satisfied myself that the accounts of the charity are not required to be audited under Part 16 of the 2006 Companies Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts 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 confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the requirement of section 396 of the 2006 Act 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; or
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the accounts have not been prepared in accordance with the methods and principles of the statement of recommended practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the financial reporting standard applicable in the UK and Republic of Ireland (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 accounts to be reached.
.................................................... AACSL Accountants Ltd
Independent examiner 1st Floor The High North Westgate House Harlow CM20 1YS
Dated: 27/06/2023
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LIVING FAITH FOURSQUARE GOSPEL CHURCH FINANCIAL STATEMENTS FOR THE YEAR ENDED
31 MARCH 2023
| LIVING FAITH FOURSQUARE GOSPEL CHURCH STATEMENT OF FINANCIAL ACTIVITIES (incorporating an Income and Expenditure Account) Year ended 31 March 2023 Unrestricted Funds Restricted Funds Total Funds Total Funds 2023 2023 2023 2022 Note Charitable income Cash Donations - - 444 Donations - offerings & Tithes 2 30,108 - 30,108 17,506 Sundries - - - 500 |
LIVING FAITH FOURSQUARE GOSPEL CHURCH STATEMENT OF FINANCIAL ACTIVITIES (incorporating an Income and Expenditure Account) Year ended 31 March 2023 Unrestricted Funds Restricted Funds Total Funds Total Funds 2023 2023 2023 2022 Note Charitable income Cash Donations - - 444 Donations - offerings & Tithes 2 30,108 - 30,108 17,506 Sundries - - - 500 |
|---|---|
| Total | 30,108 0 30,108 18,450 |
| Expenditure on: Charitable activities Church programes Management and administration costs Governance cost 3 TOTAL NET INCOME/(EXPENDITURE) Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
( 344 ) - ( 344 ) (428) ( 20,788 ) - ( 20,788 ) (34,335) ( 1,061 ) - ( 1,061 ) (3,426) |
| (22,193) 0 (22,193) (38,189) |
|
| 7,915 0 7,915 (19,739) 1,222 0 1,222 20,961 |
|
| 9,137 0 9,137 1,222 |
|
All of the above amounts relate to continuing activities.
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LIVING FAITH FOURSQUARE GOSPEL CHURCH FINANCIAL STATEMENTS FOR THE YEAR ENDED
31 MARCH 2023
----- Start of picture text -----
LIVING FAITH FOURSQUARE GOSPEL CHURCH
BALANCE SHEET
As at 31 March 2023
2023 2022
Notes
Current Assets
Cash at bank and in Hand 10,839 2,275
Total Current Assets 10,839 2,276
Liabilities
Creditors amounts falling due within one year 8 (480) (1,054)
Net Current assets or liabilities 10,359 1,222
Total Net Asset or Liabilities 10 10,359 1,222
Funds
Restricted Funds 1,222 1,236
Unrestricted Funds 11 9,137 - 14
Total Funds 10,359 1,222
----- End of picture text -----
For the year ended 31 MARCH 2023 the company was entitled to exemption from audit under section 144 (2) of the Charities Act 2011 (the 2011 Act).
Trustees’ responsibilities:
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The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 144 (2) of the 2011 Act; and
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The trustees acknowledge their responsibility for complying with the requirements of the Act with respect to accounting records and the preparation of the accounts.
These financial statements were approved by the Board of Trustees on the 09/06/2023 and are
signed on their behalf by:
Date: 27/06/2023 Rev Samuel Olusegun Ogunremi Chair
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LIVING FAITH FOURSQUARE GOSPEL CHURCH FINANCIAL STATEMENTS FOR THE YEAR ENDED
31 MARCH 2023
NOTES TO THE ACCOUNTS
1. ACCOUNTING POLICIES
Basis of accounting
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).
The financial statements are prepared on the going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charitable company and rounded to the nearest £.
The charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).
Going concern
The trustees have assessed the charity’s ability to continue as a going concern and there are no material uncertainties.
Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Investment income and gains are allocated to the appropriate fund.
Incoming Resources
All incoming resources are included in the statement of financial activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.
Resources expended
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs 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:
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LIVING FAITH FOURSQUARE GOSPEL CHURCH FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
NOTES TO THE ACCOUNTS
- Governance costs are those costs incurred in connection with the governance arrangement of the charity, which relate to the general running of the charity and compliance with constitutional and statutory requirements.
The basis of allocation for support costs and governance costs has been explained in the notes.
| LIVING FAITH FOURSQUARE GOSPEL CHURCH NOTES TO THE ACCOUNTS (continued) Year ended 31 March 2023 2 Income from investment Unrestricted Funds Restricted Funds |
LIVING FAITH FOURSQUARE GOSPEL CHURCH NOTES TO THE ACCOUNTS (continued) Year ended 31 March 2023 2 Income from investment Unrestricted Funds Restricted Funds |
Total Funds Total Funds |
|---|---|---|
| Cash Donations Donations - offerings & Tithes Sundries Total |
2023 2023 - 30,108 - - - |
2023 2022 - 444 30,108 17,506 - 500 |
| 30,108 0 |
30,108 0 18,450 |
|
| 3 Expenditure on charitable activities Unrestricted Restricted Funds Funds Church programes 344 - Management and administration cost 20,788 - Governance cost 1,061 - 22,193 - 4 Governance cost Unrestricted Funds Accountancy, solicitors fees & subscription 480 Bank charges 112 Council Tax 190 Other professional fees 279.06 1,061 |
Total Funds Total Funds 2023 2 2022 344 428 20,788 34,335 1,061 3,426 |
|
| 22,193 0 38,189 |
||
| Total Funds Total Funds 2023 2,022 480 480 112 23 190 2,922 279 - |
||
| 1,061 - 3,426 |
||
Fixed assets
All fixed assets are initially recorded at cost and depreciated at 20% straight-line method.
5. TRUSTEES’ EMOLUMENTS
No salaries or wages have been paid to trustees during the year. The trustees did not receive any remuneration for their services (2023: £Nil). The charity did not meet any individual expenses
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LIVING FAITH FOURSQUARE GOSPEL CHURCH FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
incurred by the trustees for services provided to the charity.
There were no transactions with related parties during the year (2023 - £nil).
1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
| 7 TANGIBLE FIXED ASSETS COST As at 01 April 2022 Additions Disposals Revaluation Surplus At 31 March 2023 Depreciation As at 01 April 2022 Charge for the year On disposals |
INVESTMENT ASSETS TOTAL INVESTMENT ASSETS 2023 2023 2023 2022 4,000 4,000 4,000 - - - 1,721.00 - 1,721.00 - 1,721.00 - - - - 2,279 2,279 2,279 2,279 2,279 1,901 - 378 - - - |
|
| 2,279 2,279 |
||
| 2,279 1,901 - 378 - - |
||
| At 31 March 2022 2,279 Net book value As at 31 March 2023 0 At at 31 March 2022 - 8 CREDITORS: amounts falling due within one year 2023 Accruals-Accountancy Fees 480 480 |
2,279 2,279 0 - - - 2022 1,054 480 |
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LIVING FAITH FOURSQUARE GOSPEL CHURCH FINANCIAL STATEMENTS FOR THE YEAR ENDED
31 MARCH 2023
| LIVING FAITH FOURSQUARE GOSPEL CHURCH NOTES TO THE ACCOUNTS (continued) Year ended 31 March 2023 9 PENSION COMMITMENTS The charity has no paid employees and therefore does not pay any pension contributions. 10 ANALYSIS OF CHARITABLE FUNDS ANALYSIS OF MOVEMENT IN UNRESTRICTED FUNDS Balance at Incoming 1 April 2022 Resources Expenditure Revaluation31 March 2023 Gain/(Loss) General Funds 1,222 30,108 (22,193) - 9,137 ANALYSIS OF MOVEMENT IN UNRESTRICTED FUNDS - Previous year Balance at Incoming 1 April 2021 Resources Expenditure Revaluation31 March 2022 Gain/(Loss) General Funds 20,961 18,450 (38,189) - 1,222 11 ANALYSIS OF NET ASSETS BETWEEN FUNDS Fixed assets Net Current assets Total Restricted Income Funds 1,222.04 - 1,222.04 |
LIVING FAITH FOURSQUARE GOSPEL CHURCH NOTES TO THE ACCOUNTS (continued) Year ended 31 March 2023 9 PENSION COMMITMENTS The charity has no paid employees and therefore does not pay any pension contributions. 10 ANALYSIS OF CHARITABLE FUNDS ANALYSIS OF MOVEMENT IN UNRESTRICTED FUNDS Balance at Incoming 1 April 2022 Resources Expenditure Revaluation31 March 2023 Gain/(Loss) General Funds 1,222 30,108 (22,193) - 9,137 ANALYSIS OF MOVEMENT IN UNRESTRICTED FUNDS - Previous year Balance at Incoming 1 April 2021 Resources Expenditure Revaluation31 March 2022 Gain/(Loss) General Funds 20,961 18,450 (38,189) - 1,222 11 ANALYSIS OF NET ASSETS BETWEEN FUNDS Fixed assets Net Current assets Total Restricted Income Funds 1,222.04 - 1,222.04 |
|---|---|
| Unrestricted Income Funds | 14 - 9,137 9,123 |
| Total Funds | 1,208 9,137 10,345 |
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