Covenant Love Chapel Report and Accounts 28 February 2024 Company Registration Number- 07541137 The Charity Registration Number- 1145511
COnant Lov# Cha1 ReF>Ort and accounts for th8 year ended 28 February 2024 Contents Charfty information Trustees. Annual Rgport Staten7ent of dlreetor¥' r•sponslblllU•s Independent Aecountsnvx R•port Funds Statemgnts.'_ Ststernent of Finala1 A(afvitios Mov8ments in hjnds Incomè and Expgndibjre atrrt Summary offuThJ5 10 10 to B•lanco sh••t Note8 to thg countr 12
Covenant Lov8 Cha[ Company Regf8tratrc Number- 07541137 Trustees, annual report for the year ended 28 February 2024 Th• Trustees pr88ent their RerM)rt and Ar&ts for Ihe 28 FetKuary2024. also comprtses the Directors, RekM)rt reouired by thè CompaA Act 2(. Refergnce and admlnlstratlv& details Th8 charltyname. bjal namè ofthe charity B... Covert Love ChaFel. The tharfty is also kno by ts (wliTrJ rwtE. RCCG Covenant Lov• Chapd. 7h8 charlty •reas op•rnVon •ftd UKchaiitalo ftyiskndo Tho charity is r¢gi8tered in EnglBnd & Wa$8S With lh8 Charlty CO1 In EWr¥J & W8bs ICCEWI w charity number 1145S11. The charitydoe5 noi operats in any t)¥8628Q$. The chanty is 0>tirted as a Lwpany Iwnit8d by wwantee. wi51waY underthe Compan18s . Th8 govoming dooJrn8nt of the tharity is Mfrrrrfrnidurn anrj fvticles olAssiwkn estatrAishing thè pafiy under company kng1sLglk. The goveming doryJment 1$ datwj 01 June 2L)8 There are no restn'ctions in the gov6ming ¢Jo(yJm8nts on the operalTr of the Charity or on its investment powers othèr than thosg impced ty Chaiity L84V. By cpWatiC oflaw8ll. te8$ are dir8dor5 undertho Civnnkn8 2006 and all d1r8drS are tnjstees uNler Charfties legbslatson and h0 SPrs116. AS Sh. urmlw uxnpany ¢harity l$latiOn. Tho trust888 a all irJNidua15 lt bd(F•f. Mr5. Anthofiig Jusbn Mr. Olubanji Oladoye Neni Mr. 0ade Oshinltic Mr. OlUkUn ShorimB Mrs. Adefolakè Mrs. Prnisfy Ccffjnado Th• winclpal 0ratIng ldr•8•. t•hphw Dts8r. Mil and web addres ofthe chlty Brn... High Street Sittsngbryjma, United kingthjm. ME10 4 Tekphone 01795428875 Email Address sdayerni21 Web adthvss CO¥enanfy)VhapaI.¢Yu.uk mail.¢ The registered offte of the charity for Compan1* Act PLtrFX)8es is the as the operallng Bddress shown atThe.
Covenant Lovè Chap#l C(Knpany RistratIOn Number. 07541137 Trustees, annual report for the year ended 28 February 2024 Tho followiwtg perno Mrved a8 Trus¢e•s durlng the year •nded 28 F•bruary 2024:_ The trustees 8j as a in repj11 penc#l as sho•m atrA)ve. and therE werg no changes during the yeat. or in Ihe WK#J the JEar end and the approval of acc4)unt5. Objects and actlvFtie$ of the charity The purposes of the charity as set out In Its governlng documenL The objects of tho thanty ¥re: 1. The advancemènt of th$ Chrisknan religion worlokn.de arKI 2. The relief of povety. pursues these ot4ects by the 0[tion of a Christian tJrship (Entre * a faclty ktat&l al Covenant Love Chapel. Hh Street, Srttt'ngtKJume, England ME10 4. Th• maln 8CtlviUes undert•kgn in relation to thos• purposos during the year. SwJntficant adiwties that ojnlributed to th8 achW&ment ofthese obJ"8Ctwes wgre.. 1. Evènts organised during the #r to rrfomot8 the Christian faith indude distribulion of leanets with Christian messages, organising deliveran sèrws. all night vKJi15. speoal prayers and counselling. 2. Other activities to help raise the prtifife of thè tharity in the knal rg)mmunty indud8d picnts, Mothers, Day arxl Father5. Day celewkns. 3. Spectfic 8Ctivities for the 1ref ol Fovety are in Ihe areas oftraining aThJ mentoritvJ of the unemploye(I to start their bu.ne$s&S and passing job informatkm to pb seekers. The maln actlvltles undertak•n durfng tho year to fiirthar the charlty s purpose for the public ben•fiL Grants are made to Oth81 tharitabkg bodies. The thurch suprM)rts missionary organisalions such as the Festival of Lrfe and Wortd Evangelism Mission. aThJ other missNJns and pro1tS within and outside th8 UK. The church also proMd&5 SUPWt to memtxr5 of (¥Jngregation lat the diSCt of the ¢nJstees) are in need The contrlbution of volunteers durlng the year. The thurch is grateful for the commitment and effc¥ts of rts volunleers WIK) ar8 Invofved in sgrvices provision. The church has over 30 volunteers (x)mrnitted to worknng in varFous departments thIn the church. The furth continues to dispense Ihe service of heads of dePathnts and ministers to ensure that the test value is derryed frcxn the stetr1ing effots of the volunteers. The rnaln achlevements and perforniance of the charlty durlng the year. The trUStS are pleased to roFXYt that the iurch ujnlinued to be succgssfvl spiribjally by ministering to many people in waygr and weffare. The (urth has improved in membership slreThJth and is IncaS1JIY waching ¢yJl to the MmUnty.
Covenant Lovg Chapgl Company R*Jthbon Number. 07541137 Trustèes. annual report for the year ended 28 February 2024 StTUCture, governance and managernenl of the ¢harty The methods used to rocrutt and appoint new charlty trustees. New trustèes are 818ctgd on the basis of the c¥)ntritMJiion that they w711 make to the govemance of the org8nisation and the sknlls that Ihey Mll Ixjntribute. They ar8 providod with copies of the Charity Commission's guidance to trustees and given an introduction to the actiwb"8s of th8 ¢harty by the existing Board. The policies andprocedures ffor the induction ond training of twstees. Existing trustees are provkyed with training as arKJ when requirod. The ¢harityS organisaOnal stnKture. Thè board of tSleeS is headed by a Chaimwn. the setary to Ihe trust and a FinarKxal Adminislralor. Al the present employees of the are voluntary %w)rkers. The trustees are responsib for maknng all decisKJns regarding alkut#)n of hjnds arKI acbth. B8nke S8C 8ank Ac 115 HvJh Stre8t SittrryJtrKM¢rne Kent ME104AL Accountants 1A TO Swwe Erith London DA8 1RE Flnancial review The charity s financialpositson at the end of the year ended 28 Ffjl)ruary 2024 Th8 financial p0SOn of the charrty al 28 February 2024 and wrnpat3tiv8s for the prior p8nod. as nTh)rè fully detailed in the accounts, can be 5ummari¥ed as fdlow5'.- 2024 2023 N•t Income 11,3651 36.641 Unrestricted R8nL Fund$ 8v81l8b lor the general Pu0$e5 of the charity Tot•1 Unresirfct8dFunds 351.967 353.332 351.967 353,332 ReStrted Revenue Funds Tg¢•l Restrfcted Fund5 25,885 25.885 25,885 25.885 Total Funds 3TT.852 379.217
Covenant Love Chapol Company RegISttion Nurnber. 07541137 Trustees. annual report for the year ended 28 February 2024 Flnanclal revlew orth• posltion at the reportlng dats, 28 February 2024. During the year. incoTh of £206,1561£180,345 in 2023) was r1¥&1 as voluntary donations and gift aid. The net movement in fvnds for the period, as shwi in the statem8nt of finanual activos. for the period was a loss of £1,365 ISuWu5 £36.641 in 20231. The value of the Covonant Love Chapel's net as at 28 February 2024 rs £3TT,852 {£379.217 in 20231. Policies on reseMIs. Restrictsd funds Rgstricted fur$ arè to be used for specific purposes 85 speufi8d wthin the obje¢#s of th8 tharity. Expendiiure, whith m8els these criteria, wll te idèntrw to the fund. together with a fair allOtion of management and support costs. There was restricted fund during the year which was expènded for the purpose rt was int8nded for. Unrèstricted funds Unrestricte(l fvnd5 are donations and other InMe$ r1ved or generated for thè Obj ofthe charity wthout further 5pecifigd purwse and arè availab for 9gneral hJnds. Details of the Indendent MIn&T Adeniyi Zac£*wJ& 1A TO Erith DA81RE
Covonant Love Chap81 ComparTry Rwgi¥lralkin Nutrthr- 07541137 Trustees. annual report for the year ended 28 February 2024 Statsment of the directors trustees. Rgsponsibilitles The trustses ar8 responsibfe for thè prepatst)n of the acttjunts in 8ttordonce wilh the tem)s of tho Companies A¢t 2006. the Charrties Act 2011 and tha Charities IAcuL¢nts and Reports) Regulations 2008. NotithstandIng the eX1¢It r8quirement in the extant s18tutory regulab"ons.the Charities lAcnts and Reports) RagUlatn$ 2CM)8, to prepare the financial statements in aco)rdance with the SORP 2005, in vi8w of the fact that the SORP 2005 has b88n withdrdwn. the Trustees detemined to interpret this resrK)nsibilty as requiring them to folkm ojrrent best practice and Ppare the acUnts according lo the FRS 102 SORP (Statement ol R9mmanded Practice for A£n.ng and Reporting by Charitiesl 2015. las amended by Ihe Bull6b"n issuod in October 2018 and applicable 0 all accounts.ng 0dS begiftning on or after Ist January 20191. (The SORP). In parti¢JJlar. the Gompanies Act 2CI)6 aThl tharity wuire the 8oard of Trust8es lo prepare financial statements for each finanoal year which give a true aNJ fair vw of the stste of affairs of the charity as 8t the end of the fin8naal y88r and ofthe sUrS defv"l ofts charity. In preparing those financAal ststements the Board is requir1 to :. - to prepare the accounls in 8(X0rdar vrith United lQngtrom Generally Apted Accounting Pracb'ce (United lfj"ngdom A[¥n11"ny StaThYards and applicable tawl. - select Suitab accounting polic4•s and appty them consistonlly,. - make judgements and esfimat85 that ar8 reasonable and pent. - prepare the financial ststements on the going concem bas.s unless it ts inappropriat to presume that the tharity wll c%)nlinue in busine55" stste whether apICable acewnting standards and statements of r8commend&J practK? have b8en folhmd. subjèrt to any matwial departures disdosed and explained in finanoal slatements. The law requires that the tnjstees must not approve the aoxjunts unless thèy are satisfied that they gNe a twe and f8tr v7ew of the sta18 ofaffair5 of the charFty arKI of the suU$ or defidt of the charity for the year. The twstee& arg aLBo r8sw)n&blè lor rnaintstsMrJ •Je4uate actixuibng rerAyds (J5dose ith r88s0n4t4e 8fAXJTrCy at 8Y tirne tht finarKkg1 Fon ofthe charity arwj are SUent to show and explain Ihg ¢hariWs tr4rwtions and 8nal)le to ensure that ¢h8 finanoal staternents rx)mpty the Cornpanies Act 20l and regulation5 rnade underU Charthe5 Act. They are also spOnSible for safeguardlng th8 assets oflhe charty 8Th1 hence taJ'ng rgas(¥th stsp5 lor the prevention and d018don of fraud and olh8r irre9uL4rili8& Thè TFUStees al resrJ)tyt)le forthe 18nts of th8 Try, rwxL ststutory respfmsbility of tho Independont Examiner in l#tr to the Trust88s' rekK¥t is Ilmit8(J to exarnininu repfmt and 8nsuring that, on the farA of the r8rrt there are rna11 IrTSIenC1e% with th8 fyU5 disdosed in Ihe financial stst8men¢5.
Tnwtqo8' annual rnport for the year ended 28 February 2024 3)18 aThJ to Al actnj on or*ler 1# 201EII. SORPI, •rkt
Covenant Love Chapel Rgport of the Independent Examlner to the Truste•s of th• charltablo company on the accounts for the year gnded 28 February 2024 I rert to th8 tnJste8s my 8xaminab.on of the finarwl Slaternent% of thè thantabl8 u>mpany on pages 12 to 20 lorthe year ended 28 Fetsruary 2023 ¥thich have been prepared in awthnce th the Charrtse5 Act 2011 (the Acll and with the Finanoal Rewbng Standard 102. (effective 1st January 2016185 mc>#ified by FRS 102 SORP Istaternent ol Re¢rMetle& Practice lorAcntir and Rew)rttThJ by Charptses12015. las amended by the Bulletin Issued in Cktrknr 2018 and appltsb18 to all ac(x)unling peri(xJs beginning on or after 1st January 20191. (rh8 SORPI, published by th8 Charity Commissx)n in EryJland & Wa ICCEWI . and under the historiral c)st nVent and the a¢Lntirj le$ set out on p8ge 19. Regp8ctiw r•5pon$lbFli•ts of the tN¥tw$ 4nd the Independent Examlngr and the basis of the r•port As d8SLYibed on page 5, you. lh8 charltable cotyyanys Tnjstees. who are also thè Diractors of the Comp8ny for the purposes of Company law, are nSae for the prep3rabon of ihe finanrAal statements in aCrar Lh the Companies Act 2LX)6, the Gharrli8s Act 2011 and all other applicab law and wth United Kingdom Generalty Aepted A¢untirJ Pr5cti. app&>ble to smaller enth'es. and fLY being satisfied that the finanad Slalements gple a true and tsir vwAf. The trustees c3Jer thal the aUdt rwulrèment SKtion 144(11 of Ihe Charitres Art 2011 Ilhe Act) does not app. and that thw8 is no r8quiwent in the rn8nK¥3ndum and artides of the charity for the ndn9 of 8n audit, and that Ihe auxwnts do not require an audit in aC0)rdan ¥th Part 16 of Ihe Companies Act 2006 and that rnber or membars have e$ an aL¥dit putsuant to Secticffi 476 of the Companies Act 2006. ks a cOnsequeTr, the Trustees have eleLXed that the firncial slatements b8 SUtct to independent examin8tK)n. Having sali5fjed myBeifthat the finanaal statements are wuired to b8 audthj un(Jer any legal promsion, or othorwi8e. arKJ are eligibfe for indepeThJerrt 8xarninalion. il is my responsibj.lity to:. al axarnino th8 finarrtial statements ofthe dwnty urKJer 145 of the Ac¢. bl follow the apblO WdUM$ in the tre1C$ gNen by th8 Chty Commi&81)n under seelJn 145(5llbl of the Act. Bas18 of Indep•nd•nt eunln•rf$ stat•rnt and •¢ope ol work und•rt•k8 I r8wrt in respecl of my ex£min8b"on of the carilVs finan(xal staternents carri&J uThYer s145 ofthe Act. In caryThJ out my examination, I have follo%d all the app11rab DItionS gwen by Ihe Charity Commr5sion under section 14515Xbl of th8 Acr Setb th8 dulles of an irKJ8p8n(lent e¥Amlner In rejalion to the con(Jucting of an in(lependent examin"M. kn Irendent examination incknles a rewew ofthe accounbTrJ reeor¢J5 kept by the Charitab v)tnpany and of th8 aLwntiThJ syste empkny&J by the ¢harttatAe company aThJ a o)mpartson of the Slatemewrts presented vMth those recrdS. It also incltxjes nSIderatiOn of any unusual items or d1sd0suS in Ihe fin8ntial 5tat8ments, and seeknng explanations from you. as Trustees. Lajnceming such matters. The pwse ofthe examination is to establish as far a3 kx)ssIb that there have Lwn no brea of thanty18gisktlon and (lt, on a lest basis of eVwjen levant to the amInt$ gnd di%lDwr8s nw(le, the finarK¥al stat8mgnts cornply the SORP. The prLvdvres urKlertaken Ilo not mKJe all the eMd¥nce Ihat be required in an audit. and information Supp1j by TTUStees in the ¢wrse ofthe ex8minatson is not subCted to audrt tests or enquines and dces not eA)ver 811 the matters that an au¢tot 5er In aniviNJ at 8n opinion. The pLqnniry and duct ofan audii gThs bèyond the linit&J as5tsran thal an wMlep8ndanl examin8tion can provjde Consequ8nty, I do rK)t exprèss an audit opinK¥) wibw given by the finanrial slatem8nts, and In partyoJL8r. l express opinK)n as to whether finarmial ststements gNe a and fair view of Ihe aTrdirs of the charity, and my ret k% Iwnrte(I to the matter5 set oul in the Slatemènt t*w.
Covenant Love Chapel I pjanwl and perfcmd my examinabon so as to satisfy ryrysewlhai Ihe obie(ves ofthe independent examination a athiewj aTrY tslc¥e finalis1 thg r8POrt l obtained vrritten 85surances from th8 Truste88 of all rnat&rial matters. Indop•ndont •xamlnrfs s¢atemonL r•port and oplnlon Attention Is dra to thè accouth.ng policy stating that. nohmthstanding the explKit requirement in the extant statutory r8gulation5. th& Charities (Accounts and Repts) Reguratio 2008. 10 prepare the finanual statem8nts in atrxXJrdan the SORP 2005, View ol the fad that the SORP 2005 has beèn thdra. and in orderto al wth currènt test practi. the Trustees have d8teminl to prèpare tha ffinantsal statements in aCrdance Ihe FRS 102 SORP 1staierynt of R8cornmtrTrJed Prdctice forAcca)untiryJ and Rep)rting by Charitse512015, las 8metNJed by thg Bultth'n iss(Ed in ()Xober 2018 and applKable to all aw)unb'ng paritjys b8ginning on or after 1s1 Jarwary 20191. (fhÈ SORPI, . I concurwith this approach. aTr any tsthncts in my rBPCt to the regukn slxwkl be r8•J gJbie( to Ihis oNnmBnL Subject to the limitatic¥)5 urth th8 scow of my wjrk as detsied abow I have Ip18tl my examination.. and can (x)nftm th8L- The acwunts of thk% Charrtab c¥ynFony are wuw¢(J lo t aLKlit&J under Part 16 ofthe C(mpanies A Thls is a reFort in respect of an examination carrigj rAJt under 145 of the Act and In acxxjrdance wth Directitins gNen ty the Charity Cornmission under section 145(5Mbl of the A(X m8y be aw>1icats. and that no rnatwial matters have ce to my attentbjn in 7hith the gxamTriation gwing m8 eau8e to bèlieve that ilt any mateiial rnspecl. accounting fycords Ta not kept in rgspect ofthe (arityas rawlrj by Sth 386 ofthe Companies Act 26 and Secbon 130 of The Charrties AL12011" the financk?I stat8rrents (k) not a(tortl vhlh thrjse 0dS.. or the fin8naal ststements do not o)mtyy 1h the applK?ble rwuweft)erts (eMir9 thg form and content ofaca)unts set out tn 396 ofthe Cc¥npanies Ac 2006 olher tn any wuirement that the a(u¢Jnts gr¥e a Irue and fairf wiew. L8 t a matter nShIred as part of an independent examination,. hav8 not boen prepar1 tn accordance th Ihe tth(Al$ and pp1% set OLrt in Ihe FRS 102 SORP (Statsmt of Recomm8ThSed Practi ILY Attounting an¢J ReFth"rvJ by chawiti.esl 2015. las amend8d by the 8ulletin k8sued in Oclot¢r 2018 and 8FpIKable lo aN accnng penods Wnning on or after 1st January 20191. (The SORPI. I h8ve no Conc)$ and have acJ058 other matt5 ttjnnedion W1h th8 eMinat to %thich attention shoukl be ¢ra%w in this repL¥t in order lo enat4a a u$tand clth8 1#1 statements to be r&sch. Aden1 Zacdws. IThlnderrt Ewnin Chartered Certrrd At£)nnt 1A TO Squar8 Erith Kent DA8 1RE This rewt was SKdngJ on 28 Augu* 2024
Covonant LO Chap81- Stat•ment of Finan¢lal Actlvrtl•s tor the y¢ar ended 28 February 2024 Stat8ment of Flnancial Alt5 (including the Income and Expenditure Account for the year ended 28 February 2024, as requlred by the Companies Act 2006) Curr•nt y•nr PrWy••r Z4 2W23 Incom•.' Oonabons & L6ga( In¥eylm6nts 1.215 15.349 190.215 15.349 592 185,705 ,677 5,963 Total Inwm• 206.156 206.156 180,345 Exp8ndMure on.. CharFt8Ne 207521 207.521 143.704 Total exp•ndliur• 207.521 207.521 143.704 Not lorth• y•ar 11.3651 36.641 N•t mowamont In fund 11.365) {1,3651 36.641 Roconclllatlon of fur:. Total fuTrd Ixoughtforwa 379217 342.576 Total fundB cafti•d fonM 351.967 25.885 37Y.852 379.217 Th8 SORP Ref Ind018d atKwe B the da5sfrth of Incrr st r•Jt SORP drojmants. AS by p8ragrBph 4.60 oflhe SORP, the twm and fwrrj fvnd8 ¥te htre to ts Balar SheeL Aseparaie Statornenl ofTotsi Rtt<Jnl G81 L¥ ts nut rr] as s18t*Y rwnised gains aTrJ knsÈes. AJI 8cbwtEs derive frvm continuiThJ op8rab( Cov•nant Love Chapel - Resour$ applied In the year ended 28 February 2024 towards flxed assets for Charity use:. 2024 Funds gtrneratad In thè as lh8 SOFA Rexurrm on fifftl as8ets 11.3651 le.(2) 36,641 12.1881 Net r•VrCeS awdilat>l• to fvnd charlt•blo actl¥lt not•s attach•d on paw 12 to 20 fonn an Iiit8gral part of th•M account
Covenant LO Chapel - Statement of Flnanclal AcUTAtios for the year endod 28 Febwary 2024 Movements in r•venu• and eapital funds for the ygar ended 28 February 2024 Ro¥ènu• accumulat•d fund8 Toial FurKIs LB51 y Toial Funds Fur Fu Ac0Jmated fvnds LWM 3S3,&32 Rett)gni8 gaKrs 8rKJ 11.3651 before transfers 25.885 379.217 342A76 11.3651 36,641 351,967 2S,885 377.852 319317 Closlng ¥•v•nu• fund 351,9 379217 Summary of fvnds Tatsl FurK Fur 2023 R8v8nue a£¥xJmufat8d hjnds 1.967 3TI.8S2 379.217 Ttstsi furd• 351.967 25.885 377.852 379,217 conartt LO Chapel Incomè and Expendlture Account for the year •ndod 28 Febnmry 2024 as rnqulr•d by tha Companles Aet 2006 2024 2023 In)rne fr¢m oFerakns Rèfunds from HMRC on grft aKknJ 188.043 2,172 162,315 Inve5twl In¢x)Th an(1 int8r8St 15.349 8.677 Incom• in th• ythr bth •Xpu01I H•rn8 2041 180.345 175,C63 10.779 122,022 7,194 Govwn8rK Costs Interast payati 20.479 13.288 Total expondllur• In tho year R8tsln•d surplus for th¢ flnan¢lal year l 8cl1wt derive from c•JntinuirKJ cywakn$ 207,521 143.704 36.641 In 8ccud8nc• %¥ith ts prtWtskY6 oftr* Aca 2W6. arKI subheayings in Ihs Incomè The note$ attached on pages 12 to 20 fonn an integral part olthu• 8ecounts. 10
2023 491.917 491.917 h 81 bank ar*1 Iw 114,094 114.LW on• y••r 122.481 110.951) 103.143 In {184.955) 1215.8431 37T,862 379.217 12 12 1.987 377W2 379317 11
Covenant Love Chapel Notes to the Accounts for the year ended 28 February 2024 1 Accounting policigs Poli¢les relating lo the pmdtsction ofthe accounts. Ba8t8 of pr•p•ratlon and accourrtlng cIM¥ention Th8 3rts have b8en prep8fBd on ihè 8¢YAuals b.$. uThJ8r the hral LXEI ornvèntion. arm1 in accordan the Flnancial Rewrtin9 Standar(1102, leffectiv8 1st Jarnuary 20161 and'FRS 102 SORP IStatom8nt of Recommended prdCti lorArxtsJnting aNJ RewJrts'rwJ by che5)2015.I8S by the Bullth"n issued in October 2018 and applicab to all arAnting perKMJs Winning on or after 1st January 20191, (The SORPI. published by the Charity C£KTtmissM)n in EThJland & Wales ICCEW) . elf8ctrve January 2016, . and in a¢rord8nr wilh all applicAble law In the charitys jurisdictim of registration. except that Ihe charity has preparad the financial stat8rrents In act0rda1& wth the FRS 102 SORP Iststement ol R1)MMended PrathL for Acunting And R8porbng ty Charities) 2015, la5 amended by the Bulkthl issu1 in Othtr 2018 anLJ applicab to all a¢eounting perS beginning on or after 1st January 20191, (The SORPI. in pr8ference to Ihe pMoUS SORP, th8 SORP 2005. vthich has baen vilh¢Jrdwn. notthsiandlj Ihe lacl that the exlant statutory regulations. the Charitses (Accounts and Reportsl Regulab"on5 2008 refer expliuty to Ihe SORP 2(XJ5. This has been (Jon8 to accord wilh &JnI best Wdr'ce. Golng Concern The ch8ritable activities a enlirety dop8ndwt on 0)ntinl grant aKI arnl vdunlary donations as w8W as tr8¢ing revenuès. As a consequen. Ihe w.ng cOnM ba&$ is endent on the l¢Jture fl(w ofthese une8rtain fvnding streams. Actt>rdingly, the Trustees have cètsts)ed forec8$ts after ravi8rj ts finaal forecasts for futur8 p8ncA1s to 28 February 2023, Tru8tees are satisfje(l thal at the time of appmwr¥J lh8 finanoal strtements. it is appropriate to lopt th8 going conc8m basis in preparirg Ihe financ4al Statements. Other than Ihese matters. tha Trustees are not avrdre of any material urrtaInrttt5 thè tharivs atmlty to continuè as 8 90in9 conc8m. Rlsks and futuwB a48umptlons The Charity 15 8 public entsty. The trustees ère responsible to manage risks faced by the charity. The risks f8ced by the charity are ffnanoal and nonfinancial. The trnstees have put in placts management framework to manage the risks. Some of the risks faced by the charity are Itquidity and fvnding. reputslional, wulatory and operational. Policl•s relating to cat8gori•s of Income andlncome recognikn. Natur• of Ine¢mo Gros8 income r9ves5 the value, nèt ofvaluè 8(kknY tax and dis(xwnts. ofgLxxls pThidèd to C#JSknrrrs and Cat8gorl•s of Incom• Income is cat89on"s•d 85 inCW frDrn exchawwJg transacthS (CL1(# irmn81 w•Y frcwn rwxchange transath"cffi5 Igiftsl, inve5tmert and olh8r inrzr. Incom• from ex¢hange transactlons is r¢ceiv&J by the chanty servi 5uppIK8d under L¥)ntr8ct or ere entitl&mgnt is subject to fuffilliry perfOMan rdat8d 0)nd0. The ir10) the eharity receives is approximately equal in value to the g(x)Ys or serviw supplied by the charity to the purchaser. Incom• from • non-exchange transxtlon is the chaity 1Ve$ Ydlu8 from th8 donorvrilhout prOdIng equal value in exchange, and indudes tJcwiation$ of wyjs and seMc85 frgety given wthout giving equ81 valug in exchange. 12
Covenant Love Chapel Notos to the Accounts for the year ended 28 February 2024 Incomo r9CognlOn Income, wheth8r from exchange or exchange transadH)ns. ts rwnised in the ststemont offinancAal 8CtMties ISOFAI on a ratswablè ¥then a tran5aLaion or other gv8nt resutts in an intrease in the charity's assets or a redudion in it5 atlObe5 aThJ charty has Jegal 8ntiYerynt. the incA)me is prDbable and can bè rneasured r•liably. Incorn suty8Ct to torm5 and condthns %%l)ich must be mol Wora Ihe chaty is enbled to the resOurS is not rev)gnisecl until the condinS have been rrt All Incorna Is actounknj for gros5. befo d8ducng any fees or txjsts. Policias relatlng to expendilure goods and services pmvided to tha charlty. Voluntews T•nglble fix•d ass•ts Tangie fix8d ass8ts are m8asurBd at theworgind c>Jst Vu8. or 5ubw4vent revahration. cr rfdonated. as descriw atxjve. cl vath includ•8 all costs eywnded in brThJw the asset irtts is intènded vA)rknng rx)ndib"cfi. Depreciation has been prowde(t al the fothJwvJ Trt8s in orderto ¥rrit8 off the assets to tsr anbapatod residual value over their e5tirnated us•lul Irws. Building offi & chur¢h equiprnent Muwc and rned equipmont O % straj line 25 % Strah1 li 25 % 5trapJht line Debtors Cr•dFtor8 and provi¥lons Short lemi creditor5 are measured al transaction price {which is usually the invoice pricel. Loans and other finanual liabilities are initially recognised al transaction price nel of any transath.on costs and subsequently measured at amorbsed cost detenxtned using the effective interest method. Catsh and bank balanc•s Cash held by the charity is indu(led al thè amount aclually held and countetj at the y6ar end. Bank balances, whethor in credit or overdrawn, ar8 shown al the properfy re(x)nciled to the bank statements. Fund Accounting Unresthcted ftjnds are for at the dlscrelron oflhe trustee5 in furtheran of ts general obiectlves of tha tharity. Re5trcted fvnds a subjected to restrithns on therew¢kn impcÉthJ ty ttE {lor thrcwh the tenns ol an appeal oras inw11 by law. The arv endo*YD ffiJwKJ5. 13
Covenant Love Chapel Notes to the Accounts for the year ended 28 February 2024 2 Liability to taxation The trustees consider that Ihe charty salth the tests sot ot in P8ragraph 1 schedu 6 of th8 Finance Act 2010 for UK cL)rporation pufFX)ses. ALxxKdirvdty, the Chanty tKJtonti81ty exempt from taxation in r8spect of irTrcome c8pital gains rec8ived within (ategones covere(J by chapler 3 part 11 of the corporati Tax ALI 2010 or Secthjn 256 of the Taxèb"on of ChapJeab18 Gains Ad 1992. lo the gxtent Ihat suth income gaiTT5 are applied exclusively the specifE (8rilab obj&ts of the chanty and no olher purpose. Value Ad¢Jed TaK is not r8coverable by th8 chanty, and therefore Ile in Ihe rdèvant C¥)Sts in thè Stat8mènt offfinanaal aLW9. 3 Winding up or dissolution of the charity If upon wnding up or dissolution of the charity there rernn any a58ets. after the sat1&1k of all debts 8nd I'litI88. the assets repre5ent8d by th8 acojmutsted lund shaH be traTed to some other charitable bcty 188 having similar obpLts to th& tharity. 4 Net surplus b•forE tax In the financlal year 2024 2023 The net Srp tefcrfe the year is Stsbj aft8r thaffJng.'- D8preciation of ovmed fixe(t assets Pension LX)sts 3.029 15561 1.156 5 Int8rgst payablo 2024 2023 Loan interest 20,479 13,288 20,479 13,288 S•lary ¢osts 2024 2023 Gro&4 Sakr exduding trust8•5 and kny rronwJerrwt pSn EmployÈV5 operating costs of defiwj contribution pensK)n herneS 37.426 32,635 7,156 Total salarles, wages and Fplatsd costs 37,426 33,791 14
Covenant Love Chapel Notes to the Accounts for the year ended 28 February 2024 6 Motor Vehicle Totsl of Tol•l of At co•t ¥Uthn 1 Yu90n and cost 2024 2024 2023 Cost At 1 March 2023 Ad¢JitKJns Dispx)saLs 31.CK¥J 31.0 At 28 F•bruary 2024 D•ptIOn At 1 Marth 2023 Charg tr the y 31.t)00 31,000 7,750 7,750 At 28 F•bruary 2024 7,750 7,750 N•1 book Ydlu• 33.250 232SO 7 Tangible fLX8d assots Cun¥nt Ye•r Land and •qulplme Bulldings . fumttur• & fittlng Music & media equlptment Total ¢o#t At 1 Mwch 2023 AdditK)ns 487.198 24, 18,386 6.422 529,648 8,062 At 28 February 2024 487.198 25,704 24,808 537,710 D•pr8elatlon At 1 March 2023 Cha6 for Ihe year 22.752 476 14,979 2.553 37,731 3,029 At 28 February 2024 23.228 17.532 40.760 Net book valuo At 28 Febrnary 2024 487.198 2A76 7276 496.950 At 28 F•bruary 2023 487.198 1.312 3A17 491.917 8 Credftors: amounts falling duo wlthln on• year 2024 2023 Bank loans and ove¥drats Accruals PAYE, NIC VAT and othbr taxes 19,640 1.370 325 1.146 8,394 1.370 191 22,481 10.951 15
Covenant Love Chapel Notes to the Accounts for the yoar ended 28 February 2024 9 Crndltors: amounts falllng due after one ar 2024 2023 Bank loans and overdrafts 184.955 215.843 184,955 215.843 10 Incom• and Expenditure account summary 2024 2023 At 1 Marth 2023 Surplus after tax for th8 y8 379.217 11.3651 342.576 36,641 At 28 F•bruary 2024 3TT.852 379.217 11 Particulars of how partjcular funds ar• represented by ats and Ilabilitles At 28 F•bruary 2024 fvndx Tangible Fixed Assets Investments at Valuall:_ cuent Assets Current Liakn'lities Long Term LbilitieS 496,950 39.203 122.4811 {184.9S51 25.885 65,088 122,4811 1184,955 328,717 248e5 354,602 At 1 March 2023 Total fur fun nd Targible Fixed Assets Current Assets Cuffent Lrdbilthes LMJ Term LiabiloS 491,917 88,209 {10.9511 1215,8431 491,917 114,094 110.9511 1215.8431 25.885 25,885 12 Change in total funds 4>ver th8 year as Shown In Note 11 , anatysed by indlvldual funds 379,217 Ftsnds brought Mowfflent In Trnn8for# fund5 in 2024 Fund5 carrf•d forward to 2025 nds In 2024 2023 Se• Not• 13 unrestrkI4ndd*SIgnat0d lunds.". UTrr98trfcitd Rewue FuThts 353,332 (1.365} 351.967 Total unrg8trfjet8d d8signat•d fvnds 1,36 351.967 Total restr5c lunds 25.885 25.885 Total charlty fund8 379.217 1.365 377,852 16
Covenant Love Chapel Notes to the Accounts for the year ended 28 February 2024 13 Analysis of m¢>v•mgnts in fund8 over the year Other Expondltur• Gal & Movèment n funds 2024 2024 Unrestrkted and deslgnaiedlunds... unrestric Revenue Funts {207.5211 11.3651 207.521 1,365 17
Covenant Love Chapel Detailéd analysis of incom• and expendtture forthe year •nd8d 28 Febru•ry 2024 as r•qulrgd by the SORP 2015 This •natysls is ¢lasssifiedby ¢onventlonalnominal de5cripUons and no¢ by activity. 14 Donations Untty R•thct•d T(lal Fun Fun FurMIs T4ts1 Funds 2024 2D23 Donations and glfts frorn Indlvldual• Small donations indwhlualty kss than £10 R81un¢ts Irorn HMRC grft aad Ilonati( 188,043 2.172 188.043 2,172 162,315 3,390 T+)tal dontn3 ab)d qFfts from indlvidua 190215 190315 165.705 15 Invgstmont Income wrontyw ¢unvntye¥ CLwr•ntyur PrSDr Year Tow Furmts Tal Fun Fund F¥nd 2024 2024 Proty Refttal Incorr 15.349 15,349 8,677 Totsl inwè8tment Incomg 15.349 15.349 8,677 16 Other incom• and galns Currentyear T4>ts1 Fund# Tot•1 Fun Fund• 2023 Sundry other incc¥ne Total other incorn• 592 5.963 18
Covenant Love Chapel Detalled analy81s of tncome and expendltur• lor the y•ar end•d 28 Fbry 2024 as rnqulred by the SORP 2015 17 Expondltur8 on ¢har5table aetl¥hies - Direct spondlng Curr8ntyear Tot•1 fijnd Toil fund$ nds hJnd• 2024 Gross wages and salaries- harrtabl8 actrvities D8fined contribution pension costs - charitable acbwties Trav81 and Subsislenco- Charitable Activities Honorarium WeKa Training Event 37,426 37,426 32.635 7,995 7.995 5,699 970 1.114 2.232 10.103 1.114 1232 10,103 7,291 T<)tal dlrect Spendlng 59,8211 59.820 47.751 18 Expondltur• on ¢hartt•ble actlvilies- Grnnt fundlng of ac¢Mtles CurTentyear Tot1 Totsl fvnds fun¢• lundi 2024 2023 Grants made to indivtduals Grants made lo organisations 4.410 38.283 41.387 41,387 Total grnntmaking c¢xts 43.187 43,187 42.693 Breakdown of Grdnts mad• to organlsatlons Currenty8ar rbdB lund¥ Wortd EvaNJ81tGql misrn (WEMI Central Offjce ICOFI Fests"val of lrfe IFOLI M8gdalwe Dov8 Minislrles Cornp8&8KJn UK Parkinson UK RCCG Lord's dNine Bapbst Church Sittw bffle 32.548 ,373 6.373 720 720 100 l(X) 11)) 19
Covenant Love Chapel Detalled analysis ol incom• and exndItUrn for the year ended 28 Febrry 2024 as requlred by the SORP 2015 Promlses exp•nsoS Rates and water charges Light hèat and power Premises repair5, renevrals artd maintenance Propety insurance 425 11.930 328 2.125 11,930 46,757 46,757 17213 2,692 Adminlslrntive overheads Telephone. fax and inlemet Stationery and prinb.ng CD and books Motor expenses Sundry expenses Insurance 2,113 2.113 1J33 921 191 1,006 120 120 Prolessional fees paid to advisor4 obSer than the audltor or examlner Accountsncy fees other than examination or audrt fees 13 Olhtsr legal and professional Bank charges Loan interest Depreciation in totsl for the period 13 128 252 20,479 128 252 20.479 135 217 13.288 10,779 10.7T9 7,194 Total support costs - Currènt year 103.314 103,314 52.060 19 Other •xpenditurn- Gov•rnan¢e costs Prloryair Toial fund% Cunpnt year UnrBotvfjGted Restrlet•d Tcéal fundi fun 202J Independent Examinerfs fees 1.200 Total gow4rnanc• cos¢• 1300 1.200 20 Total charltabk exp•ndMur• Currpntyoar CuTh•nt year Curyent y•4r VnteSbl¢ted R•strfct•d Total funds lunth rbd¥ 2024 Prfof year Tol&l fundi Curront year 2024 2023 Total dir8Ct spending Total grantmaking ¢xists Totsl support costs Total governaTh2 costs 59.820 43.187 103,314 47,751 42.693 52,060 1,200 43.187 103.314 Total charltabh oxpendliurn 207.521 207.521 143.704 20