ANNUAL YEAR ACCOUNTS
AS AT
31 AUGUST 2023
Annual Accounts Report
Company number: 07356269
Charity number 1146693
Page 1 of 24
| Contents | Page |
|---|---|
| Index and company data | 4 |
| Trustees’ report |
5-11 |
| Accountant’s report |
12 |
| Statement of financial activities | 13 |
| Balance sheet | 14 |
| Notes to the financial statements | 15-22 |
| Detailed income & expenditure account | 23 |
| (not part of statutory report) |
Page 2 of 24
Annual Accounts Report of the Board of Trustees for year ending 31 August 2023
The Board of Trustees presents its directors’ annual financial report and unaudited financial statements for the year ending 31 August 2023
.
Index and Company data
Reference and Administrative Information
Charity Name: Living Faith International Ministries Charity registration number: 1146693 Company registration number: 07356269 Registered Office & Operational address: 170 Cottingham Road, Corby, NN17 1SY Contact details: Tel 01536 659633 or 07874 642071 Email: info@livingfaithtemple.com www.livingfaithtemple.com
Trustees
Mr David Bizabani (Chairman)(Youth Pastor) Mr Nigel Tatenda Mutsongonono (Pastor) Mrs Faith Bvumbe (Deaconess) Mr Cletos Mubwanda (Pastor) Mr Cleto Mudhefi (Elder)
Senior Pastoral Team
Mr David Midzi Presiding Bishop Mrs Naome Midzi Senior Pastor Management Committee Mr Edson Mubwanda Service Manager (Elder) Mrs Esnart Bizabani Public Relations & Safeguarding Officer (Pastor) Mrs Patience Onwuegbuzie Accounts Payable Manager (Deaconess) Mrs Rose Mubwanda Children Ministry Officer (Elder) Mrs Edna Morris Secretary (Elder) Mr Innocent Masango Building Committee Chairperson (Elder) Mrs Fadzai Masango Head of Catering Department (Deaconess)
Page 3 of 24
Professionals Contacts
Independent Examiner: Saul Muchenje
SRM Accountants
SRM Accountants &Tax Advisors
6[th] Floor, Grosvenor House, George Street, Corby, NN17 1QB Telephone 01536659064, Mobile 07913765694 Email:info@srmaccountants.com Web: www.srmaccountants.com
Bankers: HSBC
HSBC, 22-24 Corporation Street, Corby, NN17 1NJ
The Charity Bank Limited, Fosse House,182 High Street, Tonbridge, Kent TN9 1BE T: +44 (0)1732 441900 E: enquiries@charitybank.org
Page 4 of 24
Independent Examiners' Report
Independent Examiner's Report to the trustees of the charity
Report of the Independent Examiner to the trustees on the accounts of the Charity for the year ended 31 August 2023
I report on the accounts of the charity for the year ended 31 August 2023, which are set out on pages 13 to 24.
Respective responsibilities of trustees and examiner
The trustees, who are also the directors of Living Faith Temple for the purposes of company law, are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011, the 2011 Act, and that an independent examination is needed. I am qualified to undertake the examination by being a qualified member of The Association of Certified Chartered Accountants. Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:
(i) examine the accounts under section 145 of the 2011 Act;
(ii) to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act; and
(iii) to state whether particular matters have come to my attention.
Basis of Independent examiner's report
My examination was carried out in accordance with the 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 you as 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:
(a) which gives me reasonable cause to believe that in any material respect the requirements: (i) to keep accounting records in accordance with section 386 of the Companies Act 2006; and (ii) to prepare accounts which accord with the accounting records, comply with the accounting requirements of 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities; have not been met; or
(b) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached
The date upon which my opinion was expressed is 28 May 2024
Saulmuchenje
Saul Muchenje
Page 5 of 24
TRUSTEES' MANAGEMENT ACCOUNTS REPORT For the year ending 31 August 2023
Directors and Trustees
The Living Faith International Ministries is a registered charitable organization (Charity Number 1146693) whose registered address is 170 Cottingham Road Corby NN17 1SY.
The Charity Trustees are: Mr David Nyika Bizabani (Chairman) (Youth Pastor), Mr Nigel Mutsongonono (Pastor), Mrs Faith Bvumbe (Deaconess), Mr Cletos Mubwanda (Pastor), and Mr Cleto Mudhefi (Elder)
Principal activity, Organisation and decision making strategy
Living Faith International Ministries operates under guidance of the Church Presiding Bishop, David Midzi, who has overall spiritual oversight of the organization’s operations. The Trustees are accountable to upholding the ministerial vision of the church inclusive of promoting the pastoral and evangelical social responsibility of the church as enunciated by the Church Leadership.
Objectives
Our vision is to reach our local community and beyond with the message of hope in Jesus Christ and to train, equip and release the five-fold ministry gifts both into the communities we operate in and globally. To build a strong church based on biblical principles whose purpose is to teach the word of God with simplicity and clarity so as to effect positive change in our community. Living Faith International Ministries also endeavours to work with other churches and organizations whose mission identifies with their own again to contribute positively to our community. In this regard we have continued our support through collaborative working and sustainable engagement with our Local Authorities and Boroughs to ensure meeting of our corporate social responsibility in the community.
Page 6 of 24
Local and International Engagement
Following official opening of the former Connaught Centre and now Living Centre, we have continued to witness a steady rise of engagement with the community. This is evidenced by public members’ traffic figures on Community Hall, Storage and Office Hire enquiries and substantive bookings.
The Living Centre also partnered with the Local Authority in championing the Corby Churches’ initiative towards the Ukrainian Refugee cause by offering free facility usage for temporary day sheltering and English Language tutorial classes in the Main Hall and Rooms within the facility.
The Ministry continues to provide support to Living Faith IM Ministries established in Uganda, Zimbabwe and Pakistan. The Support is in the form of token financial donations catering for hire, maintenance and repair of structural buildings used as places of worship. In the year under review, there was prevalence of high winds in Zimbabwe and flooding in Pakistan warranting request for donations in cash and kind to ameliorate impact and effect of natural disasters.
Page 7 of 24
LIVING FAITH INTERNATIONAL MINISTRIES
TRUSTEES' REPORT – continued
Review of financial activities
The Financials- 4-year financial overview
The following chart shows a summary of Living Faith Temple’s financial position for a fouryear period running. The Trustees are happy to present a healthy and ever improving financial state.
| As at 31 Aug | As at 31 Aug | As at 31 Aug | As at 31 Aug | |
|---|---|---|---|---|
| Financial element | 2020 (£) | 2021 (£) | 2022 (£) | 2023 (£) |
| Restricted Income | 25,250 | 5,523 | 7,683 | 25,575 |
| Unrestricted Income | 168,301 | 116,032 | 175,455 | 195,849 |
| Total Income | 193,551 | 121,556 | 183,138 | 221,424 |
| Expenditure-Unrestricted | 199,374 | 128,796 | 157,743 | 209,104 |
| Expenditure-Restricted | 748 | 0 | 0 | 0 |
| Expenditure Total | 200,122 | 128,796 | 157,743 | 209,104 |
| Surplus/Deficit- Unrestricted | -31,073 | -12,763 | 17,712 | -13,256 |
| Surplus/Deficit- Restricted | 24,502 | 5,523 | 7,683 | 25,575 |
| Deficit Total | -6,571 | -7,239 | 25,395 | 12,320 |
| Fixed Assets | 611,813 | 588,568 | 564,276 | 8,199,052 |
| Cash & Cash Equivalents | 57,787 | 42,692 | 72,978 | 48,453 |
| Charity Funds | 236,114 | 243,354 | 268,749 | 7,907,308 |
Page 8 of 24
LIVING FAITH INTERNATIONAL MINISTRIES
TRUSTEES' REPORT – continued
For the annual financial year ending 31 August 2023, total unrestricted funds amounted to £ 195,849 which is an increase of £ 20,394 when compared to the previous year. Most of the increase was attributed to the increase in donations given towards the completion of the kitchen. The rest can be attributed to increased missions’ activity which gave rise to increased donations.
Restricted income was £25,575 compared to £7,683 in the previous year, an increase of £17,892; this income mainly from a new income stream., NCP.
Expenditure Analysis
The expenditure was £209,104 in 2023 when compared to £157,743 in 2022. This increase of £51,361 can mainly be attributed to increased missions activities, conference meetings and a general increase in utility and maintenance cost.
| As at 31 Aug | As at 31 Aug | As at 31 Aug | As at 31 Aug | |
|---|---|---|---|---|
| Financial element | 2020 (£) | 2021 (£) | 2022 (£) | 2023 (£) |
| Total Income | 193,551 | 121,556 | 183,138 | 221,424 |
| Expenditure Total | 200,122 | 128,796 | 157,743 | 209,104 |
Surplus/Deficit Analysis
| As at 31 Aug | As at 31 Aug | As at 31 Aug | As at 31 Aug | |
|---|---|---|---|---|
| Financial element | 2020 (£) | 2021 (£) | 2022 (£) | 2023 (£) |
| Surplus/Deficit-Unrestricted | -31,073 |
-12,763 | 17,712 | -13,256 |
| Surplus/Deficit- Restricted | 24,502 | 5,523 | 7,683 | 25,575 |
| Surplus/Deficit Total | -6,571 | -7,239 | 25,395 | 12,320 |
Page 9 of 24
Fixed Assets
| As at 31 Aug | As at 31 Aug | As at 31 Aug | As at 31 Aug | As at 31 Aug |
|---|---|---|---|---|
| Financial element | 2020 (£) | 2021 (£) | 2022 (£) | 2023 (£) |
| Fixed Assets | 611,813 | 588,568 | 564,276 | 8,199,052 |
| Cash and Cash Equivalents | ||||
| The closing bank balances as at | 31 August 2023 were as follows. | |||
| (£) | ||||
| Living Centre Building Fund | 8,911 | |||
| Main Church Account | 3,854 | |||
| Covenant Account | 30,889 | |||
| Activities Account | 4,798 | |||
| 49,452 | ||||
| As at 31 Aug | As at 31 Aug | As at 31 Aug | As at 31 Aug | |
| Financial element | 2020 (£) | 2021 (£) | 2022 (£) | 2023 (£) |
| Cash & Cash | ||||
| Equivalents | 57,787 | 42,692 | 72,978 | 48,453 |
Charity Funds
There has been a significant increase in Charity funds from £268,749 in 2022 to £7,907,308 as shown below. This increase is due to the revaluation of our buildings following an event that resulted in an insurance claim.
| As at 31 Aug | As at 31 Aug | As at 31 Aug | As at 31 Aug | |
|---|---|---|---|---|
| Financial element | 2020 (£) | 2021 (£) | 2022 (£) | 2023 (£) |
| Charity Funds | 236,114 | 243,354 | 268,749 | 7,907,308 |
Page 10 of 24
LIVING FAITH INTERNATIONAL MINISTRIES
TRUSTEES' REPORT – continued
Risks
The Trustees continue to assess the risks to which the Charitable Trust is exposed. This includes the potential risks to the Trust which are posed by the uncertainties in the investment markets. They have concluded that their policies remain prudent and reasonable in the current circumstances. The Management Committee has conducted a review of the major risks to which Living Faith International Ministries is exposed. A risk register has been established and is updated at least annually. Where appropriate, systems or procedures have been established to mitigate the risks Living Faith International Ministries faces. Significant external risks to funding have led to the development of a strategic plan which will allow for the diversification of funding and activities. Internal control risks are minimised by the implementation of procedures for authorisation of all transactions and projects. Procedures are in place to ensure compliance with health and safety of church members, suppliers, volunteers, clients and visitors to the church. These procedures are periodically reviewed to ensure that they continue to meet the needs of the charity.
Responsibilities for producing financial statements
The Trustees prepare accounts which give a true and fair view of the state of affairs of the Charity and of its income and expenditure for that period. In
-
select suitable accounting policies and then apply them consistently;
-
make judgements and estimates that are reasonably prudent; and
-
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the accounts; and
-
prepare accounts on a going concern basis unless it is appropriate to assume that the Charity will not continue in operation. The Trustee are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial
Page 11 of 24
LIVING FAITH INTERNATIONAL MINISTRIES
TRUSTEES' REPORT – continued
- position of the Charity and to enable them to ensure that the accounts comply with current legislation. The Trustee are also responsible for safeguarding the assets of the Charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.
Appreciation
The Trustees wish to place on record their appreciation of the efforts of the Management Committee and volunteers, for the welfare of the society.
This Annual accounts report was approved by the Board of Trustees on 21/03/2023 and signed on their behalf.
Signed
............................................ MR DAVID BIZABANI
Page 12 of 24
LIVING FAITH INTERNATIONAL MINISTRIES
FOR THE PERIOD ENDING 31 August 2023
| Notes INCOMING RESOURCES Donations and legacies2 Total incoming resources RESOURCES EXPENDED Charitable expenditure Total resources expended Net movement in funds Surplus 8 |
Unrestricted Fund £ 195,849 |
Restricted Total Funds Fund 2023 £ £ 25,575 221,424 |
|
|---|---|---|---|
| 195,849 |
25,575 221,424 |
||
| 209,104 |
0 209,104 |
||
| -13,256 25,575 12,320 |
The Statement of Financial Activities includes all gains and losses in the year and therefore a statement of total recognised gains and losses has not been prepared. All of the above amounts relate to continuing activities.
Page 13 of 24
LIVING FAITH INTERNATIONAL MINISTRIES
| 2023 | 2022 | |||||
|---|---|---|---|---|---|---|
| BALANCE SHEET – 31 August 2023 | ||||||
| Notes | £ | £ | £ | |||
| Fixed Assets | ||||||
| Tangible assets | 1,5 | 8,199,052 | 564,276 | |||
| Current Assets | ||||||
| Cash at bank and investments | 6 | 48,453 | 72,978 | |||
| 48,453 | 72,978 | |||||
| Current Liabilities | ||||||
| Creditors - amounts falling due within one year |
7 | (37,667) | (55,599) | |||
| Net Current Assets | 10,786 | 17,379 | ||||
| Liabilities | ||||||
| Creditors- amounts failing due after one year | 9 | (302,530) | (312,906) | |||
| NET ASSETS | 7,907,308 | 268,749 | ||||
| Charity Funds | ||||||
| Surplus/Deficit-General fund | 1,8 | -42,998 | 17,712 | |||
| General Fund | 269,544 | 243,354 | ||||
| Surplus- Restricted fund | 1,8 | 25,575 | 7,683 | |||
| Revaluation Reserve | 1,8 | 7,655,187 | - | |||
| CHARITY'S FUNDS | 7,907,308 | 268,749 |
These accounts are prepared in accordance with the special provisions of Part VII of the Companies Act 1985 relating to small entities.
These financial statements were approved by the members of the committee and authorised for issue on 21/03/2023 and are signed on their behalf by:
Signed
Page 14 of 24
............................................ MR DAVID BIZABANI
Page 15 of 24
LIVING FAITH INTERNATIONAL MINISTRIES
NOTES TO FINANCIAL STATEMENTS – 31 August 2023
- Accounting Policies
The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year and in the preceding year.
Basis of preparation of accounts
The financial statements have been prepared under the historical cost convention, as modified by the inclusion of fixed asset investments at market value, and in accordance with the Companies Act 1985 and the Statement of Recommended Practice: Accounting and Reporting by Charities issued in March 2005.
- Fund accounting
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity. Unrestricted funds include a revaluation reserve representing the restatement of assets at market values.
Designated funds are unrestricted funds earmarked by the Management Committee for particular purposes.
Restricted funds are subjected to restrictions on their expenditure imposed by the donor or through the terms of an appeal or voluntarily for the purpose of raising funds for a particular purpose.
Page 16 of 24
LIVING FAITH INTERNATIONAL MINISTRIES
NOTES TO FINANCIAL STATEMENTS – 31 August 2023
Incoming resources
All incoming resources are included in the statement of financial activities when the charity is entitled to, and virtually certain to receive, the income and the amount can be quantified with reasonable accuracy. The following policies are applied to particular categories of income:
-
Voluntary income is received by way of grants, donations and gifts and is included in full in the Statement of Financial Activities when receivable. Grants, where entitlement is not conditional on the delivery of a specific performance by the charity, are recognised when the charity becomes unconditionally entitled to the grant .
-
Donated services and facilities are included at the value to the charity where this can be quantified. The value of services provided by volunteers has not been included in these accounts.
-
Incoming resources from grants, related to performance and specific deliverables, are accounted for as the charity earns the right to consideration by its performance.
-
Incoming resources from charitable trading activity are accounted for when earned
Page 17 of 24
LIVING FAITH INTERNATIONAL MINISTRIES
NOTES TO FINANCIAL STATEMENTS – 31 August 2023
Resource expended
-
Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates:
-
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
-
Costs of generating funds comprise the costs associated with attracting voluntary income and the costs of trading for fundraising purposes.
-
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fees and costs linked to the strategic management of the charity.
-
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
-
All costs are allocated between the expenditure categories of the statement of financial activities on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly.
Fixed Assets
- Fixed assets (excluding investments) are stated at cost less accumulated depreciation. The costs of minor additions or those costing below £500 are not capitalised. Depreciation is provided at rates calculated to write off the cost of each asset over its expected useful life, which in all cases is estimated at 5 years. In the case of long lease, depreciation is provided over the life of the lease on straight line method.
Page 18 of 24
LIVING FAITH INTERNATIONAL MINISTRIES
NOTES TO FINANCIAL STATEMENTS – 31 August 2023
Impairment reviews are carried out as and when evidence comes to light that the recoverable amount of a functional fixed asset is below its net book value due to damage, obsolescence or other relevant factors.
Revaluation
Tangible fixed assets are initially be measured at cost which are the costs that are directly attributable to bringing the asset into working condition for its intended use. Subsequent expenditure should be capitalised in three circumstances:
-
Where it enhances the economic benefits of the asset in excess of its previously assessed standard of performance.
-
Where it replaces or restores a component of the asset that has been treated separately for depreciation purposes.
-
Where it relates to a major inspection or overhaul that restores the economic benefits of the asset which have been consumed by the entity.
2. A) Donations and other Income
The donations are received through either cash, cheque, card payments or direct payments into the bank accounts. The amount received during the 12 months period
| Total | Unrestricted Income Fund £ 195,849 |
Unrestricted Income Fund £ 195,849 |
Restricted Income Gift Aid Total Funds Fund 2021 £ £ £ 25,575 - 221,424 |
Restricted Income Gift Aid Total Funds Fund 2021 £ £ £ 25,575 - 221,424 |
|
|---|---|---|---|---|---|
| 195,849 | 25,575 - 221,424 |
Page 19 of 24
LIVING FAITH INTERNATIONAL MINISTRIES
NOTES TO FINANCIAL STATEMENTS – 31 August 2023
2 B) Expenditure
| Total | Unrestricted Expenditure Fund £ 209,104 |
Restricted Expenditure Fund £ - |
Total Expenditure 2022 £ 209,104 |
|
|---|---|---|---|---|
| 209,104 | - | 209,104 |
3. REMUNERATION
The Senior Pastor is the only full-time employee paid by the charity. However, the remuneration paid to the Pastor is only an allowance to cover His costs, the church is not in a position to appropriately remunerate him as yet. All the other members work on voluntary basis and do not receive any remuneration from the Charity.
SRM Accountants, the named accountants for Living Faith Temple, have been providing accountancy and tax advisory services on voluntary basis for the past six years and no accountancy fees have been charged in the past. The Chartered Accountants firm have clearly stated that they wish to maintain the same position for an unforeseeable period as long as they remain the appointed firm until such time the Trustees and the management council decide to appoint a different firm.
4. DIRECTORS/TRUSTEES' REMUNERATION
No remuneration or benefits were received by the Trustees during the year. Any expenses paid were re-imbursement for costs incurred.
Page 20 of 24
LIVING FAITH INTERNATIONAL MINISTRIES
NOTES TO FINANCIAL STATEMENTS – 31 August 2023
5 FIXED ASSETS - TANGIBLE
| Cost At 01 September 2022 Additions in the year Disposals 25 Year lease Capital improvements Additional capital improvements Revaluation (Gain) Roof replacement Revaluations At 31 August 2023 Depreciation At 01 September 2022 Charge for the year On Disposals At 31 August 2023 Net book value at 31 August 2023 Net book value at 31 August 2022 |
Media equipme nt Living Centre Furniture Computer Equipment Kitchen Equipment Total £ £ £ £ £ £ 16,182 595,047 6,354 1,654 36,300 655,537 2,157 15,211 17,368 7,974,153 7,974,153 |
|---|---|
| 18,339 8,569,200 6,354 1,654 51,511 8,647,058 |
|
| 12,935 69,951 1,905 662 5,808 91,261 1,326 342,768 635 331 11,685 356,745 - - |
|
| 14,261 412,719 2,540 993 17,493 448,006 |
|
| 4,078 8,156,481 3,814 661 34,018 8,199,052 |
|
| 3,247 555,588 4,449 992 - 564,276 |
Fixed assets
Page 21 of 24
The above figure for fixed assets comprises of the following figures: The Living Faith International Ministries have taken a 25-year lease of the former Corby Baptist Church at a consideration of £36,878 and this has been capitalised and has been depreciated over 25 years on a straight-line basis.
The Living Faith figure for 21/22 was reapportioned in 22/23 as the kitchen equipment and buildings were classed as the same asset however these have different UEL. £36,300 has been presented separately under kitchen equipment.
The Living Faith buildings have significantly increased in value, this was a result of a revaluation as at 31 March 2023 due to significant water damage that occurred. The works were initially quoted via insurance claim which automatically triggered a revaluation to ascertain the value of the individual components. This evaluation revealed that the buildings were not adequately covered by our insurance given the revaluation amounts stated on the certificates.
The valuations were carried out externally and independently by CS2 Chartered Surveyors in accordance with the methodologies and bases for estimation set out in the professional standards of the Royal Institution of Chartered Surveyors.
The Connaught Centre was valued at £6,091,200 and Corby Baptist church was valued at £2,478,000.
6. CASH AT BANK £
| Living Centre Building Fund Main Church Account Covenant Account Activities Account |
8,911 3,854 30,889 4,798 49,452 |
|---|---|
| 7. CREDITORS - due within one year Details of creditors falling within 1 year are as follows: HSBC Business Bounce Back Loan (£949 per month) Other creditors |
£ 11,388 33,984 45,372 |
|---|---|
8. FUNDS
| Surplus General Funds Revaluation reserve |
General Restricted Total Fund Fund £ £ £ -42,998 25,575 17,423 |
|---|---|
| 269,544 269,544 |
|
| 7,655,187 - 7,655,187 |
|
| 7,881,773 25,575 7,907,308 |
Page 22 of 24
The trustees have designated that two funds (General & Living Centre Building
Fund) shall be set aside for the specific purposes as outlined in note 1(f). Transfers are made in line with these purposes.
£ 267,024
9. CREDITORS FAILING AFTER ONE YEAR
Charity Bank (Over 25 years) 267,024 Other Payables 35,506 302,530
The loan from the Charity Bank has been obtained at an interest rate of 3.25% per cent per annum above the base rate of the Bank of England from time to time, provided that if the Bank of England base rate is lower than 0%, the Bank of England base rate applicable to the Loan shall be deemed to be 0% for the period of time that the rate is lower than 0%.
The term of the loan is 25 years. The start date of the loan was 20 April 2018 with the first interest repayment debited on 12 May 2018.
An additional bridge loan of £61,000 was taken in 2020 to fund the roof replacement for the Sports Hall and this was meant to be to be repaid in 2 tranches with the first end of August but The Charity Bank has now incorporated it into the main loan account which is to be spread over the 25 year period.
Due to Coronavirus, the Charity sought a business bounce bank loan to alleviate cash flow problems. Repayment of the loan commenced in June 2021 and will be repaid over 5 years.
10. Taxation
As a charity, Living Faith International Ministries is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or s256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges have arisen in the Charity except PAYE related liability.
Page 23 of 24
LIVING FAITH INTERNATIONAL MINISTRIES
DETAILED INTERIM INCOME AND EXPENDITURE ACCOUNT For year ending 31 August 2023
| Incoming Resources-Income Donations Other income Total income Resources expended- Expenditure Donations – FCC Pastor Salary Printing Charity Bank payments Travel and Subsistence Conferences Costs / Honorarium Finance Costs Water, Gas & Electricity Stationery Missionary work Council Tax Professional fees Prayer retreat Food Bank Property Maintenance Licensing Subscriptions Card Terminal processing fee Mobile phone Insurance Other miscellaneous Bank charges Independent Examination Fees Employer PAYE and NI Total Expenditure Special Write Back Creditors Surplus/Deficit for the period |
2023 2022 £ £ 193,190 128,440 |
|---|---|
| 28,234 54,698 |
|
| 221,424 183,138 |
|
| 1,200 1,200 30,000 26,521 2,553 462 30,364 23,359 7,339 3,313 42,721 16,176 14,082 21,260 10,550 12,132 - - 47,364 26,761 2,367 3,459 - - - - - 2,245 7,629 8,981 - 116 2,715 3,329 2,085 2,139 237 281 6,313 3,894 2,532 1,964 256 150 |
|
| 209,104 157,743 |
|
| - | |
| 209,104 157,743 |
|
| - | |
| 209,104 157,743 |
|
| 12,320 25,395 |