Charity number 1150869
Love of God Ministry
Report and Accounts
29 February 2024
## **Love of God Ministry Report and accounts Contents**
||**Page**|
|---|---|
|Charity information|1|
|Trustees' report|2|
|Accountants' report|3|
|Profit and expenditure Schedule|4|
|Balance sheet|5|
|Notes to the accounts|6|
## **Love of God Ministry Charity Information**
## **Trustees**
Gideon Sunday Adewale Olatunji Folasayo Ibironke Bose Adeleye Ibraheem Obasanjo Akinlabi Aboaba Olawale Christopher Otusile
## **Accountants**
Francis & Co 1 Francis Street London E15 1JG
## **Bankers**
Barclays Plaistow 2 Leicestershire Leicester LE87 2BB
## **Charity Address**
47 Beam Avenue Dagenham Essex RM10 9BS
**Registered number** 1150869
1
## **Love of God Ministry**
## **Report of the Trustees for the year ended 29 February 2024.**
The trustees present their annual report and financial statements for the year ended 29 February 2024. The charity has to comply with the Statement of Recommended Practice (SORP).
## **Reference and administrative details**
Legal and administrative information has been disclosed in a separate page.
## **Structure, Governance and Management**
Governing document - Love of God Ministry is registered as a charity with the Charity Commission.
## **Objects of the charity, principle activities and organisation of our work**
The charity’s objective is as follows:
i) The advancement of the Christian religion and encouraging individual to turn to God rather than adopting destructive or harmful behaviour such as crime, drugs abuse, alcoholism in daily life or when facing difficult periods.
ii) The promotion of religious harmony by establishing a better understanding of the Christian amongst both Christian and other religious groups thus reducing racial and religious tension in the community.
iii) The advancement of community development by promoting Christian value such as family life, care in the community, loving thy neighbour, self and mutual respect as this turn will create a safer, more pleasant community for all and will help address problems such as bullying and loneliness.
The charity is organised so that the trustees meet regularly to manage its affairs.
## **Transaction and financial position**
The Statement of Financial Activities shows net Defecit of £31,414 for the year.
## **Risk Management**
The trustees have a risk management strategy which comprises:
- An annual review of the risks the charity may face;
- The establishment of systems and procedures to mitigate those risks identified in the plan; and
- The implement of procedures designed to minimise any potential impact on the charity should those risks materialise.
Particular attention has focussed on non-financial risks arising from fire, health and safety, and food hygiene. A key element in the management of financial risk is the setting of a reserves policy and its regular review by the trustees.
2
## **Love of God Ministry**
## **Trustees’ responsibilities in relation to the financial statement**
The trustees are required to prepare financial statements for each financial year which gives a true and fair view of the charity and of it financial position at the end of the year. In preparing those financial statements, the trustees are required to:
(a) Select suitable accounting policies and then apply them consistently;
(b) Make judgements and estimates that are reasonable and prudent;
(c) State whether the policies adopted are with applicable accounting standards and statement of recommended practice, subject to any material departures disclosed and explained in the financial statement;
(d) Prepare the financial statements on a going concern basis unless it is inappropriate to assume that the charity will continue in operation.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with statement of recommended practice. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## **Accountants**
A resolution proposing Francis & Co is appointed as accountants of the charity will be put to the Annual General Meeting.
This report was approved by the trustees on 19th August 2024 and signed on its behalf.
.................................. (Trustees)
Bose Adeleye Ibraheem For and on behalf of Love of God Ministry
3
## **LOVE OF GOD MINISTRY ACCOUNTANTS REPORT TO THE MEMBERS ON THE UNAUDITED ACCOUNTS**
**We report on the accounts for the year ended 29 February 2024**
## **REPECTIVE RESPONSIBILITIES OF TRUSTEES AND REPORTING ACCOUNTANTS**
As described on the Trustee’s Report, the trustees are responsible for the preparation of accounts and they consider that the company is exempt from an audit. It is our responsibility to carry out procedure designed to enable us to report our opinion.
## **BASIS OF OPINION**
Our work was conducted in accordance with the Statement of Standards for Reporting Accountants and so our procedures consisted of comparing the accounts with the accounting records kept by the charity and making such limited enquiries of the trustees of the charity as we consider necessary for the purpose of this report. These procedures provide only the assurance expressed in our opinion.
## **OPINION**
In our opinion:
a) The accounts are in agreements with the accounting records kept by the charity. b) Having regard only to and on the basis of the information contained in those drawn up in a manner consistent with the accounting records:
1) The charity accounts have been drawn up in a manner consistent with the accounting requirements of the charity Act 2011.
2) Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting practice.
Francis & Co 1 Francis Street London E15 1JG
19 August 2024
4
## **Love of God Ministry Income and expenditure Schedule for the year ended 29 February 2024**
|**NOTES**
**Income**
Donations 1
**Direct Charitable expenditure:**
Travel and subsistence
Motor expenses
Rent
Rates
Light and heat
Cleaning
Telephone and fax
Subscriptions
Insurance
Repairs and maintenance
Depreciation
Events
Donations
**Other expenditure:**
Accountancy fees 3
**Net (Defecit)/Surplus for the period**
**Fund balance brought forwards**
**Fund balance carried forwards**|**RESTRICTED**
**UNRESTRICTED**
**2024**
**£**
-
42,509
-
42,509
-
2,627
-
254
-
54,133
-
731
-
464
-
552
-
1,532
-
115
-
2,949
-
9,410
-
201
-
-
-
355
-
73,323
-
600
-
600
-
(31,414)
-
97,407
-
65,993|**UNRESTRCTED**
**2023**
**£**
35,523
35,523
4,892
219
19,200
1,160
1,784
442
1,465
106
842
1,895
201
456
4,652
37,314
600
600
(2,391)
99,798
97,407|
|---|---|---|
5
## **Love of God Ministry Balance Sheet as at 29 February 2024**
|**Notes**
**Fixed assets**
Tangible assets
5
**Current assets**
Debtors
6
Cash at bank and in hand
**Creditors: amounts falling due**
**within one year**
7
**Net current assets**
**Net assets**
**Funds and reserves**
Net surplus
**Funds Restricted**
Resctricted funds
Unrestricted funds
9|**2024**
**£**
686
17,500
48,407
65,907
(600)
65,307
65,993
65,993
-
65,993
65,993|**2023**
**£**
887
-
97,119
97,119
(600)
96,519
97,407
97,407
-
97,407
97,407|
|---|---|---|
The trusteess are satisfied that the charity is entitled to exemption from the requirement to obtain an audit under charity Act 2011.
The trustees acknowledge their responsibilities for complying with the requirements of the Charity Act 2011 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with United Kingdom Generally Accepted Accounting Practice.
Bose Adeleye Ibraheem Trustee Approved by the board on 19 August 2024
6
**Love of God Ministry Notes to the Accounts for the year ended 29 February 2024**
## **1 Accounting policies**
## _**1.1 Basis of preparation**_
The financial statements are prepared under the historical cost convention. The financial statement has been prepared in accordance with the Statement of Recommended Practice, Accounting and Reporting by Charities (SORP 2005), and applicable UK Accounting Standards.
## _**1.2 Turnover**_
Voluntary income and donations are included in incoming resources when there are receivable, except when donors'’ conditions have not been fulfilled then the income is deferred.
## _**1.3 Resources expended**_
Resources expended are included in the Statement of Financial Activities on an accruals basis inclusive of any VAT which cannot be recovered.
Expenditure which is directly attributable to specific activities has been included in these cost categories. Where the costs are attributable to more than one activity, they have been appointed across the cost categories on a basis consistent with the use of these resources.
## _**1.4 Cash flow**_
The Financial statements do not include a cash flow statement because the company, as a small reporting entity, is exempt from the requirements to prepare such a statement under Financial Reporting Standard 1, “Cash Flow Statements”.
## _**1.5 Fixed assets**_
Fixed assets (excluding investments) are stated at cost less accumulated depreciation. The costs of minor additions are not capitalised. Depreciation is calculated at the rate of 20% to write off the cost of each asset over its expected useful life.
## **2 Staff costs**
No remuneration were paid to the trustees in the year nor were any expenses reimbursed to them. No employees received remuneration of more than £60,000.
|**3**
**Management and administrative expenditure**
This is stated after charging:
Accountancy fee|**2024**
**£**
600
600|**2023**
**£**
600
600|
|---|---|---|
## **4 Taxation**
As a charity, Love of god ministry 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.
7
## **Love of God Ministry Notes to the Accounts**
## **for the year ended 29 February 2024**
|**5**
**Tangible fixed assets**
**Cost**
At 1 March 2023
At 29 February 2024
**Depreciation**
At 1 March 2023
Charge for the year
At 29 February 2024
**Net book value**
At 29 February 2024
At 28 February 2023
**6**
**Debtors**
Other debtors
**7**
**Creditors: amounts falling due within one year**
Other creditors|**Fixture and**
**fittings**
**£**
13,184
13,184
12,297
201
12,498
686
887
**2024**
**£**
17,500
17,500
**2024**
**£**
600
600|**Total**
**£**
13,184
13,184
12,297
201
12,498
686
887
**2023**
**£**
-
-
**2023**
**£**
600
600|
|---|---|---|
## **8 Trustee remuneration and related party transactions**
No members of the management committee received any remuneration during the year. No trustee or other person related to the charity had any personal interest in any contract or transaction entered into by the charity during the year.
|**9**
**Unrestricted Funds**
At 1 March 2023
Defecit fo rthe year
At 29 February 2024|**2024**
**£**
97,407
(31,414)
65,993|
|---|---|
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