Living Bread Fellowship Church
Report and Accounts Year ended 31 May 2024
1 Lamb's Passage, London EC1Y 8AB www.stewardship.org.uk
LIVING BREAD FELLOWSHIP CHURCH
COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024
Trustees E Faccion A Armijos Hurtado N Smith Key Staff A Alves Filho (Pastor) Governing Document Memorandum and Articles of Association dated 28th May 2012 Company Registration Number 08086107 Charity Registration Number 1151320 Principal Address & Registered Office 34 Corfe Tower Park Road East Acton London W3 8TY Independent Examiner Ajay Rajani FCIE Stewardship 1 Lamb's Passage London EC1Y 8AB Solicitors Anthony Collins Solicitors LLP 124 Edmund Street Birmingham B3 2ES
Bankers
HSBC Bank plc
| Contents | Page |
|---|---|
| Company Information | 1 |
| Trustees' Annual Report | 2-3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Accounts | 7-9 |
Page 1
LIVING BREAD FELLOWSHIP CHURCH
TRUSTEES' ANNUAL REPORT (INCORPORATING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 MAY 2024
The trustees, who are the charity's directors for the purposes of company law, have pleasure in submitting the Report and Accounts for the year.
Objects of the charity
The charity is a charitable company and is governed by its memorandum and articles of association.
The objects of the charity, as set out in the governing document are to advance the Christian faith in accordance with the Statement of Beliefs in Hounslow, London and in such other parts of the United Kingdom and the world as the Trustees may from time to time think fit.
The charity seeks to fulfil the above objectives by demonstrating the Christian faith in action by operating as a church in London.
Summary of the charity's main activities and achievements
To further the above objects and vision, the charity's main activities and achievements were as follows:
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We continued to offer/run special services such as: Thanksgiving (first service of the year), Family Celebration, Mother’s Day, Father’s Day Celebration, Baptism and Christmas Celebration.
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We continued to offer/run weekly services on Sundays. During the week we held prayer and intercession meetings and Bible studies via zoom.
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LBFC are in the process of implementing the cell vision with the aim to reach out to more people and to offer the community an opportunity to hear the Gospel. This is to be run by new leaders in due course.
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Children Ministry has grown. We have the children ministry leader and four teachers that are committed to follow their calling to serve in the Children’s Ministry. They support our weekly Sunday school during service time.
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The pastors continue offering support in person and by phone conversation and prayers to those in need.
Overall, Living Bread Fellowship Church is stable. The Church is proactive in encouraging members to serve in the congregation and to develop in their calling.
During the last year, church leadership and trustee meetings have been held regularly
Many of the charity's activities are undertaken by volunteers and the charity could not operate effectively without their efforts.
In planning the activities the Trustees have applied the guidance on public benefit issued by the Charity Commission.
Structure, Governance and Management
Responsibility for setting policy and for determining the parameters within which the charity should operate rests with the trustees, who work closely with the Pastor. Responsibility for the day to day operation of the charity has been largely delegated to the Pastor. New trustees are recruited and appointed by the church's Spiritual Leadership.
Plans for the future
The key strategies for the church remain the same. The objective of Living Bread Fellowship Church is to concentrate their effort in strengthening the church in England, through leadership training, which aims at generating strong leaders to impact this generation through the Gospel of Jesus Christ.
Page 2
LIVING BREAD FELLOWSHIP CHURCH
TRUSTEES' ANNUAL REPORT continued
Financial review
During the year income decreased by £1,295 to £28,147, and expenditure decreased by £4,198 to £30,938. As a result the charity has reported a deficit of £2,791 (2023: a deficit of £5,694) and the charity's net assets decreased by the same amount to £24,751. Net assets includes unrestricted cash of £20,215.
Reserves policy
The trustees have determined that the charity should aim to hold unrestricted cash of no less than £15,000 and no more than £30,000. The trustees believe that these reserves need to be held to help ensure that the charity could continue to operate smoothly should income and / or expenditure vary adversely. At the year end the charity held unrestricted cash of £20,215, which is in line with the policy.
Key risks and uncertainties
The Directors have reviewed the risks to which a small charity operating with few employees is exposed. Appropriate procedures are in place to identify, monitor and review these risks on a regular basis.
Responsibilities of trustees under company law
The trustees are responsible for preparing the trustees' annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charitable company as at the balance sheet date and of its incoming resources and application of resources, including income and expenditure, for the financial year. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether the applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approval
This report, which has been prepared in accordance with the provisions of the Companies Act 2006 relating to small companies, was approved by the trustees and signed on their behalf by:
Andres A.
Andres A. (Feb 18, 2025 22:21 GMT) _______ Andres Armijos Hurtado - trustee
Date: Feb 18, 2025
Page 3
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF
LIVING BREAD FELLOWSHIP CHURCH
('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 May 2024 on pages 5 to 9 following, which have been prepared on the basis of the accounting policies set out on pages 7 and 8.
Responsibilities and basis of report
As the charity’s trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 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 Company 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 accounting requirements 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.
Ajay Rajani Ajay Rajani (Feb 19, 2025 10:14 GMT)
Ajay Rajani FCIE Stewardship 1 Lamb's Passage London EC1Y 8AB
Date: Feb 19, 2025
Page 4
LIVING BREAD FELLOWSHIP CHURCH
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MAY 2024
| Note INCOME AND ENDOWMENTS FROM: Donations and legacies 3 Total income and endowments EXPENDITURE ON: Charitable activities 4 Total expenditure Net income/(expenditure) Transfers between funds Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
Unrestricted Funds £ 28,147 28,147 30,938 30,938 (2,791) - (2,791) 27,542 24,751 |
Restricted Funds £ - - - - - - - - - |
Total Total Funds Funds 2024 2023 £ £ 28,147 29,442 28,147 29,442 30,938 35,136 30,938 35,136 (2,791) (5,694) - - (2,791) (5,694) 27,542 33,236 24,751 27,542 |
|---|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing operations. All of the charity's income and expenditure in the previous year was also unrestricted and there were no unspent restricted funds at both of the above balance sheet dates.
The statement of financial activities also complies with the requirements for an income and expenditure account required by the Companies Act 2006.
The notes on pages 7 to 9 form part of these accounts.
Page 5
LIVING BREAD FELLOWSHIP CHURCH
BALANCE SHEET
AS AT 31 MAY 2024
| Note FIXED ASSETS Tangible fixed assets 6 CURRENT ASSETS Debtors 7 Cash at bank and in hand 8 CREDITORS: Amounts falling due within one year 9 Net current assets TOTAL NET ASSETS FUND BALANCES Unrestricted funds |
Unrestricted Funds £ 368 5,218 20,215 25,433 (1,050) 24,383 24,751 24,751 |
Restricted Funds £ - - - - - - - - |
Total Funds 2024 £ 368 5,218 20,215 25,433 (1,050) 24,383 24,751 24,751 |
Total Funds 2023 £ 738 |
|---|---|---|---|---|
| 376 28,018 |
||||
| 28,394 (1,590) |
||||
| 26,804 | ||||
| 27,542 | ||||
| 27,542 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006 however, in accordance with Section 145 of the Charities Act 2011, the accounts have been examined by an independent examiner and their report has been included in these financial statements.
The directors (who are the charitable company's trustees for the purposes of charity law) acknowledge their responsibilities for:
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(a) ensuring that the charitable company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
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(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its net income or expenditure for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The financial statements have been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.
The financial statements were approved by the Board of Directors and were signed on its behalf by:
| Andres A. (Feb 18, 2025 22:21 GMT) Andres A. |
Feb 18, 2025 |
|---|---|
| --------------------------------------- | --------------------------------------- |
| Andres Armijos Hurtado - trustee | Date |
Company number: 08086107 Charity number: 1151320
The notes on pages 7 to 9 form part of these accounts.
Page 6
LIVING BREAD FELLOWSHIP CHURCH
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 MAY 2024
1 Statutory Information
The charity is a charitable company limited by guarantee and is incorporated in the United Kingdom. The company's registered number and registered office address can be found on the Company Information page.
2 Accounting Policies
These financial statements are prepared on a going concern basis, under the historical cost convention.
These financial statements have been prepared in accordance with the "Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) ("the Charities SORP"), with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland ("FRS 102"), with the Companies Act 2006 and with the Charities Act 2011. The charity meets the definition of a public benefit entity as set out in FRS 102.
The principles adopted in the preparation of the financial statements are set out below.
a) Going concern
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The trustees (who are the charitable company's directors for the purposes of company law) have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern. The trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. In particular the trustees have considered the charity's forecasts and projections and the possible implications should projected income and / or expenditure vary unexpectedly. The trustees have concluded that there is a reasonable expectation that the charity has adequate resources to continue to operate for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements.
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b) Income Income including investment income is recognised in the period in which the charity becomes entitled to receipt, the amount receivable can be measured with reasonable certainty, and receipt is probable. For the most part, income is generally recognised when it is received. Income is only deferred when the charity has to fulfil conditions before becoming entitled to it or where the donor has specified that the income is to be expended in a future period.
Income from donations and legacies includes recoverable gift aid, which is recognised when the related donation is received. Gift aid that has not been recovered by the balance sheet date is included as a debtor.
The charity relies on volunteers to carry out many of its activities. However, in accordance with the SORP, the value of these services has not been included in these financial statements as they cannot be reliably measured.
- c) Expenditure Expenditure, including irrecoverable VAT, is recognised when it is incurred or, if earlier, when a legal or constructive obligation for a payment arises provided that it is probable that settlement will be required and the amount of the obligation can be measured reliably.
Governance costs, which are included in expenditure on charitable activities but are identified separately in the notes to the accounts, includes costs associated with the independent examination of the financial statements, compliance with constitutional and statutory requirements and any other expenditure incurred on the strategic management of the charity.
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d) Fund accounting Unrestricted funds are funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity. In both the current and the preceding year the charity did not receive any restricted funds (which are donations that must be used in accordance with specific restrictions imposed by donors; they include donations received from appeals for specific activities or projects).
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e) Tangible fixed assets Items purchased or donated for the charity's own use are capitalised when the cost of purchased items, or the fair value of donated items, is more than £500 and the item is expected to benefit the charity over more than one accounting period. Depreciation is charged on a straight line basis so as to write down the value of each asset to its estimated residual value (if any) over its expected economic life. The economic life of the charity's assets is estimated to range from 3 to 7 years.
The carrying values of tangible fixed assets are reviewed for impairment in periods when events or changes in circumstances indicate that the carrying value may not be recoverable.
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f) Taxation The company is a registered charity; it has taken advantage of the various reliefs from taxation available to charities and no tax is payable on the charity's income.
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g) Financial instruments The charity's financial assets and financial liabilities all qualify as basic financial instruments, as defined by FRS102. Creditors and debtors are measured at their expected settlement value (normally the amount of cash that the charity expects to pay or receive).
Page 7
LIVING BREAD FELLOWSHIP CHURCH
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 MAY 2024
2 Accounting Policies continued
h) Critical accounting estimates and areas of judgement
The trustees do not consider that there are any material sources of estimation or uncertainty at the balance sheet date that could result in a material adjustment to the carrying values of assets and liabilities in the next reporting period.
3 Donations and legacies
| Donations of cash and similar Gift aid recoverable 4 Charitable expenditure a Costs incurred directly on specific activities Staff costs Property rent and hall hire Other ministry costs Small office equipment b Costs incurred on support & administration Governance costs Independent examiner's fee for preparing and examining the accounts Support costs Insurance Depreciation Total expenditure |
2024 £ 23,305 4,842 28,147 2024 £ 18,365 9,097 1,042 - 28,504 1,020 600 444 370 2,434 30,938 |
2023 £ 24,389 5,053 |
|---|---|---|
| 29,442 | ||
| 2023 £ 22,470 9,671 503 319 |
||
| 32,963 | ||
| 1,050 325 429 369 |
||
| 2,174 | ||
| 35,136 |
The fee payable to the independent examiner for preparing and examining the accounts was £1,020 (2023: £1,050). In addition the charity paid £555 (2023: £540) to Stewardship for payroll bureau and consultancy services.
5 Analysis of staff costs, the cost of key management personnel and trustee remuneration
| Gross wages and salaries | 2024 £ 17,875 |
2023 £ 22,000 |
|---|---|---|
The average monthly number of employees during the year was 1 (2023: 1). Most of the charity's activities are carried out by volunteers.
The charity's key management comprise the trustees and the key staff named on the Company Information page. During the year key management received employment benefits totalling £17,875 (2023: £22,000).
No staff received salaries at a rate of more than £60,000 per annum. No trustees received employment benefits in either the current or preceding year.
Page 8
LIVING BREAD FELLOWSHIP CHURCH
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 MAY 2024
6 Tangible fixed assets
| Cost At 1 June 2023 Additions At 31 May 2024 Accumulated depreciation At 1 June 2023 Charge for the year At 31 May 2024 Net book value At 31 May 2024 At 31 May 2023 7 Debtors Gift aid recoverable 8 Cash at Bank and in Hand Cash at bank with immediate access Petty cash 9 Creditors: liabilities falling due within one year Accrued expenses |
Fixtures, fittings and equipment £ 1,926 - 1,926 1,188 370 1,558 368 738 2024 £ 5,218 5,218 2024 £ 20,198 16 20,215 2024 £ 1,050 |
Total £ 1,926 - |
|---|---|---|
| 1,926 | ||
| 1,188 370 |
||
| 1,558 | ||
| 368 | ||
| 738 | ||
| 2023 £ 376 |
||
| 376 | ||
| 2023 £ 27,917 101 |
||
| 28,018 | ||
| 2023 £ 1,590 |
10 Transactions with related parties
During the year the charity received donations totalling £9,782 (2023: £10,148) from related parties (which includes trustees, any other members of key management and anyone closely connected to them).
Except for the reimbursement of expenses incurred when acting as agent for the charity, no expenses (2023: £nil) were paid to, or for, the trustees.
11 Members
Each member of the company commits to contribute if the charity is wound up an amount of £1.
Page 9