Liberty Church London
Report and Accounts for the year ended 31 December 2022
1 Lamb's Passage, London EC1Y 8AB www.stewardship.org.uk
LIBERTY CHURCH LONDON
COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2022
Trustees
Company Secretary
Community Pastors
Gethin Amoss Paul Andrew Resigned 31st January 2022 Megan Kumar Appointed 22nd June 2022 Gbolayemi Lufadeju David Mazzella Appointed 31st January 2022 Kathryn Phillips Resigned 4th April 2022 Matt Sadler Reza Salari Resigned 4th April 2022 Emmanuel Mensah Jonny Pettman Tasha Pettman
Governing Document
Memorandum and Articles of Association dated 18th July 2013
Company Registration Number
08615779
Charity Registration Number 1154877 Principal Address International House 36-38 Cornhill London EC3V 3NG
Registered Office
International House 36-38 Cornhill London EC3V 3NG
Independent Examiner
Ajay Rajani FCIE Stewardship 1 Lamb's Passage London EC1Y 8AB
Bankers
Santander Bootle Merseyside L30 4GB
| 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 | 7-12 |
| Detailed Statement of Financial Activities with Comparatives | 13 |
Page 1
LIBERTY CHURCH LONDON
TRUSTEES' ANNUAL REPORT (INCORPORATING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2022
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 objective of the charity, as set out in the Articles of Association, is for the public benefit, to advance the Christian faith in accordance with the Statement of Beliefs in the City of London and in such other parts of the United Kingdom and the world as the trustees may from time to time think fit.
The trustees confirm that they have referred to the guidance in the Charity Commission's General Guidance on Public Benefit when reviewing the aims and objectives, planning future activities and setting grant-making policies.
The trustees note that the Church is not a building, but a gathering of ordinary people of different ages and backgrounds, whose lives have been changed by Jesus Christ, the Son of God. The New Testament reveals the Church as a community of people, properly taught and cared for, who by loving and serving Jesus Christ, were also committed to love and care for each other and to bring a blessing to the area in which they lived. Liberty Church London, its trustees, elders and members are committed to the restoration of those New Testament principles. It is not alone in this, it is one of many Churches in the area, country and all over the world that is re-discovering the excitement of knowing Jesus Christ. The vision is to see the people of London come into this experience of knowing Jesus as their Lord, Saviour and friend.
Summary of the charity's main activities and achievements
2022 was the first full year of in-person services, as Liberty Church London’s weekly meetings began in September 2019 only to have been paused due to COVID and resuming again regularly in 2021. This year was a productive year in serving a new community as our weekly gatherings relocated to Shoreditch. We remain active in our weekly gatherings, online through our YouTube channel, and in social media to serve our immediate community and that of greater London. We also regularly have volunteers to serve with the Salvation Army in food distribution. In addition, we hosted a team from the United States to serve alongside as we serve our neighbourhood.
Most of the charity’s activities are undertaken by volunteers, and the charity could not operate effectively without their efforts.
All of our services and gatherings are open to anyone in Shoreditch, in greater London, or anywhere.
We provide public benefit by meeting the spiritual needs of people in our congregation and the wider community, providing financial or logistical support where needed, in accordance with Acts 2:42.
Structure, Governance and Management
Responsibility for setting policy and for determining the parameters within which the charity should operate rests with the trustees who meet regularly to monitor the activities of the charity. Responsibility for the day to day operation of the charity has been delegated to a senior management team led by the Community Pastors. New trustees are recruited and appointed by the existing trustees, by a majority vote.
Page 2
LIBERTY CHURCH LONDON
TRUSTEES' ANNUAL REPORT continued
Financial review
The previous reporting period was for a 17 month period and so the results reported for this 12 month period are not directly comparable.
The accounts show that income declined by £251,145 to £147,738 and that expenditure declined by £165,445 to £187,270. As a result the charity has reported a deficit of £39,531 (2021: a surplus of £46,168) and net assets declined by £39,531 to £131,253. Net assets comprise tangible fixed assets of £11,614, cash of £113,055 and other net current assets of £6,584.
The previous period's income was bolstered by some very generous one off donations from some supporters and, in the previous period, some of these were used to make a large grant to Liberty Church in New York. These events did not recur in 2022 and, as a result, both income and expenditure have fallen back to more usual levels.
Reserves policy
The trustees have determined that the charity should aim to hold unrestricted net current assets of no less than £50,000 so that the charity could continue to operate smoothly should income and / or expenditure vary unexpectedly. At the year end the charity held unrestricted net current assets of £92,907 and the charity is complying with its reserves policy.
Key risks and uncertainties
The charity is exposed to various risks - be they operational, financial or reputational. The trustees review the charity's activities regularly to identify significant risks and, where possible, they take appropriate measures to mitigate those risks.
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:
-
select suitable accounting policies and apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
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
- 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:
Matt Sadler
…...................................................... Matt Sadler - trustee
Date: 19 October 2023
Page 3
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF
LIBERTY CHURCH LONDON ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31st December 2022 on pages 5 to 13 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 FCIE Stewardship 1 Lamb's Passage London EC1Y 8AB
Date: 20 October 2023
Page 4
LIBERTY CHURCH LONDON
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2022
| Note INCOME AND ENDOWMENTS FROM: Donations and legacies 3 Charitable activities Investments Total income and endowments EXPENDITURE ON: Charitable activities 4 Total expenditure Net income/(expenditure) Transfers between funds 10 Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward 10 |
Unrestricted Funds £ 133,751 - 87 133,838 174,735 174,735 (40,897) - (40,897) 145,417 104,521 |
Restricted Funds £ 13,900 - - 13,900 12,535 12,535 1,365 - 1,365 25,367 26,732 |
Total 12 months 2022 £ 147,651 - 87 147,738 187,270 187,270 (39,532) - (39,532) 170,784 131,253 |
Total 17 months 2021 £ 398,729 148 6 |
|---|---|---|---|---|
| 398,882 | ||||
| 352,715 | ||||
| 352,715 | ||||
| 46,167 - |
||||
| 46,167 124,617 |
||||
| 170,784 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing operations.
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 13 form part of these accounts.
Page 5
LIBERTY CHURCH LONDON
BALANCE SHEET
AS AT 31 DECEMBER 2022
| Note FIXED ASSETS Tangible assets 6 CURRENT ASSETS Debtors 7 Cash at bank and in hand 8 CREDITORS: Amounts falling due within one year 9 Net current assets / (liabilities) TOTAL NET ASSETS FUND BALANCES 10 General unrestricted funds Restricted Funds |
Unrestricted Funds £ 11,614 11,614 66,819 106,244 173,063 (80,156) 92,907 104,521 104,521 - 104,521 |
Restricted Funds £ - - 19,920 6,812 26,732 - 26,732 26,732 - 26,732 26,732 |
Total Funds 31 Dec 22 £ 11,614 11,614 86,739 113,055 199,794 (80,156) 119,638 131,253 104,521 26,732 131,253 |
Total Funds 31 Dec 21 £ 19,948 |
|---|---|---|---|---|
| 19,948 | ||||
| 67,680 186,446 |
||||
| 254,127 (103,290) |
||||
| 150,837 | ||||
| 170,784 | ||||
| 145,417 25,367 |
||||
| 170,784 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2022.
The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2022 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:
Matt Sadler
--------------------------------------Matt Sadler - trustee
Date: 19 October 2023
Company number: 08615779
Charity number: 1154877
The notes on pages 7 to 13 form part of these accounts.
Page 6
LIBERTY CHURCH LONDON
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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) Change of accounting period end date
In the previous period the charity decided to change its accounting period end date so that it ended on 31 December, not 31 July. This aligned the charity's reporting period with that of Liberty Church in New York, which simplifies reporting by both entities. The comparatives presented in these accounts are for the 17 month period ended 31 December 2021 and so they are not entirely comparable with the current reporting period, which covers 12 months.
b) Going concern
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.
In making this assessment the trustees note that, should the need arise, Liberty Church in New York has indicated its willingness to provide financial support over the next 12 months.
c) 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.
d) 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.
The charity makes grants to other institutions and individuals to further its charitable objectives. Grants payable are recognised as constructive obligations arise, which is generally when the charity expresses a commitment to the recipient that can be measured reliably and then only to the extent that any conditions associated with the grant are outside of the control of the charity.
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.
Page 7
LIBERTY CHURCH LONDON
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2 Accounting Policies continued
e) Fund accounting General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity. Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. Restricted funds are donations which are to be used in accordance with specific restrictions imposed by donors; they include donations received from appeals for specific activities or projects.
f) 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 £1,000. 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 useful economic life. To achieve this objective, depreciation is charged at the following rates:
Equipment Over 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.
g) Pension scheme arrangements The charity operates defined contribution pension schemes for its employees. Obligations for contributions to these schemes are recognised as an expense when the liability arises. The assets of these schemes are held separately from those of the charity in independently administered funds. h) 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. i) 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). j) Foreign currency translation These financial statements are presented in sterling, which is the charity's functional currency. i) Income and expenditure denominated in a foreign currency is translated into sterling at the exchange rate prevailing on the date of the transaction. ii) Monetary assets and liabilities denominated in a foreign currency are re-translated at the exchange rate prevailing at the balance sheet date. iii) Non-monetary assets are measured at historic cost at the rate of exchange prevailing on the date of the transaction and are not subsequently re-translated.
All differences arising from the application of the above policy are charged (or credited) to the Statement of Financial Activities. k) Exemption from preparing a cashflow statement The charity has taken advantage of an exemption conferred by the Charities SORP and has not prepared a cash flow statement. l) 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
| ations and legacies | ||
|---|---|---|
| Donations of cash and similar Grants from other churches Gift aid recoverable |
12 months 2022 £ 117,323 10,460 19,869 147,651 |
17 months 2021 £ 371,910 - 26,819 |
| 398,729 |
Page 8
LIBERTY CHURCH LONDON
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2022
4 Charitable expenditure
| ritable expenditure | ||
|---|---|---|
| Staff costs Venue hire Ministry and other meeting expenses Marketing and publicity Administrative expenses Administrative support, including accounting services, provided by Liberty Church in New York Depreciation Governance: Independent examiner's fee for preparing and examining the accounts Grants payable (see below for details) |
12 months 2022 £ 59,342 51,679 6,907 1,322 15,753 38,026 8,334 2,940 184,301 2,969 187,270 |
17 months 2021 £ 71,400 30,284 18,327 4,598 15,964 56,033 12,772 2,100 |
| 211,477 141,238 |
||
| 352,715 |
The fee payable to the independent examiner for assisting with the preparation of the accounts and examining them was £2,940 (2021: £2,100); in addition the charity paid £674 (2021: £832) to Stewardship for payroll bureau and consultancy services.
Grants payable
Further information regarding the grants paid by the charity is given below:
| Grants for UK and overseas mission The comparatives for the previous year are as follows: Grants for UK and overseas mission The charity's principal grants to institutions comprised: Liberty Church in New York Association of Related Churches |
Institutions £ 1,769 1,769 Institutions £ 128,299 128,299 |
Individuals £ 1,200 1,200 Individuals £ 12,939 12,939 12 months 2022 £ - 1,769 1,769 |
12 months 2022 £ 2,969 |
|---|---|---|---|
| 2,969 | |||
| 17 months 2021 £ 141,238 |
|||
| 141,238 | |||
| 17 months 2021 £ 121,612 6,688 |
|||
| 128,299 |
In previous years the charity has received substantial donations from Liberty Church in New York to help establish the charity in the UK. In the previous period, having considered the financial position of the charity, the trustees decided that the charity would make a substantial grant to Liberty Church in New York to support it's church planting activities elsewhere.
Page 9
LIBERTY CHURCH LONDON
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2022
5 Analysis of staff costs, the cost of key management personnel and trustee remuneration
The average monthly number of employees during the year was 1.3 (2021: 1). Most of the charity's activities are carried out by volunteers.
No staff received salaries at a rate of more than £60,000 per annum.
The charity's key management comprise the trustees and the key staff named on the Company Information page. During the period, key management received employment benefits totalling £48,890 for the 12 month period (2021: £69,258 for a 17 month period).
No trustees received employment benefits in either the current or preceding year.
6 Tangible fixed assets
| Cost At 1st January 2022 Additions At 31st December 2022 Accumulated depreciation At 1st January 2022 Charge for the period At 31st December 2022 Net book value At 31st December 2022 At 31st December 2021 7 Debtors Gift aid recoverable Prepayments and accrued income 8 Cash at Bank and in Hand Cash at bank with immediate access 9 Creditors: liabilities falling due within one year Other creditors Accruals Amounts owed to Liberty Church in New York |
Equipment £ 40,984 - 40,984 21,036 8,334 29,370 11,614 19,948 2022 £ 85,471 1,268 86,739 2022 £ 113,055 2022 £ 10,335 5,040 64,782 80,156 |
Total 2022 £ 40,984 - |
|---|---|---|
| 40,984 | ||
| 21,036 8,334 |
||
| 29,370 | ||
| 11,614 | ||
| 19,948 | ||
| 2021 £ 65,602 2,078 |
||
| 67,680 | ||
| 2021 £ 186,446 |
||
| 2021 £ 246 2,100 100,943 |
||
| 103,290 |
Page 10
LIBERTY CHURCH LONDON
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2022
10 Funds
During the year the movements in the charity's funds were as follows:
| Restricted funds Legacy fund Mission fund Benevolence fund Vision fund Church worker fund General unrestricted Funds Aggregate of funds |
Opening balance 1 January 2022 £ 8,918 7,543 4,088 4,819 - 25,367 145,417 170,784 |
Incoming resources 12 months 2022 £ 1,125 205 1,206 904 10,460 13,900 133,838 147,738 |
Outgoing resources 12 months 2022 £ (1,200) (2,738) (8,597) (12,535) (174,735) (187,270) |
Transfers Closing in the period balance 12 months 31 December 2022 2022 £ £ - 10,043 - 6,548 - 5,294 - 2,985 1,863 - 26,732 - 104,521 - 131,253 |
Transfers Closing in the period balance 12 months 31 December 2022 2022 £ £ - 10,043 - 6,548 - 5,294 - 2,985 1,863 - 26,732 - 104,521 - 131,253 |
|---|---|---|---|---|---|
| 26,732 104,521 |
|||||
| 131,253 |
Analysis of net assets by fund
The assets and liabilities of the various funds were as follows:
| lysis of net assets by fund assets and liabilities of the various funds were as follows: |
|||
|---|---|---|---|
| Tangible fixed assets Debtors Cash at bank and in hand Creditors falling due within one year |
Unrestricted funds £ 11,614 66,819 106,244 (80,156) 104,521 |
Restricted 31 December funds 2022 £ £ - 11,614 19,920 86,739 6,812 113,055 - (80,156) 26,732 131,253 |
|
| 131,253 |
In the previous year the movements in the charity's funds were as follows:
| Restricted funds Legacy fund Mission fund Benevolence fund Vision fund General unrestricted Funds Aggregate of funds |
Opening balance 1 August 2020 £ 8,095 5,000 4,274 - 17,369 107,248 124,617 |
Incoming resources 17 months 2021 £ 1,723 15,125 169 10,207 27,223 371,659 398,882 |
Outgoing resources 17 months 2021 £ (900) (12,582) (356) (5,388) (19,226) (333,489) (352,715) |
Transfers Closing in the period balance 17 months 31 December 2021 2021 £ £ - 8,918 - 7,543 - 4,088 - 4,819 - 25,367 - 145,417 - 170,784 |
Transfers Closing in the period balance 17 months 31 December 2021 2021 £ £ - 8,918 - 7,543 - 4,088 - 4,819 - 25,367 - 145,417 - 170,784 |
|---|---|---|---|---|---|
| 25,367 145,417 |
|||||
| 170,784 |
Analysis of net assets by fund
The assets and liabilities of the various funds were as follows:
| Tangible fixed assets Debtors Cash at bank and in hand Creditors falling due within one year |
Unrestricted funds £ 19,948 48,213 180,546 (103,290) 145,417 |
Restricted 31 December funds 2021 £ £ - 19,948 19,467 67,680 5,900 186,446 - (103,290) 25,367 170,784 |
Restricted 31 December funds 2021 £ £ - 19,948 19,467 67,680 5,900 186,446 - (103,290) 25,367 170,784 |
|---|---|---|---|
| 170,784 |
Page 11
LIBERTY CHURCH LONDON
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2022
10 Funds continued
The restricted Legacy fund was created from donations received so that the charity could make grants to Liberty Church in New York to help fund various initiatives that advance the Christian faith.
The restricted Mission fund was created from donations received to help make grants to support mission activities overseas.
The restricted Benevolence fund was created from donations received to help those facing hardship following the outbreak of COVID-19.
The restricted Vision fund was created from donations received in response to appeal for donations to help purchase audio visual equipment.
The restricted Church worker fund was created from grants received to help fund the employment of staff.
11 Transactions with related parties
Relationship with Liberty Church in New York City
Liberty Church London is part of a network of churches headed by Liberty Church, in New York City, collectively referred to as Liberty Church. Liberty Church, in New York City, provides spiritual oversight, and two of Liberty Church London's trustees are board members of Liberty Church, in New York City. Whenever it is appropriate to do so, we seek to minimise costs by using best practice and operating policies developed by Liberty Church, in New York City, and tailoring them for Liberty Church London's specific needs and requirements. Liberty Church London works in partnership with Liberty Church, in New York City, but that charity does not control Liberty Church London and Liberty Church London may freely pursue its own separate interests.
During the year the charity:
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a) did not pay any grants to Liberty Church in New York but in the previous 17 month period it paid grants totalling £121,612.
-
b) paid £38,026 (2021: £56,033 for a 17 month period) to Liberty Church in New York for administrative support and accounting services.
At the year end the charity owed £64,782 to Liberty Church in New York (2021: £100,943).
Other transactions with related parties
During the period the charity:
-
a) paid grants totalling £1,200 (2021: £1,700 over a 17 month period) to Gethin Amoss, who is a trustee. Gethin received these grants to support his missionary work in eSwatini, not for his services as a trustee. These payments are permitted by the charity's governing document.
-
b) received donations totalling £11,856 (2021: £9,013 over a 17 month period) 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 were paid to (or for) the trustees.
12 Members
Each member of the company commits to contribute if the charity is wound up an amount of £1.
Page 12
LIBERTY CHURCH LONDON
DETAILED STATEMENT OF FINANCIAL ACTIVITIES WITH COMPARATIVES
FOR THE YEAR ENDED 31 DECEMBER 2022
| Note INCOME AND ENDOWMENTS FROM: Donations and legacies 3 Charitable activities Investments Total income and endowments EXPENDITURE ON: Charitable activities 4 Total Expenditure Net income/(expenditure) Transfers between funds 10 Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward 10 |
Unrestricted Funds 2022 £ 133,751 - 87 133,838 174,735 174,735 (40,897) - (40,897) 145,417 104,521 |
Restricted Funds 2022 £ 13,900 - - 13,900 12,535 12,535 1,365 - 1,365 25,367 26,732 |
Total 12 months 2022 £ 147,651 - 87 147,738 187,270 187,270 (39,531) - (39,531) 170,784 131,253 |
Unrestricted Funds 2021 £ 371,504 148 6 371,659 333,489 333,489 38,169 - 38,169 107,248 145,417 |
Restricted Funds 2021 £ 27,223 - - 27,223 19,226 19,226 7,997 - 7,997 17,369 25,367 |
Total 17 months 2021 £ 398,729 148 6 398,882 352,715 352,715 46,167 - 46,167 124,617 170,784 |
|||
|---|---|---|---|---|---|---|---|---|---|
Page 13