LOVE OF HIS GLORY (TRADING NAME: LOVE OF GOD MINISTRIES ) FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022
LOVE OF HIS GLORY
| CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 Church Legal and Administrative Information Report of the trustees Statement of financial activities Balance Sheet Notes to the Accounts Independent examiner’s statement Schedule of income and expenditure |
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LOVE OF HIS GLORY
CHURCH LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 30 SEPTEMBER 2022
CHARITY NO NUMBER: 1158315(England and Wales) COMPANY REGISTERATION NO: 07780288(England and Wales) TRUSTEES: Pastor James Chukwuemeka Okike Mrs Rebecca Okike Dr Ifeanyi Nnamdi Odina
BUSINESS ADDRESS: 65-67 High Street Colliers Wood London SW19 2JF BANKER:
BANKER: Barclays Bank INDEPENDENT EXAMINERS: Light Accountants 33 Postmill Road, Sandwich Kent. CT13 OFU Email:info@lightaccountants.co.uk lightcnglobalservices@gmail.com Telephone: 01304729369 Mobile: 07429137985 Web: www. lightaccountants.co.uk
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LOVE OF HIS GLORY
REPORTS OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2022
The Trustees present their report and accounts for the year ended 30 September 2022. The accounts have been prepared in accordance with the accounting policies set out on pages 7 to 9 and comply with the Charity’s Trust Deed, The Charities Act 2011 and Statement of Recommended Practice: Accounting and Reporting by Charities (SORP 2015) The reports take account of the requirement for Trustees to report annually on public benefit and the Trustees have had the Charity Commission’s guidance on Public benefit.
Structure, governance, and management
CONSTITUTION
The governing document consists of Memorandum and Article incorporated on 20 September 2011 as amended by Certificate of Incorporation on a Change of Name dated 30/07/2014 as amended by Special Resolution registered at the Companies House on 01/08/2014.
Appointment of trustees
Trustees are nominated by the chair. In appointing trustees, consideration is given to individuals who have adequate experience in running organized youth groups, training and education and community outreach.
Policies Adopted for the Induction and Training of Trustees
The induction process for any newly appointed member of the Trustees comprises an initial meeting with the Chair and other Trustees, followed by a series of short meetings with the chairman on the powers and responsibilities of the Trustees.
Organisational Structure and Decision Making
The church is organised so that the trustees meet monthly to manage its affairs. The Chairman manages the day-to-day administration of the church with the assistance of volunteered church members.
At monthly Trustee meetings, agreement is made by the Trustees on the strategy and activities of the charity which includes charitable donations, investments, reserves and risk management policies and performance. Pastor James Chukwuemeka Okike is the senior pastor and Chairman of the church’s board of trustee and the leadership team supports him in the vision of the church.
Risk Management
The Trustees have assessed the major risks to which the church is exposed, particularly those relating to the operations and finances of the church and are satisfied that effective and adequate systems and procedures are in place to mitigate our exposure to the major risks.
Reserves Policy
It is the policy of the Charity to maintain unrestricted funds to cover up to 3 months of estimated expenditure. This provides enough funds to cover any emergency expenditures that may arise from time to time. The charity will seek to maintain this level throughout the year. However, the Trustees regularly review the reserves position of the church in accordance with their commitments and anticipations.
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Objectives and Activities
The objects of the Church are, for the benefit of the public which is "To advance the Christian religion, for the public benefit in such ways as the trustees shall deem fit and necessary".
The Church purpose under this Object is to help build a society where there is love, affection, cooperation, mutual communication, and interaction between different religions in our society. This is born out of the fact that we live in a society where due to migrations, economic globalization and internationalization and the free access of online information, the possibilities of different religious believe among us is inevitable.
The church developed the under listed strategies to achieve its objectives:
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a. The preaching of the gospel of Jesus Christ by teaching members how to live a practical and healthy Christian life in their everyday life.
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b. Organization of seminars in the church with knowledgeable pastors and ministers of the faith to guide members in the various aspects of the Christian faith
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c. The relief of poverty.
Each year our trustees review our objectives and activities to ensure they continue to reflect our aims. In carrying out this review the trustees have considered the Charity Commission’s general guidance on public benefit and, its supplementary public guidance on the advancement of religion for the public benefit.
Achievements and performance
REVIEW OF ACTIVITIES
During the year, the charity continued to propagate the gospel of Jesus Christ. The charity continued in her service to the public via the outreaches where food and gifts are distributed to the needy and homeless people within the community. Financial aid was also given to church members who suffered bereavements, unemployment, and other challenges.
Successfully, the charity hosted empowerment seminars and workshops for men, women, and youth during the year where the attendees were adequately equipped and educated on the principles and doctrines of living a happy Christian life even in the face of unknown circumstances.
As a result of the negative impact of Covid-19 pandemic, the charity also continued with its charitable campaign in reaching out to people (both church members and non-members) locally and internationally, who are severely affected by the pandemic with monetary gift, foodbank and provided emotional and spiritual supports.
INVESTMENT POLICY AND PERFORMANCE
It is the investment policy of the charity to retain funds in Banks and/or Building Societies. Any change to this policy on the banking arrangement would be agreed to by the trustees. As far as possible, funds are retained in interest bearing accounts. (Savings account)
FINANCIAL REVIEW
The principal funding source for the charity is the revenue from donations by church members and gift aid scheme. Pledges towards the building project is still on going. The church’s total fund for the year ended 30 September 2022 is £22,657.00.
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FUTURE DEVELOPMENTS
The church plan is to continue to sustain the church membership and increase activities in helping the needy and from time to time organize activities that will benefit the society,
The charity plans to purchase its own property is still on going. Pledges towards raising the fund for the church own contribution is still ongoing.
STATE OF TRUSTEES’ RESPONSIBILITIES
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).
Law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of charity and of the incoming resources and application of resources of the charity for that year. In preparing these financial statements the trustees are required to:
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select suitable accounting policies and then 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 applicable UK 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 the 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 which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011 and the Charity (Accounts and Reports) Regulations 2008. 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.
SIGNED ON BEHALF OF BOARD BY:
JCO Pastor James Chukwuemeka Okike Trustee 20/06/2023
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LOVE OF HIS GLORY
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2022
| Incoming resources from generating funds: Voluntary Income Total incoming resources Resources Expended Payments in Furtherance of charitable objectives Charitable activities Governance costs Total resources expended Net incoming resources/(net outgoing resources) before transfers between funds Transfer between funds Other recognise gains and losses Net movement in funds Total funds brought forward Total funds carried forward for the year ended 30th September 2022 |
Notes 2 3 4 |
Notes 2 3 4 |
Unrestricted Funds £ 29,116 29,116 26,415 1,450 27,865 1,251 - - 1,251 21,406 22,657 |
2022 Total £ 29,116 29,116 26,415 1,450 27,865 1,251 - - 1,251 21,406 22,657 |
2021 Total £ 50,666 |
2021 Total |
|---|---|---|---|---|---|---|
| 50,666 | ||||||
| 50,476 3,220 |
||||||
| 53,696 | ||||||
| (3,030.0) - - |
||||||
| (3,030.0) 24,436 |
||||||
| 21,406 | ||||||
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LOVE OF HIS GLORY BALANCE SHEET
AS AT 30 SEPTEMBER 2022
| FIXED ASSETS Tangible assets CURRENT ASSETS Cash at Bank and Hand Debtors Creditors:amount falling due within one year Net current assets Net assets FUNDS OF THE CHURCH Unrestricted income funds TOTAL FUNDS |
2022 Notes £ £ 6 220 22,787 - 22,787 7 (350.00) 22,437 22,657 22,657 22,657 |
2021 £ £ 550 21,205 - 21,205 (350.0) 20,855 21,405 21,405 21,405 |
2021 £ £ 550 21,205 - 21,205 (350.0) 20,855 21,405 21,405 21,405 |
|---|---|---|---|
| 21,405 | |||
| 21,405 | |||
| 21,405 |
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1) For the period ending 30/09/2022 the company was entitled to examption from audit under section 477 of the Companies Act 2006 relating to small companies
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2) The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Companies Act 2006
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3) The director's acknowledge their responsibility for complying with the requirements of the Act with respect to accounting records and for the preparation of accounts
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4) These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime
APPROVED BY THE BOARD ON THE 20 JUNE 2023 AND SIGNED BY:
JCO
Pastor James Chukwuemeka Okike
Trustee
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LOVE OF HIS GLORY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
1. Accounting policies
The accounting policies have been applied consistently throughout the year and the preceding year.
a. Basis of accounting
The financial statements have been prepared under the historical cost convention and in accordance with the Statement of Recommended Practice 'Accounting and Reporting by Charities' (SORP 2015) and the Charities Act 2011.
b. Incoming resources
Income resources have been clearly broken down to show the various sources of funds for the charity. The unrestricted income consists of funds the charity has discretionary control as regards to its disbursement. Please note that all incoming resources are only accounted for in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy.
Voluntary income is received by way of grants, donations and gifts and is included in full in the statement of financial activities when it is receivable while 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.
Gifts donated for resale are included as incoming resources within activities for generating funds when they are sold.
c. Resources expended
Resources expended shows the governance cost and money spent on charitable activities. Expenditure is recognised on accrual basis as a liability is incurred. Expenditure could be VAT inclusive if it cannot be fully recovered, and it 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.
d. Tangible fixed assets
Tangible fixed assets, other than freehold land are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or value of fixed assets, less their estimated residual value, over their expected useful live.
Fixtures, Furniture and Equipment - 10%
2. Voluntary income
| Church Offering and Tithe Gift Aid |
Unrestricted 2022 2021 Funds Total Total £ £ £ 25,115 25,115 45,652 4,001 4,001 5,014 29,116 29,116 21,624 |
2021 Total |
|
|---|---|---|---|
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3. Cost of Charitable Activities
| Activities | |||
|---|---|---|---|
| Undertaken | 2022 | 2021 | |
| directly | Total | Total | |
| £ | £ | £ | |
| Love of His Glory | 26,415 |
26,415 | 50,476 |
| 26,415 |
26,415 |
50,476 |
4. Governance Costs
| Unrestricted 2022 Funds Total £ £ Accounatncy Fee 350 350 Legal and Consultancy Fee 1,000 1,000 Bank Charges - - 1,350 1,350 |
2021 Total £ 350 2,770 - |
2021 Total |
|---|---|---|
| 3,120 |
5. Employees
| Employees | |||
|---|---|---|---|
| Wages & Salaries PAYE & NIC |
2022 £ 500 - 500 |
2021 £ 664 - |
|
| 664 |
No employee received emoluments of more than £60,000.00 during the period under review.
Number of employees = 1. The Church made also used of 8 volunteered services and 1 freelance selfemployed workers during this financial year.
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6. Tangible Fixed assets Movements.
| DEPRECIATIONS CHARGE Cost Opening Balance Addition Disposal Revaluations Transfer As 30/09/2022 Depreciation rates Depreciation Balance b/f Charge for the year NET BOOK VALUE 30/09/2022 30/09/2021 |
Fixtures,Office Equipments £ 3,299.0 3,299 10% £ 2,749 330 3,079 220 550 |
Total £ 3,299 330 |
|---|---|---|
| 220 | ||
| 550 |
7. Debtors: Amount falling due within one year: Debtors £0.00
8. Unrestricted funds
| At | At | ||
|---|---|---|---|
| Incoming | Outgoing | ||
| 2021 | resources | resources | 2022 |
| £ | £ | £ | £ |
| 21,406 | 29,116 | 27,865 | 22,657 |
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LOVE OF HIS GLORY
INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES OF LOVE OF HIS GLORY
FOR THE YEAR ENDED 30 SEPTEMBER 2022
Respective The charity's trustees are responsible for the preparation of the accounts. responsibilities of The charity’s trustees consider that an audit is not required for this year trustees and examiner under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed.
It is my responsibility to:
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examine the accounts under section 145 of the Charities Act,
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to follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act, and
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to state whether matters have come to my attention.
Independent examiner's statement
- My examination was carried out in accordance with 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 the 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.
In connection with my examination, no matter has come to my attention.
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which gives me reasonable cause to believe that in, any material respect, the requirements:
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to keep accounting records in accordance with section 130 of the Charities Act; and
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to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act
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have not been met; or
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to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Independent examiner
Light Accountants
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LOVE OF HIS GLORY
SCHEDULE OF INCOME AND EXPENDITURE FOR THE YEAR ENED 30 SEPTEMBER 2022
| RECEIPTS: Incoming Resources: Offering Gift Aid Total receipts CHARITABLE ACTIVITIES: Grants Charitable donations Church management and administration Church - Hall rental Motor and Travelling Expenses Wages and Salaries Church Conference and Office Expenses Telephone, Fax and Internet Services Depreciation & Impairment Software Advertising and promotional cost Printing,Postage &stationery Total Expenditure TOTAL CHARITABLE ACTIVITIES EXPENDITURE Governance Cost Accountancy fees Consultancy Bank Charges Legal and Professional fees TOTAL GOVERNANCE COSTS TOTAL PAYMENTS Excess of receipts over payments Bank current and deposit accounts at 01/10/2021 Bank current and deposits accounts at 30/09/2022 |
£ 13,069 |
£ 13,069 |
£ 25,115 4,001 |
|---|---|---|---|
| 29,116 27,865 |
|||
| 4,700 561 500 6,005 1,095 330 34 - 122 |
13,069 13,346 |
||
| 350 100 - 1,000 |
26,415 | ||
| 26,415 | |||
| 1,450 | |||
| 1,450 | |||
| 1,251 | |||
| 21,406 22,657 |
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