LOVE THE STREET
REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
28[TH] FEBRUARY 2023
LOVE THE STREET
YEAR ENDED 28[TH] FEBRUARY 2023
CONTENTS
| Page | |
|---|---|
| Legal and Administrative Information | 1 |
| Trustees’ Annual Report | 2-3 |
| Independent Examiner’s Report | 4 |
| Receipts and Payments Account | 5 |
| Statement of Assets and Liabilities | 6 |
| Notes to the Accounts | 7 |
LOVE THE STREET
LEGAL AND ADMINISTRATIVE INFORMATION
YEAR ENDED 28[TH] FEBRUARY 2023
| REGISTERED CHARITY NUMBER: | 1158534 |
|---|---|
| CURRENT TRUSTEES: | Duncan Tolson (Chair) |
| Rev David Frederick | |
| Gabriella Reeves (Treasurer) | |
| Ken Brown (Secretary) | |
| Chloe Frederick | |
| ADDRESS: | 26 Thompson Road |
| EXETER | |
| EX1 2UB | |
| INDEPENDENT EXAMINER: | Mr M Cronin MAAT FCIE |
| Bowhill Bookkeeping Services | |
| 172 Newman Road | |
| Exeter | |
| EX4 1PQ |
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LOVE THE STREET
TRUSTEES’ ANNUAL REPORT
YEAR ENDED 28[TH] FEBRUARY 2023
The trustees present their report together with the financial statements of the charity for the year ended 28[th] February 2023. The financial statements have been prepared in accordance with the accounting policies set out on page 7 and comply with the Charity's constitution, applicable law and follow best accounting practice as laid out in the SORP FRS 102.
Structure, Governance and Management
Love the Street was constituted on 19[th] August 2014 as a CIO.
Love the Street is a Christian church as well as being a CIO. It is governed by a board of six trustees each of whom are appointed for two years. The trustees also function like the elders/pastors of a church, sharing responsibility with the lead pastor (who is also one of the trustees, but not himself the chair) for all important decisions and helping to ensure that accountability and transparency are maintained. They communicate by means of three formal meetings per annum, and regular informal communication (before and after weekly meetings, by email and by phone) in order to determine what matters necessitate formal discussion and decision taking and which matters can be appropriately handled without requiring gathering together formally.
The first tranche of trustees of Love the Street were appointed because they were present at the founding stage of the church, understood and shared the vision, had indicated a firm commitment to the venture, and were clearly mature and responsible individuals with a wealth of life experience including years spent in responsible professions (such as the military, teaching, health professions and company middle management).
Potential new trustees are considered and discussed by the current trustees. They are invited by the chair, and it is anticipated that two trustees might retire and two new trustees might be appointed every two years.
The trustees who served during the year and up to the date the report was approved are as follows:
Duncan Tolson (Chair) Ken Brown (Secretary) Gabriella Reeves (Treasurer from 29th July 2022) Anna Silva Carvalho (Treasurer to 29th July 2022) Rev David Frederick Chloe Frederick
Public Benefit Statement
The trustees are satisfied that they have compiled with their duty to have due regard to the guidance on public benefit published by the Charity Commission in exercising their duties. Details are in the following sections.
Serious incident reports
There have been no serious incidents or other matters that the trustees should have reported to the Charity Commission during the reporting period.
Objectives and Activities
The purposes of Love the Street are the promotion of the Christian faith and the alleviation of suffering for public benefit. With regard to the former, members of the church regularly offer prayer for healing and indeed for any other area of need requested by members of the public who we meet. The degree to which people experience or perceive positive answers to these prayers, as well as the compassion that is demonstrated when prayers are offered, often influences their interest in learning more about Jesus Christ and what it means to follow him.
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LOVE THE STREET
TRUSTEES’ ANNUAL REPORT
YEAR ENDED 28[TH] FEBRUARY 2023
Achievements and Performance
Despite being a church of no more than 20 members, Love the Street has impacted dozens of lives in the reporting period with the compassionate and sensitive offering of prayer to members of the public that has witnessed many people delighted with a variety of experiences of healing, alleviation of pain, and willingness to consider the person and claims of Jesus Christ.
Love the Street has continued to provide financial support to a number of charities and individuals working to alleviate suffering in various places around the world. Financial support has also continued to be given to former and current church members working as missionaries in Brazil, East Asia, two countries in Africa and with the student mission organisation, Fusion, in this country as well as more recently Manchester House of Prayer.
Financial Review
The charity made a cash deficit in the year of £1,287 (2022 – deficit £3,576) leaving a cash balance carried forward of £5,756. Total cash receipts increased by 11.5% with donations increasing by 3.3%.
Expenditure increased by 3.6% with most costs remaining stable but an increase in charitable and missionary giving of 9.3%. In 2022 there has been £220 one-off gifts given to Peter and Caroline May for helping with venues.
Reserves Policy
The trustees have agreed to hold a minimum of 3 months expenditure in reserve which would cover the need to wind up the charity unexpectedly. At the year- end the charity held cash reserves of £5,756 with no significant liabilities at the year-end which equated to just under 2 months total expenditure.
On-going budgeting is carried out and income and expenditure monitored on a regular basis by the treasurer. The pandemic has had little effect on the charity s income for this current financial year and the charity has resources to continue operating for the foreseeable future.
This report was approved by the trustees on………………………………. and signed on their behalf by:
.................................................………….
Trustee
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INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF
LOVE THE STREET Charitable Incorporated Organisation (“the CIO”)
I report to the charity trustees on my examination of the accounts of the CIO for the year ended 28[th] February 2023, which are set out on pages 5 to 7.
Responsibilities and basis of report
As the charity trustees of the CIO, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).
Having satisfied myself that the accounts of the CIO 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 all applicable 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 material matters have come to my attention in connection with the examination given me cause to believe that in any material respect:
-
accounting records were not kept as required by section 130 of the Act; or
-
the accounts do not accord with those records.
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.
Mr M Cronin MAAT FCIE Bowhill Bookkeeping Services 172 Newman Road Exeter EX4 1PQ Date
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LOVE THE STREET
RECEIPTS AND PAYMENTS ACCOUNT
YEAR ENDED 28[TH] FEBRUARY 2023
| RECEIPTS Donations Gift aid tax refunds Sundry Income TOTAL RECEIPTS PAYMENTS Fees to Pastor Charitable & Mission Giving Administration & Stationery costs Outreach materials Mileage Travel & Subsistence Telephone Zoom Licences Catering Conferences & Training courses Hall Rental & Hosting Costs Website expenses Accountancy and Independent exam fee Miscellaneous expenses TOTAL PAYMENTS NET RECEIPTS/(PAYMENTS) CASH BALANCES BROUGHT FORWARD CASH BALANCES CARRIED FORWARD |
Unrestricted Funds 2023 2022 £ £ 26,384 25,529 7,549 4,912 25 - |
|---|---|
| 33,958 30,441 |
|
| 27,000 27,000 6,220 5,690 62 57 - 42 53 129 29 - 210 191 - 57 23 41 - 20 864 225 459 126 325 425 - 14 |
|
| 35,245 34,017 |
|
| (1,287) (3,576) |
|
| 7,043 10,619 |
|
| 5,756 7,043 |
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LOVE THE STREET
STATEMENT OF ASSETS AND LIABILITIES
AS AT 28[TH] FEBRUARY 2023
| CASH FUNDS Bank Current account TOTAL CASH FUNDS OTHER MONETARY ASSETS Gift aid tax refunds TOTAL MONETARY ASSETS LIABILITIES Independent examination fee TOTAL LIABILITIES |
Unrestricted Funds 2023 2022 £ £ 5,756 7,043 |
|---|---|
| 5,756 7,043 |
|
| 100 1,403 |
|
| 100 1,403 |
|
| 325 425 |
|
| 325 425 |
These accounts were approved by the trustees on…………………………… and signed on their behalf by:
..........................................................
Trustee
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LOVE THE STREET
YEAR ENDED 28[TH] FEBRUARY 2023
NOTES TO THE ACCOUNTS
1. ACCOUNTING POLICIES
Accounting Convention
The financial statements are prepared under the receipts and payments basis and comply with the Charities Act 2011 and follow best accounting practice as laid out in the SORP FRS 102.
2. TRUSTEES’ REMUNERATION AND EXPENSES/RELATED PARTY TRANSACTIONS
Rev David Frederick, pastor for the church was paid fees of £27,000 for his leadership of the church in the year. Rev David Frederick was also reimbursed various expenses from his church leadership work for mileage, travel and subsistence, admin and stationery costs, website and catering costs totalling £526. In addition, 25% of Rev David Frederick’s landline and mobile phone bills were reimbursed to him totalling £210. The charity’s constitution allows for all such payments.
No further remuneration, directly or indirectly, out of the funds of the charity was paid or is payable for the year to any of the trustees, or to any other person or persons known to be connected to any of them. There were no further trustee expenses paid for the year ended 28[th] February 2023, nor for the year ended 28[th] February 2022.
There were no related party transactions during the year.
3. OUTSTANDING GUARANTEES
The trustees confirm, in accordance with the Charitable Incorporated Organisations (General) Regulations 2012, that at the period end the CIO did not have any outstanding guarantees to third parties nor any debts secured on assets of the CIO.
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