COMPANY REGISTRATION NUMBER: 09925131 CHARITY REGISTRATION NUMBER: 1166172
Life Christian Church Ltd Company Limited by Guarantee Unaudited Financial Statements 31 December 2023
STAFFORD BUSINESS AND ACCOUNTANCY SERVICES
Accountants 4a Eastgate Street Stafford Staffordshire England ST16 2NQ
Life Christian Church Ltd
Company Limited by Guarantee
Financial Statements
Year ended 31 December 2023
| Page | |
|---|---|
| Trustees' annual report (incorporating the director's report) | 1 |
| Independent examiner's report to the trustees | 4 |
| Statement of financial activities (including income and | |
| expenditure account) | 5 |
| Statement of financial position | 6 |
| Notes to the financial statements | 7 |
Life Christian Church Ltd
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Year ended 31 December 2023
The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 December 2023.
Reference and administrative details
Registered charity name Life Christian Church Ltd Charity registration number 1166172 Company registration number 09925131 Principal office and registered Branksome office Newport Road Stafford Staffordshire ST16 1DD England
The trustees
Dr C O Orakwue Mr C Murally Mr S Basraj
The Trustees present their annual report and financial statements for the year ended 31 December 2023.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).
Independent examiner Stafford Business & Accountancy Services 4a Eastgate Street Stafford Staffordshire England ST16 2NQ
Structure, governance and management
The charity is a company controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
1
Life Christian Church Ltd
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 December 2023
Objectives and activities
The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
We are committed to promoting the Christian religion by providing a place of worship, distributing Christian material, supporting local and international Christian Missionary work and humanitarian aid. Over the last 3 years in particular, the church has been actively looking at purchasing a place of worship. Unfortunately, we were out-bid in the ones we have put in offers. These are the Methodist church at Woodeaves and the Methodist Church at Wednesfield Wolverhampton. We had an offer accepted for a piece of land in Riverway, Stafford to build, but had to abandon the purchase when it became evident that the land had significant flooding issues. We have also looked at several other church properties including Tibberton Methodist church Telford, Marsh Green Methodist Church Telford, Primitive Methodist Church Edgmond and Rowley Street Methodist Church Newcastle underLyme. More recently April - August 2023, our efforts to acquire Kingdom Hall, 51 Greystone Park in Crewe fell through just before exchange of contracts after we had incurred conveyancing costs, including legal fees. We are now in the process of purchasing of St Chad's Church in Newcastle under Lyme, having recently had our offer accepted by the vendor.
Achievements and performance
Financial review
Life Christian Church Ltd is a small sub-urban church with income of about £50,000. Up until this time we have hired buildings for place of worship and have not had to be involved in general repair costs. It has been our long-term plan to acquire a place of worship which will then involve future maintenance costs. The church does not currently employ any staff.
The Trustees Board discussed the following factors in arriving at their reserves policy:
-
Money should only be kept in reserve for specific reasons.
-
It would be prudent to keep three months running costs in reserve (£2,500).
-
It would now also be good to have some funds in reserves to cover future building work.
-
The Trustee Board have not put any money into reserves in recent years as the aim was to have enough funds to enable purchase of a permanent place of worship.
The company aims to keep approximately three months running costs in reserves. This is also to cover emergency running costs, provide financial activity and development of our principal activity. To achieve this we will aim to put £2,500 per year into reserves from income until that level is achieved. The board anticipates increased expenditure with acquisition of a building for a place of worship. In view of this they aim to keep £5,000 in reserves. The Board will review on a quarterly basis the amount of reserves that are required to ensure that they are adequate to fulfil our continuing obligations
2
Life Christian Church Ltd
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 December 2023
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
The trustees' annual report was approved on 30 September 2024 and signed on behalf of the board of trustees by:
Mr Chukwunonso Orakwue (Sep 30, 2024 19:56 GMT+1)
Dr C O Orakwue Trustee
3
Life Christian Church Ltd
Company Limited by Guarantee
Independent Examiner's Report to the Trustees of Life Christian Church Ltd
Year ended 31 December 2023
I report to the trustees on my examination of the financial statements of Life Christian Church Ltd ('the charity') for the year ended 31 December 2023.
Responsibilities and basis of report
As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements 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 the 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:
-
accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
-
the financial statements do not accord with those records; or
-
the financial statements 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
-
the financial statements 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.
Stafford Business & Accountancy Services Independent Examiner 4a Eastgate Street Stafford Staffordshire England ST16 2NQ
4
Life Christian Church Ltd
Company Limited by Guarantee
Statement of Financial Activities (including income and expenditure account)
Year ended 31 December 2023
| 2023 | 2023 | 2022 | ||
|---|---|---|---|---|
| Unrestricted | ||||
| funds | Total funds | Total funds | ||
| Note | £ | £ | £ | |
| Income and endowments | ||||
| Donations and legacies | 5 | 48,084 | 48,084 | 50,476 |
| Investment income | 6 | 1 | 1 | – |
| �������� | �������� | �������� | ||
| Total income | 48,085 | 48,085 | 50,476 | |
| �������� | �������� | �������� | ||
| Expenditure | ||||
| Expenditure on charitable activities | 7,8 | 4,305 | 4,305 | 8,560 |
| Other expenditure | 9 | 4,100 | 4,100 | – |
| �������� | �������� | �������� | ||
| Total expenditure | 8,405 | 8,405 | 8,560 | |
| �������� | �������� | �������� | ||
| �������� | �������� | �������� | ||
| Net income and net movement in funds | 39,680 | 39,680 | 41,916 | |
| �������� | �������� | �������� | ||
| Reconciliation of funds | ||||
| Total funds brought forward | 192,501 | 192,501 | 150,585 | |
| ��������� | ��������� | ��������� | ||
| Total funds carried forward | 232,181 | 232,181 | 192,501 | |
| ��������� | ��������� | ��������� |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 7 to 13 form part of these financial statements.
5
Life Christian Church Ltd
Company Limited by Guarantee
Statement of Financial Position
31 December 2023
| 2023 | 2022 | ||
|---|---|---|---|
| Note | £ | £ | |
| Fixed assets | |||
| Tangible fixed assets | 14 | 1,040 | 1,224 |
| Current assets | |||
| Debtors | 15 | 214 | – |
| Cash at bank and in hand | 231,827 | 195,899 | |
| ��������� | ��������� | ||
| 232,041 | 195,899 | ||
| Creditors: amounts falling due within one year | 16 | 900 | 4,622 |
| ��������� | ��������� | ||
| Net current assets | 231,141 | 191,277 | |
| ��������� | ��������� | ||
| Total assets less current liabilities | 232,181 | 192,501 | |
| ��������� | ��������� | ||
| Net assets | 232,181 | 192,501 | |
| ��������� | ��������� | ||
| Funds of the charity | |||
| Unrestricted funds | 232,181 | 192,501 | |
| ��������� | ��������� | ||
| Total charity funds | 17 | 232,181 ��������� |
192,501 ��������� |
For the year ending 31 December 2023 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the board of trustees and authorised for issue on 30 September 2024, and are signed on behalf of the board by:
Mr Chukwunonso Orakwue (Sep 30, 2024 19:56 GMT+1)
Dr C O Orakwue Trustee
The notes on pages 7 to 13 form part of these financial statements.
6
Life Christian Church Ltd
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is Branksome, Newport Road, Stafford, Staffordshire, ST16 1DD, England.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Disclosure exemptions
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2023.
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
7
Life Christian Church Ltd
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 December 2023
3. Accounting policies (continued)
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
-
income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
-
legacy income is recognised when receipt is probable and entitlement is established.
-
income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
-
income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
-
expenditure on raising funds includes the costs of all fundraising activities, events, noncharitable trading activities, and the sale of donated goods.
-
expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
-
other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
8
Life Christian Church Ltd
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 December 2023
3. Accounting policies (continued)
Tangible assets (continued)
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 15% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cashgenerating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
9
Life Christian Church Ltd
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 December 2023
3. Accounting policies (continued)
Financial instruments (continued)
Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Limited by guarantee
The charity is a company controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
5. Donations and legacies
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
|---|---|---|---|---|---|
| Funds | 2023 | Funds | 2022 | ||
| £ | £ | £ | £ | ||
| Donations | |||||
| Donations | 48,084 | 48,084 | 50,476 | 50,476 | |
| �������� | �������� | �������� | �������� | ||
| 6. | Investment income | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2023 | Funds | 2022 | ||
| £ | £ | £ | £ | ||
| Bank interest receivable | 1 | 1 | – | – | |
| ���� | ���� | ���� | ���� |
10
Life Christian Church Ltd
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 December 2023
7. Expenditure on charitable activities by fund type
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
|---|---|---|---|---|---|
| Funds | 2023 | Funds | 2022 | ||
| £ | £ | £ | £ | ||
| Activity type 1 | 1,653 | 1,653 | 6,172 | 6,172 | |
| Support costs | 2,652 | 2,652 | 2,388 | 2,388 | |
| ������� | ������� | ������� | ������� | ||
| 4,305 | 4,305 | 8,560 | 8,560 | ||
| ������� | ������� | ������� | ������� | ||
| 8. | Expenditure on charitable activities by activity type | ||||
| Activities | |||||
| undertaken | Total funds | Total fund | |||
| directly Support costs | 2023 | 2022 | |||
| £ | £ | £ | £ | ||
| Activity type 1 | 1,653 | – | 1,653 | 6,172 | |
| Governance costs | – | 2,652 | 2,652 | 2,388 | |
| ������� | ������� | ������� | ������� | ||
| 1,653 | 2,652 | 4,305 | 8,560 | ||
| ������� | ������� | ������� | ������� | ||
| 9. | Other expenditure | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2023 | Funds | 2022 | ||
| £ | £ | £ | £ | ||
| Other expenditure | 4,100 | 4,100 | – | – | |
| ������� | ������� | ���� | ���� | ||
| 10. | Net income | ||||
| Net income is stated after charging/(crediting): | |||||
| 2023 | 2022 | ||||
| £ | £ | ||||
| Depreciation of tangible fixed assets | 184 | 216 | |||
| ���� | ���� | ||||
| 11. | Independent examination fees | ||||
| 2023 | 2022 | ||||
| £ | £ | ||||
| Fees payable to the independent examiner for: | |||||
| Independent examination of the financial statements | 900 | 900 | |||
| ���� | ���� |
12. Staff costs
The average head count of employees during the year was Nil (2022: Nil).
No employee received employee benefits of more than £60,000 during the year (2022: Nil).
11
Life Christian Church Ltd
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 December 2023
13. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
14. Tangible fixed assets
| Plant and | |||
|---|---|---|---|
| machinery | |||
| £ | |||
| Cost | |||
| At 1 January 2023 and 31 December 2023 | 2,456 | ||
| ������� | |||
| Depreciation | |||
| At 1 January 2023 | 1,232 | ||
| Charge for the year | 184 | ||
| ������� | |||
| At 31 December 2023 | 1,416 | ||
| ������� | |||
| Carrying amount | |||
| At 31 December 2023 | 1,040 | ||
| ������� | |||
| At 31 December 2022 | 1,224 | ||
| ������� | |||
| 15. | Debtors | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Trade debtors | 214 | – | |
| ���� | ���� | ||
| 16. | Creditors: amounts falling due within one year | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Trade creditors | 900 | 1,275 | |
| Accruals and deferred income | – | 3,347 | |
| ���� | ������� | ||
| 900 | 4,622 | ||
| ���� | ������� |
12
Life Christian Church Ltd
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 December 2023
17. Analysis of charitable funds
Unrestricted funds
| Unrestricted funds | |||||
|---|---|---|---|---|---|
| At | At | ||||
| 1 | January 202 | 31 December | |||
| 3 | Income | Expenditure | 2023 | ||
| £ | £ | £ | £ | ||
| General funds | 192,501 | 48,085 | (8,405) | 232,181 | |
| ��������� | �������� | ������� | ��������� | ||
| At | At | ||||
| 1 | January 202 | 31 December | |||
| 2 | Income | Expenditure | 2022 | ||
| £ | £ | £ | £ | ||
| General funds | 150,585 | 50,476 | (8,560) | 192,501 | |
| ��������� | �������� | ������� | ��������� | ||
| 18. | Analysis of net assets between funds | ||||
| Unrestricted | Total Funds | ||||
| Funds | 2023 | ||||
| £ | £ | ||||
| Tangible fixed assets | 1,040 | 1,040 | |||
| Current assets | 232,041 | 232,041 | |||
| Creditors less than 1 year | (900) | (900) | |||
| ��������� | ��������� | ||||
| Net assets | 232,181 | 232,181 | |||
| ��������� | ��������� | ||||
| Unrestricted | Total Funds | ||||
| Funds | 2022 | ||||
| £ | £ | ||||
| Tangible fixed assets | – | – | |||
| Current assets | – | – | |||
| Creditors less than 1 year | – | – | |||
| ���� | ���� | ||||
| Net assets | – | – | |||
| ���� | ���� |
13
Life Christian Church Ltd Accts 2023
Final Audit Report
2024-09-30
Created: 2024-09-30 By: Melanie de Bec (staffordaccountants@yahoo.co.uk) Status: Signed Transaction ID: CBJCHBCAABAA1eBLa6-xyJW9df0cFGlIe4c4H-SF3WVG
"Life Christian Church Ltd Accts 2023" History
Document created by Melanie de Bec (staffordaccountants@yahoo.co.uk)
2024-09-30 - 17:55:15 GMT- IP address: 81.98.203.191
Document emailed to oorakwue@yahoo.com for signature
2024-09-30 - 17:57:25 GMT
Email viewed by oorakwue@yahoo.com
2024-09-30 - 18:49:05 GMT- IP address: 81.98.197.101
Signer oorakwue@yahoo.com entered name at signing as Mr Chukwunonso Orakwue 2024-09-30 - 18:55:59 GMT- IP address: 81.98.197.101
Document e-signed by Mr Chukwunonso Orakwue (oorakwue@yahoo.com)
Signature Date: 2024-09-30 - 18:56:01 GMT - Time Source: server- IP address: 81.98.197.101
Agreement completed.
2024-09-30 - 18:56:01 GMT