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← The Liberty Church

2024-12-31-accounts

REGISTERED COMPANY NUMBER: 09617844 (England and Wales) REGISTERED CHARITY NUMBER: 1169864

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

THE LIBERTY CHURCH

Sigma Accountants Limited Chartered Certified Accountants & Statutory Auditors Kelvin House Kelvin Way Crawley West Sussex RH10 9WE

THE LIBERTY CHURCH

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 December 2024

Page
Report of the Trustees 1 to 5
Report of the Independent Auditors 6 to 8
Statement of Financial Activities 9
Balance Sheet 10
Cash Flow Statement 11
Notes to the Cash Flow Statement 12
Notes to the Financial Statements 13 to 20
Detailed Statement of Financial Activities 21 to 22

THE LIBERTY CHURCH

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 December 2024

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2024. The trustees have adopted the provisions of 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).

OBJECTIVES AND ACTIVITIES Objectives and aims

The Charity's object is the advancement of the evangelical Christian faith worldwide. Our strategy in fulfilling this objective is to evangelise and spread the Gospel and the teachings of the Christian Faith by:

Page 1

THE LIBERTY CHURCH

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 December 2024

OBJECTIVES AND ACTIVITIES

Significant activities

In 2024 exploratory work with the various authorities that will be required to make a compliant bid to increase the capacity and modernise the Woodford Green property ensued and we are looking to put in a considered formal application in quarter 2 of 2025.

As reported last year we are still increasing physical attendance across locations but after Covid it seems that a good proportion of our members in the UK have made church online their preference so to ensure we consciously cater for them and our increased global audience we run all our services / events on a hybrid basis to maintain our reach. In 2024 we've continued running our initiatives on a hybrid basis with the concerted effort of our volunteer teams. These included the following;

The charity also continued to support church members, members of the public and other charities through:

In the consideration of our activities, the Trustees have given regard to the Charity Commission's guidance on public benefit.

ACHIEVEMENT AND PERFORMANCE Charitable activities

All the activities highlighted above enable the charity to accomplish its objectives and provide a service that benefits the public.

Physical services at 4 locations coupled with a hybrid offering of all our major events and services in 2024 has enabled the church experience growth both in online and physical attendance.

Members have maintained their financial commitment which enables the charity to function as a going concern.

FINANCIAL REVIEW

Principal funding sources

The Charity's principal funding source is from members and individuals who attend services and make contributions in the form of freewill offerings, tithes and other donations.

Page 2

THE LIBERTY CHURCH

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 December 2024

FINANCIAL REVIEW

Investment policy and objectives

The trustees are of the opinion that the performance of the charity from a financial standpoint is in line with their expectations and plans for the charity.

The charity does not currently analyse its funds into different classes or categories. All the funds are maintained in a single general fund.

Reserves policy

As at 31st December 2024, the level of reserves available for the Charity's use (i.e. unrestricted funds and not represented by fixed assets) was £3,280,591.

These reserves are held to ensure that we can meet our commitments to providing our services and activities and staffing obligations in the event of a reduction or absence of funds/volunteer donations ; towards the acquisition of sites for our other locations or payment for venues and to meet some key events expenditure that are capital intensive e.g. Crossover Service / Atmosphere of Worship & Wonders, International Breakthrough Nights.

FUTURE PLANS

The Charity continues to explore ways of furthering its charitable objectives in an effective manner by ensuring there is awareness of its services and by seeking opportunities to be more involved in the community.

The Charity seeks to provide services and activities that meet the needs of people and contribute to a positive change in the moral and spiritual climate in its environs, this reflects its Christian ethos and beliefs.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The Church is a charitable company limited by guarantee, incorporated on 1st June 2015 and registered as a charity on 2 September 2016. It is governed by its Memorandum and Articles of Association and is managed by a Board of Trustees. Decisions are determined by a simple majority vote by the Trustees who set the strategic direction of the Charity. Delegated authority has been granted to the Lead Pastors - Visionary and Resident Pastor and the Executive Pastor for the day to day running of the operations of the Charity.

Recruitment and appointment of new trustees

Trustees are selected on the basis of the contribution that they will make to the governance of the organisation and the skills that they will contribute. They are provided with copies of the Charity Commission's Guidance to Trustees and are also provided with training as and when required.

On the 18th of June 2024, an ordinary resolution was agreed and passed by the members appointing Mr Olusola Ewedemi as the Chairperson of the Board of Trustees / Directors and 2 new trustees detailed below on an initial 2-year term.

Mr Adebayo Fadugba - Seasoned Pastor that brings many years of expertise in charity governance, ministry ethos and international ministry.

Ms Oghenevona Cynthia Aghoghovbia - A qualified accountant with extensive director level experience in corporate compliance, financial governance in the financial services and real estate sector.

Related parties

Details of related parties are given in note 14 of the financial statements

Risk management

The Trustees review the major risks that the charity is exposed to at their meetings and are satisfied that systems are in place to manage the risks that have been identified. In particular, insurance cover is in place and the finances of the Charity are kept under review. Appropriate Disclosure & Barring Service check (DBS), supported by regularly reviewed policies are done for all those who work with children or other vulnerable groups with the Charity. Internal control risks are minimised by the implementation of procedures for authorisation of significant transactions and projects. Procedures are in place to ensure compliance with health and safety of members of staff, volunteers, clients and visitors to the Charity. Qualified and appropriately experienced employees are appointed and external consultants are engaged to advise on significant issues.

Page 3

THE LIBERTY CHURCH

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 December 2024

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number

09617844 (England and Wales)

Registered Charity number

1169864

Registered office

Liberty Point 4 High Elms Woodford Green Essex IG8 0UP

Trustees

O T Adesanya O O Ewedemi A R Fola-Alade A Fadugba (appointed 19.6.24) O C Aghoghovbia (appointed 19.6.24)

Company Secretary

A O Adewumi

Auditors

Sigma Accountants Limited Chartered Certified Accountants & Statutory Auditors Kelvin House Kelvin Way Crawley West Sussex RH10 9WE

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of The Liberty Church for the purposes of company law) are responsible for preparing the Report of the Trustees 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 affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to 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. In so far as the trustees are aware:

Page 4

THE LIBERTY CHURCH

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 December 2024

AUDITORS

The auditors, Sigma Accountants Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Approved by order of the board of trustees on 26 May 2025 and signed on its behalf by:

O C Aghoghovbia - Trustee

Page 5

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE LIBERTY CHURCH

Opinion

We have audited the financial statements of The Liberty Church (the 'charitable company') for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Page 6

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE LIBERTY CHURCH

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

provisions of relevant laws and regulations described as having a direct effect on the financial statements;

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Page 7

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE LIBERTY CHURCH

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Muhammad Imran Ashraf FCCA (Senior Statutory Auditor) for and on behalf of Sigma Accountants Limited Chartered Certified Accountants & Statutory Auditors Kelvin House Kelvin Way Crawley West Sussex RH10 9WE

26 May 2025

Page 8

THE LIBERTY CHURCH

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 December 2024

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Other trading activities
3
Investment income
4
Total
EXPENDITURE ON
Charitable activities
5
Charitable activities
Other
Total
NET INCOME
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 31.12.24
Unrestricted
fund
£
3,394,068
24,582
23,210
3,441,860
2,951,829
259,976
3,211,805
230,055
3,050,536
3,280,591		 31.12.23
Total
funds
£
3,382,526
-
10,975
3,393,501
2,688,294
173,595
2,861,889
531,612
2,518,924
3,050,536

The notes form part of these financial statements

Page 9

THE LIBERTY CHURCH

BALANCE SHEET 31 December 2024

Notes
FIXED ASSETS
Tangible assets
11
CURRENT ASSETS
Debtors
12
Cash at bank
CREDITORS
Amounts falling due within one year
13
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
CREDITORS
Amounts falling due after more than one year
14
NET ASSETS
FUNDS
18
Unrestricted funds
TOTAL FUNDS		 31.12.24
31.12.23
Unrestricted
Total
fund
funds
£
£
4,285,978
4,244,110
40,756
37,104
1,623,300
1,453,274
1,664,056
1,490,378
(199,443)
(213,952)
1,464,613
1,276,426
5,750,591
5,520,536
(2,470,000 )
(2,470,000 )
3,280,591
3,050,536
3,280,591
3,050,536
3,280,591
3,050,536		 31.12.24
31.12.23
Unrestricted
Total
fund
funds
£
£
4,285,978
4,244,110
40,756
37,104
1,623,300
1,453,274
1,664,056
1,490,378
(199,443)
(213,952)
1,464,613
1,276,426
5,750,591
5,520,536
(2,470,000 )
(2,470,000 )
3,280,591
3,050,536
3,280,591
3,050,536
3,280,591
3,050,536
1,490,378
(213,952)
1,276,426
5,520,536
(2,470,000 )
3,050,536
3,050,536
3,050,536

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on 26 May 2025 and were signed on its behalf by:

O C Aghoghovbia - Trustee

The notes form part of these financial statements

Page 10

THE LIBERTY CHURCH

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 December 2024

Notes
Cash flows from operating activities
Cash generated from operations
1
Interest paid
Net cash provided by operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Interest received
Net cash used in investing activities
Change in cash and cash equivalents in the
reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end of
the reporting period		 31.12.24
£
496,356
(207,767)
288,589
(141,773)
23,210
(118,563)
170,026
1,453,274
1,623,300		 31.12.23
£
869,737
(189,361)
680,376
(222,692)
10,975
(211,717)
468,659
984,615
1,453,274

The notes form part of these financial statements

Page 11

THE LIBERTY CHURCH

NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 December 2024

1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
31.12.24 31.12.23
£ £
Net income for the reporting period (as per the Statement of Financial
Activities) 230,055 531,612
Adjustments for:
Depreciation charges 99,905 86,062
Interest received (23,210) (10,975)
Interest paid 207,767 189,361
Increase in debtors (3,652) (13,824)
(Decrease)/increase in creditors (14,509) 87,501
Net cash provided by operations 496,356 869,737
2. ANALYSIS OF CHANGES IN NET DEBT
At 1.1.24 Cash flow At 31.12.24
£ £ £
Net cash
Cash at bank 1,453,274 170,026 1,623,300
1,453,274 170,026 1,623,300
Debt
Debts falling due after 1 year (2,470,000 ) - (2,470,000 )
(2,470,000 ) - (2,470,000 )
Total (1,016,726 ) 170,026 (846,700)

The notes form part of these financial statements

Page 12

THE LIBERTY CHURCH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 December 2024

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property - 2% on cost Plant and machinery - 50% on cost

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

continued...

Page 13

THE LIBERTY CHURCH

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 December 2024

2.
DONATIONS AND LEGACIES
Donations
Gift aid
Grants
Grants received, included in the above, are as follows:
Other grants
3.
OTHER TRADING ACTIVITIES
Other trading activities
4.
INVESTMENT INCOME
Deposit account interest
5.
CHARITABLE ACTIVITIES COSTS
Charitable activities
6.
SUPPORT COSTS
Charitable activities
Charitable activities		 Direct
Costs
£
2,250,253
Management
£
537,392
Other
£
99,905		 31.12.24
£
2,915,862
473,118
5,088
3,394,068
31.12.24
£
5,088
31.12.24
£
24,582
31.12.24
£
23,210
Support
costs (see
note 6)
£
701,576
Finance
£
30,756
Governance
costs
£
14,146		 31.12.23
£
2,891,293
491,233
-
3,382,526
31.12.23
£
-
31.12.23
£
-
31.12.23
£
10,975
Totals
£
2,951,829
Human
resources
£
19,377
Totals
£
701,576

continued...

Page 14

THE LIBERTY CHURCH

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 December 2024

7. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

Auditors' remuneration
Depreciation - owned assets
Hire of plant and machinery
Premises costs
8.
TRUSTEES' REMUNERATION AND BENEFITS
Trustees' salaries
Trustees' social security
Trustees' pension contributions to money purchase schemes		 31.12.24
£
3,000
99,905
479,232
59,297
31.12.24
£
67,358
6,975
5,964
80,297		 31.12.23
£
2,200
86,062
428,381
15,508		 31.12.23
£
2,200
86,062
428,381
15,508
31.12.23
£
66,584
6,925
5,918
79,427
79,427

The trustee A R Fola-Alade who is also a director was paid gross remuneration of £67,358 during the year. It was agreed with the Charity Commission at the time of registration that A R Fola-Alade will be paid a salary as she also works for the Church.

Trustees' expenses
Trustees' expenses
9.
STAFF COSTS
Wages and salaries
Social security costs
Other pension costs
The average monthly number of employees during the year was as follows:
Ministry
Administrative		 31.12.24
£
832
31.12.24
£
495,107
40,729
29,118
564,954
31.12.24
4
11
15		 31.12.23
£
-
31.12.23
£
486,087
38,712
26,231
551,030
31.12.23
4
7
11

Page 15

continued...

THE LIBERTY CHURCH

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 December 2024

9. STAFF COSTS - continued

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

31.12.24
£60,001 - £70,000
1
£80,001 - £90,000
1
2
10.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
INCOME AND ENDOWMENTS FROM
Donations and legacies
Investment income
Total
EXPENDITURE ON
Charitable activities
Charitable activities
Other
Total
NET INCOME
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 31.12.23
1
1
2
Unrestricted
fund
£
3,382,526
10,975
3,393,501
2,688,294
173,595
2,861,889
531,612
2,518,924
3,050,536

Page 16

continued...

THE LIBERTY CHURCH

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 December 2024

11. TANGIBLE FIXED ASSETS

COST
At 1 January 2024
Additions
At 31 December 2024
DEPRECIATION
At 1 January 2024
Charge for year
At 31 December 2024
NET BOOK VALUE
At 31 December 2024
At 31 December 2023		 Freehold
property
£
4,312,506
119,987
4,432,493
112,877
60,784
173,661
4,258,832
4,199,629		 Plant and
machinery
£
100,325
20,113
120,438
65,685
31,098
96,783
23,655
34,640		 Fixtures
and
fittings
£
18,491
1,673
20,164
8,650
8,023
16,673
3,491
9,841		 Totals
£
4,431,322
141,773
4,573,095
187,212
99,905
287,117
4,285,978
4,244,110

Included in cost or valuation of land and buildings is freehold land of £1,383,505 (2023 - £1,383,505) which is not depreciated.

12.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£ £
Trade debtors 6,770 -
Prepayments and accrued income 33,986 37,104
40,756 37,104
13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£ £
Accruals and deferred income 199,443 213,952

continued...

Page 17

THE LIBERTY CHURCH

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 December 2024

14.
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.24
£
Bank loans (see note 15)
2,470,000
15.
LOANS
An analysis of the maturity of loans is given below:
31.12.24
£
Amounts falling due between two and five years:
Bank loans - 2-5 years
139,802
Amounts falling due in more than five years:
Repayable by instalments:
Bank loans more 5 yr by instal
2,330,198
16.
LEASING AGREEMENTS
Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.24
£
Within one year
14,400
Between one and five years
43,200
57,600
17.
SECURED DEBTS
The following secured debts are included within creditors:
31.12.24
£
Bank loans
2,470,000
The bank loans are secured by first mortgages over the charity's freehold property.
18.
MOVEMENT IN FUNDS
Net
movement
At 1.1.24
in funds
£
£
Unrestricted funds
General fund
3,050,536
230,055
TOTAL FUNDS
3,050,536
230,055		 31.12.23
£
2,470,000
31.12.23
£
139,802
2,330,198
31.12.23
£
14,400
57,600
72,000
31.12.23
£
2,470,000
At
31.12.24
£
3,280,591
3,280,591

continued...

Page 18

THE LIBERTY CHURCH

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 December 2024

18. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Incoming
resources
£
Unrestricted funds
General fund
3,441,860
TOTAL FUNDS
3,441,860
Comparatives for movement in funds
At 1.1.23
£
Unrestricted funds
General fund
2,518,924
TOTAL FUNDS
2,518,924
Comparative net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
3,393,501
TOTAL FUNDS
3,393,501		 Resources
expended
£
(3,211,805 )
(3,211,805 )
Net
movement
in funds
£
531,612
531,612
Resources
expended
£
(2,861,889 )
(2,861,889 )		 Movement
in funds
£
230,055
230,055
At
31.12.23
£
3,050,536
3,050,536
Movement
in funds
£
531,612
531,612

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 At 1.1.23
£
2,518,924
2,518,924		 Net
movement
in funds
£
761,667
761,667		 At
31.12.24
£
3,280,591
3,280,591

continued...

Page 19

THE LIBERTY CHURCH

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 December 2024

18. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 Incoming
resources
£
6,835,361
6,835,361		 Resources
expended
£
(6,073,694 )
(6,073,694 )		 Movement
in funds
£
761,667
761,667

19. RELATED PARTY DISCLOSURES

Precious Sight Foundation (PSF) a UK based charity is considered a related party as the company secretary is also the company secretary and Executive Pastor of The Liberty Church.

During the year donations totalling £6,000 were made to PSF (2023: £6,000)

Page 20

THE LIBERTY CHURCH

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 December 2024

INCOME AND ENDOWMENTS
Donations and legacies
Donations
Gift aid
Grants
Other trading activities
Other trading activities
Investment income
Deposit account interest
Total incoming resources
EXPENDITURE
Charitable activities
Trustees' salaries
Trustees' social security
Trustees' pension contributions
Trustees' expenses
Wages
Social security
Pensions
Equipment hire
Premises costs
Church missions
Conference & events
Other service related costs
Teaching & education material
Advertising
Gifts and donations
Honorarium
Other
Other operating leases
Travel expenses
Support costs
Management
Television production
Carried forward		 31.12.24
£
2,915,862
473,118
5,088
3,394,068
24,582
23,210
3,441,860
67,358
6,975
5,964
832
427,749
33,754
23,154
479,232
90,080
35,330
464,848
413,584
5,947
33,960
30,397
131,089
2,250,253
59,297
200,679
259,976
3,575
3,575		 31.12.23
£
2,891,293
491,233
-
3,382,526
-
10,975
3,393,501
66,584
6,925
5,918
-
419,503
31,787
20,313
428,381
95,475
28,579
387,711
312,678
2,487
48,744
22,217
125,829
2,003,131
15,508
158,087
173,595
21,795
21,795

This page does not form part of the statutory financial statements

Page 21

THE LIBERTY CHURCH

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 December 2024

Management
Brought forward
Multimedia and IT expenses
Sundries
Equipment expensed
Mortgage
Finance
Bank charges
Human resources
Staff training
Other
Freehold property
Plant and machinery
Fixtures and fittings
Governance costs
Auditors' remuneration
Accountancy, legal and professional fee
Total resources expended
Net income		 31.12.24
£
3,575
307,973
3,848
14,229
207,767
537,392
30,756
19,377
60,784
31,098
8,023
99,905
3,000
11,146
14,146
3,211,805
230,055		 31.12.23
£
21,795
249,185
3,092
22,224
189,361
485,657
26,309
63,544
57,537
21,603
6,922
86,062
2,200
21,391
23,591
2,861,889
531,612

This page does not form part of the statutory financial statements

Page 22