REGISTERED CHARITY NUMBER: 1175081
Unaudited Financial Statements for the Year Ended 31 March 2024
for
Love Caerphilly Charitable Incorporated Organisation (CIO)
The Rowleys Partnership Ltd Chartered Accountants Charnwood House Harcourt Way Meridian Business Park Leicester Leicestershire LE19 1WP
Love Caerphilly Charitable Incorporated Organisation (CIO)
Contents of the Financial Statements for the Year Ended 31 March 2024
==> picture [511 x 662] intentionally omitted <==
----- Start of picture text -----
Page
Reference and Administrative Details 1
Report of the Trustees 2 to 4
Independent Examiner's Report 5
Statement of Financial Activities 6
Balance Sheet 7 to 8
Notes to the Financial Statements 9 to 15
Detailed Statement of Financial Activities 16
----- End of picture text -----
Love Caerphilly Charitable Incorporated Organisation (CIO)
Reference and Administrative Details for the Year Ended 31 March 2024
==> picture [511 x 662] intentionally omitted <==
----- Start of picture text -----
TRUSTEES A S Matheson
L Black
R Mtetwa (resigned 1.7.23)
C R Watson
PRINCIPAL ADDRESS 102 Bartlett Street
Caerphilly
Mid Glamorgan
CF83 1JU
REGISTERED CHARITY NUMBER 1175081
INDEPENDENT EXAMINER The Rowleys Partnership Ltd
Chartered Accountants
Charnwood House
Harcourt Way
Meridian Business Park
Leicester
Leicestershire
LE19 1WP
----- End of picture text -----
Page 1
Love Caerphilly Charitable Incorporated Organisation (CIO)
Report of the Trustees for the Year Ended 31 March 2024
The trustees present their report with the financial statements of the charity for the year ended 31 March 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).
The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 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 published in October 2019.
OBJECTIVES AND ACTIVITIES
Objectives and aims
The charity was established under a trust deed dated 10 October 2017 and was registered as a Charitable Incorporated Organisation (CIO) on the same date.
The objective of the CIO is the advancement of the Christian faith. In particular charitable missionary work within the United Kingdom and Worldwide, and to relieve persons who are in conditions of need or hardship, or who are aged and sick by use of our own financial and human resources.
Public benefit
The trustees have considered the Charity Commission's requirements in respect of public benefit. In their view the charity meets, in full, the criteria to satisfy the test.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The activities carried out to date are commensurate with the objectives and aims of the charity. The trustees have delegated day to day management to and are taking advice from Jeremy Davey and Robert Sherwin who are the elders of the Church. Jeremy Davey is supported full time by the charity.
The charity's bankers are Barclays bank PLC, 1-5 St David's Way, Cardiff, CF10 2DP, where a community bank account is held.
The charity's insurance broker is Thomas Carrol, Pendragon House, Crescent Road, Caerphilly, CF83 1XX, who have set up the charity's liability insurance. The insurance during this period was arranged with Congregational-Integra Insurance Solutions Ltd, Currer House, Bradford, BD1 5BA.
All funds were raised by regular giving by the church members, as well as gift aid claims from HMRC. In order to minimise the handling of cheques and cash, most donations since April 2020 have been made via bank transfer.
All social action initiatives that involved any gathering of people, followed Risk Assessments.
Financial and other support has been provided to those in need; including individuals in crisis due to the rise of living costs, support to the Care Project, and projects as identified by Ministries Without Borders. We aim to maintain the reserves at the current level while continuing to fulfil the charitable purpose of the Trust.
Page 2
Love Caerphilly Charitable Incorporated Organisation (CIO)
Report of the Trustees for the Year Ended 31 March 2024
FINANCIAL REVIEW
Financial position
At the balance sheet date, the net assets of the charity totalled £171,538 (2023 - £159,656). The overall financial position of the charity was considered robust as £171,818 (2023 - £161,972) was held in cash. The total income resources for the year were £121,517 (2023 - £110,680) The total resources expended for the year were £108,172 (2023 - £85,286) resulting in a net surplus of £13,345 (2023 - £25,394).
Reserves policy
The aim of the trustees is to maintain cash savings to cover more than six months running costs in order to ensure the long-term viability of the charity. All other unrestricted funds are available to be used for any future support, projects, purchase of property, or support of more staff. Total unrestricted funds at the year- end are £175,328 (2023 - £161,983).
FUTURE PLANS
The future plans are to continue following on from what has been achieved to date in the same vein, and seek to achieve growth in church numbers to further promote and achieve the objectives and aims of the charity.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a Charitable Incorporated Organisation.
Recruitment and appointment of new trustees
Where the need to recruit and appoint new trustees arises it is intended that they are selected from within the committed membership of the church with appropriate and suitable experience to strengthen the team.
Related parties
The charity has spiritual input from Keri Jones of Ministries Without Borders, as an Apostle who has oversight of a number of similar churches throughout the UK and abroad. The church meets with other related churches from time to time. The church has visiting ministries from other churches. Church members partake in Christian based seminars and meetings to aid their development.
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
In order to achieve this the trustees have set up a number of policies including a Financial policy, Child protection policy including full DBS registration, Vulnerable adult protection policy, Health and safety policy including risk assessments of activities and Data protection policy and arrangements under the new GDPR regulations.
These arrangements will be reviewed and updated when circumstances change and on a regular basis.
Page 3
Love Caerphilly Charitable Incorporated Organisation (CIO)
Report of the Trustees for the Year Ended 31 March 2024
Approved by order of the board of trustees on 5 September 2024 and signed on its behalf by:
Andrew Matheson
signed on 07/09/2024, 17:37:26 BST
A S Matheson - Trustee
Page 4
Independent Examiner's Report to the Trustees of Love Caerphilly Charitable Incorporated Organisation (CIO)
Independent examiner's report to the trustees of Love Caerphilly Charitable Incorporated Organisation (CIO)
I report to the charity trustees on my examination of the accounts of Love Caerphilly Charitable Incorporated Organisation (CIO) (the Trust) for the year ended 31 March 2024.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the 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 giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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.
==> picture [141 x 24] intentionally omitted <==
signed on 12/09/2024, 09:04:27 BST
Mrs L G Parkes FCA FCCA
The Rowleys Partnership Ltd Chartered Accountants Charnwood House Harcourt Way Meridian Business Park Leicester Leicestershire LE19 1WP
5 September 2024
Page 5
Love Caerphilly Charitable Incorporated Organisation (CIO)
Statement of Financial Activities for the Year Ended 31 March 2024
| 2024 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Charitable activities 3 Tithe income 102,413 Offering 17,339 Investment income 2 1,765 Total 121,517 EXPENDITURE ON Charitable activities 4 Tithe income 79,982 Offering 28,190 Total 108,172 NET INCOME 13,345 RECONCILIATION OF FUNDS Total funds brought forward 161,983 TOTAL FUNDS CARRIED FORWARD 175,328 |
2023 Total funds £ 95,746 14,620 314 110,680 64,652 20,634 85,286 25,394 136,589 161,983 |
|---|---|
The notes form part of these financial statements
Page 6
Love Caerphilly Charitable Incorporated Organisation (CIO)
Balance Sheet 31 March 2024
| 2024 Unrestricted fund Notes £ FIXED ASSETS Tangible assets 10 3,790 CURRENT ASSETS Debtors 11 7,686 Cash at bank and in hand 171,818 179,504 CREDITORS Amounts falling due within one year 12 (7,966) NET CURRENT ASSETS 171,538 TOTAL ASSETS LESS CURRENT LIABILITIES 175,328 NET ASSETS 175,328 |
2023 Total funds £ 2,327 4,862 161,972 166,834 (7,178) 159,656 161,983 161,983 |
|---|---|
The notes form part of these financial statements
continued...
Page 7
Love Caerphilly Charitable Incorporated Organisation (CIO)
Balance Sheet - continued
31 March 2024
| FUNDS 13 Unrestricted funds TOTAL FUNDS |
175,328 175,328 |
161,983 161,983 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 5 September 2024 and were signed on its behalf by:
Andrew Matheson
signed on 07/09/2024, 17:37:26 BST
A S Matheson - Trustee
Cerian Watson
signed on 09/09/2024, 18:28:04 BST
C R Watson - Trustee
Linda Black
signed on 11/09/2024, 20:10:10 BST
L Black - Trustee
The notes form part of these financial statements
Page 8
Love Caerphilly Charitable Incorporated Organisation (CIO)
Notes to the Financial Statements for the Year Ended 31 March 2024
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, 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 Charities Act 2011. The financial statements have been prepared under the historical cost convention.
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £1.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulation 2008 only to the extent to provide a 'true and fair view'. This departure has involved following the 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) issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005, which has since been withdrawn.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
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.
Income from investments is included in the SOFA in the period in which it is receivable.
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.
Fittings & equip - 25% on cost
Taxation
The charity is exempt from tax on its charitable activities.
continued...
Page 9
Love Caerphilly Charitable Incorporated Organisation (CIO)
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
1. ACCOUNTING POLICIES - continued
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. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Debtors and creditors
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
Cash at bank and in hand
Cash at bank and in hand includes cash in hand and monies on short term deposits at the bank.
Going concern
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
2. INVESTMENT INCOME
==> picture [466 x 35] intentionally omitted <==
----- Start of picture text -----
||||
|---|---|---|
|2024|2023|
|£|£|
|Deposit Account interest|1,765|314|
----- End of picture text -----
continued...
Page 10
Love Caerphilly Charitable Incorporated Organisation (CIO)
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
==> picture [511 x 662] intentionally omitted <==
----- Start of picture text -----
3. INCOME FROM CHARITABLE ACTIVITIES
2024 2023
Activity £ £
Tithe Tithe income 85,415 82,578
Gift Aid Tithe income 16,998 13,168
Offering Offering 15,531 12,462
Gift Aid Offering 1,808 2,158
119,752 110,366
4. CHARITABLE ACTIVITIES COSTS
Direct Support
Costs (see costs (see
note 5) note 6) Totals
£ £ £
Tithe income 79,982 - 79,982
Offering 26,678 1,512 28,190
106,660 1,512 108,172
5. DIRECT COSTS OF CHARITABLE ACTIVITIES
2024 2023
£ £
Ministry 52,618 41,517
Sunday Ministry 2,926 4,188
Administration and compliance 4,768 2,535
Premises expenses 3,495 3,525
Publicity & evangelism 5,258 5,613
Church family and Bible week 6,672 3,804
Those in Need 4,029 8,490
Giving 25,036 13,981
Fittings and equipment depreciation 1,858 271
106,660 83,924
----- End of picture text -----
continued...
Page 11
Love Caerphilly Charitable Incorporated Organisation (CIO)
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
6. SUPPORT COSTS
==> picture [467 x 36] intentionally omitted <==
----- Start of picture text -----
|||
|---|---|
|Other|
|£|
|Offering|1,512|
----- End of picture text -----
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.
Trustees' expenses
During the year, a trustee was reimbursed expenses of £27 for various charitable expenses. Last year no Trustees were reimbursed expenses.
8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
==> picture [479 x 362] intentionally omitted <==
----- Start of picture text -----
|||
|---|---|
|Unrestricted|
|fund|
|£|
|INCOME AND ENDOWMENTS FROM|
|Charitable activities|
|Tithe income|95,746|
|Offering|14,620|
|Investment income|314|
|Total|110,680|
|EXPENDITURE ON|
|Charitable activities|
|Tithe income|64,652|
|Offering|20,634|
|Total|85,286|
|NET INCOME|25,394|
|RECONCILIATION OF FUNDS|
|Total funds brought forward|136,589|
|TOTAL FUNDS CARRIED FORWARD|161,983|
----- End of picture text -----
continued...
Page 12
Love Caerphilly Charitable Incorporated Organisation (CIO)
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
9. INDEPENDENT EXAMINATION FEE
The amount payable to the independent examiner for the independent examination was £1,500 (2023 - £1,362) including VAT.
| 10. TANGIBLE FIXED ASSETS COST At 1 April 2023 Additions |
Fittings & equip £ 2,598 3,321 |
|---|---|
| At 31 March 2024 | 5,919 |
| DEPRECIATION At 1 April 2023 Charge for year |
271 1,858 |
| At 31 March 2024 | 2,129 |
| NET BOOK VALUE At 31 March 2024 |
3,790 |
| At 31 March 2023 | 2,327 |
| 11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 £ Prepayments and accrued income 7,686 |
2023 £ 4,862 |
continued...
Page 13
Love Caerphilly Charitable Incorporated Organisation (CIO)
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
==> picture [511 x 662] intentionally omitted <==
----- Start of picture text -----
12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade creditors 489 -
Other creditors 7,477 7,178
7,966 7,178
13. MOVEMENT IN FUNDS
Net
movement At
At 1.4.23 in funds 31.3.24
£ £ £
Unrestricted funds
General fund 161,983 13,345 175,328
TOTAL FUNDS 161,983 13,345 175,328
Net movement in funds, included in the above are as follows:
Incoming Resources Movement
resources expended in funds
£ £ £
Unrestricted funds
General fund 121,517 (108,172) 13,345
TOTAL FUNDS 121,517 (108,172) 13,345
Comparatives for movement in funds
Net
movement At
At 1.4.22 in funds 31.3.23
£ £ £
Unrestricted funds
General fund 136,589 25,394 161,983
TOTAL FUNDS 136,589 25,394 161,983
----- End of picture text -----
continued...
Page 14
Love Caerphilly Charitable Incorporated Organisation (CIO)
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
13. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 110,680 110,680 |
Resources Movement expended in funds £ £ (85,286) 25,394 (85,286) 25,394 |
|---|---|---|
14. RELATED PARTY DISCLOSURES
The total amount of donations received, without conditions, from Trustees totalled £16,216 (2023 - £10,970).
Page 15
Love Caerphilly Charitable Incorporated Organisation (CIO)
Detailed Statement of Financial Activities for the Year Ended 31 March 2024
| INCOME AND ENDOWMENTS Investment income Deposit Account interest Charitable activities Tithe Offering Gift Aid Total incoming resources EXPENDITURE Charitable activities Ministry Sunday Ministry Administration and compliance Premises expenses Publicity & evangelism Church family and Bible week Those in Need Giving Fittings and equipment depreciation Support costs Other Independent examination Total resources expended Net income |
2024 £ 1,765 85,415 15,531 18,806 119,752 121,517 52,618 2,926 4,768 3,495 5,258 6,672 4,029 25,036 1,858 106,660 1,512 108,172 13,345 |
2023 £ 314 82,578 12,462 15,326 110,366 110,680 41,517 4,188 2,535 3,525 5,613 3,804 8,490 13,981 271 83,924 1,362 85,286 25,394 |
|---|---|---|
This page does not form part of the statutory financial statements
Page 16