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2024-02-29-accounts

Lifeway Church

Charity No. 1176796

Trustees' Report and Unaudited Accounts

29 February 2024

Lifeway Church Contents

Pages
Trustees' Annual Repor
t
2 to 3
Independent Examiner's Repor
t
4
Statement of Financial Activitie
s
5
Balance Shee
t
6
Notes to the Account
s
7 to 14
Detailed Statement of Financial Activitie
s
15 to 16

Page 1

Lifeway Church Trustees Annual Report

The trustees present their report with the unaudited financial statements of the charity for the year ended 29 February 2024.

REFERENCE AND ADMINISTRATIVE DETAILS

Charity No. 1176796

The Trust was registered as a CIO No.1176796 on 23rd January 2018.

Principal Office: 9 Brandle Avenue, Bury, Lancashire, BL8 1DX

Trustees: The following trustees served during the year: Stephane Aka, Michael Aldaco, Constant Anaset, Ebenezer Bamigbayan (Resigned 28 April 2024).

Accountants: Spencer Accounting Services, 65 Arnfield Road, Withington, Manchester, M20 4AG

Bankers: Barclays Bank

Solicitors: Fiona Bruce, Justice House, 3 Grappenhall Road, Stockton Heath, Warrington, Cheshire, WA4 2AH

Statement of trustees' responsibilities in relation to the financial statements

The charity trustees are responsible for preparing a trustees' annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

Mission Statement

To advance the Christian faith by means of proclamation and a living demonstration of the power of the Gospel of our Lord and Saviour Jesus Christ. To accomplish these advancements through the faith, hope and love found in Jesus Christ as well as providing practical relief to persons in conditions of need, hardship or distress.

Aims and Organisation

The Trust is a Christian charity created to advance the Christian faith, including the education of the public about such and the relief of the poor.

Organisational Structure

The trustees meet on a regular basis. They alone have the power to appoint new Trustees.

Pastor - Mike Aldaco

Childrens' Church - Trini Aldaco Youth Church - Jean Claude & Emily Mbololo, Sunday Akinteye Hospitality - Ushering - Constant Anaset

Public Benefit

Having had regard to the guidance provided by Charity Commission, the trustees are satisfied that the various activities of the trust are for the public benefit.

Page 2

Lifeway Church Trustees Annual Report

Grant Making Policy

Offerings and tithes are given on the basis that those given to are acknowledged to carry out the basic principles for which the charity exists.

Reserves Policy

The charity seeks to maintain adequate unrestricted funds to cover:

Child Protection Policy

The Trustees have drawn up a Child Protection Policy and its principles and measures are to be observed rigorously by all involved in the organisation.

Review of Activities

The Church continues with outreach activities. We continue to use our YouTube live stream channel on Sunday Mornings for those who cannot attend Sunday mornings services. We continue to have our Wednesday night services via Facebook as another form of outreach.

We have started the ‘Retain And Maintain Ministry’ as another form of outreach to retain (help meet the needs of people) and help maintain their walk with Christ.

We continue to have our Ladies ‘Push Prayer’ meeting once a month via Zoom.

Every Friday we continue with our ‘Prayer Connection’ prayer via Webex Conference call.

Future Plans

We are currently and will continue to reach out to the homeless and families in need of food, clothing, appliances and other needs.

We currently and will continue to collect tin food for our local food bank (& for the needs of those in the church and outside the church).

We are still looking for our own building so that we might do this work on a greater scale.

Going Concern

The Trustees have prepared financial projections, taking into consideration the current economic conditions and have, at the time of approving these accounts, a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the accounts.

Signed on behalf of the charity's trustees

M. Aldaco (Trustee) 17 December 2024

Page 3

Lifeway Church Independent Examiners Report

Independent Examiner's Report to the trustees of Lifeway Church

I report to the trustees on my examination of the financial statements of Lifeway Church for the year ended 29 February 2024.

Responsibilities and basis of report

As the charity's trustees you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 ('the Act').

I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the 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 can 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:

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 financial statements to be reached.

Michael Spencer MAAT Spencer Accounting Services 65 Arnfield Road Withington Manchester

M20 4AG 17 December 2024

Page 4

Lifeway Church

Statement of Financial Activities

for the year ended 29 February 2024

Note
s
Income and endowments
from
:
Donations and legacies
2
Investments
3
Other
4
Tota
l
Expenditure on
:
Charitable activities
5
Other
7
Tota
l
Net gains on investment
s
Net income
8
Transfers between fund
s
Net income before other
gains/(losses
)
Other gains and losse
s
Net movement in fund
s
Reconciliation of funds
:
Total funds brought forwar
d
Total funds carried forwar
d
Unrestricted
fund
s
202
4
£
69,83
9
52
6
71
4
71,07
9
12,87
6
46,11
1
58,98
7
-
12,09
2
-
12,09
2
12,09
2
67,17
9
79,27
1
Unrestricted
fund
s
202
4
£
69,83
9
52
6
71
4
71,07
9
12,87
6
46,11
1
58,98
7
-
12,09
2
-
12,09
2
12,09
2
67,17
9
79,27
1
Restricted
fund
s
Total fund
s
Total fund
s
Restricted
fund
s
Total fund
s
Total fund
s
Restricted
fund
s
Total fund
s
Total fund
s
202
4
202
4
202
4
2023
£ £ £ £
69,83
9
2,60
0
72,43
9
91,88
8
52
6
- 52
6
1
2
71
4
- 71
4
3
71,07
9
2,60
0
73,67
9
91,90
3
12,87
6
51
8
13,39
4
12,417
46,11
1
- 46,11
1
43,75
6
58,98
7
51
8
59,50
5
56,17
3
- - - -
12,09
2
2,08
2
14,17
4
35,73
0
- - - -
12,09
2
2,08
2
14,17
4
35,73
0
12,09
2
2,08
2
14,17
4
35,73
0
67,17
9
16,43
7
83,61
6
47,88
7
79,27
1
18,51
9
97,79
0
83,61
7

Page 5

Lifeway Church Balance Sheet

at 29 February 2024

Charity No. 1176796
Fixed assets
Tangible assets
11
Current assets
Debtors
12
Cash at bank and in hand
Creditors:Amount falling due within one year
13
Net current assets
Total assets less current liabilities
Net assets excluding pension asset or liability
Total net assets
The funds of the charity
Restricted funds
14
Restricted income funds
Unrestricted funds
14
General funds
Reserves
14
Total funds
2024
£
12,050
12,05
0
16,403
72,256
88,65
9
(2,917)
85,74
2
97,792
97,79
2
97,79
2
18,519
18,51
9
79,271
79,27
1
97,79
0
2023
£
12,132
12,13
2
22,426
52,594
75,02
0
(3,535)
71,48
5
83,617
83,61
7
83,61
7
16,437
16,43
7
67,179
67,17
9
83,61
6

Approved by the trustees on 17 December 2024

And signed on their behalf by:

M. Aldaco Trustee 17 December 2024

Page 6

Lifeway Church Notes to the Accounts

for the year ended 29 February 2024

Basis of preparation

The financial statements have been prepared in accordance with Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic if Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

Change in basis of accounting or to previous accounts

There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.

Fund accounting

Income

Page 7

Lifeway Church Notes to the Accounts

Expenditure Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any VAT which expenditure cannot be fully recovered, and is reported as part of the expenditure to which it relates. Expenditure on These comprise the costs associated with attracting voluntary income, fundraising raising funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and charitable activities services in the furtherance of its objects, including the making of grants and governance costs. Grants payable All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid. Governance costs These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs. Other expenditure These are support costs not allocated to a particular activity.

Taxation

The charity is exempt from tax on its charitable activities.

Tangible fixed assets and depreciation

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

Electronic equipment 25% Reducing balance Fixtures & fittings 20% Reducing balance

Freehold investment property

Investment properties are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gains or losses are taken to the Statement of Financial Activities as they arise.

Stocks

Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.

Trade and other debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.

Page 8

Lifeway Church Notes to the Accounts

Trade and other creditors

Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Monetary assets and liabilities denominated in currencies other than the functional currency of the charity are translated at the rates of exchange prevailing at the end of the reporting period.

Transactions in currencies other than the functional currency of the charity are recorded at the rate of exchange on the date that the transaction occurred.

All exchange differences are are taken into account in arriving at net income/expenditure.

Leased assets

Where the charity enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.

Leases which do not transfer substantially all the risks and rewards of ownership to charity are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the charity at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the charity's policy on borrowing costs.

Assets held under finance leases are depreciated in the same way as owned assets.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.

Receipt of donated goods, facilities and services

All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity.

2 Income from donations and legacies

Unrestricted
£
69,83
9
69,83
9
Restricted
£
2,600
2,60
0
Total
2024
£
72,439
72,43
9
Total
2023
£
91,888
91,88
8

Page 9

Lifeway Church Notes to the Accounts

3 Income from investments

Unrestricted
£
Bank interest
526
52
6
4
Other income
Unrestricted
£
Interest on Gift Aid claimed
714
71
4
5
Expenditure on charitable activities
Unrestricted
Restricted
£
£
Expenditure on charitable
activitie
s
Ministry
11,344
518
Poor relief
1,532
-
Governance costs
12,87
6
51
8
6
Analysis of grants
Activity or programme
Grants to
Individuals
£
Poor Relie
f
1,532
1,53
2
Activity or programme
Grant
funding of
activities
£
Poor Relie
f
1,532
1,53
2
Unrestricted
£
Bank interest
526
52
6
4
Other income
Unrestricted
£
Interest on Gift Aid claimed
714
71
4
5
Expenditure on charitable activities
Unrestricted
Restricted
£
£
Expenditure on charitable
activitie
s
Ministry
11,344
518
Poor relief
1,532
-
Governance costs
12,87
6
51
8
6
Analysis of grants
Activity or programme
Grants to
Individuals
£
Poor Relie
f
1,532
1,53
2
Activity or programme
Grant
funding of
activities
£
Poor Relie
f
1,532
1,53
2
Total
2024
£
526
52
6
Total
2024
£
714
71
4
Total
2023
£
12
1
2
Total
2023
£
3
3
Restricted
£
518
-
51
8
Grants to
Individuals
£
1,532
1,53
2
Grant
funding of
activities
£
1,532
1,53
2
Total
2024
£
11,862
1,532
13,39
4
Total
2024
£
1,532
1,53
2
Total
2024
£
1,53
2
1,53
2
Total
2023
£
11,27
3
1,144
12,41
7
Total
2023
£
1,144
1,14
4
Total
2023
£
1,144
1,14
4

Page 10

Lifeway Church Notes to the Accounts

7 Other expenditure

Unrestricted
£
Employee costs
27,382
Motor and travel costs
4,180
Premises costs
7,650
Amortisation, depreciation,
impairment, profit/loss on
disposal of fixed assets
3,924
General administrative costs
1,590
Legal and professional costs
1,385
46,11
1
8
Net income before transfers
2024
This is stated after charging:
£
Depreciation of owned fixed assets
3,924
Independent Examiner's fee
405
Other fees paid to the auditor or
independent examiner
905
9
Trustee remuneration and expenses
One or more of the trustees has been paid remuneration in the current or prior
Trustee
Remuneration
Pension
M. Aldaco
14,433
-
2024
Number
£
Total employee benefits received by trustees
14,433
Total
2024
£
27,382
4,180
7,650
3,924
1,590
1,385
46,11
1
periods.
Other
benefits
-
Total
2023
£
23,035
3,918
8,260
6,374
1,051
1,118
43,75
6
2023
£
6,374
385
435
2023
Number
£
15,473

Page 11

Lifeway Church Notes to the Accounts

10 Staff cost
s
Salaries and wages
No employee received emoluments in excess of £60,000.
Mike Aldaco is employed as pastor.
Total employee benefits received by key management
personnel
The average monthly number of full time equivalent employees
Pastoral care
11 Tangible fixed asset
s
Cost or revaluation
At 1 March 2023
Additions
At 29 February 2024
Depreciation and
impairment
At 1 March 2023
Depreciation charge for the
year
At 29 February 2024
Net book values
At 29 February 2024
At 28 February 2023
12 Debtors
Other debtors
2024
27,382
27,38
2
27,382
during the year
2024
Number
2
2
was as follows:
Fixtures &
fittings
£
1,164
856
2,02
0
624
279
90
3
1,11
7
54
0
202
3
23,03
5
23,03
5
23,035
2023
Number
2
2
Total
£
25,728
3,842
Electronic
equipmen
t
£
24,564
2,986
27,55
0
12,972
3,645
16,61
7
10,93
3
11,59
2
2024
£
16,403
16,40
3
29,57
0
13,596
3,924
17,52
0
12,05
0
12,13
2
2023
£
22,426
22,42
6

Gift Aid tax reclaim due of £11,403 (Year to 28/02/23 £16,481).

Concessionary loans made to individuals interest free as a form of poor relief to the value of £5,000. (Year to 28/02/23 £5,945). Repayment terms are open ended, with the possibility of converting to grants to individuals at a future date.

Page 12

Lifeway Church Notes to the Accounts

13 Creditors:

amounts falling due within one year

Creditors:
amounts falling due within one year
Creditors:
amounts falling due within one year
Other taxes and social security
Loans from trustees
Accrual
s
2024
£
131
1,921
2023
£
174
2,58
7
86
5
774
2,91
7
3,53
5
Trustee loan of £1,921 payable to Mike Aldaco (Year to 28/02/23 £2,587)
.
Movement in fund
s
Restricted funds:
Restricted income funds:
Building fund
Children fund
Tota
l
Unrestricted funds:
General fund
s
Total funds
At 1 March
2023
Incoming
resources
(including
other
gains/losses
)
£
15,91
9
2,60
0
51
8
-
16,43
7
2,60
0
67,17
9
71,07
9
83,61
6
73,67
9
Resources
expended
£
-
(518)
(518
)
(58,987)
(59,505
)
At 29
February
2024
£
18,519
0
18,51
9
79,27
1
97,79
0

14 Movement in funds

Purposes and restrictions in relation to the funds:

Restricted funds: Building fund Money given to purchase building for church activities Children fund Money given to fund sunday school activities

15 Analysis of net assets between funds

Analysis of net assets between funds
Unrestricted
funds
£
Fixed assets
12,050
Net current assets
85,742
97,79
2
Total
£
12,050
85,742
97,79
2

Page 13

Lifeway Church Notes to the Accounts

16 Reconciliation of net debt

16 Reconciliation of net deb
t
Cash and cash equivalent
s
Net debt
17 Related party disclosures
Transactions with related parties
Name of related party
Trini Aldaco
Description of relationship
between the parties
Wife to trustee
Description of transaction
and general amounts
involved
Employee under PAYE
Amount due from/(to) the related part
y
At 1 March
2023
£
Cash flows
£
At 29
February
202
4
£
52,59
4
19,66
2
72,25
6
52,59
4
52,59
4
19,66
2
19,66
2
72,25
6
72,25
6
2024
£
(12,949
)
2023
£
(7,500)

Page 14

Lifeway Church Detailed Statement of Financial Activities

for the year ended 29 February 2024

Unrestricte
d funds
2024
£
Income and endowments from:
Donations and legacies
69,839
69,83
9
Investments
Bank interest
526
52
6
Other
Interest on Gift Aid claimed
714
71
4
Total income and endowments
71,079
Expenditure on:
Charitable activities
Ministry
11,344
Poor relief
1,532
12,87
6
Total of expenditure on charitable
activities
12,876
Employee costs
Salaries/wages
27,382
27,38
2
Motor and travel costs
Travel and subsistence
1,750
Business mileage costs
reimbursed
2,430
4,18
0
Premises costs
Rent
7,650
7,65
0
General administrative costs,
including depreciation and
amortisation
Depreciation of Electronic
equipment
3,645
Depreciation of Fixtures &
fittings
279
Equipment repairs and
maintenance
76
General insurances
482
Restricted
funds
Total funds
Total funds
2024
2024
2023
£
£
£
2,600
72,439
91,888
2,60
0
72,43
9
91,88
8
-
526
12
-
52
6
1
2
-
714
3
-
71
4
3
2,600
73,679
91,903
518
11,862
11,273
-
1,532
1,144
51
8
13,39
4
12,41
7
518
13,394
12,417
-
27,382
23,035
-
27,38
2
23,03
5
-
1,750
1,578
-
2,430
2,340
-
4,18
0
3,91
8
-
7,650
8,260
-
7,65
0
8,26
0
-
3,645
6,141
-
279
233
-
76
-
-
482
273
Restricted
funds
Total funds
Total funds
2024
2024
2023
£
£
£
2,600
72,439
91,888
2,60
0
72,43
9
91,88
8
-
526
12
-
52
6
1
2
-
714
3
-
71
4
3
2,600
73,679
91,903
518
11,862
11,273
-
1,532
1,144
51
8
13,39
4
12,41
7
518
13,394
12,417
-
27,382
23,035
-
27,38
2
23,03
5
-
1,750
1,578
-
2,430
2,340
-
4,18
0
3,91
8
-
7,650
8,260
-
7,65
0
8,26
0
-
3,645
6,141
-
279
233
-
76
-
-
482
273
91,88
8
12
1
2
3
3
91,903
11,273
1,144
12,41
7
12,417
23,035
23,03
5
1,578
2,340
3,91
8
8,260
8,26
0
6,141
233
-
273

Page 15

Lifeway Church

Detailed Statement of Financial Activities

Stationery and printing
Subscriptions
Legal and professional costs
Audit/Independent examination
fees
Accountancy and bookkeeping
Total of expenditure of other costs
Total expenditure
Net gains on investments
Net income
Net income before other
gains/(losses)
Other Gains
Net movement in funds
Reconciliation of funds:
Total funds brought forwar
d
Total funds carried forward
531
501
5,51
4
405
980
1,38
5
46,11
1
58,987
-
12,09
2
12,09
2
-
12,09
2
67,17
9
79,27
1
-
-
-
-
-
-
-
518
-
2,08
2
2,08
2
-
2,08
2
16,437
18,51
9
531
501
5,51
4
405
980
1,38
5
46,11
1
59,505
-
14,17
4
14,17
4
-
14,17
4
83,616
97,79
0
778
-
7,42
5
385
733
1,11
8
43,75
6
56,173
-
35,73
0
35,73
0
-
35,73
0
47,887
83,61
7

Page 16