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2025-02-28-accounts

Charity number: 1176796

LIFEWAY CHURCH

TRUSTEES' REPORT & UNAUDITED ACCOUNTS

For the year ended

28[th] FEBRUARY 2025

Lifeway Church Contents

Pages
Trustees' Annual Repor
t		 2 to 4
Independent Examiner's Repor
t		 5
Statement of Financial Activitie
s		 6
Balance Shee
t		 7
Notes to the Account
s		 8 to 16
Detailed Statement of Financial Activitie
s		 17 to 18

Page 1

Lifeway Church Trustees Annual Report

The trustees present their report with the unaudited financial statements of the charity for the year ended 28 February 2025.

Reference and administrative details

Charity No. 1176796

The Trust was registered as a CIO on 23rd January 2018.

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

Trustees: The following trustees served during the year: Stephane Aka (resigned 01/05/2025), Michael Aldaco, Constant Anaset, Ebenezer Bamigbayan (resigned 28/04/2024).

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.

Page 2

Lifeway Church Trustees Annual Report

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.

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.

Page 3

Lifeway Church Trustees Annual Report

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

We currently go into Bolton City Centre every other Saturday reaching to homeless and others giving out hot drinks (tea, coffee and hot Chocolate), breakfast sandwiches and winter clothing, woolly hats, gloves, woolly scarves, socks, and sleeping bags.

We have moved into a new building located in Kearsley, Manchester Rd Bolton.

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) 15th December 2025

Page 4

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 28 February 2025.

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 15 December 2025

Page 5

Lifeway Church

Statement of Financial Activities

for the year ended 28 February 2025

Note
s
Income and endowments
from
:
Donations and legacies
3
Investments
4
Other
5
Tota
l
Expenditure on
:
Charitable activities
6
Other
8
Tota
l
Net gains on investment
s
Net (expenditure)/income
9
Transfers between fund
s
Net (expenditure)/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
5
£
50,79
0
96
1
-
51,75
1
15,75
5
43,43
1
59,18
6
-
(7,435
)
-
(7,435
)
(7,435
)
79,27
2
71,83
7		 Unrestricted
fund
s
202
5
£
50,79
0
96
1
-
51,75
1
15,75
5
43,43
1
59,18
6
-
(7,435
)
-
(7,435
)
(7,435
)
79,27
2
71,83
7		 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
5		 202
5		 202
5		 2024
£ £ £ £
50,79
0		 70
0		 51,49
0		 72,43
9
96
1		 - 96
1		 52
6
- - - 71
4
51,75
1		 70
0		 52,45
1		 73,67
9
15,75
5		 - 15,75
5		 13,394
43,43
1		 - 43,43
1		 46,11
1
59,18
6		 - 59,18
6		 59,50
5
- - - -
(7,435
)		 70
0		 (6,735
)		 14,17
4
- - - -
(7,435
)		 70
0		 (6,735
)		 14,17
4
(7,435
)		 70
0		 (6,735
)		 14,17
4
79,27
2		 18,51
9		 97,79
1		 83,61
6
71,83
7		 19,21
9		 91,05
6		 97,79
0

Page 6

Lifeway Church Balance Sheet

at 28 February 2025

Charity No. 1176796
Fixed assets
Tangible assets
12
Current assets
Debtors
13
Cash at bank and in hand
Creditors:Amount falling due within one year
14
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
15
Restricted income funds
Unrestricted funds
15
General funds
Reserves
15
Total funds		 2025
£
10,418
10,41
8
11,145
71,094
82,23
9
(1,601)
80,63
8
91,056
91,05
6
91,05
6
19,219
19,21
9
71,837
71,83
7
91,05
6		 2024
£
12,050
12,05
0
16,403
72,256
88,65
9
(2,919)
85,74
0
97,790
97,79
0
97,79
0
18,519
18,51
9
79,272
79,27
2
97,79
1

Approved by the trustees on 09 December 2025

And signed on their behalf by:

M. Aldaco Trustee 15 December 2025

Page 7

Lifeway Church Notes to the Accounts

for the year ended 28 February 2025

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 8

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 9

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.

Pension costs

The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the charity pays fixed contributions into a separate entity. Once the contributions have been paid the charity has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the charity in independently administered funds.

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.

Page 10

Lifeway Church

Notes to the Accounts

2 Statement of Financial Activities - prior year

2
Statement of Financial Activities - prior year
Unrestricted
funds
2024
£
Income and endowments from
:
Donations and legacies
69,839
Investments
526
Other
714
Total
71,07
9
Expenditure on
:
Charitable activities
12,876
Other
46,111
Total
58,98
7
Net income
12,09
2
Net income before other
gains/(losses)
12,09
2
Other gains and losses:
Net movement in funds
12,09
2
Reconciliation of funds:
Total funds brought forward
67,179
Total funds carried forward
79,27
1
3
Income from donations and legacies
Unrestricted
Restricted
£
£
50,79
0
700
50,79
0
70
0
4
Income from investments
Unrestricted
£
Bank interest
961
96
1		 Restricted
funds
Total funds
2024
2024
£
£
2,600
72,43
9
-
52
6
-
714
2,60
0
73,67
9
518
13,394
-
46,111
51
8
59,50
5
2,08
2
14,17
4
2,08
2
14,17
4
2,08
2
14,17
4
16,437
83,616
18,51
9
97,79
0
Total
Total
2025
2024
£
£
51,490
72,439
51,49
0
72,43
9
Total
Total
2025
2024
£
£
961
526
96
1
52
6
73,67
9
13,394
46,111
59,50
5
14,17
4
14,17
4
14,17
4
83,616
97,79
0
Total
2024
£
72,439
72,43
9
Total
2024
£
526
52
6

Page 11

Lifeway Church Notes to the Accounts

Interest on Gift Aid claimed
6
Expenditure on charitable activities
Unrestricted
£
Expenditure on charitable
activitie
s
Ministry
14,149
Poor relief
1,606
Governance costs
15,75
5
7
Analysis of grants
Activity or programme
Poor Relief
Activity or programme
Poor Relief		 Total
2025
£
-
-		 Total
2024
£
714
71
4
Total
2025
£
14,149
1,606
15,75
5
Total
2025
£
-
-
Total
2025
£
-
-		 Total
2024
£
11,86
2
1,532
13,39
4
Total
2024
£
1,532
1,53
2
Total
2024
£
1,532
1,53
2

Page 12

Lifeway Church Notes to the Accounts

8 Other expenditure

8
Other expenditure
Unrestricted
£
Bank loan and overdraft
interest payable
1
Employee costs
26,233
Motor and travel costs
2,854
Premises costs
8,650
Amortisation, depreciation,
impairment, profit/loss on
disposal of fixed assets
3,375
General administrative costs
1,018
Legal and professional costs
1,300
43,43
1
9
Net (expenditure)/income before transfers
2025
This is stated after charging:
£
Depreciation of owned fixed assets
3,375
Independent Examiner's fee
410
Other fees paid to the auditor or
independent examiner
890
10 Trustee remuneration and expenses
One or more of the trustees has been paid remuneration in the current or prior
Trustee
Remuneration
Pension
M. Aldaco
14,005
-
2025
Number
£
Total employee benefits received by trustees
14,005		 Total
2025
£
1
26,233
2,854
8,650
3,375
1,018
1,300
43,43
1
periods.
Other
benefits
-		 Total
2024
£
-
27,382
4,180
7,650
3,924
1,590
1,385
46,11
1
2024
£
3,924
405
905
2024
Number
£
14,433

Page 13

Lifeway Church Notes to the Accounts

11 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
12 Tangible fixed asset
s
Cost or revaluation
At 1 March 2024
Additions
At 28 February 2025
Depreciation and
impairment
At 1 March 2024
Depreciation charge for the
year
At 28 February 2025
Net book values
At 28 February 2025
At 29 February 2024
13 Debtors
Other debtors		 2025
26,233
26,23
3
26,210
during the year
2025
Number
2
2		 was as follows:
Fixtures &
fittings
£
2,020
351
2,37
1
903
294
1,19
7
1,17
4
1,11
7		 202
4
27,38
2
27,38
2
27,382
2024
Number
2
2
Total
£
29,570
1,743
Electronic
equipmen
t
£
27,550
1,392
28,94
2
16,617
3,081
19,69
8
9,24
4
10,93
3
2025
£
11,145
11,14
5
31,31
3
17,520
3,375
20,89
5
10,41
8
12,05
0
2024
£
16,403
16,40
3

Gift Aid tax reclaim due of £6,680 (Year to 28/02/24 £11,403).

Concessionary loans made to individuals interest free as a form of poor relief to the value of £4,465. (Year to 28/02/24 £5,000). Repayment terms are open ended, with the possibility of converting to grants to individuals at a future date.

Page 14

Lifeway Church Notes to the Accounts

14 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		 2025
£
-
301		 2024
£
131
1,92
1
1,30
0		 867
1,60
1		 2,91
9
Trustee loan of £301 payable to Mike Aldaco (Year to 28/02/24 £1,921)
.
Movement in fund
s
Restricted funds:
Restricted income funds:
Building fund
Tota
l
Unrestricted funds:
General fund
s
Total funds		 At 1 March
2024
Incoming
resources
(including
other
gains/losses
)
£
18,51
9
70
0
18,51
9
70
0
79,27
2
51,75
1
97,79
1
52,45
1		 Resources
expended
£
-
-
(59,186)
(59,186
)		 At 28
February
2025
£
19,219
19,21
9
71,83
7
91,05
6

15 Movement in funds

Purposes and restrictions in relation to the funds:

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

16 Analysis of net assets between funds

Unrestricted
funds
£
Fixed assets
10,418
Net current assets
80,638
91,05
6		 Total
£
10,418
80,638
91,05
6

Page 15

Lifeway Church Notes to the Accounts

17 Reconciliation of net debt

17 Reconciliation of net deb
t
Cash and cash equivalent
s
Net debt
18 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
2024
£		 Cash flows
£		 At 28
February
202
5
£
72,25
6		 (1,162
)		 71,09
4
72,25
6
72,25
6		 (1,162
)
(1,162
)		 71,09
4
71,09
4
2025
£
(13,117
)		 2024
£
(12,949)

Page 16

Lifeway Church

Detailed Statement of Financial Activities

for the year ended 28 February 2025

Unrestricte
d funds
2025
£
Income and endowments from:
Donations and legacies
50,790
50,79
0
Investments
Bank interest
961
96
1
Other
Interest on Gift Aid claimed
-
-
Total income and endowments
51,751
Expenditure on:
Charitable activities
Ministry
14,149
Poor relief
1,606
15,75
5
Total of expenditure on charitable
activities
15,755
Other expenditure
Bank loan and overdraft interest
payable
1
1
Employee costs
Salaries/wages
26,233
26,23
3
Motor and travel costs
Travel and subsistence
231
Business mileage costs
reimbursed
2,623
2,85
4
Premises costs
Rent
8,650
8,65
0
General administrative costs,
including depreciation and
amortisation
Depreciation of Electronic
equipment
3,081		 Restricted
funds
Total funds
Total funds
2025
2025
2024
£
£
£
700
51,490
72,439
70
0
51,49
0
72,43
9
-
961
526
-
96
1
52
6
-
-
714
-
-
71
4
700
52,451
73,679
-
14,149
11,862
-
1,606
1,532
-
15,75
5
13,39
4
-
15,755
13,394
-
1
-
-
1
-
-
26,233
27,382
-
26,23
3
27,38
2
-
231
1,750
-
2,623
2,430
-
2,85
4
4,18
0
-
8,650
7,650
-
8,65
0
7,65
0
-
3,081
3,645		 Restricted
funds
Total funds
Total funds
2025
2025
2024
£
£
£
700
51,490
72,439
70
0
51,49
0
72,43
9
-
961
526
-
96
1
52
6
-
-
714
-
-
71
4
700
52,451
73,679
-
14,149
11,862
-
1,606
1,532
-
15,75
5
13,39
4
-
15,755
13,394
-
1
-
-
1
-
-
26,233
27,382
-
26,23
3
27,38
2
-
231
1,750
-
2,623
2,430
-
2,85
4
4,18
0
-
8,650
7,650
-
8,65
0
7,65
0
-
3,081
3,645
72,43
9
526
52
6
714
71
4
73,679
11,862
1,532
13,39
4
13,394
-
-
27,382
27,38
2
1,750
2,430
4,18
0
7,650
7,65
0
3,645

Page 17

Lifeway Church

Detailed Statement of Financial Activities

Depreciation of Fixtures &
fittings
Equipment repairs and
maintenance
General insurances
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 (expenditure)/income
Net (expenditure)/income before
other gains/(losses)
Other Gains
Net movement in funds
Reconciliation of funds:
Total funds brought forwar
d
Total funds carried forward		 294
-
584
333
101
4,39
3
410
890
1,30
0
43,43
1
59,186
-
(7,435
)
(7,435
)
-
(7,435
)
79,27
2
71,83
7		 -
-
-
-
-
-
-
-
-
-
-
-
70
0
70
0
-
70
0
18,519
19,21
9		 294
-
584
333
101
4,39
3
410
890
1,30
0
43,43
1
59,186
-
(6,735
)
(6,735
)
-
(6,735
)
97,791
91,05
6		 279
76
482
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

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