Company registration number: 12373666 Charity registration number: 1187533
First Love Church
(A company limited by guarantee) Annual Report and Financial Statements for the Year Ended 31 December 2022
Moracle Limited Chartered Certified Accountants & Registered Auditors 960 Capability Green Luton LU1 3PE
First Love Church
| Contents | ||
|---|---|---|
| Reference and Administrative Details | 1 | |
| Trustees' Report | 2 to 4 | |
| Statement of Trustees' Responsibilities | 5 | |
| Independent Auditors' Report | 6 to 8 | |
| Statement of Financial Activities | 9 | |
| Balance Sheet | 10 | |
| Statement of Cash Flows | 11 | |
| Notes to the Financial Statements | 12 to 17 |
First Love Church
Reference and Administrative Details
Trustees
Ms Natalie Maame Fenimaa Commey Ms Tinashr Chekuwa Ms Yovayla Aryee – Appointed 24th May 2023 Mr Oreoluwa Joshua Adeyemi – Appointed on 31st August 2023 Mr Charles Obuasa Jnr Djabatey – Resigned on 31[st] August 2023
Secretary
Ms Yovayla Aryee Ms Natalie Maame Fenimaa Commey - Resigned on 24[th] May 2023 Principal Office
2a Carden Road Nunhead London SE15 3UD
Registered Office
2a Carden Road Nunhead London SE15 3UD
The charity is incorporated in the United Kingdom.
Company Registration Number
12373666 Charity Registration Number
1187533
Solicitors
Keystone Law 48 Chancery Lane London WC2A 1JF
Bankers
Barclays Wandsworth Group 2 Leicester LE87 2BB
Auditors
Moracle Limited Chartered Certified Accountants & Registered Auditors 960 Capability Green, Luton LU1 3PE
Page 4
First Love Church
Trustees' Report for The Year Ended 31 December 2022
The trustees, who are also the directors of the charitable company for the purposes of the Companies Act 2006, present the financial statements for the year ended 31 December 2022. These have been prepared under 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 2015) and comply with all statutory requirements and the charity’s governing document.
First Love Church was incorporated on 20 December 2019 as a charitable company limited by guarantee (Company number 12373666). It was registered with the Charity Commission on 20 December 2019.
Objects
The objects of the charity shall be to advance the Christian faith in accordance with the doctrines and beliefs of The Lighthouse Chapel International for the benefit of the public and in particular university students in the United Kingdom in such ways that are exclusively according to English law.
Public Benefit
In setting the charity’s objectives, the trustees have given due consideration to the Charity Commission’s guidance on Public benefit. These follow from the objects of the charity highlighted above.
ACTIVITIES, ACHIEVEMENTS AND PERFORMANCE
Church Services
The church was able to have in-person services for only a month before churches were closed down by government announcement due to the pandemic. During the pandemic, have had two services a week (Sundays and Thursday) using zoom and Facebook Live with watch parties. These services are called F.L.O.W. (First Love Witty Invention) services. During offering time, the bank details are projected, and congregants give their offerings via online banking. This has completely eliminated cash handling and we hope to continue online banking offerings even when in-person services resume. Church attendance has actually increased during the pandemic due to the fact that people are able to join from all over the world. We will be maintaining our on-line services even when in-person resumes and run them alongside.
Outreach
The members have worked very hard, bringing the life changing message of Jesus Christ to the people in the various councils. Gang members and drug users have had their lives changed as a result of hearing the good news of Salvation through Jesus Christ. We have set up WhatsApp groups where group leaders share the word of God and encourage each other. We have also had online outreach concerts and musical festivals throughout the year to preach the gospel and win more souls.
Volunteers
The charity is supported by a substantial pool of volunteers, who put in their resources to ensure the objectives of the charity are met. We would like to thank them for their support and selflessness.
Pastoral Care
Our pastoral care coordinators continue to offer support and counselling for members and non-members of the church. These range from marriage counselling to dealing with bereavement, finding life partners, issues of abandonment and abuse, depression, illnesses, old age, debt, children, spiritual guidance and prayer. The telepastoring team also provides immediate confidential prayer support to both members and non-members. This makes a huge difference in the lives of many of our most vulnerable members.
Page 4
First Love Church
Trustees' Report for the Year Ended 31 December 2022 (continued)
FINANCIAL REVIEW
During the year the main funding came from offerings and direct donations from members of the Church and visitors. Income for the year was £2,184,571 (2021: £1,806,478). Expenditure in the year amounted to £2,540,623 (2021: £1,281,286) which included donations of £1,995,640 (2021: £1,182,919) to a number of Christian projects in Ghana and other charitable projects. The funds carried forward at year-end was £473,003 (2021: £829,055).
Reserves Policy
The policy of the charity is to maintain reserves at three to six months of recurring expenditure which equates to between £350,000 and £500,000. The unrestricted reserves (which are the charity’s free reserves) were £384,364 (2021: £785,852) at the end of the year. The charity has plans to utilise the reserves in the near future on building local church networks and supporting capital projects.
Investment Powers, Policy and Performance
The trustees have legal powers to purchase land and buildings required for the purposes of the Charity. Moreover, the Trustees have the power to invest charity monies in investments of any nature and at their absolute discretion as set out in the Companies Act 2006.
The charity’s money is currently held as cash balances in a bank account.
Risk Management
The trustees are in the process of setting up systems to carry out formal risk assessments and will report on this in its next financial statements.
Fundraising
First Love Church understands its duty to protect the public, including vulnerable people, from unreasonably intrusive or persistent fundraising approaches and undue pressure to donate. The charity does not fundraise from the public, and we do not use any internal fundraisers or external fundraising agencies for either telephone or face-to-face campaigns and received no fundraising complaints during the year. Throughout the year First Love Church has continued to be successful in attracting funding in kind. In addition to the salaried staff, members and volunteers assist with administration and with organising events. The Honorary Treasurer reviews the Charity’s accounts.
Page 4
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing Document
The charitable company is governed by its Memorandum and Articles of Association dated 28 April 2016.
Recruitment and Appointment of Trustees
The trustees at inception were appointed by the leaders of the Church. Subsequent changes in trustees will be implemented by the trustees in office and other leaders within the Church.
PLANS FOR THE FUTURE
The trustees plan to grow the membership from its present level and will continue to focus on refining and developing existing operations to the highest possible standards. The trustees see the online services that have come up as a result of the pandemic, as a new avenue for church growth and these services will be maintained alongside the in-person service even when restrictions are lifted.
APPROVAL
The annual report was approved by the trustees of the charity on 1[st] September 2023 and signed on its behalf by:
Ms Natalie Commey
Trustee
Page 4
First Love Church
Statement of Trustees' Responsibilities
The trustees (who are also the directors of First Love Church for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and 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:
• There is no relevant audit information of which the charitable company's auditors are unaware; and
- The trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
Approved by the trustees of the charity on 1[st] September 2023 and signed on its behalf by:
Ms Natalie Commey
Trustee
Page 5
First Love Church
Independent Auditor's Report to the Members of First Love Church
Opinion
We have audited the financial statements of First Love Church (the 'charity') for the year ended 31 December 2022, which comprise the Statement of Financial Activities, Balance Sheet, Statement of Cash Flows, 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 United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and applicable law (United Kingdom Generally Accepted Accounting Practice).
This report is made solely to the charitable company's trustees, 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 charity's trustees those matters we are required to state to them in an auditor’s 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 its trustees as a body, for our audit work, for this report, or for the opinions we have formed.
In our opinion the financial statements:
-
give a true and fair view of the state of the charity's affairs as at 31 December 2022 and of its results for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
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 Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity 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
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
-
the trustees use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
-
the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charity’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
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 auditor’s report 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.
Page 6
First Love Church
Independent Auditor's Report to the Members of First Love Church
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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
-
the information given in the Trustees' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
-
the Trustees' Report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.
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:
-
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of trustees remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities (set out on page 5), the trustees 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 charity'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 charity or to cease operations, or have no realistic alternative but to do so.
Auditor’s 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 an auditor’s report 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.
As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain
professional scepticism throughout the audit.
Page 7
First Love Church
Independent Auditor's Report to the Members of First Love Church
-
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
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Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the charity’s internal control.
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Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.
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Conclude on the appropriateness of the trustees use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charity to cease to continue as a going concern.
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Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
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Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the charity to express an opinion on the financial statements. We are responsible for the direction, supervision and performance of the charity audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
...................................... Morlai Kargbo (Senior Statutory Auditor) For and on behalf of Moracle Limited Chartered Certified Accountants & Registered Auditors Statutory Auditor 960 Capability Green Luton LU1 3PE
1[st] September 2023
Page 8
First Love Church
Statement of Financial Activities for the Year Ended 31 December 2022 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)
| Note | Unrestricted funds £ Total 2022 £ Total 2021 £ |
|---|---|
| Income and Endowments from: | |
| Donations and legacies 3 |
2,184,571 2,184,571 1,806,437 |
| Investments | - 41 |
| Total income | 2,184,571 2,184,571 1,806,478 |
| Expenditure on: | |
Raising funds |
- - - |
| Charitable activities 4 |
2,540,623 2,540,623 1,281,286 |
| Total expenditure | 2,540,623 2,540,623 1,281,286 |
| Net (expenditure)/income 6 |
(356,052) (356,052) 525,192 |
| Reconciliation of funds | |
| Total funds brought forward | 829,055 829,055 303,863 |
| Total funds carried forward 12 |
473,003 473,003 829,055 |
All of the charity's activities derive from continuing operations during the above two periods, and there are no recognised gains or losses other than those shown above in the Statement of Financial Activities.
The accompanying notes form part of these financial statements.
Page 9
First Love Church
(Company Registration number: 12373666) Balance Sheet as at 31 December 2022
| Note | 2022 2021 £ |
|---|---|
| Fixed assets | |
| Tangible fixed assets 9 |
88,639 43,203 |
| Current assets | |
| Debtors 10 |
- - |
| Cash at bank and in hand | 397,343 793,852 |
| 397,343 793,852 |
|
| Creditors: Amounts falling due within oneyear 11 |
(12,979) (8,000) |
| Net current assets | 384,364 785,852 |
| Net assets | 473,003 829,055 |
| Funds of the charity: | |
| Unrestricted income funds | |
| Unrestricted funds | 473,003 829,055 |
| Total funds 12 |
473,003 829,055 |
The financial statements on pages 9 to 17 were approved by the trustees, and authorised for issue on 1[st] September 2023 and signed on their behalf by:
. Ms Natalie Commey Trustee
The accompanying notes form part of these financial statements
Page 10
First Love Church
Statement of Cash Flows for the Year Ended 31 December 2022
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| ------------- | --------------- | |
| Cash used provided by operating activities | (321,706) | 542,793 |
| ======== | ======== | |
| Cash flows from investing activities | ||
| Purchase of tangible fixed assets | - | (57,604) |
| ---------------- | -------------- | |
| Cash provided by (used in) investing activities | - | (57,605) |
| Increase (decrease) in cash and cash equivalents in the year | 397,343 | 485,189 |
| Cash and cash equivalents at the beginning of the year | - | 308,663 |
| ---------------- | -------------- | |
| Total cash and cash equivalents at year end | 397,343 | 793,852 |
| ========== | ========== | |
| Analysis of Cash and Cash Equivalents | ||
| 2022 | 2021 | |
| £ | £ | |
| Cash in hand | 397,343 | 793,852 |
| Notice deposits | - | - |
| ------------- | ------------ | |
| 397,343 | 793,852 | |
| ======== | ======== | |
| Reconciliation of net movement in funds to net cash inflow from Operating Activities | ||
| 2022 | 2021 | |
| £ | £ | |
| Net movement in funds | (356,053) | 525,192 |
| Decrease (increase) in debtors | - | - |
| Increase (decrease) in creditors | - | 3,200 |
| Depreciation | 34,347 | 14,401 |
| ------------ | ---------- | |
| Net cash provided by operating activities | (321,706) | 542,793 |
| ======= | ======= |
All of the cash flows are derived from continuing operations during the above two periods.
Page 11
First Love Church
Notes to the Financial Statements for the Year Ended 31 December 2022
1 Charity status
The charity is limited by guarantee, incorporated in the United Kingdom, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £Nil towards the assets of the charity in the event of liquidation.
The principal place of business is: 2a Carden Road Nunhead London SE15 3UD
2 Accounting policies
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
The financial statements have been prepared in accordance with 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 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). They also comply with the Companies Act 2006 and Charities Act 2011.
Basis of preparation
First Love Church meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
First Love Church meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
First Love Church is registered as a charity with the Charity Commission for England and Wales and operates in London.
The level of rounding for the accounts preparation purpose is £5.
Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.
Income and endowments
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received, and the amount of the income receivable can be measured reliably.
Page 12
First Love Church
Notes to the Financial Statements for the Year Ended 31 December 2022
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings, they have been allocated on a basis consistent with the use of resources.
Charitable expenditure consists of all expenditure relating to the objects of the Charity.
Support costs have been allocated between governance costs and other support. Governance costs comprise all costs involving public accountability of the charity and its compliance with regulation and good practice.
Irrecoverable VAT is included with the category of expense to which it relates.
Support costs
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.
Governance costs
These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees’s meetings and reimbursed expenses.
Taxation
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Fixed Assets
All assets costing more than £500 are capitalised.
Tangible fixed assets are stated at cost less depreciation. Depreciation on other tangible fixed assets is provided at rates calculated to write off the cost of those assets, less their estimated residual value, over their expected useful lives on the following bases:
Music & audio-visual equipment - 25% Straight line
Debtors
Trade and other debtors are recognised at the settlement amount 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 on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Page 13
First Love Church
Notes to the Financial Statements for the Year Ended 31 December 2022
Creditors
Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Fund structure
Unrestricted income funds are general funds that are available for use at the trustees' discretion in furtherance of the objectives of the charity.
Going concern
The trustees have at the time of approving the financial statements, 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 financial statements.
Judgements and key sources of estimation uncertainty
In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Income from donations and legacies
| Unrestricted funds £ Total 2022 £ Total 2021 £ |
|
|---|---|
| Donations and legacies; | 2,184,571 2,184,571 1,806,437 |
| Investment | - - 41 |
| Total income | 2,184,571 2,184,571 1,806,478 |
| 4 Expenditure on charitable activities |
|
| Note | Unrestricted funds £ Total 2022 £ Total 2021 £ |
| Church Services and Activities | 464,251 464,251 142,981 |
| Mission and support of Christian ministries | 1,995,640 1,995,640 1,089,239 |
| Allocated support costs 5 |
80,732 80,732 49,066 |
| 2,540,623 2,540,623 1,281,286 |
Page 14
First Love Church
Notes to the Financial Statements for the Year Ended 31 December 2022
5 Allocated support costs
Support costs allocated to charitable activities
| Unrestricted | Restricted funds |
Total |
Total | Total | ||
|---|---|---|---|---|---|---|
| funds | 2022 | 2021 | ||||
| £ | £ |
£ |
£ | |||
| Office costs | 27,115 | - |
27,115 |
13,871 | ||
| Depreciation | 34,347 | - |
34,347 |
14,401 | ||
| Other costs | 3,270 | - |
3,270 |
9,180 | ||
| Governance costs | 16,000 | - |
16,000 |
11,614 | ||
| 80,732 | - |
80,732 |
49,066 | |||
| Governance costs comprise: | ||||||
| Total | Total | |||||
| 2022 | 2021 | |||||
| £ | £ | |||||
| Legal & professional costs | 12,000 | 9,614 | ||||
| Business support costs | 4,000 |
2,000 | ||||
| 16,000 | 11,614 | |||||
| 6 Net (expenditure)/income |
||||||
| Net (expenditure)/income is stated after deducting: | ||||||
| 2022 |
2021 | |||||
| £ | £ | |||||
| Audit fees - audit remuneration | 6,000 | 6,000 | ||||
| Depreciation of fixed assets | 34,347 | 14,401 |
7 Trustees’ remuneration and expenses
No trustees, nor any persons connected with them, have received any remuneration from the charity during the year. (2021-£Nil)
No trustees have received any reimbursed expenses or any other benefits from the charity during the year. (2021-£Nil)
8 Staff costs
The aggregate payroll costs were as follows:
| 2022 £ 2021 £ - - |
|
|---|---|
| Staff costs during the year were: | |
| Wages and salaries |
Page 15
First Love Church
Notes to the Financial Statements for the Year Ended 31 December 2022
The monthly average number of persons (including senior management team) employed by the charity during the year expressed as full time equivalents was as follows:
| the year expressed as full time equivalents was as follows: | |
|---|---|
| 2022 2021 |
|
| No No |
|
| Number | - - |
No employee received emoluments of more than £60,000 during the year and 2021.
9 Fixed assets
| COST As at 1 January 2022 Additions As at 31 December 2022 DEPRECIATION As at 1 January 2022 Charge for the year As at 31 December 2022 NET BOOK VALUE As at 31 December 2022 As at 31 December 2021 |
Equipment TOTAL £ £ 57,604 57,604 79,783 79,783 |
Equipment TOTAL £ £ 57,604 57,604 79,783 79,783 |
|---|---|---|
| 137,387 | 137,387 | |
| 14,401 34,347 |
14,401 34,347 |
|
| 48,748 | 48,748 | |
| 88,639 | 88,639 | |
| 43,203 | 43,203 | |
| 10 Debtors |
||
| 2022 2021 |
||
| £ £ |
||
| Prepayments | - - |
|
| Accrued income | - - |
|
| - - |
||
| 11 Creditors: amounts falling due within one year |
||
| 2022 2021 |
||
| £ £ |
||
| Trade creditors | - - |
|
| Other creditors & accruals | 12,979 8,000 |
|
| 12,979 8,000 |
Page 16
First Love Church
Notes to the Financial Statements for the Year Ended 31 December 2022
12 Funds (Current year)
| 12 Funds (Current year) |
||||
|---|---|---|---|---|
| Balance at 1 Jan | Income |
Expenditure | Balance at 31 | |
| 2022 | December 2022 | |||
| £ | £ |
£ | £ | |
| Unrestricted funds | ||||
| General | 829,055 | 2,184,571 |
(2,540,623) | 473,003 |
13 Analysis of net assets between funds (Current year)
| Unrestricted | ||
|---|---|---|
| funds | ||
| General | Total funds | |
| £ | £ | |
| Tangible fixed assets | 88,639 | 88,639 |
| Current assets | 397,343 | 397,343 |
| Current liabilities | (12,979) |
(12,979) |
| Total net assets | 473,003 | 473,003 |
All funds in the current and previous accounting period were unrestricted, and hence all relevant comparatives are shown on the primary statements
14 Funds (Prior year)
| 14 Funds (Prior year) |
||||
|---|---|---|---|---|
| Balance at 1 Jan | Income |
Expenditure | Balance at 31 | |
| 2021 | December 2021 | |||
| £ | £ |
£ | £ | |
| Unrestricted funds | ||||
| General | 303,863 | 1,806,478 |
(1,281,286) | 829,055 |
15 Analysis of net assets between funds (Prior year)
| Unrestricted | ||
|---|---|---|
| funds | ||
| General | Total funds | |
| £ | £ | |
| Tangible fixed assets | 43,203 | 43,203 |
| Current assets | 793,852 | 793,852 |
| Current liabilities | (8,000) | (8,000) |
| Total net assets | 829,055 | 829,055 |
All funds in the current and previous accounting period were unrestricted, and hence all relevant comparatives are shown on the primary statements
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