LIFE UNLIMITED CIO ANNUAL REPORT AND UNAUDrrED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
LIFE UNLIMITED CIO LEGAL AND ADMINISTRATIVE INFORMATION Trustees Rory Paget-wilkes Chery Nguyen Teju Ogunbanjo Anna Paget-wilkes Charity number 1196416 Principal address 10 Kenilworth Road Coventry CV3 6PT Accountant Luke Lakin-B BA (Hons) MA MBA FCCA HRJ Consulting 148 Connaught Mews Connaught Road Ilford IG11RN
LIFE UNLIMITED CIO CONTENTS Page Trustees, report Accountant's report Statement of financial activities Balan sheet Notes to the fjnancial statements 6-12
LIFE UNLIMITED CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policles (Continued) 1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third paty, it is probable that a transfer of economic benefits wilf be required in settlement, and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributsble to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset's use. 1.6 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments v¢ith original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.7 Financial instruments The charity has erected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the tnstrument. Financial assets and liabilities are offset, with the net amounts presented in the financial state%ents, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts drscounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Basic financial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabtlities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or serrfrces that have been acquired in the ordin ry course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction pricp and subsequently measured at amortised cost using the effective interest method. Derecognition of financial liabilities Frnancial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled.
LIFE UNLIMITED CIO TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Safeguarding The charity subscribes to thirlyone:eight to facilitate our DBS checks of all workers with children, youth and vulnerable adutts. Structure, governance and management The charity is a Charitable Incorporated Organisation established by a charitable trust deed on 5 November 2021. The trustees who served during the year and up to the date of signature of the financial statements were: Rory Paget-wilkes Chery Nguyen Teiu Ogunbanjo Anna Paget-wilkes Recniitment and appointment of tnjstees New trustees may be recruited at any time by the existing trustees. Trustees must have a mature faith in Christ and give full support to the Vision of Life Unlimited Church. In selecting individuals for trusteeship the existing trustees will have regard to the skills, time management, knowledge and experience needed for the effective administration of the charity. The trustees may, by and from their number and from time to time, elect such officers (chair, secretary, treasurer) as required and as appropriate. Each new trustee will receive, on or before his or her appointment, a copy of the current version of the constitution and governing documents, and a copy of the most recent trustees, annual report and statement of accounts. Trustees also receive regular updates from the Charity Commission's website. Organisational structure Life Unlimited is a church that is an independent charity, operating under its governance structure since August 2021 and was acpted as a Charitable Incorporated Organisation (CIO) on 5 November 2021. It is led by a National Leadership Team located throughout the UK who function with the support of Trustees who are the voting members. The leadership team are primarily responsible for the vision and operation of the day-to-day ministry within the life of the church around the UK. The trustees meet several times a year and are responsible primarily for the fiduciary arrangements as regards complrance, financial and legal oversight and reporting. Decision-making tskes place as a unit, wrth decisions reached based on collective research, discussion and agreement. Expenditure of more than £500 is referred to the board of trustees for approval unless included in a previous approved budgetll Future staff positions will be authorised by the whole board. The trustees, report was approved by the Board of T ustees. 'Rory Paget-wilkes Trustee Date: ...
LIFE UNLIMITED CIO CHARTERED ACCOUNTANTS, REPORT TO THE TRUSTEES ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF LIFE UNLIMITED CIO FOR THE YEAR ENDED 31 MARCH 2024 In order to assist you to fulfil your duties under the Charities Act 2011, 1 have prepared for your approval the accounts of Life Unlimited CIO for the year ended 31 March 2024, which comprise and the related notes from the charity's accounting records and from information and explanations you have given me. As a prach.sing member firm of the Association of Chartered Certified Accountants, l am subject to its ethical and other professional requirements which are detailed at htt s:IlvvNw.aGca lobal.cornl b/en/abo uslre ulation.html This report is made to the charity's trustees, as a body, in accordance with the terms of my engagement letter dated 9 November 2024. My work has been underlaken solely to prepare for your approval the accounts of Life Unlimrted CIO and state those matters that I have agreed to state to the charity's trustees, as a body, In this report In accordance wtth ACCA Technical Release 2012 as detailed at www.acca lobal.com To the fullest extent pemitted by law, I do not acpt or assume responsibility to anyone other than Life Unlimited CIO and the charity's trustees as a body, for my work or for this report. It is your duty to ensure that Life Unlimited CIO has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and surplus of Life Unlimited CIO. You consider that Life Unlimited CIO is exempt from the statutory audit requtrement for the year, and is not required to obtain an independent examiner's report. have not been instructed to carry out an audit or a review of the accounts. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to rne and I do not, therefore, express any opinion on the accounts. Luke Lakin-B FCCA Chartered Certified Accountant 14B Connaught Mews Connaught Road Ilford. IG11RN
LIFE UNLIMITED CIO STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted funds Unrestricted Restricted funds funds Total 2024 2023 2023 2023 Note5 Inconie from: Donations and legacies Alumni Weekend Charitabl e artivities Investments 1,350 2,515 4, 140 3,315 2,483 5,798 SOIL 6, 163 Total income 14, 175 8,801 2,483 11,284 Charitabl e attivities 16,380 9,410 1,750 11,160 Net rncome/(expenditure) and movement in funds Reconciliation of f unds: Fund balances at l Aprrl 2023 2, 206 733 124 (609) 733 124 Fund balances at 31 March 2024 (2,206} The statement of financial actrvrties includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
LIFE UNLIMITED CIO BALANCE SHEET ASAT31 MARCH 2024 2024 2023 Notes Current assets Debtors Cash at bank and in hand 12 5CK) 6,998 4, 792 4,792 7498 Creditors: amounts falling due within one year 13 6,998 7,374 Net current assets 2,206 124 The funds of the charity Restritted income funds Unrestricted funds 733 15- 2, 206 2, 206 124 The financial statements were approved by the trustees on Rory Paget-w" Trustee es
LIFE UNLIMITED CIO TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The trustees present their annual report and financial statements for the year ended 31 March 2024. The financial statements have been prepared in accordance with Ihe accounting policies set out in note 1 to the financial statements and comply with the charity's constitution, the Charities Act 2011 and "Accounting and Reporting by Charities: Statenient of Recommended Practice applicable to charities preparing therr accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). Objectives and activities The charity's objects are 1 the proclamation and furtherance of the Christian faith (including the provision of Christian education) 2 the relief of povety, distress and sickness 3 general charitable purposes. The policies adopted in furtherance of these objects are the running of a church and there has been no change in these during the year. For further clarification on these please see 'What the charity does, on the Charrty Commission webpage for the drity. Public benefrt The trustees have paid due regard to guidance issued by the Charity Commrssion in decidFng what activities the charity should undertake. Achievements and performance Significant activities and achievements against objectives During the year the charity has achieved fellowship meettngs, Identity Easter Camp, Identity, Camp Reunion, running a 5-day Christian course entitled The School of Identity and Ltfestyle, regular discipleship and individual evangelism. Financial review The charity's income and expenditure for the period and financial position at the end of the period are summarized in the attached accounts. The trustees consider the financial position to be satisfactory. Reserves policy It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintsined at a level equivalent to between three and six month's expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity's current activities while consideration is given to ways in which additional funds may be raised. The trustees hope to achieve this level of reserves during the next year. Major risks The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are In pl_ace to mitigate exposure to the major risks. As part of Lrfe Unlimited church's risk management process the trustees have eslabFished a risk giSter. The trustees acknowledge their responsibility for the charity's system of internal control and for reviewing its effectiveness. The trustees are satisfied that the systems in place are sufficient to mitigate exposure to the major associated risks. The trustees have set poticies on risk and internal controls which cover 1 -The responsibility of management to implement the trustees, policies 2 Identification and consideration of the types of risk that the charity faces.
LIFE UNLIMITED CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policle5 (Contlnued) 1.5 Expenditure Expenditure is CogniSed once there is a legal or constructive obligatton to transfer economic benefrt to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned bettsveen those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset's use. 1.6 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.7 Financial instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and fiabilities are offset, with the net amounts presented in the financial stateliients, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price includFng transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as re1vable within one year are not amortised. Basic financial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction pri unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabiltties if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors a recognised initially at transaction pricp and subsequently measured at amortised cost using the effective interest method. Derecognition of financial liabilitles Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Critical accounting estimates and judgements 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 assumptlons are based on hlstorical experience and other factors that are considered to be relevant, 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. Income from donations and legacies Unrestricted Restricted funds funds 2023 2023 Total U nrestricted Restricted funds funds 2023 2023 Totsl 2024 2023 Donations and gifts 1,350 5,798 3,315 2,483 5,798 Income from charitable activities Unrestricted funds 2024 Unrestricted funds 2023 Income from camp and other activities Camp and other activities income 12,818 5,480 Income from investments Unrestricted U nrestricted funds funds 2024 2023 Interest receivable
LIFE UNLIMITED CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 14 Deferred incoine (Continued) Deferred inconie at 1 April 2023 Resources deferred in the year 2,790 Deferred income at 31 March 2024 2,790 14 Restricted funds The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subjed to specific condikn'ons by donors as to how they may be used, At 1 April 2023 Incoming resources Resources At 31 March expended 2024 Design and publicity 733 2,483 (1.750) 15 Unrestricted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. Resources At 31 March expended 2024 At 1 April 2023 Incoming resources General funds (609) 14,175 (16,380) (2 206) 16 Analysis of net assets between funds Unrestricted funds 2024 Restricted funds 2024 .,,., Total 2024 Fund balances at 31 March 2024 are represented by: Cu rrent assetsl,(liabilities) (2,206) (2,206) (2,206) (2,206 11
LIFE UNLIMITED CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Expenditure on charitable actlvltles Main activities 2024 Direct costs Direct costs of running actrvities 16,380 Share of support and governance costs (see note 8) Support Goveman 16,010 370 16,380 Analysis by fund Unrestricted funds Restricted fvnds 16,380 16,380 Support costs allocated to activities 2024 2023 Premises expenses Administrative expenses Govemance costs 2,099 16,750 370 2,099 2,692 370 Analysed between: Main activities 16,380 5,161 Trustees None of the trustees (or any persons connected with them) received any remuneration during t three of them were reimbursed for expenses. e year, and //
LIFE UNLIMITED CIO NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR. THÈ YEAR ENDED 31 MARCH 2024 Employees The average monthly nuniber of employees during the year was: 2023 Number 2022 Number Totsl There were no employees whose annual remuneration was more than £60,000. 10 Taxation The charity is exempt from taxation on its activities because all its income is applied for charrtable purposes. 11 Debtors 2024 2023 Amounts falling due within one year: Other debtors 500 12 Creditors: amounts falling due within one year 2024 2023 Notes Deferred income Other creditors Accruals and deferred income 14 2,099 250 4,649 2,790 150 4,434 6,998 7,374 13 Deferred income 2024 2023 Other deferred income 2,099 2,790 Deferred income is included in the financial statements as follows: 2024 2023 Deferred income is included within., Current liabilities 2,099 2,790 oveAeryts in the year: 10-
LIFE UNLIMITED CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YÈAR ENDED 31 MARCH 2024 17 Analysis of net assets between fu.n.ds (Continued) Unrestricted funds 2022 Restricted funds 2022 Total 2022 Fund balances at 31 March 2022 are represented by: 18 Related party transactions There were no disclosable related party transactions during the year (2023 - none). 12-