UNFAILING LOVE
Charity No 1200953
TRUSTEES REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
UNFAILING LOVE
TRUSTEES REPORT AND FINANCIAL STATEMENTS FOR YEAR ENDED 31 DECEMBER 2023
| CONTENTS | PAGE |
|---|---|
| Reference and administrative details | 2. |
| Trustees report | 3 - 6 |
| Independent Examiner's report | 7. |
| Statement of Financial Activities | 8. |
| Balance sheet | 9. |
| Notes to the accounts | 10 - 14 |
Page 1
UNFAILING LOVE
ADMINISTRATIVE DETAILS OF THE CHARITY, AND ITS TRUSTEES FOR YEAR ENDED 31 DECEMBER 2023
| Trustees | Mrs Pauline Coker |
|---|---|
| Mrs Tola Gus - Resigned 01/10/2024 | |
| Mr Neil Loxley | |
| Mrs Abimbola Adeoluwa - Appointed 01/10/2024 | |
| Correspondence Address | 9 Farriers End |
| Stanway | |
| Colchester | |
| Essex | |
| CO3 0YE | |
| Resident Pastors | Pastor Ope Coker - Lead |
| Pastor Wande Gus - Associate | |
| Bankers | HSBC PLC |
| High Street | |
| Colchester | |
| Independent Examiner | Akintayo Ojo FCCA |
| Resource Accountancy Practice | |
| Chartered Certified Accountant | |
| 46 Hollywood Way | |
| Erith | |
| DA8 2QE |
Page 2
UNFAILING LOVE
REPORT OF TRUSTEES
FOR YEAR ENDED 31 DECEMBER 2023
The trustees submit their report and financial statements of Unfailing Love ("The Charity") for the year ended 31 December 2023. The trustees confirm that the trustees' report and financial statements of the charity comply with the statutory requirements of the Charities Act 2011 and the Charity's governing document and the provisions of the Statement of Recommended Practice (SORP) issued in April 2005.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Unfailing Love "The Charity" was constituted by a trust deed dated 1 January 2020 and registered with with the Charity Commission as a charity in England and Wales on 9 November 2022.
APPOINTMENT OR ELECTION OF MANAGEMENT COMMITTEE OR TRUSTEES
The trustees are appointed and or co-opted under the terms of the charity's governing document.
POLICIES ADOPTED FOR THE INDUCTION AND TRAINING OF NEW TRUSTEES
The induction process for a newly appointed trustees comprises of an initial meeting with the chair of of the board and other trustees, followed by short meetings with the Lead Pastor on the powers and responsibilities of the trustees.
ORGANISATIONAL STRUCTURE AND DECISION MAKING
The charity is organised so that the trustees meet regularly to manage its affairs. The General secretary manages the day to day administration of the church with assistance from the ministers.
RISK MANAGEMENT
The trustees have assessed the major risks to which the charity is exposed, in particular those relating to the operations and finances of the charity, and are satisfied that systems are in place to mitigate our exposures to major risks. However consultation and review of our systems are regularly undertaken, in order to ensure they remain up to date and effective.
OBJECTIVES AND ACTIVITIES
The principal object is the advancement of Christian religion, and the relief of poverty. To achieve its objectives, the charity adopted the following strategies:
-
Setting up platforms which facilitates the general public to express their belief in the Christian God through worship, religious education and conferences.
-
Organising regular events and meetings, and
-
Supporting other charities and Christian events.
Page 3
UNFAILING LOVE
REPORT OF TRUSTEES FOR YEAR ENDED 31 DECEMBER 2023
PUBLIC BENEFITS
The Church's Sunday and mid-week services as well as prayer meetings are open to the general public to build on their Christian faith. Apart from its Church activities, the charity was involved in the following public benefit efforts:
-
Holding outreaches in areas of interest to our community, such as engaging with local initiatives e.g. donating to the local food bank.
-
We run a football team in Colchester that is registered with the Football Association (FA), and plays in the local football league. As sports provides an opportunity for informal meeting with and mentoring of the young people.
-
Our charitable work includes donations to organisations like (Noah'a Ark and baraka Children's Home) to help relief poverty.
-
The charity runs leadership training and development meetings in Colchester. The objective of the meetings is to provide participants with leadership skills.
Our efforts are geared towards supporting the programmes of our local community, promoting cohesion in our community, and impacting the lives of the young people and the elderly.
In establishing the annual plan and activities for the year, which will fulfil the overall aims of the organisation, the trustees considered the principles of public benefits' testing at the time in line with the ethos of the Charity's objects of advancing Christian faith in the United Kingdom.
The trustees are aware of the Charity Commission's guidance on public benefit and have taken them into account where relevant, in their planning and decision making.
GRANT MAKING POLICY
The church supports visiting ministers of the gospel both within and outside the church. The Church supports other charities and missionary that share its objects in the advancement of Christian faith and relief of poverty. The church gives occasional welfare grant to members of the congregational who are in need, after a careful and thorough assessment.
VOLUNTEERS
The church is grateful for the unstinting efforts of its volunteers who are involved in providing services for the charity. It is estimated that over 1,560 hours are provided by volunteers during the year. If this is conservatively valued at £8.00 per hour, the volunteers effort will amount to over £12,480.
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UNFAILING LOVE
REPORT OF TRUSTEES FOR YEAR ENDED 31 DECEMBER 2023
REVIEW OF ACTIVITIES
The charity continues to enjoy tremendous growth in its physical and spiritual life during the year, and in the advancement of Christian faith in accordance with the doctrines set out in its Statement of faith .
RESERVES POLICY
The trustees' policy is to have unrestricted and uncommitted funds (free reserves) to cover 3 to 6 months of resources expended. They feel that this would enable current activities to continue if there is any significant drop in funding. It would obviously be necessary then to consider how the funding would be replaced or activities changed. The present free reserve is within the policy range but the trustees are continuing to seek additional funds to further boost the reserves.
PRINCIPAL FUNDING
Funding has been provided mainly through tithes and offerings by church members and through donations.
FUTURE DEVELOPMENTS
The charity continues to explore various ways of spreading the gospel of Christ in an effective manner. The charity is also looking to create more gathering centres, grow in membership and continue to develop its members to make life-changing impact in the community.
The charity is particularly interested in helping today's youths to grow in faith and also to be the the best versions of themselves as God intends for them. We are committed to raising leaders among them.
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UNFAILING LOVE
REPORT OF TRUSTEES FOR YEAR ENDED 31 DECEMBER 2023
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The Trustees are responsible for preparing the annual report and financial statements in accordance with applicable laws and regulations.
Charity law requires the trustees to prepare financial statements for each financial year. Under that law, the trustees have elected to prepare the financial statements in accordance with the United Kingdom Generally Acceptable Accounting Practice (United Kingdom Accounting Standards and applicable law). The financial statements are required to give a true and fair view of the state of affairs of the charity and of the surplus or deficit of the charity for that period. In preparing the financial statements, the trustees are required to:
-
Select suitable accounting policies and apply them consistently;
-
Make judgement and estimates that are reasonable and prudent;
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Prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees recognise their responsibilities to keep proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity 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 charity and henceforth taking steps for the prevention and detection of fraud and other irregularities.
The appended financial statements have been prepared on the accruals basis and have been examined by an independent examiner, whose report is also appended.
Approved by the Trustees on 30th October 2024 and signed on their behalf by:
Pauline Coker Trustee
Neil Loxley Trustee
Page 6
UNFAILING LOVE
INDEPENDENT EXAMINERS REPORT FOR YEAR ENDED 31 DECEMBER 2023
TO THE TRUSTEES OF UNFAILING LOVE
I report to the trustees on my examination of the accounts of the above charity for the year ended 31 December 2023 which is set on pages 8 -14
RESPONSIBILITIES AND BASIS OF REPORT
As the charity trustees of the Trust, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ("the Act")
I report in respect of my examination of the account carried out under section 145 of 2011 Act and in carrying out my examination, I have followed applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
INDEPENDENT EXAMINER'S STATEMENT
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that, in any material respect:
-
accounting records were not kept in accordance with section 130 of the Act or
-
the accounts do not accord with the accounting records
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Akintayo Ojo FCCA 30th October 2024
Chartered Certified Accountant
Resource Accountancy Practice
46 Hollywood Way, Erith. DA8 2QE
Page 7
UNFAILING LOVE
STATEMENT OF FINANCIAL ACTIVITIES
FOR YEAR ENDED 31 DECEMBER 2023
| Incoming resources Donations & incoming resources 2 Total incoming resources Resources expended Grants payable - institutional 3 Activities in furtherance of charity's objects 4 Support costs 5 Management and governance cost 6 Total resources expended Net(outgoing)/incoming resources for the year Total funds at the start of the year Balance at the end of the year Notes |
Unrestricted Funds 2023 £ 27,926 |
Restricted Funds 2023 £ - |
Total Total Funds Funds 2023 2022 £ £ 27,926 19,277 27,926 19,277 5,462 6,205 11,278 3,922 5,961 1,996 1,100 600 23,801 12,723 4,125 6,554 40,652 34,098 44,777 40,652 |
|---|---|---|---|
| 27,926 | - | ||
| 5,462 11,278 5,961 1,100 |
- - - - |
||
| 23,801 | - | ||
| 4,125 40,652 |
- - |
||
| 44,777 | - |
Page 8
UNFAILING LOVE
BALANCE SHEET
FOR YEAR ENDED 31 DECEMBER 2023
| Notes Fixed Assets Tangible fixed assets Current assets Cash at bank 8 Receivables Total Assets Less: Current Liabilities: Creditors: Amount falling due within One year 9 Net assets Financed BY: Charity funds General - restricted General - unrestricted |
Total Funds 2023 £ 1,005 37,922 6,500 44,422 45,427 650 44,777 - 44,777 44,777 |
Total Funds 2022 £ 1,313 39,939 - |
|---|---|---|
| 39,939 41,252 |
||
| 600 | ||
| 40,652 - 40,652 |
||
| 40,652 |
The accounts have been prepared in accordance with the special provision of Statement of Recommended Practice: Accounting and Reporting by Charities (SORP) issued March 2005 as modified for smaller charities
Approved by the Trustees on 30th October 2024 and signed on their behalf by:
Mrs Pauline Coker Trustee
Neil Loxley Trustee
Page 9
UNFAILING LOVE
NOTES TO THE ACCOUNTS
FOR YEAR ENDED 31 DECEMBER 2023
1. ACCOUNTING POLICIES
(1.1) Basis of preparation of financial statements
These accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008) .The financial statements have been prepared with Statement of Recommended Practice (SORP), "Accounting and Reporting by Charities" published in March 2005 and applicable accounting standards.
(1.2) Income
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 income receivable can be measured reliably. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
(1.3) Expenditure
Expenditure is recognised once there is a legal constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of total of direct costs and shared costs, including support costs involved in undertaking each activity.
(1.4) Fund Accounting
General funds are unrestricted funds which are available for use at the direction of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Restricted funds are funds which are to be used in accordance with the specific restrictions imposed by the donors which have been raised by the charity for a particular purpose. The cost of raising such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements where applicable.
(1.5) Cash flow
The financial statements do not include a cash flow because the church, as a small reporting entity is exempted from the requirement to prepare such a statement under the Financial Reporting Standard for Smaller Entities (effective 2002)
(1.6) Tangible fixed assets depreciation
The Charity's tangible fixed asset policy is to capitalise all assets costing more than £500. Tangible assets are carried net of depreciation and any provision for impairment. Depreciation is calculated as follows: Equipment - 25% Straight line
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UNFAILING LOVE
NOTES TO THE ACCOUNTS
FOR YEAR ENDED 31 DECEMBER 2023
| Unrestricted Funds 2023 2. DONATIONS, LEGACIES AND SIMILAR INCOMING RESOURCES £ Tithes 26,151 General offering 1,635 Thanksgiving 140 27,926 Unrestricted Funds 2023 3. Grants payable - institutional £ Charitable giving -UK 2,962 Charitable giving -overseas 2,500 Total 5,462 2023 List of institutional grants payable £ Central Office Funds Mission support 250 World Evangelism Fund Mission support 1,212 Sports Sponsorship Donations - Other charities Charity support 1,500 Total grant payable - institutional 2,962 Unrestricted Funds 4. COST OF ACTIVITIES IN FURTHERANCE OF 2023 CHARITY'S OBJECTS £ Charity events 1,155 Printing & publicity 916 Travel & subsistence 432 Printing & publicity - Faith life 698 Welfare & hospitality 583 Seminar & conference 412 Worship, music & liturgy 236 Visiting ministers' expenses 600 Missions & outreach 710 Hall hire 5,536 11,278 |
Unrestricted Funds 2023 2. DONATIONS, LEGACIES AND SIMILAR INCOMING RESOURCES £ Tithes 26,151 General offering 1,635 Thanksgiving 140 27,926 Unrestricted Funds 2023 3. Grants payable - institutional £ Charitable giving -UK 2,962 Charitable giving -overseas 2,500 Total 5,462 2023 List of institutional grants payable £ Central Office Funds Mission support 250 World Evangelism Fund Mission support 1,212 Sports Sponsorship Donations - Other charities Charity support 1,500 Total grant payable - institutional 2,962 Unrestricted Funds 4. COST OF ACTIVITIES IN FURTHERANCE OF 2023 CHARITY'S OBJECTS £ Charity events 1,155 Printing & publicity 916 Travel & subsistence 432 Printing & publicity - Faith life 698 Welfare & hospitality 583 Seminar & conference 412 Worship, music & liturgy 236 Visiting ministers' expenses 600 Missions & outreach 710 Hall hire 5,536 11,278 |
Restricted Funds 2023 £ - - - |
Total Funds 2023 £ 26,151 1,635 140 |
Total Funds 2022 £ 18,098 909 270 |
|---|---|---|---|---|
| 27,926 | - | 27,926 | 19,277 | |
| Restricted Funds 2023 £ - - |
Total Funds 2023 £ 2,962 2,500 |
Total Funds 2022 £ 6,205 - |
||
| 5,462 | - | 5,462 | 6,205 | |
| 2023 £ 250 1,212 - 1,500 |
2023 £ - - - - |
2023 £ 250 1,212 - 1,500 |
2022 £ 751 2,555 500 2,400 |
|
| 2,962 | - | 2,962 | 6,205 | |
| Restricted Funds 2023 £ - - - - - - - - - - - |
Total Funds 2023 £ 1,155 916 432 - 698 583 412 236 600 710 5,536 |
Total Funds 2022 £ 630 296 - - 806 1,024 150 516 - 500 - |
||
| 11,278 | - | 11,278 | 3,922 |
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UNFAILING LOVE
NOTES TO THE ACCOUNTS FOR YEAR ENDED 31 DECEMBER 2023
5. SUPPORT COST Zoom Cost IT Consumables Insurance Depreciation Admin charges Other costs 6. MANAGEMENT AND GOVERNANCE COSTS Professional fees Accountancy Fees Independent Examiners Fees 10. TANGIBLE FIXED ASSETS Cost At 1 January 2023 Additions At 31 December 2023 Depreciation At 1 January 2023 Charge for the year At 31 December 2023 Net book value At 31 December 2023 At 31 December 2022 |
Unrestricted Restricted Funds Funds 2023 2023 £ £ 183 - 1,817 - - - 1,648 - 1,640 - 672 - 5,961 - Unrestricted Restricted Funds Funds 2023 2023 £ £ 450 - 350 - 300 - 1,100 - Musical Computers & equipment projectors £ £ 623 4,632 500 840 1,123 5,472 468 3,474 280 1,368 748 4,842 375 630 155 1,158 |
Total Funds 2023 £ 183 1,817 - 1,648 1,640 672 5,961 Total Funds 2023 £ 450 350 300 1,100 Total 31-Dec 2023 £ 5,255 1,340 6,595 3,942 1,648 5,590 1,005 1,313 |
Total Funds 2022 £ 173 - 181 1,314 22 306 |
|---|---|---|---|
| 1,996 | |||
| Total Funds 2022 £ - 300 300 |
|||
| 600 | |||
| Total 31-Dec 2022 £ 5,255 - |
|||
| 5,255 | |||
| 3,942 1,313 |
|||
| 5,255 | |||
| - | |||
Page 12
UNFAILING LOVE
NOTES TO THE ACCOUNTS FOR YEAR ENDED 31 DECEMBER 2023
| 7. Current Assets | Year ended | Year ended |
|---|---|---|
| 31-Dec | 31-Dec | |
| 2023 | 2022 | |
| £ | £ | |
| Cash at bank | 37,922 | 39,939 |
| 37,922 | 39,939 | |
| 8. DEBTORS AND PREPAYMENTS | Year ended | Year ended |
| 31-Dec | 31-Dec | |
| 2023 | 2022 | |
| £ | £ | |
| Debtors | 6,500 | - |
| 6,500 | - | |
| 8. CREDITORS AND ACCRUALS | Year ended | Year ended |
| 31-Dec | 31-Dec | |
| 2023 | 2022 | |
| £ | £ | |
| Accrued - accountancy & examiner's fees | 650 | 600 |
| 650 | 600 |
9. RELATED PARTY TRANSACTIONS
During the year, the charity did not engage any one related to the charity trustees of their relation.
| 10. NET INCOMING RESOURCES/(RESOURCES EXPENDED) This is stated after charging Depreciation of tangible assets owned by the charity Accountant's fees 11. TRUSTEES REMUNERATION During the year, no trustee received any remuneration During the year, no trustee received any benefits in kind |
Year ended Year ended 31-Dec 31-Dec 2023 2022 £ £ 1,314 1,314 650 600 Year ended Year ended 31-Dec 31-Dec 2023 2022 NIL NIL NIL NIL |
|---|---|
12. TAXATION
Unfailing Love is a un-incorporated charity and all of its activities are tax exempt under rules of taxation granted to charities.
Page 13