Charity registration number 1119980
Company registration number 05953268 (England and Wales)
LONDON GOOD NEWS CHURCH LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
LONDON GOOD NEWS CHURCH LIMITED
CONTENTS
Page
Trustees report
1 - 2
Independent examiner's report
3
Statement of financial activities
4
Balance sheet
5
Notes to the financial statements
6 - 11
LONDON GOOD NEWS CHURCH LIMITED
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 1 -

The trustees, who are also directors for the purposes of company law, present their annual report and financial statements for the year ended 31 October 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Companies Act 2006 and "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 2019).

Objectives and activities

The charity's objectives are the alleviation of poverty, hardship and distress by the provision of accommodation or assistance with such provision. Also, the provision of education, training and employment training for such persons with the purpose of developing skills to enable them to gain employment. The charity also supports the work of other Emmaus communities and agencies in the relief of poverty and homelessness, whether in the United Kingdom or Worldwide.

Public benefit

The trustees have paid due regard to guidance issued by the Charity Commission in respect of public benefit in deciding what activities the charity should undertake.

Achievements and performance
Significant activities and achievements against objectives

This year the church continued with weekly services and bible study classes.

Free Korean classes are held every Saturday for everyone who is interested. In the classes we teach the language and sometimes have activity days where we spread the culture and also the Word of God. All activities are carried out free for the audience and the public.

We also work with Esther Community Enterprise in order to get food donations and distribute them to the people in need.

Financial review

The charity generated insufficient income in the year to 31 October 2023 to cover it's expenses. Consequently it made a loss of £7,348. The balance sheet has become insolvent and the trustees need to increase income to restore the balance sheet to a positive position. The trustees are satisfied with the charity's position at the end of the year and that the charity will be able to continue to operate for the foreseeable future.

Structure, governance and management

The charity is a company limited by guarantee, company number 05953268 and charity number 1119980, and is governed by it's memorandum and articles of association. It is managed by the trustees through the management committee.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

 

 

S Oh
K Changsun
C Wang
LONDON GOOD NEWS CHURCH LIMITED
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 2 -
Recruitment and appointment of trustees

Members and trustees are co-opted by the management committee as needed.

 

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

 

Accountants

Levicks

Chartered Accountants and Business Advisers

61 London Road

Maidstone

Kent

ME16 8TX

The trustees report was approved by the Board of Trustees.

S Oh
Trustee
26 July 2024
LONDON GOOD NEWS CHURCH LIMITED
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF LONDON GOOD NEWS CHURCH LIMITED
- 3 -

I report to the trustees on my examination of the financial statements of London Good News Church Limited (The) for the year ended 31 October 2023.

Responsibilities and basis of report

As the trustees of the (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the ’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

1

accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or

2

the financial statements do not accord with those records; or

3

the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or

4

the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

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.

Levicks
Chartered Accountants & Business Advisers
61 London Road
Maidstone
Kent
ME16 8TX
Dated: 29 July 2024
LONDON GOOD NEWS CHURCH LIMITED
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 OCTOBER 2023
- 4 -
Unrestricted
Unrestricted
funds
funds
2023
2022
Notes
£
£
Income from:
Donations and legacies
2
26,779
22,941
Total income
26,779
22,941
Expenditure on:
Charitable activities
3
34,127
23,049
Total expenditure
34,127
23,049
Net expenditure and movement in funds
(7,348)
(108)
Reconciliation of funds:
Fund balances at 1 November 2022
2,350
2,458
Fund balances at 31 October 2023
(4,998)
2,350

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

LONDON GOOD NEWS CHURCH LIMITED
BALANCE SHEET
AS AT 31 OCTOBER 2023
31 October 2023
- 5 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
9
562
750
Current assets
Debtors
10
351
351
Cash at bank and in hand
2,960
3,210
3,311
3,561
Creditors: amounts falling due within one year
11
(8,871)
(1,961)
Net current (liabilities)/assets
(5,560)
1,600
Total assets less current liabilities
(4,998)
2,350
Net assets excluding pension liability
(4,998)
2,350
The funds of the
Unrestricted funds
(4,998)
2,350
(4,998)
2,350

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 October 2023.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the trustees on 26 July 2024
S Oh
Trustee
Company registration number 05953268 (England and Wales)
LONDON GOOD NEWS CHURCH LIMITED
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 6 -
1
Accounting policies
Charity information

London Good News Church Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 61 London Road, Maidstone, Kent, ME16 8TX.

1.1
Accounting convention

The financial statements have been prepared in accordance with the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 2019). The is a Public Benefit Entity as defined by FRS 102.

 

The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.4
Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has evidence of entitlement, receipt is probable and its amount can be measured reliably.

1.5
Expenditure

Expenditure is recognised on the accrual basis, once there is a legal or 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 the obligation can be measured reliably. Expenditure is recognised inclusive of VAT as the charity is not registered for VAT.

 

Charitable expenditure comprises those costs incurred by the charity in delivery of its activities and services for its beneficiaries. It includes costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

LONDON GOOD NEWS CHURCH LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 7 -

Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the accounts fees.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

 

Fixtures and fittings
3 years straight line
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7
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.

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 liabilities classified as payable within one year are not amortised.

 

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 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 price and subsequently measured at amortised cost using the effective interest method.

2
Income from donations and legacies
Unrestricted
Unrestricted
funds
funds
2023
2022
£
£
Donations and gifts
26,779
22,941
LONDON GOOD NEWS CHURCH LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 8 -
3
Expenditure on charitable activities
Charitable Expenditure
Charitable Expenditure
2023
2022
£
£
Direct costs
Staff costs
24,000
14,400
Depreciation and impairment
188
750

Church hire

5,099
4,800

Office costs

107
100

Motor vehicle expenses

3,143
1,661
32,537
21,711
Share of support and governance costs (see note 4)
Governance
1,590
1,338
34,127
23,049
Analysis by fund
Unrestricted funds
34,127
23,049
4
Support costs allocated to activities
Charitable Expenditure
Charitable Expenditure
2023
2022
£
£
Governance
1,590
1,338
2023
2022
Governance costs comprise:
£
£
Accountancy
1,140
1,080
Legal and professional
450
258
1,590
1,338
5
Net movement in funds
2023
2022
£
£
The net movement in funds is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
188
750
LONDON GOOD NEWS CHURCH LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 9 -
6
Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

7
Employees

The average monthly number of employees during the year was:

2023
2022
Number
Number
2
2
Employment costs
2023
2022
£
£
Wages and salaries
24,000
14,400
There were no employees whose annual remuneration was more than £60,000.
8
Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

9
Tangible fixed assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 November 2022
2,280
16,999
19,279
Disposals
(85)
-
(85)
At 31 October 2023
2,195
16,999
19,194
Depreciation and impairment
At 1 November 2022
2,280
16,249
18,529
Depreciation charged in the year
-
188
188
Eliminated in respect of disposals
(85)
-
(85)
At 31 October 2023
2,195
16,437
18,632
Carrying amount
At 31 October 2023
-
562
562
At 31 October 2022
-
750
750
LONDON GOOD NEWS CHURCH LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 10 -
10
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
351
351
11
Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
8,871
1,961
12
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.

At 1 November 2022
Incoming resources
Resources expended
At 31 October 2023
£
£
£
£
General funds
2,350
26,779
(34,127)
(4,998)
Previous year:
At 1 November 2021
Incoming resources
Resources expended
At 31 October 2022
£
£
£
£
General funds
2,458
22,941
(23,049)
2,350
13
Analysis of net assets between funds
Unrestricted
funds
2023
£
At 31 October 2023:
Tangible assets
562
Current assets/(liabilities)
(5,560)
(4,998)
LONDON GOOD NEWS CHURCH LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
13
Analysis of net assets between funds
(Continued)
- 11 -
Unrestricted
funds
2022
£
At 31 October 2022:
Tangible assets
750
Current assets/(liabilities)
1,600
2,350
14
Related party transactions

There were no disclosable related party transactions during the year (2022 - none).

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