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REGISTERED COMPANY NUMBER: 09617844 (England and Wales)
REGISTERED CHARITY NUMBER: 1169864














REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

THE LIBERTY CHURCH

THE LIBERTY CHURCH






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 December 2023




Page

Report of the Trustees 1 to 5

Report of the Independent Auditors 6 to 8

Statement of Financial Activities 9

Balance Sheet 10

Cash Flow Statement 11

Notes to the Cash Flow Statement 12

Notes to the Financial Statements 13 to 19

THE LIBERTY CHURCH (REGISTERED NUMBER: 09617844)

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 December 2023


The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2023. The trustees have adopted 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 2019).

OBJECTIVES AND ACTIVITIES
Objectives and aims
The Charity's object is the advancement of the evangelical Christian faith worldwide. Our strategy in fulfilling this objective is to evangelise and spread the Gospel and the teachings of the Christian Faith by:

- Holding regular Worship Services in predefined themes to provide a bedrock for growing members in the Faith.
- Building a community of Spirit-filled Christians relationally connected in church life and clusters - small groups.
- Airing Christian programmes on various media
- Running international versions of various aspects of the Liberty experience; the main expression that is fully operational is our International Breakthrough Nights which mirrors the quarterly version of the initiative that we have held in the UK since inception. Breakthrough Nights provide a unique experience for spirit filled Christians & seekers to experience God in an atmosphere that enhances barrier breaking prayers, heartfelt worship and prophetic declarations. To date we have held successful sessions in Lagos & Abuja, Nigeria, Toronto, Canada & Houston US.
- Promoting and supporting local and international Christian ministries, charities, and events.
- Production and distribution of creative Christian media
- Building and operating Christian Bible-based Worship Centres in London or its environs with the ability to serve other locations.
- Creating a Development Track for members that shows a clear transition from joining till they are developed to fulfil their God ordained purpose in society.
- Provision of Various Counselling and Pastoral Help Services
- Running various outreach events including services to the Homeless, Prisons, Widows, elderly, and other disadvantaged sectors of society.
- Supporting other charities that reflect our ethos worldwide.


THE LIBERTY CHURCH (REGISTERED NUMBER: 09617844)

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 December 2023


OBJECTIVES AND ACTIVITIES
Significant activities
In 2023 the Charity started looking at ways to increase the seating capacity of the Woodford Green property and engage with the planning authorities to make the building more fit for purpose for a 21st century church. Various non-structural modifications were made to accommodate charity offices and all church operations for the Woodford location.

In October 2023 the charity entered into a 5 year lease on a premises at 35b Croydon Road to be used as a base for our South London operations.

We have witnessed an increase in physical attendance across locations but a good proportion of members in the UK still prefer to do church online so we consciously still cater for a global audience on a hybrid basis to maintain our reach.

In 2023 we've continued running our initiatives on a hybrid basis with the concerted effort of our volunteer teams.

These included the following;
- Running Sunday Services at 4 UK locations, Woodford Green, Canary Wharf, St. Johns Wood and Croydon.
- Running Small Groups in the UK and Internationally
- Running various life stage ministry events
- Helping the Homeless
- Prison Fellowships
- Global Breakthrough Nights
- Global Atmosphere of Worship and Wonders Service
- Marriage Enrichment Weekend
- Weekly Online Young Adult, Youth and Children services
- Volunteers Training
- Women's Conferences & Seminars
- Parenting Conferences
- Men's Seminars
- Young Adult & Singles Conferences
- Discipleship Programmes
- Counselling and Pastoral Help services for members

The charity also continued to support church members, members of the public and other charities through:

- Distribution of relief to people in need of emergency assistance for matters such as accommodation, food, counselling, travel, etc.
- donations (gifts) to other charities, ministries, and churches in the UK and internationally

All the activities highlighted above contributed to the achievement of our aims and objectives.

In the consideration of our activities, the Trustees have given regard to the Charity Commission's guidance on public benefit.

ACHIEVEMENT AND PERFORMANCE
Charitable activities
All the activities highlighted above enable the charity to accomplish its objectives and provide a service that benefits the public.

Physical services at 4 locations coupled with a hybrid offering of all our major events and services in 2023 has enabled the church experience growth both in online and physical attendance.

Members have maintained their financial commitment which enables the charity to function as a going concern.

FINANCIAL REVIEW
Principal funding sources
The Charity's principal funding source is from members and individuals who attend services and make contributions in the form of freewill offerings, tithes and other donations.


THE LIBERTY CHURCH (REGISTERED NUMBER: 09617844)

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 December 2023


FINANCIAL REVIEW
Investment policy and objectives
The trustees are of the opinion that the performance of the charity from a financial standpoint is in line with
their expectations and plans for the charity.

The charity does not currently analyse its funds into different classes or categories. All the funds are
maintained in a single general fund.

Reserves policy
As at 31st December 2023, the level of reserves available for the Charity's use (i.e. unrestricted funds and not represented by fixed assets) was £3,050,536.

These reserves are held to ensure that we can meet our commitments to providing our services and activities and staffing obligations in the event of a reduction or absence of funds/volunteer donations ; towards the acquisition of sites for our other locations or payment for venues and to meet some key events that are capital intensive e.g. Crossover Service / Atmosphere of Worship & Wonders, International Breakthrough Nights.

FUTURE PLANS
The Charity continues to explore ways of furthering its charitable objectives in an effective manner by ensuring there is awareness of its services and by seeking opportunities to be more involved in the community.

The Charity seeks to provide services and activities that meet the needs of people and contribute to a positive change in the moral and spiritual climate in its environs, this reflects its Christian ethos and beliefs.

STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The Church is a charitable company limited by guarantee, incorporated on 1st June 2015 and registered as a charity on 2 September 2016. It is governed by its Memorandum and Articles of Association and is managed by a Board of Trustees. Decisions are determined by a simple majority vote by the Trustees who set the strategic direction of the Charity. Delegated authority has been given to the Visionary Pastor, the Executive Pastor and the implementation team led by the Resident Pastor for the day to day running of the operations of the Charity.

Recruitment and appointment of new trustees
Trustees are selected on the basis of the contribution that they will make to the governance of the organisation and the skills that they will contribute. They are provided with copies of the Charity Commission's Guidance to Trustees and are also provided with training as and when required.

On the 18th day of June 2024, an ordinary resolution was agreed and passed by the members appointing Mr Olusola Ewedemi as the Chairperson of the Board of Trustees / Directors and 2 new trustees detailed below on an initial 2-year term.

Mr Adebayo Fadugba - Seasoned Pastor that brings many years of expertise in charity governance, ministry ethos and international ministry.

Ms Oghenevona Cynthia Aghoghovbia - A qualified accountant with extensive director level experience in corporate compliance, financial governance in the financial services and real estate sector.

Related parties
Details of related parties are given in note 14 of the financial statements


THE LIBERTY CHURCH (REGISTERED NUMBER: 09617844)

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 December 2023


STRUCTURE, GOVERNANCE AND MANAGEMENT
Risk management
The Trustees review the major risks that the charity is exposed to at their meetings and are satisfied that systems are in place to manage the risks that have been identified. In particular, insurance cover is in place and the finances of the Charity are kept under review. Appropriate Disclosure & Barring Service check (DBS), supported by regularly reviewed policies are done for all those who work with children or other vulnerable groups with the Charity. Internal control risks are minimised by the implementation of procedures for authorisation of significant transactions and projects. Procedures are in place to ensure compliance with health and safety of members of staff, volunteers, clients and visitors to the Charity. Qualified and appropriately experienced employees are appointed and external consultants are engaged to advise on significant issues.

REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
09617844 (England and Wales)

Registered Charity number
1169864

Registered office
Liberty Point
4 High Elms
Woodford Green
Essex
IG8 0UP

Trustees
O T Adesanya
O O Ewedemi
A R Fola-Alade
A Fadugba (appointed 19.6.24)
O C Aghoghovbia (appointed 19.6.24)

Company Secretary
A O Adewumi

Auditors
Sigma Accountants Limited
Chartered Certified Accountants
& Statutory Auditors
Kelvin House
Kelvin Way
Crawley
West Sussex
RH10 9WE


THE LIBERTY CHURCH (REGISTERED NUMBER: 09617844)

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 December 2023

STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees (who are also the directors of The Liberty Church for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charity SORP;
- make judgements and estimates that are reasonable and prudent;
- 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 proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to 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.

AUDITORS
The auditors, Sigma Accountants Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Approved by order of the board of trustees on 23 September 2024 and signed on its behalf by:





O T Adesanya - Trustee

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THE LIBERTY CHURCH

Opinion
We have audited the financial statements of The Liberty Church (the 'charitable company') for the year ended 31 December 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the charitable company's affairs as at 31 December 2023 and of its incoming resources and application of resources, including its income and expenditure, 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company 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
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

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 Report of the Independent Auditors 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.

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 this gives rise to a material misstatement in the financial statements themselves. 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.

Opinions 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 Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Trustees has been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THE LIBERTY CHURCH


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

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; or
- the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees.

Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) 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 charitable company'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 charitable company or to cease operations, or have no realistic alternative but to do so.

Our 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 a Report of the Independent Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

provisions of relevant laws and regulations described as having a direct effect on the financial statements;
- Enquiring of management, the Audit & Risk Committee in-house and external legal counsel concerning actual and potential litigation and claims;
- Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
- Reading minutes of meetings of those charged with governance;
- Obtained an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of tax provisions; and
- In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THE LIBERTY CHURCH


Use of our report
This report is made solely to the charitable company's members, 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 charitable company's members those matters we are required to state to them in an auditors' 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 the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Muhammad Imran Ashraf FCCA (Senior Statutory Auditor)
for and on behalf of Sigma Accountants Limited
Chartered Certified Accountants
& Statutory Auditors
Kelvin House
Kelvin Way
Crawley
West Sussex
RH10 9WE

23 September 2024

THE LIBERTY CHURCH

STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 December 2023

31.12.23 31.12.22
Unrestricted Total
fund funds
Notes £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 2 3,382,526 2,678,770

Investment income 3 10,975 1,744
Total 3,393,501 2,680,514

EXPENDITURE ON
Charitable activities 4
Charitable activities 2,688,294 2,330,058

Other 173,595 103,084
Total 2,861,889 2,433,142

NET INCOME 531,612 247,372


RECONCILIATION OF FUNDS
Total funds brought forward 2,518,924 2,271,552

TOTAL FUNDS CARRIED FORWARD 3,050,536 2,518,924

THE LIBERTY CHURCH (REGISTERED NUMBER: 09617844)

BALANCE SHEET
31 December 2023

31.12.23 31.12.22
Unrestricted Total
fund funds
Notes £    £   
FIXED ASSETS
Tangible assets 10 4,244,110 4,107,480

CURRENT ASSETS
Debtors 11 37,104 23,280
Cash at bank 1,453,274 984,615
1,490,378 1,007,895

CREDITORS
Amounts falling due within one year 12 (213,952 ) (126,451 )

NET CURRENT ASSETS 1,276,426 881,444

TOTAL ASSETS LESS CURRENT
LIABILITIES

5,520,536

4,988,924

CREDITORS
Amounts falling due after more than one year 13 (2,470,000 ) (2,470,000 )

NET ASSETS 3,050,536 2,518,924
FUNDS 17
Unrestricted funds 3,050,536 2,518,924
TOTAL FUNDS 3,050,536 2,518,924

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


The financial statements were approved by the Board of Trustees and authorised for issue on 23 September 2024 and were signed on its behalf by:





O T Adesanya - Trustee

THE LIBERTY CHURCH

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 December 2023

31.12.23 31.12.22
Notes £    £   

Cash flows from operating activities
Cash generated from operations 1 869,737 348,100
Interest paid (189,361 ) -
Net cash provided by operating activities 680,376 348,100

Cash flows from investing activities
Purchase of tangible fixed assets (222,692 ) (4,163,567 )
Interest received 10,975 1,744
Net cash used in investing activities (211,717 ) (4,161,823 )

Cash flows from financing activities
New loans in year - 2,470,000
Net cash provided by financing activities - 2,470,000

Change in cash and cash equivalents in the
reporting period

468,659

(1,343,723

)
Cash and cash equivalents at the
beginning of the reporting period

984,615

2,328,338
Cash and cash equivalents at the end of
the reporting period

1,453,274

984,615

THE LIBERTY CHURCH

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 December 2023

1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
31.12.23 31.12.22
£    £   
Net income for the reporting period (as per the Statement of Financial
Activities)

531,612

247,372
Adjustments for:
Depreciation charges 86,062 67,162
Interest received (10,975 ) (1,744 )
Interest paid 189,361 -
Increase in debtors (13,824 ) (20,283 )
Increase in creditors 87,501 55,593
Net cash provided by operations 869,737 348,100


2. ANALYSIS OF CHANGES IN NET DEBT

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank 984,615 468,659 1,453,274
984,615 468,659 1,453,274

Debt
Debts falling due after 1 year (2,470,000 ) - (2,470,000 )
(2,470,000 ) - (2,470,000 )
Total (1,485,385 ) 468,659 (1,016,726 )

THE LIBERTY CHURCH

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 December 2023

1. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.


Freehold property - 2% on cost
Plant and machinery - 50% on cost

Taxation
The charity is exempt from corporation tax on its charitable activities.

Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.


THE LIBERTY CHURCH

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 December 2023

2. DONATIONS AND LEGACIES
31.12.23 31.12.22
£    £   
Donations 2,891,293 2,670,177
Gift aid 491,233 8,593
3,382,526 2,678,770

3. INVESTMENT INCOME
31.12.23 31.12.22
£    £   
Deposit account interest 10,975 1,744

4. CHARITABLE ACTIVITIES COSTS
Support
Direct costs (see
Costs note 5) Totals
£    £    £   
Charitable activities 2,003,131 685,163 2,688,294

5. SUPPORT COSTS
Human
Management Finance resources
£    £    £   
Charitable activities 485,657 26,309 63,544
Governance
Other costs Totals
£    £    £   
Charitable activities 86,062 23,591 685,163

6. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

31.12.23 31.12.22
£    £   
Auditors' remuneration 2,200 2,200
Depreciation - owned assets 86,062 67,162
Hire of plant and machinery 428,381 376,560
Premises costs 15,508 -


THE LIBERTY CHURCH

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 December 2023

7. TRUSTEES' REMUNERATION AND BENEFITS
31.12.23 31.12.22
£    £   
Trustees' salaries 66,584 65,550
Trustees' social security 6,925 7,273
Trustees' pension contributions to money purchase schemes 5,918 5,918
79,427 78,741

The trustee A R Fola-Alade who is also a director was paid gross remuneration of £66,584 during the year. It was agreed with the Charity Commission at the time of registration that A R Fola-Alade will be paid a salary as she also works for the Church.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022.


8. STAFF COSTS
31.12.23 31.12.22
£    £   
Wages and salaries 486,087 489,779
Social security costs 38,712 42,320
Other pension costs 26,231 25,857
551,030 557,956

The average monthly number of employees during the year was as follows:

31.12.23 31.12.22
Ministry 4 3
Administrative 7 8
11 11

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

31.12.23 31.12.22
£60,001 - £70,000 1 1
£80,001 - £90,000 1 1
2 2


THE LIBERTY CHURCH

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 December 2023

9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
fund
£   
INCOME AND ENDOWMENTS FROM
Donations and legacies 2,678,770

Investment income 1,744
Total 2,680,514

EXPENDITURE ON
Charitable activities
Charitable activities 2,330,058

Other 103,084
Total 2,433,142

NET INCOME 247,372


RECONCILIATION OF FUNDS
Total funds brought forward 2,271,552

TOTAL FUNDS CARRIED FORWARD 2,518,924

10. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings Totals
£    £    £    £   
COST
At 1 January 2023 4,150,516 54,555 3,559 4,208,630
Additions 161,990 45,770 14,932 222,692
At 31 December 2023 4,312,506 100,325 18,491 4,431,322
DEPRECIATION
At 1 January 2023 55,340 44,082 1,728 101,150
Charge for year 57,537 21,603 6,922 86,062
At 31 December 2023 112,877 65,685 8,650 187,212
NET BOOK VALUE
At 31 December 2023 4,199,629 34,640 9,841 4,244,110
At 31 December 2022 4,095,176 10,473 1,831 4,107,480

Included in cost or valuation of land and buildings is freehold land of £1,383,505 (2022 - £1,383,505) which is not depreciated.

THE LIBERTY CHURCH

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 December 2023

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Prepayments and accrued income 37,104 23,280

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Accruals and deferred income 213,952 126,451

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans (see note 14) 2,470,000 2,470,000

14. LOANS

An analysis of the maturity of loans is given below:

31.12.23 31.12.22
£    £   
Amounts falling due between two and five years:
Bank loans - 2-5 years 139,802 139,802
Amounts falling due in more than five years:

Repayable by instalments:
Bank loans more 5 yr by instal 2,330,198 2,330,198

15. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.23 31.12.22
£    £   
Within one year 14,400 -
Between one and five years 57,600 -
72,000 -


THE LIBERTY CHURCH

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 December 2023

16. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Bank loans 2,470,000 2,470,000

The bank loans are secured by first mortgages over the charity's freehold property.

17. MOVEMENT IN FUNDS
Net
movement At
At 1.1.23 in funds 31.12.23
£    £    £   
Unrestricted funds
General fund 2,518,924 531,612 3,050,536

TOTAL FUNDS 2,518,924 531,612 3,050,536

Net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 3,393,501 (2,861,889 ) 531,612

TOTAL FUNDS 3,393,501 (2,861,889 ) 531,612


Comparatives for movement in funds

Net
movement At
At 1.1.22 in funds 31.12.22
£    £    £   
Unrestricted funds
General fund 2,271,552 247,372 2,518,924

TOTAL FUNDS 2,271,552 247,372 2,518,924

THE LIBERTY CHURCH

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 December 2023

17. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 2,680,514 (2,433,142 ) 247,372

TOTAL FUNDS 2,680,514 (2,433,142 ) 247,372

A current year 12 months and prior year 12 months combined position is as follows:

Net
movement At
At 1.1.22 in funds 31.12.23
£    £    £   
Unrestricted funds
General fund 2,271,552 778,984 3,050,536

TOTAL FUNDS 2,271,552 778,984 3,050,536

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 6,074,015 (5,295,031 ) 778,984

TOTAL FUNDS 6,074,015 (5,295,031 ) 778,984

18. RELATED PARTY DISCLOSURES

Precious Sight Foundation (PSF) a UK based charity is considered a related party as the company secretary is also the company secretary and Executive Pastor of The Liberty Church.

During the year donations totalling £6,000 were made to PSF (2022: £6,000)