LOVE OUTREACH NETWORK
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
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1. Accounting Policies
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| The principal accounting policies adopted by the Charity, which is a public benefit entity, in the preparation of the accounts are as follows. |
1.1 Basis of preparation
These accounts have been prepared under the historical cost convention, as modified by the inclusion of charitable properties and fixed asset investments and investment properties at valuation.
These accounts have been prepared in accordance with “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
These accounts are presented in pounds sterling and rounded to the nearest pound.
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1.2 Going concern
The Trustees have prepared financial projections, taking into consideration the current economic conditions and have, at the time of approving these accounts, a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the accounts.
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1.3 Expenditure
Expenditure is recognised when a present legal or constructive obligation exists at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefits will be required to settle the obligation, and the amount can be estimated reliably. It is inclusive of VAT which cannot be recovered.
Direct costs are those costs which directly attribute to its activities. Wages and salaries are allocated to direct costs based on an estimate of time spent on charitable activities by staff members.
Support costs include staff costs and are those which do not produce a direct output. Staff costs relate to specific activities and this is reflected in the allocation of payroll costs based on the percentage of time spent.
All costs, including governance costs, are allocated between the expenditure categories of the charity on a basis designed to reflect the use of the resource. Costs relating to a particular activity are charged directly; others are apportioned on an appropriate basis.
Support costs and overheads have been calculated by allocating staff time to the level of involvement in the various activities of the Charity.
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2. Income from Donations and Legacies
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| Analysis |
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Unrestricted funds |
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Total funds 2025 |
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|
£ |
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£ |
| Income-General Offering |
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24,419.00 |
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24,419.00 |
| Total |
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24,419.00 |
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24,419.00 |
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3. Expenditure on Charitable Activities
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| Analysis |
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Unrestricted funds |
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Total funds 2025 |
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£ |
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£ |
| Donation , Support and Benevolence |
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1,100.00 |
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1,100.00 |
| Birthday, Milestones and Appreciation |
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395.00 |
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395.00 |
| Church Consumables -Oil, Mantle, Communion etc |
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155.00 |
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155.00 |
| Event, Special Occasion and Decoration |
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1,979.00 |
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1,979.00 |
| Mission, Crusade and Evangelism |
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97.00 |
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97.00 |
| Departmental Expenses-Music, Intercessory, Protocol , Priesthood |
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2,103.00 |
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2,103.00 |
| Other Charitable Expenses |
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590.00 |
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590.00 |
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Total
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6,419.00
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6,419.00
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| Support Costs |
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5,256.00 |
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5,256.00 |
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|
11,675.00 |
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11,675.00 |
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| Analysis |
Total funds 2025 |
| £ |
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Support Costs
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| Rent-Hall Hire |
5,370.00 |
| Premises Repairs, Renewals and Maintenance |
238.00 |
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Governance Costs
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| Accountants fees |
750.00 |
| Legal and Other Professional Fees |
1,700.00 |
| Bank Charges (HSBC) |
2.00 |
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8,060.00 |
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5. Cash at bank and in hand
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|
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Total funds 2025 |
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£ |
| Cash at bank and in hand |
10,690.00 |
| Total |
10,690.00 |
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6. Creditors: Amounts falling due within one year
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|
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Total funds 2025 |
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£ |
| Accruals and deferred income |
750.00 |
| Total |
750.00 |
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7.1 Details of material funds held and movements during the CURRENT reporting period
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| Fund names |
Fund balances brought forward |
Income |
Expenditure |
Transfers |
Gains and losses |
Fund balances carried forward |
| £ |
£ |
£ |
£ |
£ |
£ |
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Unrestricted funds
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|
- |
24,419.00 |
14,479.00 |
- |
- |
9,940.00 |
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8. Average Number of Employees
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This year
£
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Last year
£
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| Employees |
1 |
0 |
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|
|
|
|
|
|
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Total
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1 |
0 |
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Average number of employees during this year : 1 and last year : 0
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