REGISTERED COMPANY NUMBER.. 02943269 (England and Wales) REGISTERED CHARITY NUMBER: 1040198 REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 FOR THE WAY INTERNATIONAL IUKI LTD Rothmans LLP Chartered Accountants Chilworth Point 1 Chilworth Road Southampton S016 7JQ
THE WAY INTERNATIONAL IUK) LTD CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Page Report of the Trustees Independent Examinerfs Report Statement of Fin•ncial Actlvltles Balance Sheet Notes to the Financial Staternent5 7 to 13
THE WAY INTERNATIONAL (UK) LTD REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024 The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the finanual statements of the charity for the year ended 30 June 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities". Statement of Recommended Practice applicable to charities preparing their accounts in accordance vAth the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102} leffective 1 January 20191. OBJECTIVES AND ACTIVITIES Objectives and aims The Charitable company was incorporated on 28 June 1994 with the objectives to advance the Christian religion and, in particular to undertake Biblical research, leaching and fellowship ministry. The Charitable company niakes significant use of volunteers in the course of undertaking ils charilable and income generating activities. During each finanual period, the charitable company implements a yearly "Word Over the World plan which directs specific yearly activities. During the 2023-2024 year, their plan included three major areas". Growng in God's Word, Moving God's Word, and Training Leadership. The plan includes studying monthly thernes which correspond to the yearly study theme (Abide in Trulhl,. supporting qualified individvals for the AdVand Class., and running Foundational. Inlermediale, and other Advanced Studies classes in each branch to strengthen their disciples. The members confirm that they have complied with the duly in Section 4 of the Charities Act 2006 to have due regard to the guidance on public benefit published by the Charity Commission. Public benefit The trustees confirm that they have referred to the Charity Commission's guidance on public benefit, and specifically the additional guidance for Charities for the advancement of feligion, in deciding what activities the Charity should undertake, in line wlh ils aims and objectives. The Way International IUKI Limited promotes public benefit through promotion of the Christian religion and, in particular undertaking biblical research and teaching. ACHIEVEMENT AND PERFORMANCE Major achievements and developments included training and leadership developrnent of current and aspiring fellowship coordinators as we anticipate the growih of the work of the ministry in the UK. A monthly training call with volunteers has focused on the fundamentals of their responsibilities as fellowship coordinators and assistants as well as reaching out to people in our neighbourhoods and communities with Christian teachings. Volunteers were also Instructed in The Way Tree booklet which outlines a framework for the Church of the Body's operation, foeusing on leadership, organisational development, and individual spiritual growth. As a guide to ecGle510Stical practice, thi5 booklet was sent to each volunteer and made available for purchase to the general public. Regular Biblical research and teaching fellowships were conducted across the UK where partiapant5 Studied "Abide in Truth" wth a focus on John 17.'17. The charily saw two individuals who graduated from the Advanced Class in June 2024. Because the charity has consistently offered foundational and intermediate Classes in their local area, these students were able to achieve their personal goal of graduating from the Advanced Cla55 in record time. In the period from July 2023 to June 2024, a record number of Biblical cla$ses were conducted throughout the United Kingdom.. two Power for Abundant Living Today Foundational Classes IPFALTI in Newton Heath. Greater Manchester," two PFALT Foundational Classes in Stratford, East London,. two PFALT Foundational, two Intermediate, and one Defeating the Adversary Classes in Camdenlshoredilch, North London", on PFALT Foundational Class in Lewisham. South London., and one PFALT Foundational Classes in Chandler's Ford Isoulhamplonl. Miss Victoria Bianchi travelled lo these locations to support the dasses and train new, qualified class coordinators. Many of the local volunteers are now qualified to coordinate future classes. A Countrywide meeting was held al Salford University in May 2024 to celebrate Pentecost. Participants Irdvelled from Scotland and from various parts of England to attend. This was the first lime we have held a larger meeting towards the North of England Sin the charity was incorporated in the 1990s. The location was favourable as il allowed participants who live in Manchester, Leeds, Doncaster and Scotland lo travel 8 shorter distants. This event benefited from local outreach with new people in attendan. The charity sent a delegation to the conference on God's Word in Culture Wortdwde held in March 2024 in the United Stales by the parent charity. The delegation represented London, Manchester, and Southampton. Participants shared their experien with others in their local area. As full-time employee and Country Coordinator, Miss Victoria Bianchi travelled throughout England, and to Northern Ireland, the Republic of Ireland and Sweden to support classes, visit fellowships. promote the Christian religion and train leadership. The visits were profitable to identify areas for future groth and to support the local leadership with teachings and training on a v4riety of topics. Page 1
THE WAY INTERNATIONAL IUKI LTD REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024 FINANCIAL REVIEW Financial position During the year the Charity Taised income totalling £93,382 12023." £84,461) and had Charitable expenditure totalling £102,432 12023.. £100,733). The unrestricted funds incuTred a deficit of £8,809 {2023.' £16,272 deficit). Reserves policy At the year end, unrestricted funds amounted lo a surplus of £383,92712022'. £392,977). The long term policy of the Charity is to accumulate reserves lo a 5UStainable level, sufficient to cover the charity's annual expenditure on meeting its objects. this position will be reviewed regularly. in liqhl of the charity's circumstances and the level of its income security. STRUCTURE. GOVERNANCE AND MANAGEMENT Governing document The Way International IUKI Limited is a company limited by share5 and is governed by its Memorandum and Artides of Association dated 28 June 1994. 11 is registered as a charity with the Charity Commission. The 8oafd of Trustees oversees the running ol the charitable company and meets regularly to manage its affairs. The Board of Trustees has adopted a policy ol risk management, covering both commercial and financial aspects of the charitable company. This policy will be reviewed and updated when appropriate, by the Board of Trustees. The Holding company of The Way International IUKI Limited is The Way Inlernalional, a charitable company formed in the USA. The Way International IUKI Limited promotes the charitable activities of the group in the UK. The Trustees have delegated the responsibility of the day to day management of the charity to Miss V D Bianchi. Recruitment and appointfflent of new trustees Potential new trustees are selected from those known lo have the appropriate experience and qualifications. New trustees are provided with a copy of the Memorandum of Association and are fully informed of their legal obligations under charity and company law. Trustees are encouraged lo attend appropriate external course5 to enable them to carry out their role. REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 02943269 {England and Wale51 Registered Charlty number 1040198 Reglstered offlce First Floor Chilworth Point 1 Chilworth Road Southampton Hampshire S016 7JQ Trustees Mr M Masampu ReverenA V W FAwarAe Reverend S P Crommett Ms M A Lombardi Company Setretsry Ms M A Lombardi Independent Exavniner Lisa Wilson FCA Rothmans LLP Chartered Accountants Chilworth Point 1 Chilworth Road Southampton S016 7JQ Approved by order ofthe board oflrustees on ........January. 8, 2025 and signed on its behalf by.. Page 2
THE WAY INTERNATIONAL (UK) LTD REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024 Ms M A Lombardi- Trustee Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE WAY INTERNATIONAL (UK) LTD Independent examiner'$ report to the trustees of The Way International {UK} Ltd I'the Company.) I report lo the charity Iruslees on my exaTnination of the accounts of the Company for the year ended 30 June 2024. Responsibilities and basis of report As the charity's trustees of the Company land also its directors for the purposes of company lawl you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 20061.lhe 2006 Acl'l. Having satisfied myself that the accounts of the Company are not Tequired to be audited under Part 16 of the 2006 Act and are eligible for independent examination, l port in respect of my examination of your charity's accounts as carried out under Section 145 of the Chanties Act 2011 I'the 2011 Acl'l. In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145151 Ibl of the 2011 Act. Independent examlner's statement I have completed my examination. I confirm that no matter5 have come to my attention in connection with the examination giving me cause to believe.. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act.. or the accounts do not accord with those records". or the accounts 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 the accounts have not been prepared in accordance wih the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities lapplicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021). I have no concerns and have come across no other mallers in connection with the examination lo which attention should be drawn In this report in order to enable a proper understanding of the accounts lo be reached. Lisa Wilson FCA Rolhmans LLP Chartered Accountants Chilworth Point 1 Chilworth Road Southampton S016 7JQ Date.. 28 January 2025 Page 4
THE WAY INTERNATIONAL IUKI LTD STATEMENT OF FINANCIAL ACTIVITIES {INCORPORATING AN INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 30 JUNE 2024 2024 Unrestricted fund 2023 Total fvjnds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 81,083 74,598 Other trading activities Investment income Other income 7,947 4,352 5.347 1,346 3,170 Totsl 93,382 84.461 EXPENDITURE ON Raising funds 2,048 1,025 Charitable activltles cOnferenS and meetings Travel & subsistence Bank charges Foreign exchange differences Affiliate fee Accountancy Independent examination Office and professional costs Relocation fees Legal fees Staff costs Hire of plant and machinery Penalties & Interest Depreciation 3,147 6,731 35 4,471 4,411 7,072 1,664 12,154 17,192 2,792 67 1,484 4,474 2,572 1,600 12,215 15,3121 1,113 60,015 1,237 719 58.790 750 440 259 Totsl 102,432 100,733 NET INCOMEI{EXPENDITURE) 19,050) 116.2721 RECONCILIATION OF FUNDS Total funds brought forward 392,977 409,249 TOTAL FUNDS CARRIED FORWARD 383,927 392,977 The notes form part of these financial statements Page 5
THE WAY INTERNATIONAL {UKI LTD (REGISTERED NUMBER: 02943269) BALANCE SHEET 30 JUNE 2024 2024 Unrestricted fund 2023 Total ftjnds Notes FIXED ASSETS Tangible assets 13 1,801 973 CURRENT ASSETS Stocks Debtors Cash at bank 14 15 12,185 2,112 378,243 8.876 3.530 385.347 392,540 397.753 CREDITORS Arnounls falling due within one year 16 110,4141 15,749} NET CURRENT ASSETS 382,126 392,004 TOTAL ASSETS LESS CURRENT LIABILITIES 383,927 392,977 NET ASSETS 383,927 392,977 FUNDS Unrestricted funds 17 383,927 392,977 TOTAL FUNDS 383,927 392,977 The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024. The Members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance wth Section 476 of the Companies Act 2006. The Iwstees acknowledge their responsibilities for lal ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and preparing financial statements which give a true and fair view of the state of affairs of the charitable company as al the end of each financial year and of its surplus or deficit for each financial year in accordance wth the requirements of Sections 394 and 395 and which otherwse comply with the requirements of the Companies Act 2006 relating to financial statements, $0 far as applicable to the charitable company. Ibl These financial slalemenls have been prepared in accordance wth the provision$ applicable to charitable companies subject lo the small companies regime. The financial statements were approved by the Board of Trustees and authorised for issue on January 8, 2025 and were signed on ils behalf by.. Ms M A Lombardi - Trustee The notes forrn part of these financial statements Page 6
THE WAY INTERNATIONAL (UK) LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 STATUTORY INFORMATION The Way International IUKI Limited is a private company. limited by shares, registered in England and Wales. The company's registered number is 02943269, the registered charity number is 1040198 and its registered office address is 1 st Floor, Chilworth Point, 1 Chilworth Road, Southampton, S016 7JQ. 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 accordan with the Charities SORP IFRS 1021 'Accounling and Reporting by Charities". Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191,. 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. The functional and presentation currency is £ sterling. INCOMING RESOURCES 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 reIVed 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 wll be required in selllement 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 basi5 consistent with the use of resoUrs. CHARITABLE ACTIVITIES Direct charitable expenditLJre comprises SeTViS supplied and activities undertaken which are identifiable as wholly or mainly in support of the Charity's objectives. GOVERNANCE COSTS G0veMan< costs comprise the costs which are directly attributable to the management of the Charity's assets, organisational procedures and the neSsarY legal procedures for compliance wth statutory requirements. ALLOCATION AND APPORTIONMENT OF COSTS Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs are allocated the one charitable activity. TANGIBLE FIXED ASSETS All fixed assets are initially recognised al cost and subsequently carried al cost less accumulated depreciation. The cost of fixed assets initially recognised includes its purchase pri and any cost that is directly attributable to bringing the asset lo the location and condition necessary for il to be capable of operating in a manner intended by management. Depreciation is provided al rates calculated to write off the costs less residual value of each asset over its expected useful life, as follows.. Computer Equipment 20 /0 Straight line The assets, residual values and useful lives are vieWed and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively. Fixed assets ale derecognised on disposal or when no fvlure economic benefits are expected. On disposal, the difference between the net disposal proceeds and the carrying amount Is recognised In the income statement. STOCKS Stock5 are stated at the lower of cost and net realisable value. being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a Iirst in, first out basis. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced lo 115 selling price less costs to complete and sell. The impairment10s5 is recognised immediately in the income statement. Page 7 continued...
THE WAY INTERNATIONAL IUKI LTD NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2024 ACCOUNTING POLICIES- continued TAXATION The charity is exempt from corpoTation tax on its charitable activities. FUND ACCOUNTING Unreslricled funds can be used in accordance with the charitable objectives at the discreb'oll of the trustees. FOREIGN CURRENCIES A%sp.t% and liabilitipq in fnreign currencies are translated into sleding at the rates of exchange ruling at the tsalan sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the dale of transaction. Exchange differences are taken into account in arriving ot the operating result. HIRE PURCHASE AND LEASING COMMITMENTS Rentals paid under operating leases are charged lo the Statement of Financial Activities on a straight line basls over the period of the lease. PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS The charitable company operates a defined contribution pension scheme. Contributions payable lo the charitable company's pension scheme are charged lo the Statement of Financial Activities in the period lo which they relate. SIGNIFICANT JUDGEMENTS AND ESTIMATES The preparation of the financial statements requires management lo make judgements. estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date, and the amounts reported for VenUeS and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those eslimales. There have been no judgements and estimates which have had the significant effect on amounts recognised in the financial slalements during the year DONATIONS AND LEGACIES 2024 2023 Voluntary income 81,083 74,598 OTHER TRADING ACTIVITIES 2024 2023 ClasseslBookstore income 7,947 5,347 INVESTMENT INCOME 2024 2023 Deposit account interest 4,352 1.346 Page 8 continued...
THE WAY INTERNATIONAL (UK} LTD NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2024 RAISING FUNDS RAISING DONATIONS AND LEGACIES 2024 2023 Bookstore and educational material 5.357 3,214 OTHER TRADING ACTIVITIES 2024 2023 Opening stock Closing gtock 8,876 112,185) 6,687 18,876) 13,3091 {2,1891 Aggregate amounts 2,048 1.025 CHARITABLE ACTIVITIES COSTS Support costs (see note 8} Direct Costs Totals Conferences and meetings Travel & subsistence Bank charges Foreign exchange differences Affiliate fee Accountancy Independent examination Office and professional costs Legal fees Staff costs Pellalties & Interest Depreciation 3,147 6,731 3,147 6,731 35 4,471 4,411 7,072 1,664 12,154 719 58,790 750 440 35 4,471 4,411 7,072 1,664 12,154 68 58,790 651 750 440 85,301 15,083 100,384 SUPPORT COSTS Governance costs Management Finance Totals Bank ch8rges Foreign exchange differences Accountancy Independent examination Legal fees Penalties & Interest Depreciation 35 4,471 35 4,471 7,072 1,664 651 750 440 7,072 1,664 651 750 440 651 5,696 8.736 15,083 Page 9 continued...
THE WAY INTERNATIONAL {UKI LTD NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 30 JUNE 2024 NET INCOMEIIEXPENDITUREI Net incomellexpenditurel is stated after chargingllcreditingl." 2024 2023 Depreciation - owned assets Hire of plant and machinery Independent examination fee 427 259 1,237 1,600 1.664 10. TRUSTEES. REMUNERATION AND BENEFITS There were no Irustees, remuneration or other benefits for the year ended 30 June 2024 nor for the year ended 30 June 2023. TRUSTEES. EXPENSES There were no trustees, expenses paid for the year ended 30 June 2024 nor for the year ended 30 June 2023. 11. STAFF COSTS 2024 2023 Wages and salaries Social security costs Other pension costs 40,848 14,508 3,434 52.356 5,915 1,744 58,790 60,015 The average monthly number of employees during the year was as follows". 2024 2023 Administrative staff No employees received emoluments in eXsS of£60,000. 12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund INCOME AND ENDOWMENTS FROM Donations and legacies 74,598 Other trading activities Investment income Other income 5,347 1,346 3,170 Totsl 84,461 EXPENDITURE ON Raising fund9 1,025 Charitable activities Conferences and meetings Travel & subsisten Bank charges Foreign exchange differences Affiliate fee Accountancy Independent examination Office and professional costs Relocation fees Legal fees 17,192 2,792 67 1,484 4,474 2,572 1,600 12,215 15,3121 Page 10 continued...
THE WAY INTERNATIONAL (UK) LTD NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 30 JUNE 2024 12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted fund Staff costs Hire of plant and machinery Depreciation 60,015 1,237 259 Total 100.733 NET INCOMEIIEXPENDITUREI {16.2721 RECONCILIATION OF FUNDS Total funds brought fotward 409,249 TOTAL FUNDS CARRIED FORWARD 392,977 13. TANGIBLE FIXED ASSETS Computer equipment COST At 1 July 2023 Additions 1,297 1,255 At30 June 2024 2,552 DEPRECIATION At 1 July 2023 Charge for year 324 427 At30 June 2024 751 NET BOOK VALUE AI 30 June 2024 1,801 AI 30 June 2023 973 14. STOCKS 2024 2023 Stocks 12,185 8,876 16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade debtors Other debtors Prepayments 442 1,670 3,170 380 2,112 3,530 Page11 continued...
THE WAY INTERNATIONAL IUKI LTD NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 30 JUNE 2024 16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Social security and other taxes Pension Contribution Other creditors Accruals and deferred income 4,524 286 1,265 4,339 286 1,291 4.172 10,414 5.749 At the balance sheet date unpaid pension contribution amounts to £286.19 17. MOVEMENT IN FUNDS Net movement in funds Al 30.6.24 At 1.7.23 Unrestricted funds General fund 392.977 (9,050) 383,927 TOTAL FUNDS 392.977 19,0501 383,927 Nel movement in funds, induded in the above are as follows.. Incoming resources Resources expended Movement in funds Unrestricted funds General fund 93,382 1102.4321 19,0501 TOTAL FUNDS 93,382 1102.4321 19,0501 Comparatives for rnovement in fund5 Net movement in funds At 30.6.23 At 1.7.22 Unrestricted fund$ General fund 409.249 116,2721 392,977 TOTAL FUNDS 409,249 (16,2721 392,977 Comparative net movement in funds, included in the above are as follows.. Incoming sources Resources expended Movement in funds Unrestricted funds General fund 84,461 1100,733) 116,2721 TOTAL FUNDS 84,461 1100,7331 116,2721 Page 12 continued...
THE WAY INTERNATIONAL {UK) LTD NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2024 18. RELATED PARTY DISCLOSURES Al the beginning of the year the balance owed lo The Way International, a Charity formed in the USA, which is the Charity sole shareholder was £1.290. During the year £13,746 was paid lo The Way International and after thdrawng £13,721, an amount of £1,265 was owed to The Way Internaliomal and 15 included wthin 'creditors, arnount5 falling due within one year,. 19. ULTIMATE CONTROLLING PARTY The ultimate controlling party Is The W8y International, a Charity formed in the USA, which is the Chaiity's sole shareholder. 20. CALLED UP SHARE CAPITAL Allotted, issued and fully paid". Nominal Value Class Number 2024 2023 Ordinary 1,000 £1 1,000 1,000 This amount1s included within the general fund balance. Page 13