Living Waters Pentecostal Church
Annual report and financial statements
For the year ending 31st March 2023
Charity registration numbered 1050312
Living Waters Pentecostal Church known as Living Waters Assemblies of God
Page 1 2 3 4 to 9
Contents
Independent examiner's report Statement of financial activities Balance Sheet Notes to the financial statements
Independent Examiner's Report to the Trustees of Living Waters Pentecostal Church
I report on the accounts of the Trust for the year ended 31 March 2023.
Respective responsibilities of trustees and examiner
The trustees are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year undersection 144(2) of the Charities Act 2011(the 2011 Act)and that an independent examination is needed.
It is my responsibility to, examine the accounts undersection 145 of the 2011 Act; follow the procedures laid down in the General Directions given by the Charity Commission undersection 145 (5) (b) of the 2011 Act; and state whether particular matters have come to my attention.
Basis of independent examiner's report
My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the statement below.
Independent examiner's statement
In connection with my examination, no matter has come to my attention which gives me reasonable cause to believe that in any material respect the requirements to keep accounting records in accordance with section 130 of the Act; and to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act.
Vincent & Co Accountants 37 Shiphay Lane Torquay TQ2 7DU
17th November 2023
Living Waters Pentecostal Church
Statement of Financial Activities for the Year Ended 31 March 2023
| Note Incoming resources Donations and legacies 2 Income from other activities 3 Total incoming resources Resources expended Cost of operations and overhead expenditure:- All funds expended 4 Net movements in funds Reconciliation of funds Total funds brought forward Total funds carried forward |
Unrestricted Funds Restricted Funds Total Funds 2023 £ £ £ 159,545 - 159,545 63 - 63 159,607 - 159,607 158,834 4,378 163,212 774 (4,378) (3,605) 282,739 13,982 296,722 283,512 9,604 293,116 |
Total Funds 2022 £ 137,404 2 137,406 153,149 (15,743) 312,465 296,722 |
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Living Waters Pentecostal Church
Balance Sheet as at 31 March 2023
| Note £ £ Fixed assets Tangible assets 7 272,275 Current assets Debtors 8 4,968 Cash at bank and in hand 19,743 24,711 Creditors: Amounts falling due within one year 9 (3,869) Net current assets 20,842 Net assets 293,116 The funds of the charity: Restricted funds 9,604 Unrestricted funds 283,512 Total charity funds 293,116 2023 |
£ £ 275,815 6,298 18,643 24,941 (4,035) 20,906 296,721 13,981 282,740 296,721 2022 |
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The financial statements have been prepared in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
Approved by the Board on 20th November 2023 and signed on its behalf by:
.........................................
Trustee:
Living Waters Assemblies of God
Living Waters Pentecostal Church known as
Notes to Financial Statements for the Year Ended 31 March 2023
1 Accounting policies
The financial statements have been prepared in accordance with the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard for Smaller Entities (Charities SORP FRSSE) (effective 1 January 2015) and applicable accounting standards.
The financial statements have been prepared under the historical cost convention. The financial statements include all transactions, assets and liabilities for which the PCC is responsible in law. They do not include the accounts of church groups that owe their main affiliation to another body nor those that are informal gatherings of Church members.
Fund accounting policy
Unrestricted income funds are general funds that are available for use at the trustees' discretion in furtherance of the objectives of the charity. Restricted funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.
Further details of each fund are disclosed in note 13.
Incoming resources
Donations are recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability.
Incoming resources from tax reclaims are included in the statement of financial activities at the same time as the gift to which they relate.
Resources expended
Grants and donations are accounted for when paid over, or when awarded, if that award creates a binding or constructive obligation on the PCC. The diocesan parish share is accounted for when paid. Expenditure is generally recognised when it is incurred and is accounted for gross.
Depreciation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less Fixtures, fittings and equipment etc. 20% reducing balance basis
Living Waters Pentecostal Church known as Living Waters Assemblies of God
Notes to Financial Statements for the Year Ended 31 March 2023
……….continued
1 (cont) Operating leases
Rentals payable under operating leases are charged in the statement of financial activities on a straight line basis over the lease term.
2 Donations and legacies
| Unrestricted Funds £ Restricted Funds £ 122,407 - 23,478 - 13,180 - Job Rentention Grant - - 480 - 159,544 - 3 Interest on cash deposits Committed giving Gift Aid donations Gift Aid tax reclaimed Other Income from other trading activiti |
Unrestricted Funds £ Restricted Funds £ 122,407 - 23,478 - 13,180 - - - 480 - |
Total Funds 2023 £ Total Funds 2022 £ 122,407 88,288 23,478 34,368 13,180 14,628 - - 480 120 159,545 137,404 2023 2022 £ £ 63 2 63 2 |
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Living Waters Pentecostal Church known as
Living Waters Assemblies of God
Notes to Financial Statements for the Year Ended 31 March 2023
……….continued
| 4 Expenditure Café expenses Missions Donation for Public Benefit Other Giving Conferences Advertising Childrens Ministry: PlayDates Childrens Ministry: Sunday School Childrens Ministry: Creche Youth Ministry: Distinct Adult Ministry TLG Ministry Food Bank Water Rates Electricity Gas Travelling Car Parking Printing Posting Office Stationery Governance Media and computer - sub contractor Website Telephone and Internet Computer Softwares AOG Subscription Internet Subscriptions and Media Music Equipment and Tech Maintenance TV Licence Cleaning Property Maintenance Insurance Hospitality Sundry Expenses Bank Charges Training Gross Salaries Employers NI Pension payments Legal and professional Accountancy Fees Miscellaneous Depreciation |
Total Funds 2023 428 5,256 2,880 1,360 715 22 4,419 3,620 94 1,467 5,856 - 2,813 198 6,394 100 31 303 2,439 70 1,253 242 9,210 1,482 3,961 1,131 4,320 7,200 1,579 - 1,833 8,294 1,333 11,086 199 249 - 65,342 662 1,340 - 492 - 3,541 163,212 |
Total Funds 2022 - 5,256 2,880 3,885 - 22 2,214 2,705 - 891 3,001 - 2,768 228 1,343 235 313 300 2,569 1 1,454 337 8,845 1,356 3,360 1,071 4,230 5,550 - 159 1,780 13,799 1,473 7,385 - 91 68 64,819 1,447 1,340 338 480 728 4,426 153,149 |
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5 Trustees'remuneration and expenses
Trustee Remuneration
Mr A Williams Mrs S Williams
38,869 20,293
Living Waters Pentecostal Church known as Living Waters Assemblies of God
Notes to Financial Statements for the Year Ended 31 March 2023
……….continued
6 Employees' remuneration
| Charitable activities The aggregate payroll costs of these persons were as follows: Wages and salaries The average number of persons employed by the charity (including trustees) |
2023 No. 2022 No. 3 5 2023 £ 2022 £ 67,344 67,607 during the year was as follows: |
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Living Waters Pentecostal Church known as
Living Waters Assemblies of God
Notes to Financial Statements for the Year Ended 31 March 2023
……….continued
7 Tangible fixed assets
| Freehold interest in land and buildings (including heritage assets) £ 258,110 - 258,110 - - - 258,110 258,110 8 Debtors 9 Prepayments and accrued income Creditors: Amounts falling due within one year Creditors Other creditors Accruals and deferred income Other debtors As at 1 April 2022 Additions As at 31 March 2023 Depreciation As at 1 April 2022 Charge for the year As at 31 March 2023 Net book value As at 31 March 2023 As at 31 March 2022 Debtors Cost |
Fixtures, Fittings & Equipment £ 138,518 - 138,518 120,814 3,540 124,354 14,165 17,705 2023 £ 4,968 - - 4,968 2023 £ 2,064 1,806 - 3,869 |
Total £ 396,628 - 396,628 120,814 3,540 124,354 272,275 275,815 2022 £ 6,298 - - 6,298 2022 £ 430 2,633 972 4,035 |
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Living Waters Pentecostal Church known as
Living Waters Assemblies of God
Notes to Financial Statements for the Year Ended 31 March 2023
……….continued
10 Related parties
Controlling entity
The charity is controlled by the trustees.
11 Analysis of funds
| General Funds Unrestricted funds Other Funds Restricted funds 12 Net assets by fund |
At 1 April 2022 Incoming resources Resources expended £ £ £ 282,739 159,607 158,834 13,982 - 4,378 296,721 159,606 163,212 |
At 31 March 2023 £ 283,512 9,604 293,116 |
|---|---|---|
| Tangible assets Current assets Creditors: Amounts falling due within one year Net assets |
Restricted Funds Unrestricted Funds Total Funds 2023 £ £ £ - 272,275 272,275 9,604 15,107 24,711 - (3,869) (3,869) 9,604 283,512 293,116 |
Total Funds 2022 £ 275,815 24,941 (4,035) 296,721 |
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