## 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| |---|---|---| ## **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| |---|---| 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| |---|---|---| ## **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| |---|---|---| **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:| |---|---| ## **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| |---|---|---| ## **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| |---|---|---|